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<title>Prepared and filed by St Ives Financial</title>
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<body>

<p align="center"> <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">As
filed with the Securities and Exchange Commission on March 29, 2006</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="16%">&nbsp;</td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">UNITED
          STATES</font></b></td>
    <td align="center" width="16%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">SECURITIES
          AND EXCHANGE COMMISSION</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">WASHINGTON,
          D.C. 20549</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp;</td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">FORM
          20-F</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">
      <div align="center"><font size="2"
                                face="Frutiger-Light,Arial,Helvetica,sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Mark
          One)</font></div>
    </td>
    <td align="center">&nbsp;</td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">
      <div
                          align="right"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div>
    </td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">REGISTRATION
          STATEMENT PURSUANT TO SECTION 12(b)</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">OR 12(g)
          OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">OR</font></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">
      <div align="right"><font size="2"
                                face="Frutiger-Light,Arial,Helvetica,sans-serif"><img src="tickedbox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>
    </td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">ANNUAL
          REPORT PURSUANT TO SECTION 13 OR 15(d) OF</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">THE
          SECURITIES EXCHANGE ACT OF 1934</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">For
        the fiscal year ended 31 DECEMBER 2005</font></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">OR</font></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">
      <div
                          align="right"><img src="emptybox.gif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div>
    </td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">TRANSITION
          REPORT PURSUANT TO SECTION 13 OR 15(d) OF</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><b><font size="2"
                         face="Frutiger-Bold,Arial,Helvetica,sans-serif">THE
          SECURITIES EXCHANGE ACT OF 1934</font></b></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
  <tr>
    <td width="10%">&nbsp; </td>
    <td align="center"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">For
        the transition period from ______________ to ______________</font></td>
    <td align="center" width="10%">&nbsp;</td>
  </tr>
</table>
<p align="center"><font size="2"
                face="Frutiger-Light,Arial,Helvetica,sans-serif">Commission file
    number 1-4547</font></p>
<p align="center"> <b><font size="2"
                face="Frutiger-Bold,Arial,Helvetica,sans-serif">UNILEVER N.V.</font></b><br>
    <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">(Exact name
    of Registrant as specified in its charter)</font></p>
<p align="center"> <b><font size="2"
                face="Frutiger-Bold,Arial,Helvetica,sans-serif">THE NETHERLANDS</font></b><br>
    <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">(Jurisdiction
    of incorporation or organization)</font></p>
<p align="center"> <b><font size="2"
                face="Frutiger-Bold,Arial,Helvetica,sans-serif">WEENA 455, 3013
      AL, ROTTERDAM, THE NETHERLANDS</font></b><br>
        <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">(Address
        of principal executive offices)</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="55%"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Securities
        registered or to be registered pursuant to Section 12(b) of the Act:</font></td>
    <td width="35%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>
      <hr noshade="NOSHADE" size="1">
    </td>
    <td>
      <hr noshade="NOSHADE" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Title
        of each class</font></td>
    <td><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Name
        of each exchange on which</font><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif"><br>
      registered</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>
      <hr noshade="NOSHADE" size="1">
    </td>
    <td>
      <hr noshade="NOSHADE" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Ordinary
        shares of the nominal amount of 0.51 euro (&euro;0.51) each*</font></td>
    <td align="center">
      <div align="left"><font size="2"
                                face="Frutiger-Light,Arial,Helvetica,sans-serif">New
          York Stock Exchange</font></div>
    </td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td>
      <hr noshade="NOSHADE" size="1">
    </td>
    <td align="center">
      <hr noshade="NOSHADE" size="1">
    </td>
    <td align="center">&nbsp;</td>
  </tr>
</table>
<p align="center"> <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">Securities
    registered or to be registered pursuant to Section 12(g) of the Act:</font> <br>
      <u><font size="2"
                face="Frutiger-Light,Arial,Helvetica,sans-serif">None</font></u><br>
      <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">(Title
      of class)</font></p>
<p align="center"> <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">Securities
    for which there is a reporting obligation pursuant to Section 15(d) of the
    Act:</font> <br>
      <u><font size="2"
                face="Frutiger-Light,Arial,Helvetica,sans-serif">None</font></u><br>
      <font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">(Title
      of class)</font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="90%">
      <hr noshade="NOSHADE" size="1">
    </td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="90%"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">The
        total number of outstanding shares of the Registrant&#146;s capital at
        the close of the period covered by</font><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif"> the
        Annual Report was 571 575 900 ordinary shares</font></td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="1">
      <hr noshade="NOSHADE" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Indicate
        by check mark whether the Registrant (1) has filed all reports required
        to be filed by Section 13</font><font size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif"> of
        15(d) of the Securities Exchange Act of 1934 during the preceding 12
        months (or such shorter period </font><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">that
        the Registrant was required to file such reports), and (2) has been subject
        to such filing requirements </font><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">for
        the past 90 days.</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">
      <div align="right"><font size="2"
                                face="Frutiger-Light,Arial,Helvetica,sans-serif">Yes &nbsp;<img src="tickedbox.gif">&nbsp;</font></div>
    </td>
    <td width="10%">&nbsp;</td>
    <td width="45%"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No &nbsp; <img src="emptybox.gif" border="0"></font></td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="90%"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Indicate
        by check mark which financial statement item the Registrant has elected
        to follow.</font></td>
    <td width="5%">&nbsp;</td>
  </tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">
      <div align="right"><font size="2"
                                face="Frutiger-Light,Arial,Helvetica,sans-serif">Item
          17 &nbsp;<img src="emptybox.gif">&nbsp;</font></div>
    </td>
    <td width="10%">&nbsp; </td>
    <td width="45%"><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">Item
        18&nbsp; <img
                         src="tickedbox.gif"></font></td>
  </tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%">&nbsp;</td>
    <td width="90%">
      <hr noshade="NOSHADE" size="1">
    </td>
    <td width="5%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2"
                         face="Frutiger-Light,Arial,Helvetica,sans-serif">* For
        Unilever N.V. share capital, the euro amounts shown above and in the
        Unilever Annual Report and Accounts 2005 on Form 20-F and other official
        documents are representations in euros on the basis of Article 67c of
        Book 2 of the Civil Code in the Netherlands, rounded to two decimal places,
        of underlying share capital in Dutch guilders, which have not been converted
        into euros in Unilever N.V.&#146;s Articles of Association. Until conversion
        formally takes place by amendment of the Articles of Association the
        entitlements to dividends and voting rights are based on the underlying
        Dutch guilder amounts.</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
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<div style="page-break-before:always"></div>
<page>


<a name="p??"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<IMG src="covernew.jpg" width="100%" border=0>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p??"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our corporate purpose</FONT><BR>
<P>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s mission is to add vitality to life. We meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of
life.</FONT></P>
<P>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our deep roots in local cultures and markets around the world give us our strong relationship with consumers and are the foundation for our future growth. We will bring our wealth of
knowledge and international expertise to the service of local consumers &#150; a truly multi-local multinational.</FONT></P>
<P>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our long-term success requires a total commitment to exceptional standards of performance and productivity, to working together effectively, and to a willingness to embrace new ideas
and learn continuously.</FONT></P>
<P>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To succeed also requires, we believe, the highest standards of corporate behaviour towards everyone we work with, the communities we touch, and the environment on which we have an
impact.</FONT></P>
<P>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This is our road to sustainable, profitable growth, creating long-term value for our shareholders, our people, and our business partners.</FONT></P>


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<div style="page-break-before:always"></div><page><a name="#contents"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Contents</FONT></B></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td colspan="2" align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr size="1" noshade color="#0070ff"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><a href="#p3"><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
    of the Directors</FONT></B></a></td>
    <td width="5%" align="right"><a href="#p3"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">03
        </FONT></a></TD>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td colspan="2" align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr size="1" noshade color="#0070ff"></td>
  </tr>
  <tr>
    <td height="19">&nbsp;</td>
    <td><a href="#p73"><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial statements</FONT>
        </B></a></td>
    <td width="5%" align="right"><a href="#p73"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">73
        </FONT></a></TD>
  </tr>
</table>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td colspan="2" align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr size="1" noshade color="#0070ff"></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><a href="#p179"><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholder
    information</FONT></B></a></td>
    <td width="5%" align="right"><a href="#p179"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">179</FONT></a></TD>
  </tr>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>01</b></FONT></TD>
  </tr>
</table>
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<div style="page-break-before:always"></div><page><a name="p2"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">At a glance</FONT></B></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(&euro; million)<br>
Continuing
operations</FONT></TD>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2"> <B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
            profit </FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(&euro; million)<br>
Continuing
operations</FONT></FONT></TD>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><img src="b822998x5x8.jpg" width="10" height="10"></B></font>&nbsp;<font color="#0070ff" size="1" face="rutigerLT-Bold,Arial,Helvetica,sans-serif">Europe&nbsp;&nbsp;&nbsp;</font><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><img src="b822998x5x9.jpg" width="10" height="10"></font><font color="#0070ff">&nbsp;<font size="1" face="rutigerLT-Bold,Arial,Helvetica,sans-serif">The
        Americas&nbsp;&nbsp;&nbsp;</font></font><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><img src="b822998x5x9.jpg" width="10" height="10"></font><font color="#0070ff">&nbsp;<font size="1" face="rutigerLT-Bold,Arial,Helvetica,sans-serif">Asia
        Africa</font></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><img src="b822998x5x8.jpg" width="10" height="10"></B></font>&nbsp;<font color="#0070ff" size="1" face="rutigerLT-Bold,Arial,Helvetica,sans-serif">Europe&nbsp;&nbsp;&nbsp;</font><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><img src="b822998x5x9.jpg" width="10" height="10"></font><font color="#0070ff">&nbsp;<font size="1" face="rutigerLT-Bold,Arial,Helvetica,sans-serif">The
        Americas&nbsp;&nbsp;&nbsp;</font></font><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><img src="b822998x5x9.jpg" width="10" height="10"></font><font color="#0070ff">&nbsp;<font size="1" face="rutigerLT-Bold,Arial,Helvetica,sans-serif">Asia
    Africa</font></font></td>
  </tr>
  <tr>
    <td width="32%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="32%">&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><img src="b823372x5x1.jpg" width="100%" border=0></FONT></TD>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2"><img src="b823372x5x2.jpg" width="100%" border=0></FONT></TD>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="5"><hr size="1" noshade></td>
  </tr>
</table>
<p><font size="2"> <B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Earnings
per share and dividends</FONT></B><SUP><FONT face="FrutigerLT-Roman,Arial,Helvetica,sans-serif">(a)</FONT></SUP>&nbsp; </font></p>
<p><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><img src="b822998x5x8.jpg" width="10" height="10">&nbsp;2005</B></font><font color="#0070ff">&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><img src="b822998x5x9.jpg" width="10" height="10">&nbsp;2004</font></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="32%"><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per
          Ordinary &euro;0.51
share of</FONT> <br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V. (&euro;)<SUP>(b)</SUP></FONT></FONT></TD>
    <td width="2%">&nbsp;</td>
    <td width="32%"><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per
          Ordinary 1.4p share
of<br>
Unilever PLC</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> </FONT></B><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(&euro; cents) </FONT></FONT></TD>
    <td width="2%">&nbsp;</td>
    <td width="32%"><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per
          Ordinary 1.4p share
of<br>
Unilever PLC</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> </FONT></B><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(pence) </FONT></FONT></TD>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><img src="b823372x5x3.jpg" width="100%" border=0></FONT></TD>
    <td>&nbsp;</td>
    <td><font size="2"><img src="b823372x5x4.jpg" width="100%" border=0></FONT></TD>
    <td>&nbsp;</td>
    <td><font size="2"><img src="b823372x5x5.jpg" width="100%" border=0></FONT></TD>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per &euro;0.51
        New York share of</FONT><font size="2"><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V.</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> </FONT></B><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(&#36;)<SUP>(b)</SUP></FONT></font></TD>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per 5.6p American
        Depositary Receipt of</FONT><BR>
        <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever PLC</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(&#36;) </FONT></FONT></TD>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2"><img src="b823372x5x6.jpg" width="100%" border=0></font></TD>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2"><img src="b823372x5x7.jpg" width="100%" border=0></FONT></TD>
  </tr>
</table>
<p>&nbsp;</p>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Earnings per
share are stated on a total operations basis. Dividend figures for each year
comprise dividends declared or proposed for that year. Under International Financial
Reporting Standards (IFRSs), dividends are only recorded against the year in
which they become payable. For further information please refer to note 35 on
page 145.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For Unilever N.V. share capital, the euro amounts shown above and elsewhere in this document are representations in euros on the basis of Article 67c of Book 2 of the Civil Code in the
Netherlands, rounded to two decimal places, of underlying share capital in Dutch guilders, which have not been converted into euros in Unilever N.V.&#146;s Articles of Association. Until conversion formally takes place by amendment of the Articles
of Association, the entitlements to dividends and voting rights are based on the euro equivalent of the underlying Dutch guilder according to the official euro exchange rate. The term &#145;shares&#146; as used in this document should, with respect
to shares issued by Unilever N.V., be construed to include depositary receipts for shares issued by Stichting Administratiekantoor Unilever N.V., unless the context otherwise requires or unless it is clear from the nature of the notification that
this is not the case. For further information please refer to page 44.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Rounded to two decimal places.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Actual dividends payable for 2005 on Unilever N.V. New York shares and American Depositary Receipts of Unilever PLC may differ from those shown above, which include final dividend
values calculated using the rates of exchange ruling on 8 February 2006 (&euro;1.00 = &#36;1.1948, &#163;1.00 = &#36;1.7427).</FONT></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>02</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page><a name="p3"></a><a name="contentsa"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right"><img src="tabgraphic.jpg" width="251" height="32"></td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Directors</FONT></B></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><a href="#p4"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>General information</B></font></a></TD>
        <TD width=5% align=right><a href="#p4"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
04</font></a></TD>
    <TD width=50% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p5"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Chairman&#146;s foreword</B></font></a></TD>
        <TD align=right><a href="#p5"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
05</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p6"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Group Chief Executive</B></font></a></TD>
        <TD align=right><a href="#p6"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
06</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p9"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>About Unilever</B></font></a></TD>
        <TD align=right><a href="#p9"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
09</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p15"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Financial and operating reviews</B></font></a></TD>
        <TD align=right><a href="#p15"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
15</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p31"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Risk management</B></font></a></TD>
        <TD align=right><a href="#p31"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p33"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Corporate governance</B></font></a></TD>
        <TD align=right><a href="#p33"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
33</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p51"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Reports of Board committees</B></font></a></TD>
        <TD align=right><a href="#p51"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
51</font></a></TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>03</b></FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p4"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">General information</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The Unilever Group</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
N.V. (NV) is a public limited company registered in the Netherlands, which has
listings of shares or certificates (depositary receipts) of NV on the stock exchanges
in
Amsterdam, New York, Frankfurt and Z&uuml;rich. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever PLC (PLC) is a public limited company registered in England which has
shares listed on the London Stock Exchange and, as American Depositary Receipts,
on the New York Stock
Exchange.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The two parent companies, NV and PLC, together with their group companies, operate
as a single economic entity (the Unilever Group, also referred to as Unilever
or the Group). NV and PLC and their group companies constitute a single reporting
entity for the purposes of presenting consolidated accounts. Accordingly, the
accounts of the Unilever Group are presented by both NV and PLC as their respective
consolidated
accounts.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Publications<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
publication is produced in both Dutch and English and comprises the full Annual
Report and Accounts for 2005 of the Unilever Group. This document complies with
Netherlands and United Kingdom regulations. It also forms the basis of the NV
and PLC Annual Reports on Form 20-F to the Securities and Exchange Commission
in the United States for the year ended 31 December 2005, and cross references
to Form 20-F are set out on page 191. It is made available to all shareholders
who request or elect to receive it, and on our website at <br>
<font color="#0070ff">www.unilever.com/investorcentre.</font></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The separate publication, &#145;Unilever
Annual Review 2005&#146;, containing a Summary Financial Statement with figures
expressed in euros, with translations into pounds sterling and US dollars, is
also published in Dutch and English. It is a short form document that is prepared
in accordance with the United Kingdom regulations for Summary Financial Statements.
The Unilever Annual Review 2005 is mailed to all registered shareholders and
to other shareholders who are either entitled or have asked to receive it, and
is also made available on the website at<br>
<font color="#0070ff">www.unilever.com/investorcentre.</font></font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Accounting standards<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">With
effect from 1 January 2005, Unilever adopted International Financial Reporting
Standards (IFRSs) as adopted by the EU, with a transition date of 1 January 2004.
For further details of this change please refer to note 35 on page 144. For Unilever,
there are currently no differences between IFRSs as issued by the International
Accounting Standards Board (IASB) and IFRSs as adopted by the EU, and therefore
no reconciliation is
presented.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Reporting currency and exchange rates<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Details
of key exchange rates used in preparation of these accounts are given on page
156, together with Noon Buying Rates in New York for the equivalent dates.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Basis of discussion and analysis<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
parts of this document, notably the Group Chief Executive&#146;s discussion on
pages 6 and 7 and the review of operations by region on pages 26 to 28, discussion
of performance is based on constant rates of exchange. This removes the impact
of currency movements on translation into euros, and more clearly portrays the
underlying performance of the operations themselves. The constant rate used is
the annual average rate for the prior year. The year-on-year trend in euros is
the same as that which would arise if the results were shown in sterling or US
dollars at constant exchange
rates.</font></P>
<P><font size="2">
<B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is used in this report to denote amounts in euros.</FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">p </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">are used in this report to denote amounts in pounds sterling and pence respectively.</FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fl. </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is used in this report to denote amounts in Dutch guilders.</FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36; </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is used in this report to denote amounts in United States dollars, except where specifically stated
otherwise.</FONT></font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The brand names shown in </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">italics </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in this report are trademarks owned by or licensed to companies within the Unilever Group.</FONT></font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Cautionary statement<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
document may contain forward-looking statements, including &#145;forward-looking
statements&#146; within the meaning of the United States Private Securities Litigation
Reform Act
of 1995. Words such as &#145;expects&#146;, &#145;anticipates&#146;, &#145;intends&#146; 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. These forward-looking statements are based upon current expectations
and assumptions regarding anticipated developments and other factors affecting
the Group. They are not historical facts, nor are they guarantees of future performance.
Because these forward-looking statements involve risks and uncertainties, there
are important factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements, including, among
others, competitive pricing and activities, consumption levels, costs, the ability
to maintain and manage key customer relationships and supply chain sources, currency
values, interest rates, the ability to integrate acquisitions and complete planned
divestitures, physical risks, environmental risks, the ability to manage regulatory,
tax and legal matters and resolve pending matters within current estimates, legislative,
fiscal and regulatory developments, political, economic and social conditions
in the geographic markets where the Group operates and new or changed priorities
of the Boards. Further details of potential risks and uncertainties affecting
the Group are described in the Group&#146;s filings with the London Stock Exchange,
Euronext Amsterdam and the US Securities and Exchange Commission, including the
Annual Report and Accounts on Form 20-F. These 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&#146;s expectations with regard thereto
or any change in events, conditions or circumstances on which any such statement
is based.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>04</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p5"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Chairman&#146;s foreword</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005 was the first year when Patrick and I worked together as respectively Group Chief Executive and Chairman. I've been delighted with how successfully our combination has
developed.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
I&#146;d like to congratulate Patrick and his Executive, as well as all the staff
at Unilever, for the progress made during the year. Although there is still work
to do to release the full growth potential of our powerful portfolio of brands,
the business has stabilised its aggregate market share, a key objective in 2005. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
To ensure the business has the best structure and governance processes to deliver
long-term shareholder value in the top third of our peer group, I set myself
three objectives at the
start of last year. These were reviewing Unilever&#146;s dual NV/PLC structure,
evaluating its corporate governance procedures and preparing for a series of
Board departures over the next couple of years.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Dual structure strengths<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
review of Unilever&#146;s structure, which I led with the support of two Non-Executive
Directors, as well as a team of leading independent financial and legal advisers,
involved
over six months of hard work. As one independent adviser commented: &#147;It
was one of the most exhaustive and thorough reviews that I have seen undertaken&#148;.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Three important principles guided the review. First, Unilever&#146;s commercial
operations should be advanced and not prejudiced by any change. Second, any change
should have tangible benefits for shareholders. Lastly, any change should improve
transparency and flexibility. These principles were designed to ensure that any
resulting structure serves the best interests of both the business and our shareholders.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Based on these criteria and an in-depth analysis, the Boards unanimously concluded
that Unilever&#146;s current dual structure, with some important changes, meets
the needs of the business for the foreseeable future. While this conclusion might
seem somewhat unexpected in an age of constant change, it is totally consistent
with the review&#146;s three guiding principles. The current structure has been
and still serves as a framework by which we can benefit from the best of many
cultures and influences.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Moving to a unitary structure would not only be costly and disruptive to the
business but in our case would not yield the material advantages to justify it.
As a result of changes made to our Boards and leadership structures at the beginning
of 2005, Unilever already has operational and governance unity, with a single
Chairman, a single Board with a majority of Non-Executive Directors, a single
Group Chief Executive and one Executive team. The current structure does not
hinder the operation of the business, its decision-making ability or organisational
efficiency. Unilever might also in moving to a unitary structure lose some of
the fiscal flexibility that it has under
its dual structure. </font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Changes<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
does not mean, of course, that we cannot improve our existing arrangements. The
Boards will be proposing to shareholders at the May 2006 AGMs three changes to
enhance balance sheet and capital structure flexibility, as well as strengthen
elements of its corporate governance. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
These include adapting Unilever&#146;s constitutional arrangements to allow greater
flexibility for allocating assets between both parent companies. This will ensure
that the Group continues to be able to return capital to shareholders and pay
dividends in the most efficient manner. To simplify the relationship between
our NV and PLC shares, and provide greater transparency, we also propose establishing
a one-to-one
equivalence in their underlying value by</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
splitting the NV shares and consolidating the PLC shares. Finally, we intend
to allow shareholders the right to nominate candidates to the Boards, taking
into account the need to ensure the unity of management. Details of all these
changes are set out in the Notices convening the AGMs.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Board succession<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As
I mentioned earlier, one of my objectives was to prepare for Board succession.
Three Non-Executive Directors will be retiring in 2006 &#150; Bertrand Collomb,
Oscar Fanjul and Hilmar Kopper. I would like to thank them for their enormous
contribution over the years. This presents us with both a challenge and an opportunity
to re-populate the Boards with new members who can build on our retiring members&#146; strengths
and help take Unilever forward.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
After a thorough search I am pleased to announce the nomination of four new Non-Executive
Directors, all with extensive financial and business experience, to take over
from the Board members retiring this year and Claudio Gonzalez who retired at
the 2005 AGMs. These are Charles Golden, Executive Vice-President and CFO of
Eli Lilly and Company, Byron Grote, CFO of BP p.l.c., Jean-Cyril Spinetta, Chairman/CEO
of Air France-KLM S.A. and Kornelis (Kees) Storm, former Chairman of the Executive
Board of AEGON N.V.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We engaged the services of two highly reputable independent search firms to help
us in this task and they are also leading the evaluation of potential candidates
to succeed me as
Chairman in 2007.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Governance study<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During
2005, we also commissioned a review of Unilever&#146;s governance arrangements
to ensure that these were best in class.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The review was conducted by independent consultants who concluded that our arrangements
stood comparison with our peers. A full report was made to the Boards in the
first quarter of 2006, and a range of minor changes in terms of the day-to-day
operation of the Boards will be introduced during the balance of the year.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
A particular pleasure for me this year has been to work with our social and environmental
partners, for example with UNICEF&#146;s Child Nutrition programme and the World
Business Council for Sustainable Development. Ensuring the vitality of the societies
and environments in which we operate is essential for Unilever to sustain its
long-term growth. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
It is good to see that the many changes that were initiated over the last 12
months have not impeded the progress of Unilever in the market place. All this
progress would not be possible without the commitment and the hard work of all
our 206 000 employees. Without their dedication we could not add vitality to
the lives of our consumers across the globe. On behalf of the Boards I would
like to convey my thanks to all of
them.</font></P>
<p><IMG src="b823372x8x1.jpg" border=0></p>
<P><B><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Antony Burgmans<br>
</FONT></B><FONT size="2" face="FrutigerLT-Roman,Arial,Helvetica,sans-serif">Chairman</FONT></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>05</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p6"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Group Chief Executive</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Here Patrick Cescau, Group Chief Executive, talks about performance in 2005 and looks ahead to what needs to be achieved over the next 12 months.</FONT></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>What was the key challenge for 2005?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At
the start of 2005 it was clear what we had to do. We had to restore our competitiveness
in the market and get the business growing again.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
But we had to do it in a way that we can sustain for the long term, creating
value and unlocking our full potential.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>How did you set about tackling this challenge?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
approach was simple &#150; to focus on three things that matter. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">First, to
    make our portfolio work harder for us, with sharper priorities and resource
    allocation. Secondly, better execution, especially in the areas of marketing
    and customer management. And, finally, create a more agile &#145;One Unilever&#146; organisation,
    aligned behind a single strategy, with the right people in the right jobs,
  delivering quality and speed of execution.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>What were the priorities and why did you focus on these areas?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
focused on building on our strengths in developing and emerging (D&amp;E) markets,
vitality and Personal Care. They are areas of strength for Unilever where we
have performed well,
with good growth and profitability. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Regaining momentum in Europe was an equally important priority.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Overall, what results have been achieved by following this approach?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have made real progress. In 2005 underlying sales growth was 3.1%, significantly
ahead of a flat 2004, and in line with our markets. Growth momentum has improved
steadily throughout
the year and has been driven by volume.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
I&#146;m also pleased to report that our growth rates improved across most of
our major markets and in most categories. These figures are a real testament
to the hard work of our people, the strength of our brands and the resilience
of our business.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Restoring growth required a step up in investment behind our brands. In 2005,
we invested an extra &euro;500 million in advertising and promotions. We also
invested significantly to reduce prices, especially in Europe, and offer better
value to the consumer in selected categories and markets.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Our savings programmes generated more than &euro;700 million in 2005 and helped
fund the additional investment in our brands and absorb the impact of higher
input costs.</font></P>
<P><font size="2"><B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Why has Personal Care played a key role in the strategy?</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Personal
Care is one of our traditional strengths and accounts for around a quarter of
sales, so it was vital we delivered real growth. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Over the
    last year or so, Personal Care has been achieving growth levels that are
    up with the best at more than 6%. And we have delivered broad-based share
    gain across most of our biggest markets and strong profitability.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Key to this success are our brands. The big global brands such as </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lux</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">all performed and delivered
growth. Smaller, more local brands such as </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Clear </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lifebuoy </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">also pulled their weight.</FONT></font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>What role has vitality played in the progress that&#146;s been achieved?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vitality
unites us as a mission and resonates with our customers and consumers. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Our mission is to help people feel good, look good and get more out of life and
this underpins everything we do. </font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">It is the inspiration for innovations that are driving growth across the entire product portfolio. </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">AdeS </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;
healthy and refreshing beverages; </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; the Campaign for Real Beauty; and healthier
choices in ice cream.</FONT></font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Foods, for instance, our </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr Vie </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">mini shots, which help you on your way towards your daily fruit and vegetable needs, have done extremely well in Europe. We have revitalised </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in the US by stressing its natural health benefits with its &#145;AOX&#146; antioxidant seal, and this has
produced good share gain especially in the ready-to-drink market.</FONT></font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Home and Personal Care our </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Campaign for Real Beauty, which offers consumers a broader, healthier view of female beauty, has played a central role in the brand&#146;s continued growth, while programmes to encourage hygienic
handwashing in India have improved sales of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lifebuoy</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</FONT></font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>You mentioned developing and emerging markets. Why are these so important
to Unilever?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">D&amp;E
are rapidly growing markets &#150; the forecast is that they will account for
90% of the world&#146;s population by 2010. We have long-established local roots
in these markets, which gives us a competitive advantage, and we need to capitalise
on this opportunity.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In 2005 we delivered a strong performance in all major D&amp;E markets in Foods,
Home Care and Personal Care. And for the first time, our D&amp;E sales, at 38%,
exceeded our sales in
Western Europe.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reason for our success here is partly due to our well-established distribution strength in both the traditional and modern trade and also to our ability to adapt excellent global
brand concepts, such as the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#145;Dirt is Good&#146; campaign, to local markets. In
Turkey, for instance, this enabled us to regain market leadership with double-digit growth.</FONT></font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>But what has been achieved in Europe and North America?<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
sustained recovery in the US is great news for us. In one of the world&#146;s
most competitive markets we grew by 3.2% with strong performances from both Foods
and Home and Personal
Care.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Europe has been an area that needed our attention. A healthy European business
matters to Unilever. It delivers a large proportion of our sales &#150; 41% in
2005 &#150; and is an
important source of profit.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Looking at our performance, Central and Eastern Europe performed strongly in
2005 with Russia, for example, delivering around 20% growth. So the challenge
is Western Europe. And the
issue here is growth, not profitability.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Western Europe is an extremely tough competitive environment and to turn the
business around we are having to do things differently. We have addressed pricing
in selected markets and categories and by doing so are now offering consumers
better value.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>06</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p7"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Group Chief Executive</FONT></B><br>
<FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We are also
    increasing choice by extending our product portfolio &#150; ice cream value ranges, for example &#150; and by moving into a wider range of channels. And we are delivering
  innovation &#150; new heart health ranges and </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">styling are just two examples, which are
  being backed by increased marketing investment.</FONT></font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>What are you doing to build capabilities across the business?</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This is another
area we are investing in. Customer management is a strategic priority and our
team is implementing an improvement programme market by market, with outstanding
results.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
An important element of this programme is combining our Foods and HPC sales teams
so that we can present a single, integrated face to our customers and leverage
our scale. The programme developed in the USA has been rolled out in France,
Germany and the Netherlands and will be extended to other markets in 2006. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">By working
    closely with our customers such as Carrefour, Tesco and Wal-Mart we are increasing
    the value that we can gain by doing business together.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We are also improving our marketing capabilities. For example, we will craft
more of our global brand mixes to the standards set by the best of our brands.
And we intend to get more out of the investment in our brands whether it be in
advertising or in R&amp;D.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>In 2004 you announced &#145;One Unilever&#146; as a way of simplifying the
business and generating savings. Has it achieved this?</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our &#145;One
Unilever&#146; programme is all about making us fit to compete. It has achieved
a great deal in simplifying
our business and leveraging our scale more effectively. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We have merged our operations in countries so that, at the end of 2005, almost
80% of our turnover is managed through &#145;One Unilever&#146; organisations.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We will continue with its implementation in 2006 with our priorities being to
put in place a single management team in all markets. Most of our top 20 markets
report directly to UEx. There will be a further reduction in the management headcount
and simplified, standardised business services up and running, with a substantial
proportion outsourced.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
By the end of 2006, &#145;One Unilever&#146; will deliver &euro;700 million savings
and &euro;1 billion by the end of 2007. But the biggest benefit for us is that
we now have &#145;one face&#146; for our customers and consumers, as well as
being faster and more disciplined. In other words we are fit to compete.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>What is driving the decisions you are making relating to the portfolio?</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2005 we
reviewed and sharpened our portfolio strategy. It is an essential building block
that gives us clarity &#150; it identifies the best opportunities for sustainable
long-term
growth, enables us </font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
to make choices and to allocate resources according to those choices. It then
allows us to drive disciplined execution. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We had to
    take decisive action on parts of our portfolio where we had reached a strategic
    cross-roads.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The sale of UCI (Unilever Cosmetics International) and the recent announcement
of our intention to sell the majority of our European frozen foods business were
tough decisions. We made them because it was clear we would not be able to grow
these businesses in the long term which is fundamental to future value creation.
We felt we had better opportunities to invest in and that these businesses would
perform better in the hands of
owners to whom they were a top priority.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As we move forward we will continue to invest behind our best growth opportunities,
channelling more of our resources into building leading positions in high growth
areas.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Continuing to look forward, what are your priorities for 2006 and beyond?</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our priorities
will not change. We will continue to build on the stronger focus we now have.
UEx believes that the portfolio is in good shape; all parts of our business have
an
important role to play in delivering growth, but it&#146;s not always the same
role. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Obviously
    I can&#146;t disclose all our intentions in detail. But I would like to give
  you some insight into our priorities for 2006. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
You will not be surprised to hear that our plans include capitalising on the
high-growth potential of D&amp;E markets such as China, India and Russia. Or
that in Personal Care, we will be building on our leading market positions in
deodorants and personal wash. And that vitality will continue to be at the heart
of our innovation programme.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Unilever is now in better shape, with increased competitiveness and growth.
What&#146;s your summary of 2005?</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have achieved
a tremendous amount in 2005 &#150; organisational change, improved capabilities
and restored growth. Our people have much to make them proud. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Unilever team has worked together to create a momentum that will help us
rise to the challenges of the year ahead. There is still a great deal to do,
but we know the categories, segments, brands and countries that will drive growth.
And we are now rigorously deploying our funds and resources behind our best opportunities.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We have the right structure to deliver and the processes in place to make sure
that we execute against our priorities. Our people are clear about what they
need to do.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We will build on what we achieved in 2005 and deliver the results we have promised
for 2006. This will unlock more of the unique potential of Unilever. I passionately
believe that we
can now compete to win. </font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>07</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p8"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>


<P>&nbsp;</P>
<P align="center">
<P align="center"><font size="2" face="sans-serif">[THIS PAGE HAS BEEN DELIBERATELY LEFT BLANK]</font>
<P>

<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>08</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page><a name="p9"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="contentsb"></a>Report of the Directors</FONT></B><br>
  <FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">About Unilever</FONT></P>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><a href="#p4"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>General information</B></font></a></TD>
        <TD width=8% align=right><a href="#p4"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    04</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p5"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Chairman&#146;s foreword</B></font></a></TD>
        <TD align=right><a href="#p5"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    05</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p6"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Group Chief Executive</B></font></a></TD>
        <TD align=right><a href="#p6"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    06</font></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p10"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>About Unilever</B></font></a></TD>
        <TD align=right><a href="#p10"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p10a"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Description of business</FONT></a></font></TD>
        <TD align=right><a href="#p10a"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p10b"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Regions</FONT></a></font></TD>
        <TD align=right><a href="#p10b"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p10c"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Categories</FONT></a></font></TD>
        <TD align=right><a href="#p10c"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p10d"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Functions</FONT></a></font></TD>
        <TD align=right><a href="#p10d"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p10e"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Brands</FONT></a></font></TD>
        <TD align=right><a href="#p10e"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p10f"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">People</font></a></TD>
        <TD align=right><a href="#p10f"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p11"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Environment
      and corporate responsibility</font></a></TD>
        <TD align=right><a href="#p11"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p12"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Information
      technology</font></a></TD>
        <TD align=right><a href="#p12"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporate
      venture activities</font></a></TD>
        <TD align=right><a href="#p13"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13a"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Competition</font></a></TD>
        <TD align=right><a href="#p13a"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13b"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Distribution
      and selling</font></a></TD>
        <TD align=right><a href="#p13b"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13c"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exports</font></a></TD>
        <TD align=right><a href="#p13c"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13d"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Seasonality</font></a></TD>
        <TD align=right><a href="#p13d"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13e"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Related
      party transactions</font></a></TD>
        <TD align=right><a href="#p13e"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p13f"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intellectual
      property</font></a></TD>
        <TD align=right><a href="#p13f"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p14"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Description
      of our properties</font></a></TD>
        <TD align=right><a href="#p14"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p14a"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Legal
      and arbitration proceedings and regulatory matters</font></a></TD>
        <TD align=right><a href="#p14a"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<a href="#p14b"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Government
      regulation</font></a></TD>
        <TD align=right><a href="#p14b"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14</font></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p15"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Financial and operating reviews</B></font></a></TD>
        <TD align=right><a href="#p15"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p31"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Risk management</B></font></a></TD>
        <TD align=right><a href="#p31"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p33"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Corporate governance</B></font></a></TD>
        <TD align=right><a href="#p33"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33</font></a></TD>
</TR>
<TR valign="bottom">
        <TD align=left><a href="#p51"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Reports of Board Committees</B></font></a></TD>
        <TD align=right><a href="#p51"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    51</font></a></TD>
</TR>
</TABLE>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>09</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p10"></a><p><a href="#contentsb"><font size="2">Back to Contents</font></a></p>

<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever</FONT></B></P>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p10a"></a>Description of business</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
is one of the world&#146;s leading suppliers of fast moving consumer goods across
foods, home and personal product categories. Unilever&#146;s portfolio includes
some of the
world&#146;s best known and most loved brands.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p10b"></a>Regions<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Three
regional teams are responsible for managing Unilever&#146;s business in the regions,
and for market operations. They are primarily responsible for winning with customers
and deploying brand events and innovations effectively. The regions are fully
accountable for the profit performance of our business, as well as growth, cash
flows and the in-year development of market shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Europe region includes our operations in Western Europe and in Central and
Eastern Europe, and in 2005 accounted for approximately 41% of our business on
a turnover basis. </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Americas region includes our operations in North America and Latin America and
represented around 33% of our business. Our Asia Africa region accounted for
26% of our business, and includes our operations in the Middle East, Turkey,
Africa, Asia and Australasia.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p10c"></a>Categories<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Two
category teams cover Foods and Home and Personal Care, and are responsible for
each category and the brands therein. They are fully responsible for brand development
and innovation, as well as brand and category management. Categories also lead
some elements of the supply chain and are accountable for long-term value creation
in the business, as measured by market share development, category growth, innovation
metrics and brand
health.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For more
    information about our two categories and their innovation activities during
  2005 please refer to pages 29 and 30.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p10d"></a>Functions<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
five support functions (Finance, HR, IT, Communications and Legal) provide value-adding
business partnership, strategic support and competitive services to the whole
business (especially the regional and category organisations). They are organised
around the model of business partners, shared services and expertise teams.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p10e"></a>Brands<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
Foods category manages brands in four groups:</font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Savoury
and dressings</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> includes sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings and olive oil. Among the leading brands are </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Hellmann&#146;s</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Calv&eacute;</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Wishbone</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Amora </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Bertolli</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</FONT></font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Spreads
and cooking products</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> includes sales of margarines, spreads and cooking products such as liquid margarines. Our most important brands in this group are our healthy heart
</FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Flora </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ranges, together with our family brands including </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rama</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Blue Band
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Country Crock</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</FONT></font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Beverages</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> includes sales of tea, where our brands include </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Brooke Bond</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, weight management
products, principally </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, and nutritionally enhanced staples sold in developing markets, including our </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Annapurna </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">AdeS </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ranges.</FONT></font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ice
cream and frozen foods</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> includes our sales of ice cream under the international </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Heart </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brand, including </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Cornetto</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">,
</FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Magnum</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Carte
d&#146;Or </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Solero</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">,
and also </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Ben &amp;
Jerry&#146;s</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Breyers</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Klondike </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Popsicle</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.
Our frozen foods brands include </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Iglo</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Birds
Eye </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT></font> <font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Findus</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</FONT></font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition to these groups, our Unilever </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Foodsolutions </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business is a global food service business providing solutions for professional chefs and caterers. Its results are reported within those for the groups above.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Our Home and Personal Care category manages brands in two main groups:</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In <font color="#0070FF">Personal
Care</font>, six global brands are the core of our business in the deodorants, skin cleansing, daily hair care and mass-market skin care categories &#150; </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lux</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Pond&#146;s</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">. Other important brands
include </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Suave</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Clear</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lifebuoy </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Vaseline</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, together with
</FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Signal </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Close Up </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in oral care.</FONT></font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our <font color="#0070FF">Home
Care</font> ranges include a series of laundry products, including tablets as well as traditional powders and liquids for washing by hand or machine. Tailored products including soap
bars are available for lower-income consumers. Our brands include </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Comfort</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Radiant</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Skip</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Snuggle </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Surf</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">. Our household care products are led by our </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Cif </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Domestos </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brands. </FONT></font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p10f"></a>People</b></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Number of employees</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Year end in thousands</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2003</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2002</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2001</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Europe</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>49</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
52</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
55</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
60</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 71</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Americas</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>47</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
47</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
53</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 60</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Asia Africa</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>110</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
124</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
129</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
134</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 134</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>206</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
223</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
234</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
247</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 265</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P><FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At Unilever our people are at the centre of everything we do. We give priority to their professional fulfilment, their work-life balance and their ability to contribute equally as part
of a diverse workforce.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Our people&#146;s creativity, energy and passion drive our business. One of our
ongoing goals is to help our business leaders connect to our people around the
world and achieve a shared understanding of our business objectives and future
challenges. In January 2006 at Unilever&#146;s leadership forum Group Chief Executive
Patrick Cescau presented Unilever&#146;s change agenda, a set of common initiatives
which will be adopted
throughout Unilever. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We want to attract innovative individuals who relish real-life challenges. Questions
like &#147;Can you think of 101 new things to do with egg yolks and oil?&#148;,
which appeared in one of our recent recruitment ads, lie at the heart of a new
and competitively different strategy to win the battle for the world&#146;s top
talent. </font></P>

</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>10</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p11"></a><p><a href="#contentsb"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
    of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever</FONT><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As &#145;One Unilever&#146; we can now take a holistic view of our global marketing capability and manage and deploy our talent more strategically. Overseen by the new post of Chief
Marketing Officer we have developed Group-wide programmes to improve our skills, tools and career paths, with an unprecedented focus on brand building and development to support our new structure. Via our Marketing Academy we have also adopted a
more applied, business-led approach to training, underpinned by common toolsets and data.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever's mission is to add vitality to life. That includes encouraging greater
vitality among our staff in a programme that encompassed the broad concepts of &#145;fitness
of
body&#146; and &#145;fitness of heart, mind and spirit&#146;. Designed to help
them manage their personal energy and resilience in the face of change, as well
as striking a good work-life balance, among other objectives, the first step
of the programme was an Enjoy Nutrition campaign. This provided staff with important
nutritional information, such as advice on how to reduce consumption of sugar,
salt and unhealthy fats. We also piloted nutritional training for our chefs and
external suppliers so that our canteens and restaurants could offer healthier
options.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In today's global markets, Unilever's international heritage helps us compete.
Our deep roots in over 100 countries worldwide give us a powerful competitive
advantage, enabling us to
adapt our global brands to local consumers&#146; needs. To help us understand
their needs more fully we&#146;ve introduced a diversity programme so that our
staff reflect our consumers&#146; diversity more closely in gender, ethnicity
and many other
ways. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Diversity is already very evident. For example, our top 1 000 managers span 45
nationalities. With new initiatives, including local Diversity Boards and toolkits,
we hope to encourage
diversity deeper into our organisation. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In Unilever, by embracing our differences, we create an environment that inspires
people to contribute to our business. We encourage people to be themselves within
a framework of shared values and goals. This means giving full and fair consideration
to all applicants and continuing development to all employees, regardless of
gender, nationality, race, creed, disability, style or sexuality. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever&#146;s success depends on the economic health of the countries in which
it operates. In an extensive research project with Oxfam GB and Novib (Oxfam
Netherlands) &#145;Exploring the links between business and poverty reduction:
A case study on Indonesia&#146;, we examined the impact our local business has
on the country&#146;s economic well-being. Unilever Indonesia employs about 5
000 direct employees and contract workers. The research found that indirectly
this manufacturing activity supports around 300 000 full-time equivalent jobs
in our &#145;value chain&#146; &#150; the chain that stretches from raw materials
suppliers through manufacturing to distribution and retailing to consumers. Such
employment and the wealth that it spreads around can make a significant contribution
to reducing poverty.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Environment and corporate responsibility</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
seek to manage and grow our business around the world in a responsible and sustainable
fashion. The values and standards by which we expect to be judged are set out
in our Code of
Business Principles.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We aim to share these standards and values with our suppliers and contractors
through our Business Partner Code which, in turn, is based on our Code of Business
Principles. It sets out standards on ten key points of business integrity, labour
standards, consumer safety and the environment.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The long-term success of our business is intimately linked with the vitality
of the environment and the communities in which we operate. More than two-thirds
of our raw materials come from agriculture, while water and other natural resources
play an equally critical role in our business. To ensure we protect these key
resources, we have clear, long-term eco-efficiency objectives and targets for
our manufacturing operations, as well as three sustainability initiatives on
water, agriculture and fish. Over the last ten years, we have continued to improve
our eco-efficiency performance across all of our seven key environmental parameters
which we use to measure the emissions from our factories and set future reduction
targets. In 2004 (the latest year for which figures are available) we continued
to improve on our 2003 performance but did not meet all our targets. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The strength of our commitment to sustainability is reflected in the fact that
we remain the leading food company in the Dow Jones Sustainability World Index. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In 2005 we spent around &euro;79 million on our voluntary initiatives in communities
around the world. This increase on our 2004 contribution of &euro;65 million
is partly due to the overwhelming response of our business to the plight of the
December 2004 Asian tsunami victims.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Close Up </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">toothpaste brand
launched Project Smile to bring much-needed oral health care products and advice to people in rural Nigeria where only around 60% of the population use toothpaste. The campaign involved retailers of all sizes, including the very smallest, as
partners. We created branded kiosks &#150; tiny shops &#150; to promote </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Close Up, </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and these
gave an opportunity to unemployed young people to make a living by creating new long-term outlets, as well as offering existing retailers a way to showcase their wares. The success of the campaign meant it was quickly extended into towns and cities
and over the year sales rose by 35%. </FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
With its global supply chain, Unilever has a major role to play in caring for
the environment. We believe that acting responsibly creates advantages for our
business, as well as helping to address environmental concerns. For example,
ensuring a sustainable supply of raw materials, such as palm oil, is essential
for the long-term wealth of our business. Of course, due to the scale and complexity
of this issue, we cannot do this alone. A multi-stakeholder approach is required,
which is why we co-founded the Roundtable on Sustainable Palm Oil (RSPO) in 2004.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>11</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p12"></a><p><a href="#contentsb"><font size="2">Back to Contents</font></a></p>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever</FONT><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The RSPO, which includes palm oil growers and processors, consumer goods manufacturers, retailers, investors and a number of social and environmental non-governmental organisations, now
has over 100 members. As the largest consumer goods company on the RSPO Board, we have gained significant insights. Key developments during 2005 included the adoption of the principles and criteria for Sustainable Palm Oil Production &#150; elements
of sustainability ensuring that production is economically viable, environmentally appropriate and socially beneficial.</FONT></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The widely discussed </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Campaign for Real Beauty has played a key role in highlighting the need for a broader, more inclusive definition of beauty, beyond the stereotypical super-model image. With our </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Self-Esteem Fund, which is a cornerstone of the brand&#146;s long-term growth strategy, we&#146;re going
even further. Together with partners such as the Girl Scouts in the US and the UK&#146;s Eating Disorder Association, we&#146;re funding educational &#145;Body Talk&#146; programmes in schools to help young people develop stronger body-related
self-esteem. By 2008 our aim is to have reached 1 million children. </FONT></font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Brazil, a recycling project has created jobs and brought commercial advantages. An exclusive recycling partnership with a major Brazilian retailer, Pao de Acucar, has not only given
Unilever&#146;s brands greater in-store prominence at no extra cost but also provided employment to more than 300 local people. Under the award-winning scheme, a co-operative of local people collects, recycles and sells used packaging deposited at
recycling stations outside the retailer&#146;s supermarkets. In addition to having Unilever&#146;s logo on the stations, our participating brands, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Hellmann&#146;s</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">AdeS</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, appear on point-of-sale information and educational materials, raising their profile.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
By reducing waste, Unilever has also succeeded in reducing its costs. Using the
same methodology employed in our highly successful Medusa water conservation
programme, we expect to reduce waste levels for disposal by 30% from our manufacturing
sites in the Asia Africa region between 2005 and 2006. Under our new Triple &#145;R&#146; (Reduce,
Re-use, Recycle) programme, the sites are collaborating to share best practice
and
setting targets to reduce waste levels and disposal costs. In 2006 we&#146;ll
launch a similar initiative, Electra, to reduce energy consumption in Latin America.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The health of our staff is a priority for Unilever worldwide. In some regions
HIV/AIDS poses a serious risk to our employees and communities. Using the experience
gained from dealing with AIDS in our own workplace over the last 25 years, we
have worked in partnership to share our learning with international bodies such
as the Global Business Coalition on HIV/AIDS. More locally, we work with groups
such as the South African Business Coalition on HIV/AIDS, with whom we co-developed
a well-respected toolkit to help businesses tackle the disease effectively. In
Kenya we have formed a partnership with the German aid agency GTZ to share good
practice with the wider
community, including schools and smallholder tea growers.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In 2005 we launched a searchable database where consumers can find out exactly
what ingredients are used in our Home and Personal Care products in Europe. Access
to the database is
through Unilever&#146;s website at <font color="#0070FF">www.unilever.com/ourvalues</font>.</font> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Visitors
select their country and preferred language before choosing a brand and product.
A single click then reveals the full</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
list of ingredients. Allergy sufferers can check the presence of ingredients
to which they could be sensitive. Further help is available through the brand
carelines (telephone numbers are listed on the website) and there is additional
information on our website about the chemicals Unilever uses in its products.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Millions of people suffer from heart disease every year. The World Heart Federation (WHF) is committed to helping the prevention and control of heart disease and stroke and is made up
of over 150 medical societies and heart charities from 100 low and middle-income countries. We are a key sponsor of World Heart Day each September and our </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel/Flora
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brand&#146;s partnership with the WHF means that we work together to increase public awareness of heart disease and its risk factors. For example in Greece our
</FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel pro&#8226;activ </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brand teamed up with the Cardiologists Foundation to bring free cholesterol testing, heart checks and health
advice direct to people&#146;s homes and school halls on the remote Greek islands of the eastern Mediterranean. In Sweden we ran a lecture tour on cholesterol, while in Finland our </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Foodsolutions </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business worked with the Finnish Heart Foundation to support national Heart Week with healthy food and
recipes. </FONT></font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Information technology</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
are driving towards regional convergence of systems, processes and organisation
to support the operation of the new Unilever business model. </font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Europe, we have continued to progress the project to implement the single European Enterprise system. Successful 2005 implementations were performed in France, Germany, the
Netherlands and Russia. We have also delivered a further nine countries onto the European customer relationship management system, covering primary sales force support and tele-business for Foodsolutions. An artwork management system commenced
deployment in HPC and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Foodsolutions</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">; this system is now used by 2 200 users across Europe.
With increasing dependence upon regional applications, resilience and recovery become even more critical. In mitigation we have constructed and commissioned an additional world class data centre to ensure full European backup and recovery
capability.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In Latin America, we have made significant progress towards the goal to operate
as one business. This will be fully complete in July 2006, delivering a single
system, process and information system for all operating companies in Latin America.
In North America, we reached a regional agreement with Dell Computer Corp. to
provide and manage PC equipment and support, including a technology update. A
new regional supply chain planning solution was developed and implemented in
the HPC business; Foods will go live by the end of the first quarter of 2006.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In Asia Africa, the focus has been to deepen the penetration of the regional
standard application portfolio. By the year end we had implemented the demand
and supply network planning tool in thirteen countries and the Unilever standard
data warehouse in fourteen countries, and twelve countries now use the regional
eCommerce hub. In India, a system to manage pricing / promotions into our dealers,
with a capability for e-Claims settlement and self-service was successfully rolled
out to 1 500 stockists. This is planned for completion at all 6 000 stockists
by</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>12</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsb"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever</FONT></B><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">March 2006. We have completed the implementation of an SAP based system, which simplifies and harmonises processes across Arabia, Israel and Turkey &#150; a project successfully
delivered in an extremely challenging environment. </FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
An initiative to standardise operational IT processes and procedures globally
started in 2005 and has delivered on plan. We have set world-class objectives
for this programme and the
implementations in 2005 won the &#145;best project of the year&#146; in the 2005
ITsmf awards. To support the innovation agenda, the internal management system
had a significant upgrade and has been deployed to 16 000 users world-wide. </font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p13"></a>Corporate
          venture activities<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
has allocated &euro;250 million to its venturing activities in order to create
business opportunities that will help build our core business interests in Foods
and Home and
Personal Care. These activities include:</font></td>
    </tr>
  <tr valign="top">
    <td width="5%">&#8226;</td>
    <td><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
          Technology Ventures, which invests in technology</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">funds
          and start up companies. Investments have been made
in</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">haplotyping
genomics technology, systems biology, radio</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">frequency
identification, water purification and
surface</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">chemistry.</FONT></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
          Ventures, which is an early-stage business development</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">fund
          for businesses from both inside and outside
Unilever. Investments include
Persil Services in the UK, Pond&#146;s Institute</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Beauty
Centre in Spain and the Biotechnology
Application</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Centre
in the Netherlands.</FONT></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Langholm
          Capital, which is an independent fund investing in</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">private
          European companies with above-average
longer-term</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">growth
prospects. Investments include Physcience, a</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">supplements
business in France, Lumene, a
natural personal</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">care
business in Finland, Dorset Cereals in the UK and Just</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retirement,
a financial
services business in the UK.</FONT></font></td>
  </tr>
</table>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p13a"></a>Competition<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have a wide and diverse set of competitors in our consumer goods businesses.
Many of our competitors also operate on an international scale, but others have
a narrower regional or
local focus.</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Competition
        is a normal part of business. We aim to compete and give value to our
      consumers, customers and shareholders in three ways:</font></td>
    </tr>
  <tr valign="top">
    <td width="5%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> by
      continually developing new and improved products;</font> </td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">by
          sharing our innovations and concepts with our businesses</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">all
    around the world; and</FONT></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">by
          striving to lower the cost of our sourcing, manufacturing</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and
          distribution processes while still maintaining,
and</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">improving,
the quality of our products.</FONT></font></td>
  </tr>
</table>
</div>

<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We support efforts to create a more open competitive environment through the
liberalisation of international trade. We support the full implementation of
the Single European Market and inclusion of other European countries in the European
Union.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p13b"></a>Distribution and selling<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
products are generally sold through its sales force and through independent brokers,
agents and distributors to chain, wholesale, co-operative and independent grocery
accounts, food service distributors and institutions. Products are distributed
through distribution centres, satellite warehouses, company-operated and public
storage facilities, depots and other facilities.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p13c"></a>Exports<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
sell our products in nearly all countries throughout the world and manufacture
in many of them. We export a wide range of products to countries where we do
not make them. For example, inside the European Union we make many of our products
in only a few member countries, for sale in all of them. The chosen manufacturing
configuration is generally determined by an optimised regional sourcing strategy
which takes account of requirements for innovation, quality, service, cost and
flexibility.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p13d"></a>Seasonality<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Certain
of our businesses, such as ice creams, are subject to significant seasonal fluctuations
in sales. However, Unilever operates globally in many different markets and product
categories. No individual element of seasonality is likely to be material to
the results of the Group as a whole.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p13e"></a>Related party transactions<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Transactions
with related parties are conducted in accordance with the transfer pricing policies
described in note 1 on page 85 and consist primarily of sales to joint ventures
and associates. Other than those disclosed in this report, 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 2005 or the preceding year. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In approximately 40 countries, our associated company, JohnsonDiversey Inc.,
    acts
as Unilever&#146;s sole and exclusive sales agent for professional channels,
in respect of cleaning products, in return for which it receives an agency fee.
In 2004 Patrick Cescau, Group Chief Executive, purchased a house from a group
company ultimately owned by NV. The full Boards, acting on the recommendation
of the Remuneration Committee and without participation of Mr Cescau, gave their
prior approvals to the purchase, which was made at full market value based on
two independent
valuations of the property.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Further information is given in note 32 on page 142.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p13f"></a>Intellectual property<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have a large portfolio of patents and trademarks, and we conduct some of our
operations under licences which 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
our best efforts to protect our brands and technology. </font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>13</B></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p14"></a><p><a href="#contentsb"><font size="2">Back to Contents</font></a></p>
<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Description of our properties<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have interests in properties in most of the countries where there are Unilever
operations. However, none is 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. There are no environmental issues affecting the properties which 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. Please refer to the schedule of principal group companies and
non-current investments on page 167 and 168 and details of property, plant and
equipment in note 11 on page 100.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
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.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p14a"></a>Legal and arbitration proceedings and regulatory matters<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
are not involved in any legal or arbitration proceedings and do not have any
obligations under environmental legislation which might lead to material loss
or expenditure in the context of the Group results. None of our Directors or
Officers are involved in any such material legal proceedings.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In 1999, NV issued 211 473 785 &euro;0.05 (Fl.0.10) cumulative preference shares,
with a notional value of &euro;6.58 (Fl.14.50), as an alternative to a cash dividend.
In March
2004, NV announced its intention to convert part (&euro;6.53 &#150; equivalent
to Fl.14.40) of the notional value of the preference shares, in accordance with
its Articles of Association, into NV ordinary shares in the first quarter of
2005. A number of holders of preference shares raised objections to the conversion,
claiming that NV is obliged to buy the preference shares back for an amount of &euro;6.58,
the amount of the cash dividend in 1999. A group of holders of preference shares
requested the Enterprise Chamber of the Amsterdam Court of Appeal to conduct
an inquiry into the course of affairs surrounding the preference shares. On 21
December 2004, the Enterprise Chamber decided to order an inquiry; an additional
request to forbid NV to convert the preference shares was rejected. NV lodged
an appeal with the Dutch Supreme Court against the decision of the Enterprise
Chamber, which was dismissed. As at the date of this Report, the inquiry is ongoing. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
On 15 February 2005, after close of trading, NV converted part of the notional
value of the preference shares into NV ordinary shares. The value, which the
holders of the preference
shares received upon conversion, was &euro;4.55 for each preference share.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As a consequence of the conversion, the notional value of the preference shares
was reduced to &euro;0.05 (Fl.0.10) and pursuant to the Articles of Association
of NV the preference shares could be cancelled upon repayment of this remaining
notional value. On 4 May 2005, the Enterprise Chamber of the Amsterdam Court
of Appeal rejected another request of a group of holders of preference shares
which was aimed to prohibit NV from
cancelling</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
the preference shares. This group lodged an appeal to the Dutch Supreme Court
on 4 August 2005 against the decision given on 4 May 2005. The Dutch Supreme
Court has not yet decided on
this case. On 10 May 2005, NV&#146;s Annual General Meeting decided to cancel
the preference shares. Cancellation took effect as of midnight on 13 July 2005.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Both groups of former preference shareholders have requested the Rotterdam District
Court to nullify the NV Board&#146;s decision to convert the preference shares,
claiming that this
decision was unreasonable.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever has businesses in many countries and from time to time these are subject
to investigation by competition and other regulatory authorities. One such matter
concerns ice cream distribution in Europe, notably the issues of outlet and cabinet
exclusivity. In October 2003, the Court of First Instance in Luxembourg ruled
in favour of the European Commission&#146;s decision banning Unilever&#146;s
Irish ice cream business, HB Ice Cream, from seeking freezer cabinet exclusivity
for their products in the Irish market. HB Ice Cream has submitted an appeal
against the decision of the Court of First Instance in Luxembourg. If unsuccessful,
then freezer exclusivity in Ireland will be unenforceable in outlets which only
have HB freezers. Similar consequences may apply in specific European markets
with equivalent structures to those described in the decision. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
During 2004 the Federal Supreme Court in Brazil (local acronym STF) announced
a review of certain cases that it had previously decided in favour of taxpayers.
Because of this action we
established a provision in 2004 of &euro;169 million for the potential repayment
of sales tax credits in the event that the cases establishing precedents in our
favour are reversed.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Also during 2004 in Brazil, and in common with many other businesses operating
in that country, one of our Brazilian subsidiaries received a notice of infringement
from the Federal Revenue Service. The notice alleges that a 2001 reorganisation
of our local corporate structure was undertaken without valid business purpose.
If upheld, the notice could result in a tax claim in respect of prior years.
The 2001 reorganisation was comparable with that used by many companies in Brazil
and we believe that the likelihood of a successful challenge by the tax authorities
is remote. This view is supported by the opinion of outside counsel.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p14b"></a>Government regulation<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
businesses are governed, in particular, by laws and regulations designed to ensure
that their products may be safely used for their intended purpose and that their
labelling and advertising are truthful and not misleading. Unilever businesses
are further regulated by data protection and anti-trust legislation. Important
regulatory bodies in respect of our businesses include the European Commission
and the US Food and
Drug Administration.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have processes in place to ensure that products, ingredients, manufacturing processes, marketing materials and activities comply with the above-mentioned laws and
regulations</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">.</FONT></B></font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>14</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p15"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF">
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="contentsc"></a></FONT><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Directors<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial and operating reviews</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p4"> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">General
      information</FONT></B></a></TD>
  <TD width="10%" align=right><a href="#p4"><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">04</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p5"> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Chairman&#146;s
      foreword</FONT></B></a></TD>
  <TD align=right><a href="#p5"><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">05</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p6"> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Group
      Chief Executive</FONT></B></a></TD>
  <TD align=right><a href="#p6"><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">06</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p9"> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About
      Unilever</FONT></B></a></TD>
  <TD align=right><a href="#p9"><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">09</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
  <TD align=right><font color="#0070FF">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p15"> <b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
      review</font></b></a></TD>
  <TD align=right><a href="#p15"><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD width="3%" align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p16"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  Non-GAAP
      measures</font></a></TD>
        <TD width="10%" align=right><a href="#p16">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p20"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Basis
      of reporting and discussion</font></a></TD>
        <TD align=right><a href="#p20">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p20a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> International
      Financial Reporting Standards</font></a></TD>
        <TD align=right><a href="#p20a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p20b"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  Turnover
      definition</font></a></TD>
        <TD align=right><a href="#p20b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p20c"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Critical
      accounting policies</font></a></TD>
        <TD align=right><a href="#p20c">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p21"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Reporting
      currency and exchange rates</font></a></TD>
        <TD align=right><a href="#p21">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p22"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Results
      for 2005 compared with 2004</font></a></TD>
        <TD align=right><a href="#p22">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p22a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  Acquisitions
      and disposals</font></a></TD>
        <TD align=right><a href="#p22a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p23"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Dividends
      and market capitalisation</font></a></TD>
        <TD align=right><a href="#p23">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p23a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  Balance
      sheet</font></a></TD>
        <TD align=right><a href="#p23a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p24"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Off-balance
      sheet arrangements</font></a></TD>
        <TD align=right><a href="#p24">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p24a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  Cash
      flow</font></a></TD>
        <TD align=right><a href="#p24a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p24b"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  Share
      buy-back</font></a></TD>
        <TD align=right><a href="#p24b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p24c"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Finance
              and liquidity</font></a></TD>
        <TD align=right><a href="#p24c">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p24d"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Treasury</font></a></TD>
        <TD align=right><a href="#p24d">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p25"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Pensions
              investment strategy</font></a></TD>
        <TD align=right><a href="#p25">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p25a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Total
              Shareholder Return</font></a></TD>
        <TD align=right><a href="#p25a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p25b"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Significant
              changes after the balance sheet date</font></a></TD>
        <TD align=right><a href="#p25b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p26">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating review by region</FONT></B></a></TD>
        <TD align=right><a href="#p26">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p26a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Europe</font></a></TD>
        <TD align=right><a href="#p26a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p27"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> The
              Americas</font></a></TD>
        <TD align=right><a href="#p27">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p28"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Asia
              Africa</font></a></TD>
        <TD align=right><a href="#p28">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p29">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating review by category</FONT></B></a></TD>
        <TD align=right><a href="#p29">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p29a"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Foods</font></a></TD>
        <TD align=right><a href="#p29a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
        <TD align=left><a href="#p30"><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Home
              and Personal Care</font></a></TD>
        <TD align=right><a href="#p30">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">30</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p31">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Risk management</FONT></B></a></TD>
        <TD align=right><a href="#p31">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
  <TD align=right><font color="#0070FF">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p33">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance</FONT></B></a></TD>
        <TD align=right><a href="#p33">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><a href="#p51">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reports of Board committees</FONT></B></a></TD>
        <TD align=right><a href="#p51">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT></a></TD>
</TR>
</TABLE>
</div>
<br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>15</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p16"></a><p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial Review<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-GAAP measures</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Certain discussions and analyses set out in this Annual Report and Accounts include measures which are not defined by generally accepted accounting principles (GAAP) such as IFRSs or US
GAAP. We believe this information, along with comparable GAAP measurements, is useful to investors because it provides a basis for measuring our operating performance, 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. Non-GAAP financial measures as reported by us may not be comparable to similarly titled amounts reported by other companies. Definitions of non-GAAP measures and reconciliations to GAAP
measures are provided on pages 17 to 19.</FONT></P>
<P><font size="2"><B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Measures of long term value creation</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
ambition for the creation of value for shareholders is measured by Total Shareholder
Return over a rolling three year period compared with a peer group of 20 other
companies. Unilever believes that the contribution of the business to this objective
can
best be measured and communicated to investors through the following measures:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          delivery, over time, of Ungeared Free Cash Flow (UFCF),</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">which
          expresses the translation of profit into cash,
and thus</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">longer
term economic value; and</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          development, over time, of Return on Invested Capital</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(ROIC),
          which expresses the returns generated on
capital</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">invested
in the company.</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
    communicates progress against these measures annually, and management remuneration
    is aligned with these objectives. The UFCF over a three year period is incorporated
    as a
performance element of Unilever&#146;s management incentive scheme.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UFCF and ROIC are non-GAAP measures under IFRSs and US GAAP. We include them
in this respect since they are the way in which we communicate our ambition and
monitor progress towards our
longer-term value creation goals and in order to:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Improve
      transparency for investors;</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assist
      investors in their assessment of the long-term value of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ensure
          that the measures are fully understood in light of how</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
          reviews long-term value creation for
shareholders;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Properly
      define the metrics used and confirm their calculation;</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      the metrics with all investors at the same time; and</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disclose
          UFCF as it is one of the drivers of management</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">remuneration
          and therefore management
behaviour.</font></font></td>
  </tr>
</table></div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As investor measures, we believe that there are no GAAP measures directly comparable
with UFCF and ROIC. However, in the tables on pages 17 and 18, we reconcile each
as follows: UFCF to cash flow from operating activities and also to net profit;
ROIC to net profit.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever cautions that, while UFCF and ROIC are widely used as tools for investment
analysis, they are not defined terms under IFRSs or US GAAP and therefore their
definition should be carefully reviewed and understood by investors. Investors
should be aware that their application may vary in practice and therefore these
measures may not be fully comparable between companies. In particular:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
          recognises that the usefulness of UFCF and ROIC as</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">indicators
          of investment value is limited, as such
measures are</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">based
on historical cost information;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UFCF
          and ROIC measures are not intended to be a substitute</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for,
          or superior to, GAAP measures in the financial
statements;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          fact that ROIC is a ratio inherently limits its use, and</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">management
          uses ROIC only for the purposes discussed
above. The relevance and use
of net profit for the year (being the most</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">relevant
comparable GAAP measure) is clearly more
pervasive;</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UFCF
          is not the residual cash available to pay dividends. It is</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">broadly
          available to cover the servicing of debt
along with other</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">non-discretionary
expenditures that have not been deducted</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">from
this measure.</font></font></td>
  </tr>
</table>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>16</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p17"></a><p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial Review<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-GAAP measures (continued)</FONT></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Ungeared free cash flow<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UFCF
expresses the generation of profit by the business and how this is translated
into cash, and thus economic value. It is therefore not used as a liquidity measure
within Unilever. The movement in UFCF is used by Unilever to measure progress
against our longer-term value creation goals as outlined to investors.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UFCF is cash flow from group operating activities, less capital expenditure,
less charges to operating profit for share-based compensation and pensions, and
less tax (adjusted to reflect an ungeared position), but before the financing
of pensions. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reconciliation
    of UFCF to the GAAP measures net profit and cash flow from operating activities
  is as follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 975</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 941</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 301</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
        <TD width="10%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">836</FONT>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit of joint ventures/associates and other income from non-current investments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(55</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(95</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net finance costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">618</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">631</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation, amortisation and impairment</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 274</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 063</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Changes in working capital</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">193</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">547</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions charges in operating profit less payments</FONT></TD>
        <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(532</font></b></TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(472</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Movements in provisions less payments</FONT></TD>
        <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(230</font></b> </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">574</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Elimination of profits on disposals</FONT></TD>
        <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(789</font></b></TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(308</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-cash charge for share-based compensation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">192</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">218</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other adjustments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(23</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash flow from operating activities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 924</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 925</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Less charge for share-based compensation</FONT></TD>
        <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(192</font></b></TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(218</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Add back pension payments less pension charges in operating profit</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">532</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">472</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Less net capital expenditure</FONT></TD>
        <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(813</font></b> </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(869</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Less tax charge adjusted to reflect an ungeared position</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 440</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(964</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation on profit</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 301</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(836</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax relief on net interest expense</FONT></TD>
        <TD align=right bgcolor="#cccccc"><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(139</font></b></TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(128</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ungeared free cash flow</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 011</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 346</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The tax charge used in determining UFCF can be either the income statement tax charge or the actual cash taxes paid. Our consistently applied definition uses the income statement tax
charge in order to eliminate the impact of volatility due to the variable timing of payments around the year end. For 2005 and 2004 the income statement tax charge on this basis is materially impacted by the tax effect of non-cash charges for the
impairment of </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and certain other non-cash items. UFCF based on actual cash tax paid would be &euro;3.7 billion (2004:
&euro;4.8 billion).</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UFCF reported in the 2004 Annual Report and Accounts was based on cash flow from
group operating activities, less capital expenditure and financial investment
less a tax charge adjusted to reflect an ungeared position. This measure is the
same as defined above in all respects except for the non-cash charge for share-based
compensation less payments of &euro;545 million (2004: &euro;(114) million),
the non-cash charge for
pensions less payments of &euro;(532) million (2004: &euro;(472) million) and
net financial investment of &euro;33 million (2004: &euro;43 million), resulting
in UFCF on this basis of &euro;4 057 million (2004: &euro;4 803
million).</font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>17</B></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p18"></a><p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial Review</FONT></B><font color="#0070ff"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-GAAP measures (continued)</FONT></font></p>
<p>&nbsp;</p>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Return on invested capital<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Return
on invested capital (ROIC) expresses the returns generated on capital invested
in the company. The progression of ROIC is used by Unilever to measure progress
against our
longer-term value creation goals outlined to investors.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
ROIC is profit after tax but excluding net interest on net debt and impairment<SUP>(a) </SUP>of
goodwill and indefinite-lived intangible assets both net of tax, divided by average
invested capital for the year. Invested capital is the sum of property, plant
and equipment and other non-current investments, software and finite-lived intangible
assets, working capital, goodwill and indefinite-lived intangible assets at gross
book value and cumulative goodwill written off directly to reserves under an
earlier accounting
policy.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reconciliation
of ROIC to the GAAP measure net profit is as follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro; million</b></font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">975</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">941</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Add back net interest expense net of tax</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>424</B>
        </font></TD>
        <TD width=2% align=left></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    431
        </font></TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Add back impairment charges net of tax<SUP>(a)</SUP></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>245</B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    536
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit after tax, before interest and impairment of goodwill and indefinite-lived
    intangible assets</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">644</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">908</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Year-end positions for invested capital:</font></TD>
        <TD align=right></TD>
        <TD align=left></TD>
        <TD align=right></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Property, plant and equipment and other non-current investments</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">333</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">966</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Software and finite-lived intangible assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>642</B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    623
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Inventories</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">107</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">756</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Trade and other receivables</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">061</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
    410</font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Trade payables and other creditors due within one year</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(8 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">658</FONT></B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">232</FONT>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Elements of invested capital included in assets and liabilities held for
    sale</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>200</B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Goodwill and indefinite-lived intangible assets at gross book value</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">621</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">854</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">30 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">306</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">377</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Add back cumulative goodwill written off directly to reserves</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">870</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">246</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Year-end invested capital</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">176</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">623</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Average invested capital for the year</font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37 </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">012</FONT></B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">444</FONT>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Return on average invested capital</font></TD>
        <TD align=right><font size="2"><b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12.5</font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b> </font></TD>
        <TD align=left><font size="2">&nbsp;
    </font></TD>
        <TD align=right><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.7</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font> </font></TD>
        <TD align=left><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></TD>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Excluding
        write-downs of goodwill and indefinite-lived intangible assets taken
    in connection with business disposals. </font></TD>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>18</B></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p19"></a><p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font></b><font color="#0070FF"><b><img src="tabgraphic.jpg" width="251" height="32"></b></font></div></TD>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial Review</FONT><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-GAAP measures (continued)</FONT></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Underlying sales growth</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
  </FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">USG
  reflects the change in revenue at constant rates of exchange, excluding the
  effects of acquisitions and disposals. It is a measure that provides valuable
  additional information on the underlying performance of the business. In particular,
  it presents the organic growth of our business year on year and is used internally
  as a core measure of sales performance.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reconciliation
of USG to the GAAP measure turnover is as follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD rowspan="2" align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>vs 2004</B></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Underlying sales growth (%)</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3.1</B>
        </font></TD>
        <TD width=2% align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Effect of acquisitions (%)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>0.1</B>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Effect of disposals (%)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1.6</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Effect of exchange rates (%)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.3</B>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Turnover growth (%)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.9</B>
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"><P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net debt<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
debt is defined as the excess of total borrowings, bank overdrafts, relevant
derivatives and
  finance leases over, cash, cash equivalents and financial assets, excluding
  amounts held for sale. It is a measure that provides valuable additional information
  on the summary presentation of the Group&#146;s net financial liabilities and
is a measure in common use elsewhere.</FONT></P>
<P><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reconciliation of
  net debt to the GAAP measure total borrowings is as follows:</font></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1">
    <B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#8364;</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> million</FONT></B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#8364; million</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
    <font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#8364; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
    <font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#8364; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    IAS 32/39</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>31 December</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    and IFRS 5
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    adjustments
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total borrowings</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(12 399</B>
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (13 669
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 621
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (12 048
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Borrowings due within one year</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(5 942</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (6 448
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 293
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (5 155
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Borrowings due after one year</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(6 457</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (7 221
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (328
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (6 893
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Cash and cash equivalents as per balance sheet</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 529</B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 582
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 590
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Cash and cash equivalents as per cash flow statement</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 265</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 406
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 406
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Add bank overdrafts deducted therein</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>265</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    184
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    184
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Less cash and cash equivalents in assets/liabilities held for sale</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (8
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (8
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=left bgcolor="#cccccc"></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other financial assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>335</B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    533
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (480
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 013
        </font></TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Derivatives and finance leases included in other receivables and other liabilities</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>33</B>
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    369
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    587
        </font></TD>
        <TD align=left></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (218
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Net debt</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(10 502</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (11 185
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 522
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (9 663
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19</FONT></B></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial review</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p20"></a>Basis of reporting and discussion</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
accounting policies are based on International Financial Reporting Standards
(IFRSs) and UK and Netherlands law. These differ in certain respects from United
States GAAP. The principal differences are described on pages 158 to 161. We
have shown reconciliations to net income and equity under US GAAP on page 157.</font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p20a"></a>International Financial Reporting Standards</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
has adopted International Financial Reporting Standards (IFRSs) as adopted by
the EU with effect from 1 January 2005, with a transition date of 1 January 2004.
Unilever has applied the exemption in IFRS 1 relating to business combinations,
as explained in note 35 on page 144. IAS 32 and IAS 39 in respect of financial
instruments and IFRS 5 in respect of non-current assets and asset groups held
for sale have been
applied with effect from 1 January 2005.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The most significant impacts of the transition to IFRS on Unilever&#146;s restated
consolidated financial statements relate to the timing of the recognition of
items in the income statement. Reported net assets are impacted as a result of
these timing changes, but there is no impact on the underlying cash flows generated
by Unilever.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The key changes in our accounting policies as a result of our adoption of IFRSs
are described in note 35 on pages 144 and 145. These changes, unless otherwise
stated, have been applied retrospectively in arriving at the opening balance
sheet under IFRSs as at 1 January 2004.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Reconciliations of our
equity as at the transition date and </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
December 2004 and the profit for the year then ended are given in note 35 on
pages 146 to 151. For further details of these and other changes in Unilever&#146;s
reporting please
refer to our website at <font color="#0070FF">www.unilever.com/investorcentre.</font></font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p20b"></a>Turnover definition</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Until
31 December 2004, promotional couponing and trade communication costs were included
in the cost of advertising and promotions. From 1 January 2005, these costs are
deducted from turnover and treated as part of the price element in the variance
analysis of sales growth, together with other trade promotion costs which are
already deducted from turnover. Comparatives have been restated to reflect this
change.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The effect of this change in presentation is a reclassification from advertising
and promotions expenditure to a deduction from turnover for the year ended 31
December 2004 amounting to &#8364;1 061 million. This change in accounting policy
does not have any impact on operating profit or net profit.</font></P>
</div>

<div style="float: right; width: 48%">
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p20c"></a>Critical accounting policies</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
complies with IAS 1, which requires that the most appropriate accounting policies
are selected in all circumstances. The accounts comply in all material respects
with IFRS and UK and Netherlands law. To prepare these accounts, we are required
to make estimates and assumptions, using judgement based on available information,
including historical experience. These estimates and assumptions are reasonable
and are re-evaluated on an ongoing basis. However, actual amounts and results
could differ. Critical accounting policies are those which are most important
to the portrayal
of Unilever&#146;s financial position and results of operations. Some of these
policies require difficult, subjective or complex judgements from management,
the most important being:</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Goodwill, intangible assets and property, plant and equipment<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment
reviews in respect of goodwill and indefinite-lived intangible assets are performed
at least annually. More regular reviews, and impairment reviews in respect of
other assets, are performed if events indicate that this is necessary. Examples
of such triggering events would include a significant planned restructuring,
a major change in market conditions or technology, expectations of future operating
losses, or
negative cash flows.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Impairment reviews are performed following the guidance in IAS 36. Such reviews
are performed by comparing the carrying value of the asset concerned to that
asset&#146;s recoverable amount (being the higher of value in use and fair value
less costs to sell). Value in use is a valuation derived from discounted future
cash flows. Significant assumptions, such as long-term growth rates and discount
rates, are made in preparing these forecast cash flows; although these are believed
to be appropriate, changes in these assumptions could change the outcomes of
the impairment reviews.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The most significant balances of goodwill and intangible assets relate to the
global savoury and dressings product group. We have reviewed the carrying value
of this cash generating unit by considering expected future cash flows based
on actual and planned growth rates and margins for this product group. No impairment
loss has been identified.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have reviewed the carrying value of the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business in light of
the continued decline in the weight management market segment throughout 2005. Over the last few years, consumer tastes in this group have changed frequently, featuring low-calorie, low-carbohydrate, low-salt, low-sugar and other products. The
business declined in 2005 but maintained leadership of the market segment by refreshing its product range and offering a more personalised diet plan. The impairment review of the business resulted in an impairment loss of &#8364;363 million (2004:
&#8364;791 million) reflected in operating profit for the Americas region. The impairment review was based on determining the value in use of the global </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business incorporating a number of important assumptions regarding the future performance of the </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business. For further details, refer to note 10 on page 99.</FONT></font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>20</B></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">


  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font></b><font color="#0070FF"><b><img src="tabgraphic.jpg" width="251" height="32"></b></font></div></TD>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
  review</FONT></B><font color="#0070FF"><BR>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font>
</p>
<p>&nbsp;</p>
<P>
<div style="float: left; width: 48%"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial instruments<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From
1 January 2005, we account for financial instruments in accordance with IAS 32
and 39. Financial instruments are classified according to the purpose for which
the instruments were acquired. This gives rise to the following categories: held-to-maturity
investments, loans and receivables, available-for-sale financial assets and financial
assets at fair value through profit or loss. Please refer to note 1 on page 83
for a
description of each of these categories.</font>
<p></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Based on IAS 32 and 39, we report derivative financial instruments at fair value.
Changes in fair values are booked through profit or loss unless the derivatives
are designated and effective as hedge of future cash flows, in which case the
changes are recognised directly in equity. At the time the hedged cash flow results
in the recognition of an asset or a liability, the associated gains or losses
on the derivative that had previously been recognised in equity are included
in the initial measurement of the asset or liability. For hedged items that do
not result in the recognition of an asset or liability, amounts deferred in equity
are recognised in the income statement in the same period in which the hedged
item affects net profit or loss. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Changes in fair value of net investment hedges in relation to foreign subsidiaries
are recognised directly in equity.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The most important change associated with the implementation of IAS 32 relates
to the treatment of our preference share capital. Under the new accounting rules
we treat the preference shares as third-party borrowings and the dividends are
reported as interest costs through profit or loss. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Retirement benefits<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
account for pensions and similar obligations in accordance with IAS 19 &#146;Employee
Benefits&#146;. Under this standard, the assets and liabilities of the plans
are recognised at
fair values in the balance sheet.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Pension accounting requires certain assumptions to be made in order to value
our obligations and to determine the charges to be made to the income statement.
These figures are particularly sensitive to assumptions for discount rates, inflation
rates and expected long-term rates of return on assets. The following table sets
out these assumptions, as at 31 December 2005, in respect of the four largest
Unilever pension plans. Further details of assumptions made are given in note
22 on pages 115 and 116.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nether-</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UK</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">lands</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Germany</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Discount rate</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4.7</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4.0</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
5.5</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4.0</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Inflation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2.7</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1.8</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2.4</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 1.8</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Expected long-term rate of return:</font></TD>
        <TD align=left></TD>
        <TD align=left></TD>
        <TD align=left></TD>
        <TD align=left></TD>
        <TD align=left></TD>
        <TD align=left></TD>
        <TD align=left></TD>
        <TD align=left></TD>
</TR>
<TR>
        <TD align=left><font size="2">
 &nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equities</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7.6</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7.0</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
8.0</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 7.0</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2">
 &nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3.7</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4.8</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 3.7</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2">
 &nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
6.1</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
5.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
6.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5.5</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2">
 &nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Others</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
6.7</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3.7</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4.2</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 3.7</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
</div>
<div style="float: right; width: 48%">
<font size="2"><P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">These assumptions are set by reference to market conditions at the valuation date. Actual experience may differ from the assumptions made. The effects of such differences are recognised
through the statement of recognised income and expense.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy, plan experience and other relevant data. The assumptions are reviewed
and updated as necessary as part of the periodic actuarial valuation of the pension plans. Mortality assumptions for the four largest plans are given in more detail in note 22 on page 116.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Share-based compensation<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In accordance with IFRS 2 we include a non-cash charge against operating profit to reflect the fair value to the employee of share options and awards granted. In determining the
additional charge, we apply a valuation based on modified Black-Scholes or multinomial models spread over the vesting period. The fair value so calculated depends on certain assumptions which are described in note 31 on page 132. The assumptions
made in respect of share price volatility and expected dividend yields are particularly subjective. Unilever considers these and all other assumptions to be appropriate, but significant changes in assumptions could materially affect the charge
recorded.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Provisions<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provision is made, among other reasons, for environmental and legal matters and for employee termination costs where a legal or constructive obligation exists at the balance sheet date
and a reliable estimate can be made of the likely outcome.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Advertising and promotion costs<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expenditure on items such as consumer promotions and trade advertising is charged against profit in the year in which it is incurred. At each balance sheet date, we are required to
estimate the part of expenditure incurred but not yet invoiced based on our knowledge of customer, consumer and promotional activity.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred tax<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Full provision
is made for deferred taxation, as required under IAS 12, at the rates of tax
prevailing at the year end unless future rates have been enacted, as detailed
in note 1 on
page 84. </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred tax assets are regularly reviewed for recoverability, and a valuation allowance is established to the extent that recoverability is not considered likely.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p21"></a>Reporting currency and exchange rates</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign
currency amounts for results and cash flows are translated from underlying local
currencies into euros using annual average exchange rates; balance sheet amounts
are translated at year-end rates except for the ordinary capital of the two parent
companies. These are translated at the rate prescribed by the Equalisation Agreement
of &#163;1 = Fl.12, and then to euros at the official rate of &#8364;1.00 = Fl.2.20371
(see
Corporate Governance on page 41).</FONT></P>
</font></div>
<br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> </FONT><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21</FONT></B></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsc"><font size="2">Back to Content</font></a></p>
<P> <B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
  review<br>
  </FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The figures quoted in the following discussion are in euros, at current rates of exchange, ie. the average or year-end rates of each period, unless otherwise stated. Information about
exchange rates between the euro, pound sterling and the US dollar is given on page 156.</FONT></P>
<P> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p22"></a>Results
  for 2005 compared with 2004</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  results reflected in the consolidated income statement and supporting notes
  arise from the continuing operations of the Group. During July 2005, we completed
  the sale of Unilever Cosmetics International (UCI) to Coty Inc., United States.
  The results of UCI have been presented separately as discontinued operations
  for the 2004 year and, in 2005, for the period up to the date of sale.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reported turnover grew by 2.9% in the year to &euro;39 672 million. This increase includes a favourable effect from movements of the average euro exchange rate against the basket of
Unilever currencies, which amounted to 1.3% of turnover. The net impact of disposals less acquisitions was a decline in turnover of 1.5% . This arose principally from the sale of European olive oil and other foods businesses. Underlying sales growth
in the year of 3.1% was the result of volume increases.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating profit
increased by 25% in the year to &euro;5 314 million with operating margin increasing
to 13.4% (2004: 11.0%) . Before the impact of net costs of restructuring,  business
disposals and impairments, the operating margin for 2005 would have been 0.8
percentage points lower than the previous year.</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Advertising
and promotions were 1.1 percentage points of sales higher than last year. Cost
savings and an improved mix more than offset the effect of an increase of nearly &euro;600
million in input costs. Operating charges for restructuring, business disposals
and impairments include the impairment of the </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business
in both 2005 and 2004 amounting to &euro;363 million and &euro;791 million
  respectively. An overview of performance by region is included in the operating
reviews on pages 26 to 28.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net finance costs were 2% lower in the year at &euro;618 million, through lower levels of borrowings. This also reflects a reduction in the finance costs associated with pensions
which were &euro;55 million.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A reduced contribution was generated from our shares in joint ventures and associates, most significantly from our associate JohnsonDiversey. Profit from discontinued operations
includes the gain of &euro;458 million arising from the sale of UCI.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group&#146;s effective tax rate of profit for the year was 26%, compared with 22% in 2004, which reflected resolution of a higher level of outstanding prior year tax
issues.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit and earnings per share from continuing operations increased by 21% and 22% respectively in the year. Including the profits of the discontinued operations, total earnings per
share increased by 37% in the year.</FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Return on invested capital (ROIC) for the year was 12.5%, up from 10.7% in 2004. This reflects the lower restructuring costs and higher profits on business disposals included in net
profit. ROIC retains all goodwill and intangibles in invested capital, regardless of impairment.</FONT></P>
<P> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p22a"></a>Acquisitions
  and disposals<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">There
  were no material acquisitions during 2004 or 2005.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In March 2005 Unilever completed the restructuring of its Portuguese foods business. Before the restructuring Unilever Portugal held an interest in FIMA/VG &#150;
Distribui&ccedil;&atilde;o de Produtos Alimentares, Lda. (FIMA) foods business, a joint venture with Jer&oacute;nimo Martins Group, in addition to its wholly owned Bestfoods business acquired in 2000. As a result of the transaction the two foods
businesses &#150; FIMA and Unilever Bestfoods Portugal &#150; were unified and the joint venture stakes were re-balanced so that Unilever now holds 49% of the combined foods business and Jer&oacute;nimo Martins Group 51%. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 11 July 2005, we announced the completion of the sale of our Prestige fragrance business, UCI, to Coty Inc. of the United States. Unilever received US &#36;800 million in cash, with
the opportunity for further deferred payments contingent upon future sales.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 20 December 2005, Unilever announced its intention to sell its Mora business to Ad van Geloven in the Netherlands, for an undisclosed sum. The agreement is subject to approval by
competition authorities and advice from work councils. The proposed transaction relates to the Mora brand and to factories in Maastricht and Mol (Belgium).</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other business disposals in 2005 included Stanton Oil in the UK and Ireland, Dextro in various countries in Europe, Opal in Peru, Karo and Knax in Mexico, spreads and cooking products
in Australia and New Zealand, Crispa, Mentadent, Marmite, Bovril and Maizena in South Africa, frozen pizza in Austria, Biopon in Hungary and tea plantations in India. The combined annual turnover of these businesses was approximately &euro;200
million.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2004 we disposed of more than 20 businesses with total turnover in excess of &euro;700 million. Significant disposals included the sale of certain household care brands in North
America, our edible oils business under the Capullo, Inca and Mazola brands in Mexico, the Dalda brand in Pakistan and the sale of our European frozen pizza and baguette business. Our chemicals business in India (Hindustan Lever Chemicals) was
merged with Tata Chemicals.</FONT></P></div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>22</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
        of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
  review</FONT></B><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 9 February
  2006 Unilever announced its intention to sell the majority of its frozen foods
  businesses in Europe. The intended sale includes the frozen food portfolio under
  the </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Iglo
  </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Birds
  Eye </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brands
  in Austria, Belgium, France, Germany, Greece, Ireland, the Netherlands, Portugal,
  Spain and the United Kingdom. </FONT></font> </p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For further information on the impact of acquisitions and disposals refer also to the cash flow section of this review on page 24 and to note 28 on page 128.</FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p23"></a>Dividends
      and market capitalisation<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  proposed final dividend of &euro;1.32 per &euro;0.51 share brings the dividends
  paid and proposed on the NV ordinary capital to &euro;1.98 per &euro;0.51
  share (2004: &euro;1.89), an increase of 5% per share. The proposed final
  dividend of 13.54p per 1.4p share brings the dividends paid and proposed on
  the PLC ordinary capital to 20.31p per 1.4p share (2004: 19.15p), an increase
  of 6% per share. The 2005 final proposed and interim paid dividends of &euro;1
  905 million (2004: &euro;1 832 million) represented 51% (2004: 66%) of net
  profit attributable to shareholders&#146; equity for the year. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s combined market capitalisation at 31 December 2005 was &euro;57.5 billion (2004: &euro;49.3 billion).</FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p23a"></a>Balance
      sheet<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill
  and intangible assets at 31 December 2005 were &euro;1 048 million higher
  than in 2004. Currency movements added &euro;1 575 million, offset by </FONT><font size="2"><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">impairment,
  disposals and the reclassification of assets held for sale. Inventories and
  current trade receivables were &euro;1 050 million higher, reflecting currency
  movements and the low position achieved at the end of 2004.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total equity has increased by &euro;2 250 million since 1 January. Net profit added &euro;3 975 million and currency retranslation and fair value gains &euro;540 million. Treasury
stock, which is deducted from equity, was used for the conversion of the &euro;0.05 preference shares. This reduced borrowings by &euro;1 380 million and increased equity by &euro;930 million. Subsequent purchases of treasury stock and parent
company dividends reduced equity by &euro;1 262 million and &euro;1 867 million respectively.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The net debt position (see page 19) at 31 December 2004 was &euro;9 663 million which increased on 1 January
2005 to &euro;11 185 million as a result of the application of IAS 32/39 and IFRS 5 from this date. Closing net debt was &euro;10 502 million, a decrease of &euro;683
million since 1 January. Purchases of treasury stock were &euro;1 276 million (including the share buy-back program of &euro;500 million) and proceeds of business disposals were &euro;804 million. The &euro;1 380 million net debt reduction
on conversion of the &euro;0.05 preference shares was largely offset by currency movements.</FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At 31 December 2005, cash and cash equivalents and financial assets (including the positive fair value of derivatives relating to borrowings amounting to &euro;250 million) amounted
to &euro;2 114 million (2004: &euro;2 603 million); borrowings, including finance leases, amounted to &euro;12 616 million (2004: &euro;12 266 million). The net of these cash and borrowing positions, being the net debt, amounted to
&euro;10 502 million (2004: &euro; 9 663 million). </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever manages the related interest rate and currency exposures based on this net debt position. Taking into account the various cross currency swaps and other derivatives, 60% of
Unilever's net debt was in US dollars (2004: 96%) and 17% in euros (2004: (28)% financial assets), with the remainder spread over a large number of other currencies. The currency distribution of total borrowings was as follows: 51% in US dollars
(2004: 58%) and 20% in euros (2004: 15%) with the remainder spread over a large number of other currencies. Further details of the currency analyses are given in note 17 on page 106 and note 18 on page 109.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever has committed credit facilities in place to support its commercial paper programmes and for general corporate purposes. The undrawn committed credit facilities in place at the
end of 2005 were: bilateral committed credit facilities totalling US &#36;4 292 million, bilateral notes commitments totalling US &#36;200 million and bilateral money market commitments totalling US &#36;1 725 million. Further details regarding
these facilities are given in note 18 on page 109.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In September, a total of &euro;750 million of term financing was raised through issuance of a 10 year Eurobond.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever is satisfied that its financing arrangements are adequate to meet its working capital needs for the foreseeable future.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s contractual obligations at the end of 2005 included capital expenditure commitments, borrowings, lease commitments and other commitments. A summary of certain
contractual obligations at 31 December 2005 is provided in the table below. Further details are set out in the following notes to the accounts: note 11 on page 100, note 18 on page 108, note 19 on pages 110 to 112 and note 27 on page 127.
</FONT></P>
<P>
<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Contractual
obligations at 31 December 2005</B></font></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#8364; million</FONT></b></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#8364; million</FONT></b></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#8364; million</FONT></b></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#8364; million</FONT></b></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#8364; million</FONT></b></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due</FONT></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due
          in</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">within</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due
          in</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due
          in</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">over</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=left><font size="1">&nbsp;</font></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">one
          year</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1-3
          years</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3-5
          years</FONT></TD>
      <TD align=right><font size="1">&nbsp;</font></TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
          years</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD width="2%" align=left><hr size="1" noshade></TD>
      <TD align=left> <hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Long-term
        debt</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
        447</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
        990</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
        229</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
        884</FONT></TD>
      <TD width=2% align=right>&nbsp;</TD>
      <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
        344</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
        lease</FONT></TD>
      <TD align=left></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
      <TD align=left></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
      <TD align=left></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
      <TD align=left></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">obligations</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
        931</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">339</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">564</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">431</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">597</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchase
        obligations</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(a)</SUP></font></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">240</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">165</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance
        leases</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">330</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">75</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">116</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">112</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
        long-term</FONT></TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left><font size="2">&nbsp;</font></TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
      <TD align=left></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">commitments</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">591</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">200</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">330</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">43</FONT></TD>
      <TD align=right>&nbsp;</TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD colspan="11" align=left><hr size="1" noshade></TD>
    </TR>
  </TABLE>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td width="5%" align="left"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></TD>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Raw
        and packaging materials and finished goods.</font></TD>
    </tr>
  </table>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>23</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>


<P> <font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
  review<br>
  </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%"><P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2005, pension liabilities less plan assets amounted to &euro;5 581 million (2004: &euro;5 454 million).</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In November
    2001, NV entered into a forward purchase contract with a counterparty bank
    to buy 10 000 000 PLC shares at 559p per share in November 2006 to meet the
    obligation to employees under share option plans. Depending on the market
    value of this forward purchase contract, a cash collateral must be placed
    with the counterparty bank at a minimum of &euro;8 million. At </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
    December 2005, &euro;16 million of collateral had been placed with the counterparty.</FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p24"></a>Off-balance
      sheet arrangements<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRSs
  interpretation SIC 12 and US GAAP FIN 46R require that entities with which we
  have relationships are considered for consolidation in the consolidated accounts
  based on relative sharing of economic risks and rewards rather than based solely
  on share ownership and voting rights. We periodically review our contractual
  arrangements with potential special purpose entities (SPEs) or variable interest
  entities (VIEs) as defined by SIC 12 and FIN 46R respectively. The most recent
  review has concluded that there are no significant SPE or VIE relationships
  which are not already appropriately reflected in the accounts. Information concerning
  guarantees given by the Group is stated in note 27 on page 127.</FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p24a"></a>Cash
      flow<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
  and cash equivalents at 31 December 2005 were at a similar level to the end
  of 2004. Net cash flow from operating activities, at &euro;4 353 million, was
  &euro;1 194 million lower than in the previous year. This includes the effects
  of additional marketing investment, a lower inflow from working capital compared
  with last year, and higher cash costs of restructuring, pensions and tax.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net cash flow from investing activities was &euro;635 million higher than last year, reflecting higher disposal receipts (including &euro;623 million from the sale of UCI) and net
movements in investments with maturity greater than three months. Net cash flow used in financing activities fell by &euro;1 117 million, reflecting borrowing activity offset by increased purchases of own shares.</FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p24b"></a>Share
      buy-back<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
  2005 we completed a share buy-back program of &euro;500 million. This was in
  addition to the purchase of &euro;776 million of shares to partially replenish
  treasury stock used for the conversion of the &euro;0.05 NV preference shares.
  </FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p24c"></a>Finance
      and liquidity<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  aims to be in the top third of a reference group of 21 international consumer
  goods companies for Total Shareholder Return, as explained on page 25. The Group&#146;s
  financial strategy supports this objective and provides the financial flexibility
  to meet its strategic and day-to-day needs. The key elements of the financial
  strategy are:</FONT></P>
</div>
  <div style="float: right; width: 48%">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="3%">&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Appropriate
        access to equity and debt capital;</font></TD>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sufficient
        flexibility for tactical acquisitions;</font></TD>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A1/P1
        short-term credit rating;</font></TD>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sufficient
        resilience against economic turmoil; and</font></TD>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Optimal
        weighted average cost of capital, given the constraints</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">above.</font></TD>
    </tr>
  </table>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever aims to concentrate cash in the parent and finance companies in order to ensure maximum flexibility in meeting changing business needs. Operating subsidiaries are financed
through the mix of retained earnings, third-party borrowings and loans from parent and group financing companies that is most appropriate to the particular country and business concerned. Unilever maintains access to global debt markets through an
infrastructure of short-term debt programmes (principally US domestic and euro commercial paper programmes) and long-term debt programmes (principally a US Shelf registration and euromarket Debt Issuance Programme). Debt in the international markets
is, in general, issued in the name of NV, PLC or Unilever Capital Corporation. NV and PLC will normally guarantee such debt where they are not the issuer.</FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p24d"></a>Treasury<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Treasury&#146;s role is to ensure that appropriate financing is available for
  all value-creating investments. Additionally, Treasury delivers financial services
  to allow operating companies to manage their financial transactions and exposures
  in an efficient, timely and low-cost manner. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Treasury operates as a service centre and is governed by policies and plans approved by the Boards. In addition to policies, guidelines and exposure limits, a system of
authorities and extensive independent reporting covers all major areas of activity. Performance is monitored closely. Reviews are undertaken by the corporate internal audit function. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The key financial instruments used by Unilever are short- and long-term borrowings, cash and cash equivalents and certain straightforward derivative instruments, principally comprising
interest rate swaps and foreign exchange contracts. The accounting for derivative instruments is discussed in note 1 on page 83. The use of leveraged instruments is not permitted. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other relevant disclosures are given in note 2 on pages 86 to 87, and notes 17, 18 and 19 on pages 105 to 113.</FONT></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Treasury
  manages a variety of market risks, including the effects of changes in foreign
  exchange rates, interest rates and liquidity. Further details of the management
  of these risks are given in note 2 on pages 86 and 87.</FONT></P></div><br clear="all">

<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>24</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p25"></a>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
        of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>


<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
  review</FONT></B><font color="#0070ff"><BR>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<P>&nbsp; </P>
<div style="float: left; width: 48%">

<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pensions
  investment strategy<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  Group&#146;s investment strategy in respect of its funded pension 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 company of the benefits provided. To achieve
  this, investments are well diversified, such that the failure of any single
  investment would not have a material impact on the overall level of assets.
  The plans invest the largest proportion of the assets in equities, which the
  Group believes offer the best returns over the long term commensurate with an
  acceptable level of risk. The Group also keeps a proportion of assets invested
  in property, bonds and cash. Most assets are managed by a number of external
  fund managers with a small proportion managed in-house. In December 2005, Unilever
  launched a pooled investment vehicle (Univest) which will offer its pension
  plans around the world a simplified investment solution to implement their strategic
  asset allocation models initially for equities. The aim is to provide a high
  quality, well diversified risk controlled solution.</FONT></P>
<P> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p25a"></a>Total
      Shareholder Return<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
  Shareholder Return (TSR) measures the returns received by a shareholder, capturing
  both the increase in share price and the value of dividend income (assuming
  dividends are re-invested). Unilever&#146;s TSR performance is compared with
  a peer group of competitors over a three-year rolling performance period. This
  period is sensitive enough to reflect changes but long enough to smooth out
  short-term volatility. The return is expressed in US dollars, based on the equivalent
  US dollar share price for NV and PLC. US dollars were chosen to facilitate comparison
  with companies in Unilever&#146;s chosen reference group. The choice of currency
  affects the absolute TSR but not the relative ranking. </FONT></P>
</div>

<div style="float: right; width: 48%">

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s TSR target is to be in the top third of a reference group including 20 other international consumer goods companies on a three-year rolling basis. At the end of 2004 we
were positioned 13th, and at the end of 2005 the ranking was 14th. In 2005, the following companies formed the peer group of comparative companies:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Altria</FONT></TD>
    <TD width=50% align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kao</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Avon</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Lion</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Beiersdorf</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">L&#146;Or&eacute;al</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cadbury
      Schweppes</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nestl&eacute;</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Clorox</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Orkla</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Coca-Cola</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pepsico</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Colgate</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Procter
      &amp; Gamble</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Danone</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reckitt
      Benckiser</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gillette</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sara
      Lee</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Heinz</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shiseido</FONT></TD>
  </TR>
</TABLE>

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 2006, Kraft will replace Altria and Kimberly-Clark will replace Gillette in the peer group.</FONT></P>
<P>
<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Unilever&#146;s
position relative to the TSR reference group</B></font></P>
  <IMG src="b823372x28x1.jpg" border=0><BR>
<P>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reference group, including Unilever, consists of 21 companies. Unilever&#146;s position is based on TSR over a three-year rolling period.</FONT></P>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p25b"></a>Significant
  changes after the balance sheet date<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
  announced on 9 February 2006 our decision to put the majority of the frozen
  foods businesses in Europe up for sale. The intended sale includes the frozen
  food portfolio under the </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Iglo
  </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Birds
  Eye </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brands
  in Austria, Belgium, France, Germany, Greece, Ireland, the Netherlands, Portugal,
  Spain and the United Kingdom. </FONT></font></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></TD>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
      </FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">25</FONT></B><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p26"></a><p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
  review by region<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a name="p26a"></a>Europe</FONT></P>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
          results compared with 2004</FONT></B></TD>
    <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#8364; million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#8364; million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#8364; million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &#8364; million</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continuing
        operations)</FONT></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Exchange</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
        at</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
        at</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
          at</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">rate</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
          at</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
        at</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">actual</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">constant</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
          rates</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">effects</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004
          rates</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
        rates</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">current
        rates</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
        rates</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16
      211</FONT></B></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(56</FONT></B></TD>
    <TD width="2%" align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16
      155</FONT></B></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16
      650</FONT></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2.6)%</FONT></TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3.0)%</FONT></TD>
    <TD width="2%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      profit</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      304</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4</FONT></B></TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      300</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      303</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0.0)%</FONT></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0.2)%</FONT></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      margin</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14.2%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14.2%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13.8%</FONT></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><div style="margin-left:3%; text-indent:-3%"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring,
        business disposals and impairment charges included in operating margin</font></div></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.8)%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.8)%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2.3)%</FONT></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover
      and underlying sales growth</font></b></TD>
    <TD align=right><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(at
      constant 2004 rates)</font></TD>
    <TD align=right><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">vs
      2004</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying
      sales growth (%)</font></TD>
    <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.8</font></b></TD>
    <TD align=left><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of acquisitions (%)</font></TD>
    <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.2</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of disposals (%)</font></TD>
    <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2.3</font></b></TD>
    <TD align=left><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover
      growth (%)</font></TD>
    <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3.0</font></b></TD>
    <TD align=left><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>



<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover at current rates of exchange fell by 2.6%, mainly due to disposals, and including a positive impact from currency movements of 0.4% . Operating profit at current rates of
exchange was at the same level as in 2004, after including a favourable effect of currency movements of 0.2% . The underlying performance of the business after eliminating these exchange translation effects and the impact of acquisitions and
disposals is discussed below at constant exchange rates.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our priority in Europe is to regain momentum and improve competitiveness. The focus has been on enhancing the value to consumers of our products through keener pricing, improved quality
and more and better innovation.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Marketing support has been raised to a more competitive level with additional spend deployed against our best opportunities. The organisation is being streamlined and we are building up
stronger capabilities in customer management.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have made progress over the last year. Volume has been slightly positive (compared with a 2% decline in 2004), but investment in pricing meant that underlying sales declined by 0.8%
in the year.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Central and Eastern Europe performed well in buoyant markets, notably in Russia which was ahead by nearly 20%.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Western Europe was challenging, with continued weak consumer demand. Our businesses grew in the Netherlands and Spain, but declined by around 2% in France and Germany and by nearly 4%
in the UK.</FONT></P>
</div>
<div style="float: right; width: 48%">

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Foods, we have held overall market share through the course of the year, with growth across all key categories apart from frozen foods. On 9 February 2006 we announced that we were
putting up for sale the majority of our frozen foods business in Europe.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Home and Personal Care we had a disappointing year and we have lost market share, particularly in the UK.</FONT></P>

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Overall, there was some pick-up in the fourth quarter, but we are not yet where we want to be.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">New product launches this year have included </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr Vie </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">mini shots, extensions of the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel/Flora pro&#8226;activ </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">heart health range,
soups fortified with vitamins and low-fat soups.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have introduced a </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona Sport </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">variant in deodorants, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shower gel and
</FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">hair styling products. We have further improved our Home Care product range with
launches that address specific consumer needs, such as &#145;no-need-to-pre-treat&#146; laundry detergents, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sun </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4-in-1 dishwash and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Domestos </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">sink and drain
unblocker.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The operating margin, at 14.2%, was 0.4 percentage points higher than last year. Increased advertising and promotions and pricing investment together with higher input costs were partly
offset by productivity gains. Net restructuring, disposal and impairment costs, at 0.8% were 1.5 percentage points lower than in 2004.</FONT></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>26</B></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p27"></a>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34">
<div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
        of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
  review by region<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  Americas</FONT></P>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
      results compared with 2004</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continuing
      operations)</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Exchange</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
      at</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
      at</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
          at</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">rate</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
          at</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
        at</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">actual</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">constant</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
      rates</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">effects</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004
      rates</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
      rates</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">current
      rates</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
      rates</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13
      179</FONT></B></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(464</FONT></B></TD>
    <TD width=2% align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12
      715</FONT></B></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12
      296</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.2%</FONT></TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.4%</FONT></TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      profit</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      719</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(75</FONT></B></TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      644</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">896</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">91.9%</FONT></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">83.6%</FONT></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#cccccc">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      charging:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom" bgcolor="#cccccc">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment
      of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast</FONT></I></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(363</FONT></B></TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(12</FONT></B></TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(375</FONT></B></TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(791</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom" bgcolor="#cccccc">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provision
      for Brazilian sales tax</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(169</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      margin</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13.0%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12.9%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.3%</FONT></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring,
      business disposals and impairment</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">charges
      included in operating margin</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3.4)%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3.4)%</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9.2)%</FONT></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover
          and underlying sales growth</font></b></TD>
    <TD align=right><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(at
        constant 2004 rates)</font></TD>
    <TD align=right><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">vs
          2004</font></b></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying
      sales growth (%)</font></TD>
    <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.1</font></b></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of acquisitions (%)</font></TD>
    <TD align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.0</font></b></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of disposals (%)</font></TD>
    <TD align=right> <b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.7</font></b></TD>
    <TD align=left><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover
      growth (%)</font></TD>
    <TD align=right> <b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.4</font></b></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<div style="float: left; width: 48%">

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover at current rates of exchange rose by 7.2%, including a positive impact from currency movements of 3.8% . Operating profit at current rates of exchange was 92% higher than in
2004, including a favourable impact from currency movements of 8.3% . The underlying performance of the business after eliminating these exchange translation effects and the impact of disposals is discussed below at constant exchange
rates.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying sales grew by 4%, all coming from volume gains, broadly based across the region, underpinned by a successful innovation programme. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Consumer demand in the US showed a sustained recovery. Our sales in the US grew by 3.2%, accelerating through the year, and we gained market share in aggregate.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Brazil and Mexico, a strong first half was followed by relatively weaker demand in the second half of the year. We grew in line with our markets in Home and Personal Care, but saw
some share loss in Foods.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Growth in Personal Care across the region has been driven by good consumer response to our initiatives, including vitality innovation and consistent support. This has been particularly
evident in the deodorants and personal wash categories, with strong double-digit growth for </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, now the number one deodorant in the US, and for the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brands.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Another strong Foods performance in the US was driven by further share gains in ice cream, continued good results from the extension of the </FONT><font size="2"><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Country Crock </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Bertolli
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brands into new categories, and from </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ready-to-drink and speciality teas.</FONT></font></P>
</div>
<div style="float: right; width: 48%">

<P>
<font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">continued to regain share, but in a much contracted weight management market and
sales were well below the previous year.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">New launches in the US included the well received </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove Cool Moisture </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">range and the extension of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">into male
shower gels. In Latin America our brands have also been very successful in connecting with younger consumers through </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona &#145;teens&#146; </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and innovative communication for </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In the US we introduced </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">all Small &amp; Mighty </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">laundry detergent, offering the convenience of the same cleaning power in a smaller bottle. We have invested in communication of our </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">laundry brands, under the &#145;Dirt is Good&#146; campaign in southern Latin America.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In Foods, we strengthened the vitality credentials of our brands in the US with </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Promise </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">heart health spread, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rag&uacute; </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">organic and support for the anti-oxidant properties of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">teas. </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">AdeS </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">continued to build across Latin
America with the distinctive nutrition benefits of &#145;soy with fruit&#146;.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The operating margin at current rates of exchange was 13.0%, 5.7 percentage points higher than in 2004. Net charges for restructuring, disposal and impairment were 3.4%, which was 5.8
percentage points lower than in the prior year. Cost savings offset a higher level of advertising and promotions and increased input costs. There were also gains from the sale of an office in the US, in US healthcare plans and from currency effects
on capital reductions.</FONT></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></TD>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
      </FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27</FONT></B><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p28"></a>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
  review by region<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia
  Africa</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD rowspan="3" valign="top"><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005
          results compared with 2004<br>
      </b></font><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continuing
      operations)</font><font color="#0070ff" size="2">&nbsp;</font><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Exchange</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
        at</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
        at</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="right"><font size="1"> <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B> <font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>at</b></font></font></TD>
    <TD align="right"> <font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">rate</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1"> <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B> <font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>at</b></font></font></TD>
    <TD align="right"> <font size="1">&nbsp;</font></TD>
    <TD align="right"><font size="1"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at</font></font></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">actual</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">constant</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005
      rates</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">effects</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004
      rates</FONT></B></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
      rates</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">current
      rates</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
    <TD align="right"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004
      rates</FONT></TD>
    <TD align="right"><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover</FONT><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10
      282</FONT></B></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1</FONT></B></TD>
    <TD width="2%" align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10
      281</FONT></B></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      620</FONT></TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.9%</FONT><font size="2">&nbsp;</font></TD>
    <TD width="2%" align=left> <font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.9</FONT></TD>
    <TD width="2%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      profit</FONT><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      291</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      297</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      040</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24.1%</FONT><font size="2">&nbsp;</font></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24.7</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      margin</FONT><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12.6%</FONT></B></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12.6</FONT><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></B></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.8%</FONT><font size="2">&nbsp;</font></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring,
      business disposals and impairment</FONT><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">charges
      included in operating margin</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.0</FONT><font size="2"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)%</font></font></B></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.0</FONT><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)%</font></B></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2.9)%</FONT><font size="2">&nbsp;</font></TD>
    <TD align=left> <font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;<b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover
    and underlying sales growth</font></b></font></TD>
    <TD rowspan="2" align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005<br>
    </FONT></B><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">      vs
    2004</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(at
    constant 2004 rates)</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
    <TD align=left></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying
      sales growth (%)</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8.7</FONT></B></TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=8% align=left>&nbsp;</TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of acquisitions (%)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.0</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of disposals (%)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1.6</FONT></B></TD>
    <TD align=left><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover
      growth (%)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.9</FONT></B></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover at current rates of exchange rose by 6.9%, with no net impact from currency movements. Operating profit at current rates of exchange was 24% higher than in 2004, after allowing
for an adverse impact from currency movements of 0.6% . The underlying performance of the business after eliminating these exchange translation effects and the impact of disposals is discussed below at constant exchange rates.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have capitalised on our leading positions and buoyant consumer demand across most of the region, growing underlying sales by nearly 9%, in a competitive environment, and increasing
market share in key battlegrounds. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The growth was broad-based in terms of both categories and geographies. There were notable performances in all major developing and emerging countries, including a strong recovery in
India with market share gains, and significant contributions from China, which was up by over 20%, and from South East Asia, South Africa, Turkey and Arabia. Japan returned to growth. After a weak first half, Australia improved in the second half of
the year.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Most of the increase came from volume, but price growth gained momentum through the year, as we moved to selectively recover increased commodity costs, especially in Home
Care.</FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Growth was underpinned by a range of innovations. In skin care in India, </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lux </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has been strengthened with new soap bars from the global range and the introduction of limited editions. Innovations in </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Pond&#146;s </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">included a new &#145;mud&#146; range in China.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In hair care we launched </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in Indonesia, a </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">summer range across
South East Asia, a new variant for </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lux Super Rich </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in China and a strengthened </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">range across several key markets in Africa and the Middle East.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">New formulations for our laundry products include improved whiteness delivery for </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Surf </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in Indonesia and </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for sensitive
skin in Turkey.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In tea, we have substantially strengthened the </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Brooke Bond </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brand in India, while </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is benefiting
from strong regional innovations, including Earl Grey and Green Tea variants in markets such as Turkey and Arabia. </FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The operating margin was 12.6%, 1.8 percentage points higher than in 2004. Increased investment in advertising and promotions was partly offset by productivity gains. The remaining
difference was due to net restructuring, disposal and impairment charges which were insignificant in 2005 compared with a net charge of 2.9% in 2004.</FONT></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>28</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p29"></a>
<p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
        of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<p><font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
  review by category<br>
  </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a name="p29a"></a>Foods</FONT></font></p>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
  <p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Highlights
    in 2005 included:</FONT></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="top">
      <td>&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          growth of healthier innovations, such as </font><font size="2"><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel/Flora</font></i> <i><font
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">pro&#8226;activ </font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </font><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr
          Vie</font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">,
      is a direct result of our vitality strategy.</font></font></TD>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</TD>
    </tr>
    <tr valign="top">
      <td width="3%">&#8226;</td>
      <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
        completed our nutritional enhancement programme. Over</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16
        000 products have been assessed for levels of trans fats,</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">saturated
        fats, sodium and sugars, and, where necessary, action</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has
        been taken to reduce them.</font></TD>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td>&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
        R&amp;D has been restructured to operate as a single,</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">integrated
        organisation, enabling us to leverage our global</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">scale
        and allocate resources more productively.</font></TD>
    </tr>
  </table>
  <P> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We are
      embracing vitality at the core of our Foods brands, ensuring they deliver
      the nutritional and health benefits that consumers are increasingly demanding,
  as well as that essential ingredient for success &#150; great taste. </font></P>
  <P><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel/Flora
          pro&#8226;activ </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is a case in point. Originally launched as a spread to help people reduce their cholesterol, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel/Flora pro&#8226;activ </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has extended rapidly into a range that includes milk drinks, yoghurt products and minidrinks. This no longer
  relates only to cholesterol, as there is now a mini-drink to help people control blood pressure. In fact, the brand has proved so effective in improving heart health, as part of a balanced diet, that the Netherlands&#146; largest health insurer,
  VGZ, is rewarding its policy holders financially when they buy </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Becel/Flora pro&#8226;activ </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">products. </FONT></font></P>
  <P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To help consumers meet their daily nutritional requirements, we also launched </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr Vie </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">mini shots in Europe. Free of preservatives and other additives, these convenient natural drinks help consumers on their way towards their daily fruit and vegetable needs. Other advances
included new fruit variants of our nutritionally rich, soy-based drink, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">AdeS</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, in Latin
America. Like so many of our brands that have embraced vitality, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">AdeS </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has proved a success and
will be extended to other markets. Our dedicated new vitality platforms group are actively creating numerous future opportunities such as the ones mentioned above.</FONT></font></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In all cases, whether we&#146;re communicating the health benefits of </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lipton </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">tea or the vitality credentials of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Hellmann&#146;s</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, we only make health and nutrition claims for our brands that are supported by robust, scientifically-validated evidence. This approach is underpinned by a strict claims guidance framework, as well
as a commitment to make nutritional information available to consumers.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Improved quality has been another theme of our innovations, reflected in the launch of our gourmet-standard </FONT><font size="2"><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Bertolli </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dinner for Two frozen range, a major success in the US. </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has also produced exceptional results in the Netherlands and other European countries with its new, high
quality wet soups in pouches (also sold as </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Unox</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">), as has our ice cream business with its new
and intensely flavoured </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Magnum Five Senses</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For developing and emerging markets, we have continued to make our products more affordable through packaging and price-per-serving with pioneering products such as </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr Cubitos </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">seasoning cubes. </FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">While consumers increasingly look for ways to eat healthily out of home, they are not willing to sacrifice taste and convenience. This often challenges foodservice operators to offer
food that meets all the needs of their customers. Our Unilever </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Foodsolutions </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business gives
foodservice professionals products that deliver delicious taste, consistent quality, convenience and healthier menu options. </FONT></font></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2005 we
  launched </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr
  </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Coulis, a new innovative range
  of pure sauces made from freshly mashed vegetables. To be used as a warm or
  cold sauce or as a natural ingredient, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Knorr </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Coulis
  creatively refines and decorates all types of dishes. With its pure, high quality
  ingredients, its fresh authentic taste and exciting colours, it is a solution
  that brings chefmanship and vitality naturally together. </FONT></font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>29</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p30"></a><p><a href="#contentsc"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
  review by category<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home
  and Personal Care</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
  <p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Highlights
    in 2005 included:</FONT></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr valign="top">
      <td width="3%">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
        success of </font><font size="2"><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">all
        Small &amp; Mighty </font></i><font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">liquid detergent has</font></font>
        <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">underlined
        the power of stronger relationships with our</font> <font size=2
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">customers.</font></TD>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td>&#8226;</td>
      <td><font size="2"><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove
        </font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and
        </font><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona
        </font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">extended
        their leadership with launches such</font></font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as
        </font><font size="2"><i><font
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove Cool Moisture </font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and
        </font><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona
        &#145;</font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">teens&#146;.</font></font></TD>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td>&#8226;</td>
      <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Technological
        breakthroughs have spearheaded the recovery of</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">our
        Home Care business, as well as hair in Asia.</font></TD>
    </tr>
    <tr valign="top">
      <td>&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td>&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To make
        greater inroads in the US skin market, we opened a</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">new
        &#36;23 million R&amp;D facility in Connecticut.</font></TD>
    </tr>
  </table>
  <p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vitality
    is now central to our Home and Personal Care business. The </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove
    </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Campaign for Real Beauty, the
    </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo
    </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dirt is
    Good campaign and the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lifebuoy
    </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Handwashing
    campaigns in Asia are tangible programmes that bring Unilever&#146;s vitality
    mission to life in our Home and Personal Care brands.</FONT></font></p>
  <P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The success of </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lifebuoy </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in
India and Indonesia contributed to the performance of our skin business in Asia, as did the launch of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Pond&#146;s </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">whitening platform, which underlines Unilever&#146;s strength in the face care sector across Asia.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The new </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove
Cool Moisture </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">range was launched in North</FONT></font> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">America
while the </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">firming

range was rolled out globally. We also extended the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Campaign
for Real Beauty with the
creation of the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Self-Esteem
Fund for young women to educate and inspire girls on a wider
definition of beauty. </FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In South Africa we relaunched </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Vaseline </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">with a range of lotions and creams aligned with the new global packaging. We also launched South Africa&#146;s first mass-market male lotion, new </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Vaseline </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#145;For Men&#146;.</FONT></font></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To grow our share of the male grooming market, we launched </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shower gel in North America. Within just three years, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Axe </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has become the leading deodorant brand in the US. We also launched </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona Sport for Men </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">with an award-winning advertising campaign called &#145;Stunt City&#146;. </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Rexona </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is now the number one male deodorant brand in Russia and Ukraine.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In hair, the new </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Sunsilk </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">colour enhancement range in Europe has been designed to increase the brand&#146;s appeal among young consumers. In oral care, the world&#146;s first centre-filled gel toothpaste was introduced in
Vietnam.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Innovation has reinvigorated our laundry business. The </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Omo </FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dirt is Good campaign was rolled out across most of Asia after its launch in Latin America and Europe, giving us near global coverage. In Europe, we introduced a new gel-layered detergent tablet
that helped make </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Skip </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the fastest growing HPC brand in France by the end of 2005. A new
whiteness shading technology in Latin America gave consumers more appealing whites with </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Radiant</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">. The proprietary technology behind the innovation is ensuring we keep ahead of our key competitors. In North America, </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">all Small &amp; Mighty </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is leading the concentrated liquid detergent market. Its success illustrates how great mixes,
which have both a consumer-winning innovation and a strong customer benefit, can be successful. In China, we continued to develop the fabric conditioners market where </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Comfort </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is the market leader.</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The level of innovation in household care has been equally creative. </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Cif</FONT></I><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, for example, rolled out pioneering power cream sprays for the bathroom and kitchen. The traditional offer to the consumer of cream from </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Cif </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">has now been enhanced with an attractive new proposition with the same power of the </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Cif </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">cream in a spray. </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Domestos</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">, meanwhile, extended its &#145;kill germ&#146; power into a new territory with the sink and drain unblocker
that now clears blockages up to twice as fast as the market leader.</FONT></font></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>30</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p31"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
    of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></TD>
  </tr>
</table>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Risk management</FONT></B><BR>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following
    discussion about risk management activities includes &#145;forward-looking&#146; statements that involve risk and uncertainties. The actual results could differ materially
  from those projected. See the &#145;Cautionary Statement&#146; on page 04.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever&#146;s system of risk management is outlined on page 74. Responsibility
for establishing a coherent framework for the Group to manage risk resides with
the Boards. The remit of
the Boards is outlined on page 35.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Particular risks and uncertainties that could cause actual results to vary from
those described in forward-looking statements within this document, or which
could impact on our ability to meet our published targets, have been identified.
In this context the following specific risks have been identified as areas of
focus in 2006.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Sales and profit growth</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The increasingly
competitive environment, the further consolidation in the marketplace and continued
growth of discounters could adversely impact our rate of sales growth. In light
of this, we will continue to invest in selected brands and high growth market
areas to ensure that we deliver profitable sales growth. Our continued sales
and profit growth depends in large part on our ability to generate and implement
a stream of consumer-relevant improvements to our products. The contribution
of innovation is affected by the level of funding that can be made available,
the technical capability of the research and development functions, and the success
of operating management in rolling out quickly the resulting improvements. Our
focus will continue to be on developing our brands in ways that are distinctive
and are relevant for our customers.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We have a number of large global brands, including 12 with an annual turnover
of greater than &euro;1 billion which often depend on global or regional development
and supply chains. Any adverse event affecting consumer confidence or continuity
of supply of such a brand could have an impact in many markets. The carrying
value of intangible assets associated with many of our brands is significant,
and depends on the future success of those brands. There remains a risk that
events affecting one or more of our global brands could potentially impair the
value of those brands. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As the retail market place through which our products are distributed continues
to evolve, our growth and profitability can be threatened if we do not adapt
our strategies and enhance our operational capabilities. It is important that
we continue to build and deepen relationships with our customers. Plans to raise
our effectiveness in the trade, where necessary, receive increasing attention
at all levels.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Change initiatives</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The further
restructuring of the business (including the outsourcing of back office support
operations and convergence of regional processes and systems through the One
Unilever initiative) require continuing close management attention in 2006. We
have experience of managing such risks and have clear action plans to mitigate
them, including the establishment and maintenance of project management processes
to monitor progress against milestones and targets together with appropriate
communication programmes.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>People</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
performance targets require it to have the right calibre of people at all levels.
We must compete to obtain capable recruits for the business, and then train them
in the skills and competencies that we need to deliver profitable growth. At
a time of substantial change in the business there is a particular focus on creating
alignment and energetic leadership.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Corporate reputation</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever has
created a strong corporate reputation over many years and many of our businesses
have a high local profile. This reputation is underpinned by ensuring that all
employees
embrace the principles prescribed in our Code of Business Principles.</font> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
products carrying our well-known brand names are sold in over 150 countries.
Should we fail to meet high product safety, social, environmental and ethical
standards in all our
operations and activities, Unilever&#146;s corporate reputation could be damaged,
leading to the rejection of our products by consumers, damage to our brands and
diversion of management time into rebuilding our reputation. Examples of initiatives
to
manage key social and environmental risks are mentioned on pages 11 and 12.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Potential economic instability</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">More than a
third of Unilever&#146;s turnover comes from the developing and emerging economies.
We have long experience in these markets, which are also an important source
of our growth. These economies are typically more volatile than those in the
developed world, and there is a risk of downturns in consumer demand that would
reduce the sales of our products. We will continue to closely monitor performance
in the most volatile markets and respond quickly to protect our business. In
cases of extreme
social disruption, protecting our people is always the priority.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>31</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page><a name="p32"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Risk management</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Price and supply of raw materials and commodities contracts</FONT></B><br>
  <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Where appropriate,
  we purchase forward contracts for raw materials and commodities, almost always
  for physical delivery. We may also use futures contracts to hedge future price
  movements; however, the amounts are not material. With the adoption of IFRSs
  from 1 January 2005, we are required to recognise financial derivatives (which
  include forward contracts) at their fair value on the balance sheet. </font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Insurance risks</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As a multinational
group with diverse product offerings and operations in more than 100 countries,
Unilever is subject to varying degrees of risk and uncertainty. It does not take
out insurance against all risks and retains a significant element of exposure
to those risks against which it does insure. However, it insures its business
assets in each country against insurable risks as it deems appropriate.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Financial risks</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition
to the above, Unilever is exposed to various specific risks in connection with
its financial operations and results. These include the following:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          impact of movement in equity markets, interest rates and</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">life
          expectancy on net pension
liabilities;</FONT></font></TD>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Maintenance
      of group cash flows at an appropriate level;</font></TD>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exposure
      of debt and cash positions to changes in interest rates;</font></TD>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Potential
          impact of changes in exchange rates on the group&#146;s</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">earnings
          and on the translation of its
underlying net assets;</FONT></font></TD>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liquidity
      and counterparty risks; and</font></TD>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risks
          associated with the holding of our own shares in</FONT> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">connection
          with share-based remuneration
schemes.</FONT></font></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Further information about these, including sensitivity analysis to changes in
certain of the key measures, is given in note 2 on pages 86 and 87 and note 22
on page 114.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Other risks</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
businesses are exposed to varying degrees of risk and uncertainty related to
other factors including competitive pricing, commodity, raw and packaging material
pricing, consumption levels, physical risks, legislative, fiscal, tax and regulatory
developments, terrorism and economic, political, and social conditions in the
environments where we operate. All of these risks could materially affect the
Group&#146;s business, our turnover, operating profit, net profit, net assets
and liquidity. There may be risks which are unknown to Unilever or which are
currently believed
to be immaterial.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>32</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p33"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="right"><img src="tabgraphic.jpg" width="251" height="32"></TD>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Directors</FONT></B><font color="#0070FF"><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a name="contentsd"></a>Corporate governance</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD><a href="#p4">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">General information</FONT></B></a></TD>
        <TD width="10%" align=right><a href="#p4">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">04</FONT></a></TD>
</TR>
<TR>
        <TD><a href="#p5">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Chairman&#146;s
    foreword</FONT></B></a></TD>
        <TD align=right><a href="#p5">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">05</FONT></a></TD>
</TR>
<TR>
        <TD><a href="#p6">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Group Chief Executive</FONT></B></a></TD>
        <TD align=right><a href="#p6">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">06</FONT></a></TD>
</TR>
<TR>
        <TD><a href="#p9">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever</FONT></B></a></TD>
        <TD align=right><a href="#p9">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">09</FONT></a></TD>
</TR>
<TR>
        <TD><a href="#p15">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial and operating reviews</FONT></B></a></TD>
        <TD align=right><a href="#p15">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15</FONT></a></TD>
</TR>
<TR>
        <TD><a href="#p31">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Risk management</FONT></B></a></TD>
        <TD align=right><a href="#p31">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT></a></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD><a href="#p33">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance</FONT></B></a></TD>
        <TD align=right><a href="#p33">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p34"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Introduction</FONT></a></font></TD>
        <TD align=right><a href="#p34">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p34a"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Developments in corporate governance</FONT></a></font></TD>
        <TD align=right><a href="#p34a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p35"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Boards</FONT></a></font></TD>
        <TD align=right><a href="#p35">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p37"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman and Group Chief Executive</FONT></a></font></TD>
        <TD align=right><a href="#p37">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p37a"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Directors</FONT></a></font></TD>
        <TD align=right><a href="#p37a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p37b"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-Executive Directors</FONT></a></font></TD>
        <TD align=right><a href="#p37b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p39"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Board committees</FONT></a></font></TD>
        <TD align=right><a href="#p39">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p40"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors &#150; Various
    formal matters</FONT></a></font></TD>
        <TD align=right><a href="#p40">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p40a"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors &#150; Indemnification</FONT></a></font></TD>
        <TD align=right><a href="#p40a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p40b"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors &#150; Conflicts
    of interest</FONT></a></font></TD>
        <TD align=right><a href="#p40b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p40c"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholder matters</FONT></a></font></TD>
        <TD align=right><a href="#p40c">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p41"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equalisation Agreement</FONT></a></font></TD>
        <TD align=right><a href="#p41">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<a href="#p43"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Combined earnings per share</FONT></a></font></TD>
        <TD align=right><a href="#p43">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">43</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p43a">Share capital</a></FONT></font></TD>
        <TD align=right><a href="#p43a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">43</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p43b">Stichting Administratiekantoor Unilever N.V.</a></FONT></font></TD>
        <TD align=right><a href="#p43b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">43</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p44">Leverhulme Trust</a></FONT></font></TD>
        <TD align=right><a href="#p44">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p45">Requirements
    and compliance &#150; general</a></FONT></font></TD>
        <TD align=right><a href="#p45">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">45</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p45a">Requirements &#150; The
    Netherlands</a></FONT></font></TD>
        <TD align=right><a href="#p45a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">45</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p47">Requirements &#150; The
    United Kingdom</a></FONT></font></TD>
        <TD align=right><a href="#p47">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p47a">Requirements &#150; The
    United States</a></FONT></font></TD>
        <TD align=right><a href="#p47a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p49">Biographical details</a></FONT></font></TD>
        <TD align=right><a href="#p49">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p49a">Executive Directors</a></FONT></font></TD>
        <TD align=right><a href="#p49a">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><a href="#p49b"><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-Executive Directors</FONT></a></TD>
        <TD align=right><a href="#p49b">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT></a></TD>
</TR>
<TR>
        <TD><font color="#0070FF" size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p50">Unilever Executive (UEx)</a></FONT></font></TD>
        <TD align=right><a href="#p50">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></a></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR>
        <TD><a href="#p51">
    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reports of Board committees</FONT></B></a></TD>
        <TD align=right><a href="#p51">
    <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT></a></TD>
</TR>
</TABLE>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>33</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p34"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
  governance</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Introduction</FONT></B><font size="2"><BR>
  </font>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>The
        Unilever Group</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V.
    and Unilever PLC are the two parent companies of the Unilever Group. NV was
    incorporated under the name Naamlooze Vennootschap Margarine Unie in the Netherlands
    in 1927. PLC was incorporated under the name Lever Brothers Limited in Great
    Britain in 1894. The two companies have different shareholder constituencies
    and shareholders cannot convert or exchange the shares of one company for
    shares of the other. NV is listed in Amsterdam, New York, Frankfurt and Z&uuml;rich.
  PLC is listed in London and New York. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV and PLC together with their group companies operate effectively as a single economic entity. This is achieved by a series of agreements between NV and PLC (the Foundation Agreements,
see below), together with special provisions in the Articles of Association of NV and PLC. NV and PLC have the same directors and adopt the same accounting principles. Shareholders of both companies receive dividends on an equalised basis. NV and
PLC and their group companies constitute a single reporting entity for the purposes of presenting consolidated accounts. Accordingly, the accounts of the Unilever Group are presented by both NV and PLC as their respective consolidated
accounts.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV and PLC have agreed to co-operate in all areas and to ensure that all group companies act accordingly. NV and PLC are holding and service companies, and the business activity of
Unilever is carried out by their subsidiaries around the world. Shares in group companies may ultimately be held wholly by either NV or PLC, or jointly by the two companies, in varying proportions.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>The
        Equalisation Agreement</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Equalisation
    Agreement regulates the mutual rights of the shareholders of NV and PLC. Its
    objective is to ensure that the position of these shareholders is, as far
    as possible, the same as if they held shares in a single company. Under the
    Equalisation Agreement, NV and PLC must adopt the same financial periods and
    accounting policies. Further information on the Equalisation Agreement is
  given on page 41.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>The
        Deed of Mutual Covenants</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Deed of
    Mutual Covenants provides that NV and PLC and their respective subsidiary
    companies shall co-operate in every way for the purpose of maintaining a common
    operating policy. In addition, they shall exchange all relevant information
    about their respective businesses &#150; the intention being to create and
    maintain a common operating platform for the Unilever Group throughout the
    world. The Deed of Mutual Covenants illustrates some of the information which
    makes up this common platform, such as the mutual exchange and free use of
    know-how, patents, trade marks and all other commercially valuable information.
    The Deed contains provisions which indicate, without laying down any rigid
    constraints, which operation according to geography shall be held ultimately
    by either NV or PLC. These arrangements were designed to create a balance
    between the two parent companies and the funds generated by them, for the
  benefit of their respective sets of shareholders.</FONT></P>
</div>
<div style="float: right; width: 48%">
  <P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>The
        Agreement for Mutual Guarantees of Borrowing</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under the
    Agreement for Mutual Guarantees of Borrowing between NV and PLC, each company
    will, if asked by the other, guarantee the borrowings of the other. The two
    companies can also agree jointly to guarantee the borrowings of their subsidiaries.
    These arrangements are used, as a matter of financial policy, for certain
    significant public borrowings. They enable lenders to rely on our combined
  financial strength.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Corporate
        Policies </B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever policies
    are characterised by being universally applicable within the Unilever Group.
    They are mandatory in effect and have been developed to ensure consistency
    in key areas within our world-wide operations. They cover operational and
    functional matters, and govern how we run our business, in order to comply
  with applicable laws and regulations.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever corporate
policies include: the Code of Business</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Principles;
policies on positive assurance and risk management; policies on environmental
strategy and reporting, social and ethical matters, including in respect of human
rights;  corporate social responsibility; the Unilever share dealing code; and
a procedures manual for the timely release of price sensitive information. </FONT></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Code
    of Business Principles sets out the standards of behaviour we require from
    all of our employees. We also have a Code of Ethics that applies to the senior
    executive, financial and accounting officers and comprises the standards prescribed
    by the US Securities and Exchange Commission (SEC). The Code of Ethics comprises
    an extract of the relevant provisions of Unilever&#146;s Code of Business
    Principles and the more detailed rules of conduct that implement it. Copies
    of the Code of Business Principles and the Code of Ethics are posted on
    our website at <font color="#0070ff"><br>
  www.unilever.com/investorcentre/corpgovernance</font>. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our internal risk management and control systems are described on page 31.</FONT></P>
  <P> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p34a"></a>Developments
        in corporate governance </B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever constantly
    keeps its corporate governance arrangements under review. NV and PLC are subject
    to different corporate governance requirements and best practice codes, the
    most relevant being those in the Netherlands, the United Kingdom and the United
    States. It is Unilever's practice to comply, where practicable, with the highest
  level of these codes, and respond to developments appropriately. </FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Developments
        in 2004</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Following
    a review of our governance arrangements in 2004, the NV and PLC shareholders
    adopted proposals to create a one-tier board with a majority of independent
  Non-Executive Directors. </FONT></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>34</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p35"></a>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
        of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
  governance</FONT></B><font color="#0070ff"><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Developments
  in 2005</FONT></B><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2005 the
  Boards announced a series of further changes to streamline management and leadership.
  These were approved by our shareholders at the Annual General Meetings (AGMs)
  in 2005. A separate Non-Executive Chairman and Group Chief Executive were appointed.
  The Group Chief Executive established the Unilever Executive (UEx) which comprises
  three Regional Presidents (for Europe, The Americas, Asia Africa), two Category
  Presidents (for Foods and Home and personal care) the Chief Financial Officer
  and the Chief HR Officer. The regions are responsible for performance, implementing
  proven brand mixes in their region and focusing on building capabilities with
  customers. The categories are responsible for the entire brand development process
  including innovation, brand positioning and communication and category strategies.
  The interdependence between the regions and categories allows us to exploit
  our global scale, while building on our deep roots in local markets. Our HR
  and Finance functions concentrate on excellence in human capabilities and cost-efficiencies
  across the Group.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2005, we also announced that we would undertake a thorough review of our corporate structure to see if any change should be made. The review team was led by the Chairman, Antony
Burgmans, and included Non-Executive Directors David Simon and Jeroen van der Veer. On 19 December 2005, the conclusions of the structure review were announced. The Boards decided that Unilever would retain its current structure with some important
changes (see below). Reference is made to the announcement text on our website at <font color="#0070FF">www.unilever.com/ourcompany/investorcentre</font>.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Proposed
        Developments for 2006</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The changes
    in our structure that the Boards wish to propose to our shareholders at the
  AGMs in 2006 are:</FONT></P>
  <table width="100%" border="0" cellpadding="0" cellspacing="0">
    <tr>
      <td width="3%" valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to adapt
        Unilever&#146;s constitutional arrangements to allow</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">greater
        flexibility to allocate assets between both parent</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">companies;</font></TD>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
        simplify the relationship between our NV and PLC shares by</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">establishing
        a one-to-one equivalence in their economic interest</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in
        the Unilever Group; this will be achieved by a split of the NV</font>
        <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares
        and a consolidation of the PLC shares; and</font></TD>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
        allow shareholders the right to nominate candidates to the</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Boards,
        taking into account the need to ensure the unity of</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">management.</font></TD>
    </tr>
    <tr>
      <td valign="top">&nbsp;</td>
      <td>&nbsp;</td>
    </tr>
  </table>
  <P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The above
    proposals will require changes to the Articles of Association of NV and PLC,
    to the Deed of Mutual Covenants, and to the Equalisation Agreement.</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">More information
       on these proposals can be found in the notices to these AGMs, which can
      be
    found at <font color="#0070ff">www.unilever.com/investorcentre/agms</font>. </FONT></P>
</div>
<div style="float: right; width: 48%">
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The text
    that follows describes the corporate governance arrangements since the 2005
    AGMs. More information on our corporate governance arrangements is set out
    in The Governance of Unilever, the Boards&#146; statement of their internal
    arrangements, which can be found at <font color="#0070ff"><br>
    www.unilever.com/investorcentre/corpgovernance</font>.</FONT></P>
  <P> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>The
        Boards</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Boards
    of NV and PLC comprise the same Directors. The Chairman and all of the Directors
    are Directors of both NV and PLC. This ensures unity of governance and management.
    In order to operate as nearly as practicable as a single entity it is important
    for the Boards of NV and PLC to operate as far as possible as one Board. This
    ensures that all matters are considered by the Boards as a single intellect,
  reaching the same conclusions on the same set of facts. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Boards are one-tier boards, comprising Executive Directors and, in a majority, Non-Executive Directors. The Boards have ultimate responsibility for the management, general affairs,
direction and performance of the business as a whole. The responsibility of the Directors is collective, taking into account their respective roles as Executive Directors and Non-Executive Directors. The Executive Directors have additional
responsibilities for the operation of our business as determined by the Group Chief Executive.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our Directors have set out a number of areas of responsibility which are reserved to themselves and other areas for which matters are delegated to the Group Chief Executive and
committees whose actions are regularly reported to and monitored by the Boards. These are described on pages 37 to 39. </FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Further details
    of how our Boards effectively operate as one board, govern themselves and
    delegate their authorities are set out in The Governance of Unilever, which
    can be found at <font color="#0070ff"><br>
    www.unilever.com/investorcentre/corpgovernance</font>. </FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Appointment
        of Directors</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In order to
    try to ensure that NV and PLC have the same Directors, the Articles of Association
    of NV and PLC contain provisions which ensure that both NV and PLC shareholders
    are presented with the same candidates for election as Directors. This is
    achieved through a nomination procedure operated by the Boards of NV and PLC
  through Unilever&#146;s Nomination Committee. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As mentioned above, proposals will be made to the AGMs in 2006 to allow shareholders the right to nominate directors. Below, we describe our current system used in 2005.</FONT></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>35</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p36"></a>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
  governance</FONT></B><font color="#0070ff"><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
  <P>&nbsp; </P>
<div style="float: left; width: 48%">
  <P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currently,
    in the case of NV, the Articles of Association grant to the holders of the
    special ordinary shares numbered 1-2 400 inclusive the right to draw up a
    nomination list for shareholders to vote upon at the General Meeting. In the
    case of PLC, this right of nomination is given by the Articles of Association
    to the holders of PLC&#146;s deferred stock. The joint holders of both the NV special
    ordinary shares and the PLC deferred stock are N.V. Elma and United Holdings
    Limited, which are joint subsidiaries of NV and PLC. The boards of N.V. Elma
    and United Holdings Limited comprise the members of the Nomination Committee.
    Only persons who have offered themselves for election to the Boards of both
    NV and PLC are eligible to be elected as Directors of NV and PLC.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The interests of our shareholders are protected because all the Directors submit themselves for election every year and shareholders can remove any of them by a simple majority vote.
Thus, as a practical matter, the Boards cannot perpetuate themselves contrary to the will of the shareholders.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition, shareholders can overrule Director nominations. In the case of NV, this can be done by a resolution adopted by at least a two-thirds majority of the votes cast, which
majority must represent more than one half of NV&#146;s issued share capital. If this happens, a new meeting can be held and a new Director can be appointed with an absolute majority of the votes cast. In the case of PLC, shareholders can overrule
nominations with resolutions passed at General Meetings to alter the nomination rights attached to the Deferred Shares and to alter the Articles of Association. The former resolution would require a two-thirds majority of those voting, so long as
that majority comprises not less than half of the issued PLC shares. The latter resolution would require a three-quarters majority of those voting.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Board
        meetings</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our Boards
    meet at least seven times a year to consider important corporate events and
  actions, such as:</FONT></P>
  <table width="100%" border="0" cellpadding="0" cellspacing="0">
    <tr>
      <td width="3%" valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">approval
        of corporate strategy;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">approval
        of the corporate Annual Plan;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">review
        of risks and controls;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">authorisation
        of major transactions;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">review
        of the functioning of the Boards and their Committees;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">preparation
        of the Annual Report and Accounts;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">declaration
        of dividends;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">agreement
        of quarterly results announcements;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">convening
        of shareholders&#146; meetings;</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">nominations
        for Board appointments; and</font></TD>
    </tr>
    <tr>
      <td valign="top">&#8226;</td>
      <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">approval
        of Board remuneration policy.</font></TD>
    </tr>
  </table>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2005 the
  Boards of NV and PLC met ten times. All our Executive Directors attended all
  meetings. All the Non-Executive Directors attended all meetings, except for
  Hilmar Kopper and David Simon who each missed one meeting and Jeroen van der
  Veer and Oscar Fanjul who each missed two meetings. </FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Board meetings are held either in London or Rotterdam and chaired by the Chairman. The Chairman is assisted by the Joint Secretaries, who ensure the Boards are supplied with all the
information necessary for their deliberations. The Chairman and the Joint Secretaries involve the Senior Independent Director (see page 38) in the arrangements for Board Meetings.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Board
        induction and training</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Upon election,
    Directors receive a comprehensive Directors&#146; Manual and are briefed thoroughly
    on their responsibilities. Updates on corporate governance developments and
    investor relations matters are frequent items at Board meetings. They receive
    presentations, either as Directors of the Boards or as a member of a Board
    Committee, on relevant aspects of the Unilever business. In addition, during
    2005 the Boards received two separate teach-ins, one on the new market abuse
    regime in the Netherlands and the UK and the other on Directors&#146; indemnification
  (see page 40) and Directors&#146; and Officers&#146; insurance cover. </FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Board
        evaluation</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The terms
    of reference of each Board Committee provide that the Committees conduct an
    annual self-assessment of their performance, which includes taking the views
    of the Boards on the performance of the Committee. The Chairman of the Committee
  reports to the Boards on the results of the process.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005 was the first year of our new Boards&#146; operation. To ensure optimal functioning of the Board and the individual Directors and compliance with the most recent developments in
best practice, the Nomination Committee commissioned Spencer Stuart to carry out a full review of the functioning of the Boards and of its governance arrangements. This review concluded that our arrangements stood comparison with our peers. A full
report was made to the Boards in February 2006 and a range of minor changes in terms of the day-to-day operations of the Boards will be introduced during the balance of the year. A Board evaluation and Chairman and individual director appraisal
process is scheduled for the second quarter of 2006. Thus, the changes following the said review can be taken into account in the evaluations.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Board
        support</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Joint
    Secretaries are available to advise all Directors and ensure that Board procedures
  are complied with. They are appointed and can be removed by the Boards.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A procedure is in place to enable Directors, if they so wish, to seek independent professional advice at Unilever&#146;s expense. </FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Board
        changes</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The current
    Directors, with their biographies, are shown on page 49. All the Executive
    Directors held office throughout the year, with the exception of Ralph Kugler,
  who was elected as a Director at the 2005 AGMs.</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Antony Burgmans
    took up the role of Non-Executive Chairman of NV and PLC at the 2005 AGMs
    and Patrick Cescau became Group Chief Executive in April 2005.</FONT></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>36</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Leon Brittan, Lynda Chalker, Bertrand Collomb, Wim Dik, Oscar Fanjul, Hilmar Kopper, David Simon and Jeroen van der Veer were nominated for re-election as Non-Executive Directors of NV
and PLC at the 2005 AGMs. Their biographies are set out on page 49.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In 2005, Bertrand Collomb, our Senior Independent Director, became Vice-Chairman
of NV and PLC, Wim Dik joined the Audit Committee, and Antony Burgmans joined
the External Affairs and
Corporate Relations Committee.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At the 2005 AGMs, Clive Butler, Keki Dadiseth and Andr&eacute; van Heemstra retired
as Executive Directors and Claudio Gonzalez retired as Non-Executive Director.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At the 2006 AGMs, all of the Executive Directors and the </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-Executive
Directors, with the exception of Bertrand Collomb, Oscar Fanjul and Hilmar Kopper,
will be nominated for re-election.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Bertrand Collomb, Oscar Fanjul and Hilmar Kopper will retire as Non-Executive
Directors at the 2006 AGMs and their colleagues wish to thank them for their
advice during the period of
their appointments.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In addition at the 2006 AGMs, Charles Golden, Executive Vice-President and CFO
of Eli Lilly and Company, Byron Grote, CFO of BP p.l.c., Jean-Cyril Spinetta,
Chairman/CEO of Air France-KLM S.A., and Kornelis (Kees) Storm, former Chairman
of the Executive Board of AEGON N.V. will be nominated as Non-Executive Directors.
Biographical details for the new Non-Executive Directors are contained in the
2006 AGM Notice&#146;s of
Meeting, and on our website at <font color="#0070FF">www.unilever.com/ourcompany/investorcentre</font>.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p37"></a>Chairman and Group Chief Executive</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Since the 2005
AGMs Unilever has had a separate Non-Executive Chairman and Group Chief Executive.
There is a clear division of responsibilities between their roles. The Chairman
is primarily responsible for leadership of the Boards, ensuring their effectiveness
and setting their agendas. He is also responsible for ensuring that the Boards
receive accurate, timely and clear information.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Group Chief Executive has been entrusted, within the parameters set out in
the Articles of Association of NV and PLC and The Governance of Unilever, with
all the Boards' powers, authorities and discretions in relation to the operational
management of Unilever. The Group Chief Executive has the authority to determine
which duties regarding the operational management of the companies and their
business enterprises will be carried out under his responsibility by one or more
Executive Directors or by one or more other persons. This provides a basis to
the Unilever Executive team (UEx) that reports to the Group Chief Executive.
For UEx members&#146; biographies see page 50. For our business structure, please
refer to &#145;About Unilever&#146; on page 10.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p37a"></a>Executive Directors</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">All four Executive Directors are members of the UEx: the Group Chief Executive, the Chief Financial Officer, the President Europe and the President Home and personal care. Details on
their responsibilities can be found in The Governance of Unilever at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance</font>.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Executive Directors are full-time employees of Unilever. Information about
their remuneration can be found in the report of the Remuneration Committee and
on our website at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance</font>.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The current Executive Directors are long-serving Unilever executives who can
reasonably expect, subject to satisfactory performance, to be employed by Unilever
until retirement. The Remuneration Committee takes the view that the entitlement
of the Executive Directors to the security of twelve months&#146; notice of termination
of employment is in line both with the practice of many comparable companies
and the entitlement of
other senior executives within Unilever.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Remuneration Committee&#146;s aim is always to deal fairly with cases of
termination while taking a robust line in minimising any compensation.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Executive Directors submit themselves for re-election at the AGMs each year.
The Nomination Committee carefully considers each nomination for reappointment.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Directors stop holding
executive office on ceasing to be </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors.
Those appointed prior to 2004 retire at the latest by the age of 62. Appointees
from 2004 onwards retire at an age between 60 and 65, as decided by either them
or
Unilever.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At the AGMs of 2001 our shareholders adopted the remuneration policy for Executive
Directors. Further changes were made at the AGMs in 2005. We do not grant our
Executive Directors any
personal loans and guarantees.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
There are no family relationships between any of our Executive Directors, other
key management personnel or Non-Executive Directors. None of our Executive Directors
are elected or
appointed under any arrangement or understanding.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Directors are to obtain approval from the Chairman for all outside
Board appointments. Normally not more than one such appointment should be accepted.
For Executive
Directors&#146; biographies see page 49.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p37b"></a>Non-Executive Directors</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Non-Executive Directors share responsibility for the execution of the Board&#146;s
duties, taking into account their specific responsibilities, which are essentially
supervisory. In particular, they comprise the principal external presence in
the governance of Unilever, and provide a strong independent element. See page
49 for their biographies.</font></P>
</div>
<br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>37</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p38"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
      governance<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Role and Responsibility</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"></FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
key elements of the role and responsibilities of our Non-Executive Directors
are:</font></P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">supervision
      of and advice to the Group Chief Executive;</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">developing
      strategy with the Group Chief Executive;</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">scrutiny
      of performance;</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">controls;</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reporting
      of performance;</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">remuneration
          of and succession planning for Executive</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors;
    and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">governance
      and compliance.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our Non-Executive
    Directors are chosen for their broad and relevant experience and international
    outlook, as well as their independence. They form the Audit Committee, the
    Nomination Committee, the Remuneration Committee and the External Affairs
    and Corporate Relations Committee. The roles and membership of these key
    Board committees are described on page 39. The profile set by the Boards
    for the Non-Executive Directors and the chart used for orderly succession
    planning can be seen on our website at<br>
<font color="#0070FF"> www.unilever.com/investorcentre/corpgovernance</font>.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Meetings<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Non-Executive Directors meet regularly as a group, without the Executive Directors
present, under the chairmanship of the Senior Independent Director. In 2005 they
met three times as a group. In addition, the Non-Executive Directors usually
meet before each Board meeting with the Chairman, the Group Chief Executive and
the Joint Secretaries.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Senior Independent Director<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
Non-Executive Directors have appointed Bertrand Collomb as Senior Independent
Director. He acts as their spokesman. The Senior Independent Director is consulted
by the Chairman on the agenda and arrangements for Board Meetings. He is also,
in appropriate cases, a point of contact for shareholders and other stakeholders.
In 2005 Bertrand Collomb was appointed Vice-Chairman of NV and PLC. Mr Collomb
will be retiring at the AGMs
in 2006.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Tenure<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
Non-Executive Directors submit themselves for re-election each year. Their nomination
for re-election is subject to continued good performance which is evaluated by
the Boards, based on the recommendations of the Nomination Committee. The Nomination
Committee carefully considers each nomination for reappointment. The Non-Executive
Directors normally serve for a maximum of nine years.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Remuneration<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
remuneration of the Non-Executive Directors is determined by the Boards, within
the overall limit set by the shareholders at the AGMs in 2004, and it is reported
on page 68. Details of the engagement of our Non-Executive Directors can be seen
on the Unilever website at<br>
<font color="#0070FF"> www.unilever.com/investorcentre/corpgovernance</font>.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Independence<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taking
into account the role of Non-Executive Directors, which is essentially supervisory,
and the fact that they make up the key committees of the Board, it is important
that our
Non-Executive Directors can be considered to be independent.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Our definition of &#145;independence&#146; for Directors is set out in The Governance
of Unilever. It is derived from the applicable definitions in use in the Netherlands,
UK and US. Our current Non-Executive Directors are considered to be independent
of Unilever, with the exception of Antony Burgmans. Our Boards reached this conclusion
after conducting a thorough review of all relevant relationships of the Non-Executive
Directors, and their related or connected persons.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
A number of relationships, such as non-executive directorships, exist between
several of our Non-Executive Directors and companies that provide banking, insurance
or financial advisory services to Unilever. Our Boards considered in each case
the number of other companies that also provide or could readily provide such
services to Unilever, the significance to those companies of the services they
provide to Unilever, the roles of the Non-Executive Directors within those companies
and the significance of that role to our Non-Executive Directors. It concluded
that none of these relationships threaten the independence of the Non-Executive
Directors concerned.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
For example, the Boards have satisfied themselves that Leon Brittan&#146;s position
at UBS Investment Bank does not involve him in any way in its broking relationship
with Unilever.
They have noted that Lynda Chalker&#146;s involvement in consultancy services
for Unilever had been terminated before she was elected a Non-Executive Director
in May 2004. The Boards have formed the view that the fact that Antony Burgmans
is a member of the Supervisory Board of ABN AMRO, and David Simon is Senior Advisor
of Morgan Stanley Dean Witter, was not material. The Board considers that the
Chairmanship of Bertrand Collomb and the Non-Executive Directorship of Oscar
Fanjul, and Lynda Chalker's membership of the International Advisory Board, of
Lafarge, do not affect their status as independent in relation to their Non-Executive
Directorships of Unilever.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Antony Burgmans, who before May 2005 was an Executive Director, is not considered
to be independent. The Nomination Committee and the Boards nominated him for
election as a Non-Executive Director in 2005 because of his thorough knowledge
of Unilever and its operations. In addition to his role as Chairman, the Boards
considered his knowledge of the business to be essential to see through the changes
resulting from the structure review. We expect Antony Burgmans to be succeeded
by an independent Chairman in 2007.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
None of our Non-Executive Directors are elected or appointed under any arrangement
or understanding.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>38</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p39"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P> <B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
      governance<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Board committees</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Boards have established the following committees, all formally set up by Board
resolution with carefully defined remits. They are comprised of Non-Executive
Directors and report regularly to the Boards. The remits can be found on our
website at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance</font>.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Audit Committee<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Audit Committee comprises a minimum of three independent Non-Executive Directors.
It is chaired by Hilmar Kopper, and its other members are Oscar Fanjul and Wim
Dik, who replaced Claudio Gonzalez at the AGMs in 2005. The Committee met five
times in 2005, and the members attended all meetings. Hilmar Kopper and Oscar
Fanjul will retire at the AGMs in 2006. The Boards have satisfied themselves
that all the current and intended members of the Committee are competent in financial
matters and have recent and relevant experience and that, for the purposes of
the US Sarbanes-Oxley Act of
2002, Hilmar Kopper is the Audit Committee&#146;s financial expert. The Committee&#146;s
meetings are attended, by invitation, by the Chief Financial Officer, the General
Counsel, the Deputy Chief Financial Officer, the Chief Auditor and our external
auditors.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Audit Committee assists the Boards in fulfilling their oversight responsibilities
in respect of the integrity of Unilever&#146;s financial statements; risk management
and internal control arrangements; compliance with legal and regulatory requirements;
the performance, qualifications and independence of the external auditors; and
the performance of the internal audit function. The Committee is directly responsible,
subject to local laws regarding shareholder approval, for the nomination, compensation
and oversight of the external auditors.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Audit Committee is fully compliant with the rules regarding audit committees
that are applicable in the Netherlands, UK and US. The Committee&#146;s responsibilities
and powers are
fully aligned with all requirements in the UK, US and the Netherlands.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Audit Committee is supplied with all information necessary for the performance
of its duties by the Chief Auditor, Chief Financial Officer, and Deputy Chief
Financial Officer. Both the Chief Auditor and the external auditors have direct
access to the Audit Committee separately from management.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
See page 70 for the Report of the Audit Committee to the shareholders.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Nomination Committee<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
Nomination Committee comprises a minimum of three independent Non-Executive Directors.
It is chaired by Bertrand Collomb and its other members are David Simon, Jeroen
van der Veer and Antony Burgmans. It met six times in 2005 and the members attended
all meetings except that Jeroen van der Veer was absent for one meeting. The
Committee recommends to the Boards candidates for the positions of Director.
It also has</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
responsibilities for succession planning and oversight of corporate governance
matters. It is supplied with information by the Joint Secretaries.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
See page 52 for the Report of the Nomination Committee to the shareholders.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Remuneration Committee<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our
Remuneration Committee comprises three independent Non-Executive Directors. It
is chaired by Bertrand Collomb and its other members are David Simon and Jeroen
van der Veer. It met six times in 2005 and the members attended all meetings
except that David Simon and Jeroen van der Veer were absent for one meeting.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee reviews Directors&#146; remuneration and is responsible for the
executive share-based incentive plans. It determines, within the parameters set
by our shareholders, specific remuneration arrangements for each of the Executive
Directors, the remuneration scales and arrangements for Non-Executive Directors
and the remuneration of the tier of management directly below the Board. The
Committee is supplied with information by Jan van der Bijl, Joint Secretary of
Unilever.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The detailed report to shareholders on Directors&#146; remuneration is on pages
53 to 69.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>External Affairs and Corporate Relations Committee<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
External Affairs and Corporate Relations Committee currently comprises four Non-Executive
Directors. It is chaired by Lynda Chalker and its other members are Leon Brittan,
Wim Dik and Antony Burgmans. The Committee oversees our Code of Business Principles,
which sets out the standards of behaviour we require from all of our employees.
It also advises on external matters of relevance to the business, including issues
of
corporate social responsibility, and reviews our corporate relations strategy.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Routine business committees<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Committees
are also set up to conduct routine business as and when they are necessary. They
comprise any two of the Directors and certain senior executives and officers.
They administer certain matters previously agreed by our Boards or the UEx. The
Joint Secretaries are responsible for the operation of these committees.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Disclosures Committee<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Board has set up a Disclosures Committee which is responsible for helping the
Boards ensure that financial and other information that ought to be disclosed
publicly is disclosed in a timely manner and that the information that is disclosed
is complete and accurate. The Committee comprises the Deputy Chief Financial
Officer, the Joint Secretaries and the Group Treasurer.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>39</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p40"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<P><font color="#0070ff">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Directors &#150; Various formal matters<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
borrowing powers of NV Directors on behalf of NV are not limited by the Articles
of Association of NV. PLC Directors have the power to borrow on behalf of PLC
up to three times the adjusted capital and reserves of PLC, as defined in its
Articles of Association, without the approval of shareholders by ordinary resolution. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Articles of Association of NV and PLC do not require Directors of NV or Directors
of PLC to hold shares in NV or PLC. However, the remuneration arrangements applicable
to our Executive Directors require our Executive Directors to build and retain
a personal shareholding in Unilever equal to at least 150% of their annual base
pay. </font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p40a"></a>Directors &#150; Indemnification<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors&#146; indemnification,
including the terms thereof, is provided for in article 19 of NV&#146;s Articles
of Association.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The power to indemnify directors is provided for in PLC&#146;s Articles of Association.
Deeds of indemnity were issued to all PLC
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors
during 2005. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Appropriate Directors&#146; and Officers&#146; liability insurance is in place
for all Unilever Directors.</font></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p40b"></a>Directors &#150; Conflicts of interest<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
attach special importance to avoiding conflicts of interest between NV and PLC
and their Directors. In the case of a conflict of interest between NV and PLC
and any of our Directors, all applicable laws, regulations and corporate governance
codes are complied with. Conflicts of interest are not understood to include
transactions and other activities involving companies in the Unilever Group.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Directors are not permitted to take part in any discussion or decision-making
that involves a subject or transaction in relation to which they have a conflict
of interest with the company. All transactions in which there are conflicts of
interest with Directors must be agreed on terms that are customary in the sector
concerned.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As a formal matter, under Dutch law Directors are able to vote on transactions
in which they are materially interested so long as they are acting in good faith.
In general, PLC Directors cannot vote in respect of contracts in which they know
they are materially interested, unless, for example, their interest is shared
with other shareholders and employees. In 2005 no conflict of interests transactions
took place between
the Directors and NV and PLC.</font></P>
</div>
<div style="float: right; width: 48%"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p40c"></a>Shareholder
matters</FONT></B><BR>
</font><font size="2">
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Relations with shareholders and other investors<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We believe it is important both to explain our business developments and financial results to investors and to understand their objectives. </FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Chief Financial Officer has lead responsibility for investor relations, with the active involvement of the Group Chief Executive. They are supported by our Investor Relations
department which organises presentations for analysts and investors. Such presentations are generally made available on our website. Briefings on quarterly results are given via teleconference and are accessible by telephone or via our website. For
further information visit our website at <font color="#0070ff">www.unilever.com/investorcentre.</font></FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Boards are regularly briefed on reactions to the quarterly results announcements. They, or the relevant Board Committee, are briefed on any issues raised by shareholders that are
relevant to their responsibilities.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our shareholders can, and do, raise issues directly with the relevant Executive Director or the Chairman and, if appropriate, a relevant Non-Executive Director or the Senior Independent
Director. </FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Both NV and PLC communicate with their respective shareholders through the AGMs as well as responding to their questions and enquiries during the course of the year. We take the views
of our shareholders into account and, in accordance with all applicable legislation and regulations, may consult them in an appropriate way before putting major new proposals at our AGMs.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">General Meetings of shareholders<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The business to be conducted at the AGMs of NV and PLC is set out in the separate Notices of AGM for NV and PLC. It includes appointment of Directors, declaration/approval of final
dividend, appointment of external auditors, approval of changes to the Articles of Association, and authorisation for the Boards to allot and repurchase shares, and to restrict pre-emptive rights of shareholders.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">General Meetings of shareholders of NV and PLC are held at times and places decided by our Boards. NV meetings are held in Rotterdam and PLC meetings are held in London on consecutive
days. The notices calling the meeting normally go out more than thirty days prior to the meetings and include further information on how to gain access to the AGMs and how to vote by proxy. </FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At the AGMs, a full account is given of the progress of the business over the last year and there is a review of current issues. Shareholders are encouraged to attend the meetings and
ask questions, and the question-and-answer sessions form an important part of the meetings in both Rotterdam and London. We welcome our external auditors to the AGMs and they are entitled to address the meetings.</FONT></P>
</font></div>
<br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>40</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We are committed
to efforts to establish more effective ways of communication with our shareholders
around the AGMs.</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Electronic
communication is becoming an important medium for shareholders, providing ready
access to shareholder information and reports, and for voting purposes. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV was one of the founders
of the Dutch Shareholders&#146;</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Communication
Channel. NV shareholders participating in the Dutch Shareholders&#146; Communication
Channel are able to appoint electronically a proxy to vote on their behalf at
the NV AGM and NV shareholders who wish to participate should contact their bank
or broker. Shareholders of PLC in the United Kingdom can choose to receive electronic
notification that the Annual Review, Annual Report and Accounts and Notice of
AGMs have been published on our website, instead of receiving printed copies,
and can also electronically appoint a proxy to vote on their behalf at the AGM.
Registration for electronic communication by shareholders of PLC can be made
at<br>
<font color="#0070FF">www.unilever.com/shareholderservices.</font></font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Voting rights<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To
be entitled to attend and vote at NV General Meetings shareholders must hold
their NV shares on the record date, which is set by the Directors and is not
more than seven days before the meeting. Shareholders do not need to block their
shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shareholders can vote in person or by proxy, and can cast one vote for each &euro;0.51
(Fl. 1.12) nominal amount of NV ordinary shares, NV preference shares or NV New
York shares. Similar arrangements apply to holders of depositary receipts issued
for NV shares (see pages 43 and 44). </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shareholders can cast one vote for each PLC ordinary 1.4p share they hold.
Shareholders can vote in person at the meeting or by proxy. Proxies should be
submitted to the Registrars, Computershare Investor Services PLC, whose details
can be found on page 190, at least 48 hours before the AGM.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
More information on the exercise of voting rights can be found in NV&#146;s and
PLC&#146;s Articles of Association and in the respective notices of meetings. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Holders of NV New York shares or PLC American Depository Receipts of shares will
receive a proxy form enabling them to authorise and instruct ABN AMRO N.V. or
Citibank N.A. respectively
to vote on their behalf at the shareholders&#146; meeting of NV or PLC. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
N.V. Elma and United Holdings Limited (the holders of NV&#146;s special shares),
other group companies of NV which hold ordinary or preference shares, and United
Holdings Limited, which
owns half of PLC&#146;s deferred stock, are not permitted to vote at General
Meetings. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The proxy vote is published at the meetings and the outcome of the votes, including
the proxy votes, is put on Unilever&#146;s website.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Shareholder proposed resolutions<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders
of NV may propose resolutions if they individually or together hold 1% of NV&#146;s
issued capital in the form of shares or depositary receipts for shares, or if
they
individually or together hold shares or depositary receipts worth at least &euro;50
million. They must submit these requests at least 60 days before the date of
the General Meeting, and the request will be honoured unless, in the opinion
of the Board, it is against a substantive interest of the Company. Shareholders
who together represent at least 10% of the issued capital of NV can also requisition
Extraordinary General Meetings to deal with specific resolutions. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shareholders who together hold shares representing at least 5% of the total voting
rights of PLC, or 100 shareholders who hold on average &#163;100 each in nominal
value of PLC capital, can require PLC to propose a resolution at a General Meeting.
PLC shareholders holding in aggregate one tenth of the issued ordinary shares
of PLC are able to convene a general meeting of PLC.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Required majorities<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Resolutions
are usually adopted at NV and PLC shareholder meetings by an absolute majority
of votes cast, unless there are other requirements under the applicable laws
or NV&#146;s or
PLC&#146;s Articles of Association. For example, there are special requirements
for resolutions relating to the alteration of the Articles of Association, the
liquidation of NV or PLC and the alteration of the Equalisation Agreement (see
below). </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Right to hold shares<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">There
are no limitations on the right to hold NV and PLC shares.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p41"></a>Equalisation Agreement<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Equalisation Agreement makes the position of the shareholders of NV and PLC,
as far as possible, the same as if they held shares in a single company. The
Agreement regulates the mutual rights of the shareholders of NV and PLC. Under
the Equalisation Agreement, NV and PLC must adopt the same financial periods
and accounting policies. Dividends are paid in accordance with a formula relating
to the nominal values of NV&#146;s
and PLC&#146;s issued share capital.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Equalisation Agreement sets out the rights and benefits accruing to each
unit of ownership in NV in relation to each unit of ownership in PLC. Under the
Equalisation Agreement we compare the ordinary share capital of the two companies
in units: a unit made up of &euro;5.445 nominal of NV&#146;s ordinary capital
carries the same weight as a unit made up of &#163;1 nominal of PLC&#146;s ordinary
capital. For every unit
(&euro;5.445) you have of NV you have the same rights and benefits as the owner
of a unit (&#163;1) of PLC. NV&#146;s ordinary shares currently each have a nominal
value of &euro;0.51, and PLC&#146;s share capital is divided into ordinary shares
of 1.4p each. This means that a &euro;5.445 unit of NV is made up of approximately
10.7 NV ordinary shares of &euro;0.51 each and a &#163;1 unit of PLC is made
up of approximately 71.4 PLC ordinary shares of 1.4p each. Consequently, one
NV
ordinary share equates to about 6.67 ordinary shares of PLC.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>41</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p42"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">When we pay ordinary dividends we use this formula. On the same day, NV and PLC allocate funds for the dividend from their parts of our current profits and free reserves. We pay the
same amount on each NV share as on 6.67 PLC shares calculated at the relevant exchange rate. For interim dividends this exchange rate is the average rate for the quarter before we declare the dividend. For final dividends it is the average rate for
the year. In arriving at the equalised amount we include any tax payable by the Company in respect of the dividend, but calculate it before any tax deductible by the Company from the dividend. </FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Equalisation Agreement provides that if one company had losses, or was unable
to pay its preference dividends, the loss or shortfall would be made up out of:</font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="top">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          current profits of the other company (after it has paid its</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">own
      preference shareholders);</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">then
      its own free reserves; and</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> then
      the free reserves of the other company.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
If either company could not pay its ordinary dividends, we would follow the same
procedure, except that the current profits of the other company would only be
used after it had paid its own ordinary shareholders and if the Directors thought
this more appropriate than, for example, using its own free reserves.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
So far, NV and PLC have always been able to pay their own dividends, so we have
never had to follow this procedure. If we did, the payment from one company to
the other would be subject to any United Kingdom and Netherlands tax and exchange
control laws applicable at that time. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under the Equalisation Agreement, the two companies are permitted to pay different
dividends in the following exceptional circumstances:</font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="top">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">If
          the average annual sterling/euro exchange rate changed so</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">substantially
          from one year to the next that to pay
equal</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">dividends
at the current exchange rates, either NV or PLC</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">would
have to pay a dividend that was
unreasonable (ie.</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">substantially
larger or smaller in its own currency than the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">dividend
it paid in the
previous year); or</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          governments of the Netherlands or the United Kingdom</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">could
          in some circumstances place restrictions on
the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">proportion
of a company&#146;s profits which can be paid out as</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">dividends.
This could mean that in
order to pay equal dividends</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">one
company would have to pay out an amount which would</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">breach
the limitations
in place at the time, or that the other</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">company
would have to pay a smaller dividend.</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In either of these rare cases, NV and PLC could pay different amounts of dividend
if the Boards thought it appropriate. The company paying less than the equalised
dividend would put the difference between the dividends into a reserve: an equalisation
reserve in the case of exchange rate fluctuations, or a dividend reserve in the
case of a government restriction. The reserves would be paid out to its shareholders
when it became possible or reasonable to do so, which would ensure that the shareholders
of both companies would ultimately be treated the same.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
If both companies were to go into liquidation, NV and PLC would each use any
funds available for shareholders to pay the prior claims of their own preference
shareholders. Then they
would use any surplus to pay each other&#146;s preference shareholders, if necessary.
After these claims had been met, they would pay out any equalisation or dividend
reserve to their own shareholders before pooling the remaining surplus. This
would be distributed to the ordinary shareholders of both companies, once again
on the basis that the owner of &euro;5.445 nominal NV ordinary share capital
would get the same as the owner of &#163;1 nominal PLC ordinary share capital.
If one company were to go into liquidation, we would apply the same principles
as if both had gone into liquidation simultaneously.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In principle, issues of bonus shares and rights offerings can only be made in
ordinary shares. Again we would ensure that shareholders of NV and PLC received
shares in equal
proportions, using the ratio of &euro;5.445 NV nominal share capital to &#163;1
PLC nominal share capital. The subscription price for one new NV share would
have to be the same, at the prevailing exchange rate, as the price for 6.67 new
PLC
shares. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Neither company can issue or reduce capital without the consent of the other.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Articles of Association of NV establish that any payment under the Equalisation
Agreement will be credited or debited to the income statement for the financial
year in
question.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under Article 2 of the Articles of Association of NV and Clause 3 of the Memorandum
of Association of PLC, each company is required to carry out the Equalisation
Agreement with the other. Both documents state that the Agreement cannot be changed
or terminated without the approval of shareholders. For NV, the General Meeting
can decide to alter or terminate the Equalisation Agreement at the proposal of
the Board. The necessary approval of the General Meeting is then that at least
one half of the total issued ordinary capital must be represented at an ordinary
shareholders&#146; meeting, where the majority must vote in favour; and (if they
would be disadvantaged or the agreement is to be terminated), at least two-thirds
of the total issued preference share capital must be represented at a preference
shareholders&#146; meeting, where at least three-quarters of them must vote in
favour. For PLC, the necessary approval must be given by the holders of a majority
of all issued shares voting at a General Meeting and the holders of the ordinary
shares, either by three-quarters in writing, or by three-quarters voting at a
General Meeting where the majority of
the ordinary shares in issue are represented.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In addition, Article 3 of the PLC Articles of Association states that PLC&#146;s
Board must carry out the Equalisation Agreement and that the other provisions
of the Articles of Association are subject to it. We are advised by counsel that
these provisions oblige our Boards to carry out the Equalisation Agreement, unless
it is amended or terminated with the approval of the shareholders of both companies.
If the Boards fail to enforce the Agreement, shareholders can compel them to
do so under Netherlands and United Kingdom law. </font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>42</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p43"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As mentioned on page 35, a proposal to amend the Equalisation Agreement will be put to shareholders at the 2006 AGMs. More information on this proposal can be found in the notices to
these AGMs which can be found at <font color="#0070FF">www.unilever.com/investorcentre/agms</font>.</FONT></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Combined earnings per share</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Because
of the Equalisation Agreement and the other arrangements between NV and PLC,
we calculate earnings per share on a combined basis. The calculation is based
on the average amount
of NV&#146;s and PLC&#146;s ordinary share capital in issue during the year.
In the calculation, we apply the formula contained in the Equalisation Agreement
to arrive at the appropriate total number of shares in issue for the combined
business,
expressed separately in terms of NV shares of &euro;0.51 shares and PLC shares
of 1.4p. The net profit attributable to ordinary shares is divided by each of
these combined share numbers to arrive at an earnings per share figure expressed
in terms
of each of the two share types.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Further information about these calculations, and about the calculation of earnings
per share on a diluted basis, can be found in note 8 on page 97.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Despite the Equalisation Agreement, NV and PLC are separate companies, and are
subject to different laws and regulations governing dividend payments in the
Netherlands and the United Kingdom. In our combined earnings per share calculation,
we assume that both companies will be able to pay their dividends out of their
part of our profits. This has always been the case in the past, but if we did
have to make a payment from one to the other it could result in additional taxes,
and reduce our combined earnings per share.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p43a"></a>Share capital</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV&#146;s
issued share capital on 31 December 2005 was made up of:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;291
    503 709 split into 571 575 900 ordinary shares of &euro;0.51</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">each;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1
          089 072 split into 2 400 ordinary shares numbered 1 to</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
    400, known as special shares; and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;120
    280 425 split into several classes of cumulative preference</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares.</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC&#146;s
  issued share capital on 31 December 2005 was made up of:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;40
          760 420 split into 2 911 458 580 ordinary shares of 1.4p</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">each;
    and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;100
      000 of deferred stock.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For NV share
    capital, the euro amounts quoted in this document are representations in
    euros on the basis of Article 67c of Book 2 of the Civil Code in the Netherlands,
    rounded to two decimal places, of underlying share capital in Dutch guilders,
    which have not been converted into euros in NV&#146;s Articles of Association
    or in the Equalisation Agreement. Until conversion formally takes place by
    amendment of the Articles of Association, the entitlements to dividends and
    voting rights are based on the euro equivalent of the underlying Dutch guilder
  according to the official euro exchange rate.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As mentioned on page 35, proposals to simplify the relationship between the NV
and PLC shares by establishing a one-to-one equivalence in their underlying economic
value will be put to shareholders at the 2006 AGMs. More information on this
proposal can be found in the notices to these AGMs and these can be found at <font color="#0070FF">www.unilever.com/investorcentre/agms</font>.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p43b"></a>Stichting Administratiekantoor Unilever N.V. (Foundation NV Trust Office)</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">N.V.
Nederlandsch Administratie- en Trustkantoor (Nedamtrust), an independent trust
company under the Netherlands law, had an agreement with NV to issue depositary
receipts against NV shares. As part of its corporate objects Nedamtrust was able
to:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issue
      depositary receipts;</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">carry
          out administration for the shares which underlie the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">depositary
    receipts it has issued; and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise
      voting rights for these underlying shares.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The depositary
    receipts issued by Nedamtrust against NV shares were known as Nedamtrust
    certificates. They were traded and quoted on Euronext Amsterdam and other
    European stock exchanges. Nedamtrust had issued certificates for NV&#146;s
    ordinary and NV 7% cumulative preference shares, and almost all the NV shares
    traded and quoted in Europe were in the form of these certificates. The exception
    is that there are no
certificates for NV&#146;s 4% and 6% cumulative preference shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In October 2005, Nedamtrust held a meeting of the holders of Nedamtrust certificates
to approve the transfer of the administration of the underlying shares to a new
trust office, Stichting Administratiekantoor Unilever N.V. (Foundation NV Trust
Office). These proposals were made in order for the trust office to be fully
compliant with the Dutch Corporate Governance Code. The holders of the Nedamtrust
certificates approved the transfer of the administration of the NV shares held
by Nedamtrust to the new Foundation NV Trust Office with a majority of 99.6%
of the votes cast; approximately 23% of all outstanding Nedamtrust certificates
were represented. The meeting furthermore expressed its confidence in the board
of the Foundation.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Foundation NV Trust Office was incorporated on 31 October 2005. The transfer
of the administration of the NV shares from Nedamtrust to the Foundation took
place on 13 January 2006. The Foundation NV Trust Office and its arrangements
are fully compliant with the Dutch Corporate Governance Code.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The text that follows describes the arrangements of the new Foundation NV Trust
Office following acceptance by the certificate holders of the transfer of the
administration of the
underlying NV shares.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>43</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
      governance</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
(continued)</FONT></p>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Depositary receipts for shares<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As
at 28 February 2006, the majority (around 71%) of NV&#146;s ordinary shares and
around 34% of NV&#146;s 7% cumulative preference shares are held by the Foundation
NV Trust Office. As part of its corporate objects, the Foundation issues depositary
receipts in exchange for these shares. The depositary receipts of NV ordinary
shares are listed on Euronext Amsterdam, as are the NV ordinary shares themselves,
and on the stock
exchanges in Frankfurt and Z&uuml;rich. The depositary receipts for the NV 7%
preference shares are listed on Euronext Amsterdam, as are the NV 7% preference
shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Holders of depositary receipts can under all circumstances exchange their depositary
receipts for the underlying shares (or vice versa).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Holders of depositary receipts are entitled to dividends that are paid on the
underlying shares held by the Foundation.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Voting by holders of depositary receipts<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Although
the depositary receipts themselves do not formally have voting rights, holders
of depositary receipts are in practice equated with shareholders. Holders of
depositary receipts
can attend NV&#146;s General Meetings, either personally or by proxy, and will
then automatically, without limitation and under all circumstances receive a
voting proxy on behalf of the Foundation NV Trust Office to vote on the underlying
shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Holders of depositary receipts not attending a shareholders&#146; meeting and
who participate in the Dutch Shareholders&#146; Communication Channel can also
issue binding voting instructions to the Foundation. The Foundation is obliged
to follow these instructions. The same applies to holders of depositary receipts
that instruct the Foundation NV Trust Office outside the Shareholders Communication
Channel.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Voting by the Foundation NV Trust Office<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares for which the Foundation NV Trust Office has not granted voting proxies or for which it has not received voting instructions, are voted on by the Foundation in such a way as it
deems to be in the interests of the holders of the depositary receipts. This voting policy is laid down in the Conditions of Administration that apply to the depositary receipts. Both the Articles of Association and the Conditions of Administration
can be found on <font color="#0070FF">www.unilever.com/ourcompany/investorcentre</font>. Specific provisions apply in the event that a meeting of holders of NV preference shares is convened.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
If a change to shareholders&#146; rights is proposed, Foundation NV Trust Office
will let shareholders know if it intends to vote, at least 14 days in advance
if possible. It will do
this by advertising in the press.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Hitherto the majority of votes cast by ordinary shareholders at NV meetings have
been cast by the trust office. Unilever and the Foundation NV Trust Office have
a policy of actively encouraging holders of depositary receipts to exercise their
voting rights in NV meetings.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Foundation NV Trust Office&#146;s Board<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Foundation NV Trust Office is an independent trust office with a board independent
from Unilever. The members of the board are Mr J H Schraven (Chairman), Mr P
P de Koning, Prof Dr
L Koopmans and Mr A A Olijslager.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The trust office shall report periodically, but at least once a year, on its
activities.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Foundation NV Trust Office&#146;s shareholding<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foundation
NV Trust Office&#146;s shareholding fluctuates daily &#150; its holdings on 28
February 2006 were:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      ordinary shares of &euro;0.51: 408 312 848 (71.44%)</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      7% cumulative preference shares of &euro;453.78: 9 821 (33.87%)</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      6% cumulative preference shares of &euro;453.78: 5 (0.00%)</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      4% cumulative preference shares of &euro;45.38: 23 (0.00%)</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Further
    information on Foundation NV Trust Office, its arrangements and its activities
  can be found on <font color="#0070FF">www.unilever.com/ourcompany/investorcentre</font>.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p44"></a>Leverhulme Trust</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
first Viscount Leverhulme was the founder of the company which became PLC. When
he died in 1925, he left in his will a large number of PLC shares in various
trusts.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
When the will trusts were varied in 1983, the interests of the beneficiaries
of his will were also preserved. Four classes of special shares were created
in Margarine Union (1930) Limited, a subsidiary of PLC. One of these classes
can be converted at the end of the year 2038 into 157 500 000 PLC ordinary shares
of 1.4p each. These convertible shares replicate the rights which the descendants
of the first Viscount would have had under his will. This class of the special
shares only has a right to dividends in specified circumstances, and no dividends
have yet been paid. PLC guarantees the dividend and conversion rights of the
special shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The first Viscount wanted the trustees of the trusts he established to be Directors
of PLC. On 28 February 2006 the trustees of the charitable trusts were:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Sir
        Michael Angus &#150; former
Chairman</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sir
      Michael Perry &#150; former Chairman</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Mr
      N W A FitzGerald &#150; former Chairman</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dr
      J I W Anderson &#150; former Director</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dr
      A S Ganguly &#150; former Director</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 28 February
    2006, in their capacity as trustees of the two charitable trusts, they held
  approximately 5% of PLC&#146;s issued ordinary capital.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>44</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p45"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate
      governance</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
(continued)</FONT></p>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Requirements
and compliance &#150; general</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
is subject to corporate governance requirements in the Netherlands, the UK and
the US as a Foreign private issuer. In the following section we set out areas
of non-compliance with the corporate governance regulations and best practice
codes applicable in the Netherlands, the UK and we also describe compliance with
corporate governance regulations in the US.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The preceding description of our governance arrangements and the text on compliance
that follows reflect Unilever&#146;s governance arrangements following the changes
adopted at the
Shareholder Meetings in May 2005. They also reflect our Boards&#146; intentions
for 2006 and 2007. The Boards reserve the right, in cases where they decide such
to be conducive to the interests of the companies and the enterprise connected
therewith, to depart from that which is set out in the present and previous sections
in relation to our corporate governance. Further changes will be reported in
future Annual Reports and Accounts and, when necessary, through changes to the
relevant documents published on our website. As appropriate, proposals for change
will be put to our shareholders for approval.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Further information
can be found in The Governance of Unilever, the Boards&#146; own constitutional
document, on our website at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance</font>.
This describes the terms of reference of our Board Committees, including their
full responsibilities. It will be kept up to date with changes in our internal
constitutional
arrangements that our Boards may make from time to time.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p45a"></a>Requirements &#150; the Netherlands</B></font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>General<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
is required to state in its Annual Report and Accounts whether it complies or
will comply with the Principles (&#145;P&#146;) and best practice provisions
(&#145;bpp&#146;) of the
Dutch Corporate Governance Code (&#145;the Dutch Code&#146;) and, if it does
not comply, to explain the reasons for this. As will be clear from the preceding
description of our governance arrangements, NV complies with almost all of the
principles and best practice provisions of the Dutch Code. The text that follows
sets out areas of non-compliance and certain statements that the Dutch Code invites
us to give our shareholders that are not included elsewhere in this Annual Report
and
Accounts.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Board and Committee structures<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As
already indicated, NV has a one-tier board, consisting of both Executive and,
as a majority, Non-Executive Directors. We achieve compliance of our board arrangements
with the Dutch Code, which is for the most part based on the customary two-tier
structure in the Netherlands, by, as far as is possible and practicable, applying
the provisions of the Dutch Code relating to members of a management board to
our Executive Directors and the provisions relating to members of a supervisory
board to our Non-Executive Directors. Management tasks not capable of delegation
are performed collectively by the Board. Reference is made to Ps II and III and
corresponding bpps. Our compliance with the Dutch Code in these respects should
be seen in the light of our one-tier board structure. Reference is also made
to the UK Combined Code on Corporate Governance, which is fully tailored to the
one-tier board model (see page
35).</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Board evaluation, and Chairman and individual Director appraisals<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005
was the first year of our new Boards&#146; operation. To ensure optimal functioning
of the Board and the individual Directors and compliance with the most recent
developments in best practice, the Nomination Committee commissioned Spencer
Stuart to carry out a full review of the functioning of the Boards and of its
governance arrangements. This review concluded that our arrangements stood comparison
with our peers. A full report was made to the Boards in February 2006 and a range
of minor changes in terms of the day-to-day operations of the Boards will be
introduced during the balance of the year. A Board evaluation and Chairman and
individual director appraisal process is scheduled for the second quarter of
2006. Thus, the changes following the said review can be taken into account in
the evaluations (bpp III.1.7).</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Role of the Chairman<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Dutch Code recommends that in a one-tier board the chairman should neither be,
nor have been, responsible for the day-to-day conduct of the business (bpp III.8.1).
Before his appointment as Chairman, Antony Burgmans was jointly responsible for
the daily operations of NV and PLC. Thus he is not independent from Unilever.
He was nominated as Non-Executive Chairman in 2005 because of his thorough knowledge
of Unilever and its operations. In addition to his role as Chairman, the Board
considered his knowledge of the business to be essential to see through the changes
resulting from the structure review. The Nomination Committee has commenced the
search for a new independent Chairman to succeed Antony Burgmans who is due to
retire in 2007. A well-reputed search firm has been commissioned by the Nomination
Committee to assist them in this process. In addition to the Chairman, the Boards
of NV and PLC have a Senior Independent Director who is appointed by the Non-Executive
Directors and acts as their spokesperson. Our Senior Independent Director was
elected Vice-Chairman by the Boards in 2005.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Nomination of Directors<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Dutch Code recommends that shareholders may resolve by an absolute majority of
votes to cancel the binding nature of a nomination for the appointment of a director
(bpp IV.1.1). In
2004, NV&#146;s shareholders approved an alteration of the Articles of Association
to align the arrangements for NV and PLC. This makes it possible for the meeting
of shareholders to cancel binding nominations by a majority of two-thirds of
the votes cast representing more than one-half of the issued capital. This arrangement
is in place in order for NV and PLC to have a unified Board (see page 35). The
interests of our shareholders are protected because all the Directors submit
themselves for election every year and shareholders can remove any of them by
a simple majority vote. Thus, as a practical matter, the Boards cannot perpetuate
themselves contrary
to the will of the shareholders.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>45</B></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p46"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Following the review of our corporate structure in 2005, proposals will be put to the NV and PLC AGMs in May 2006 to substantially alter these arrangements and bring them fully in line
with the Dutch Code (see page 35). </FONT></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Risk management and control<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reference
is made to page 74 where Unilever&#146;s control framework is described. This
incorporates risk management, internal control procedures and disclosure controls
and procedures. Our procedures cover financial, operational, social, and environmental
risks and regulatory matters. They are in line with the recommendations of &#145;Internal
Control &#150; Guidance for Directors on the Combined Code&#146; published by
the Internal Control Working Party of the Institute of Chartered Accountants
in England and Wales in September 1999 (&#145;The Turnbull Guidance&#146;). On
pages 31 and 32 we have identified certain specific risks that are areas of focus
in 2006. Our internal risk management and control systems cannot provide certainty
as to the realisation of all business objectives and they can not always prevent
misstatements, inaccuracies, errors, frauds and non compliances with rules and
regulations.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Board considers that the internal risk management and control systems are
appropriate for our business and in compliance with bpp II.1.3. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In bpp II.1.4 the Dutch Code invites our Board to make a statement on our internal
risk management and control systems. In its report, published on 20 December
2005, the Corporate Governance Code Monitoring Committee has made recommendations
concerning the application of this best practice provision. In accordance with
its recommendation and in light of the above, the Board believes that, as regards
financial reporting
risks:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          risk management and control systems provide reasonable</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">assurance
          that this Annual Report does not contain
any</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">material
inaccuracies;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          risk management and control systems have worked</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">properly
    in 2005;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">there
          are no indications that the risk management and control</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">systems
    will not work properly in 2006;</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">no
          material weaknesses in the risk management and control</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">systems
          were discovered in the year under review or the
current</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">year
until the signing of these accounts;</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and,
      as regards operational, strategic, legislative and regulatory risks:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">no
          important failings in the risk management and control</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">systems
          were discovered in the year under
review.</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This statement
    is not a statement in accordance with the requirements of Section 404 of
  the US Sarbanes Oxley Act.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Share options<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
line with bpp II.2.2, the awards and grants of shares and options to our Directors
are in the material cases subject to performance criteria, as referred to on
page 55 and 56 of the Report of the Remuneration Committee. The exception is
the options over 50 NV shares granted each year to our Executive Directors under
the all employee share option plan in the Netherlands, as described on pages
132 and 133. The Directors&#146; participation in this plan is seen as a stimulus
for all employees to participate. All other awards to our Directors under share
based incentive schemes are subject to performance criteria. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Retention period of shares<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Dutch Code recommends that shares granted to executive directors without a financial
consideration must be retained for a period of at least five years (bpp II.2.3).
In 2001 we introduced a new remuneration policy with shareholder approval which
requires our Executive Directors to build and retain a personal shareholding
in Unilever equal to at least 150% of their annual base pay. We believe that
this is in line with the
spirit of the Dutch Code.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Severance pay<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">It
is our policy to set the level of severance payments for Directors to no more
than one year&#146;s salary, unless the Board, at the proposal of the Remuneration
Committee, finds this manifestly unreasonable given circumstances or unless otherwise
dictated by applicable law (bpp II.2.7).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
During 2005, Clive Butler, Keki Dadiseth and Andr&eacute; van Heemstra ceased
to be Directors. For their severance arrangements see page 60.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Regulations for transactions in securities in other companies<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Dutch Code recommends in bpp II.2.6 and bpp III.7.3 that a director shall give
periodic notice, but in any event at least once a quarter, of any changes in
his holding of securities in other Dutch listed companies to the compliance officer.
Our Share Dealing Code provides that Directors are required, upon request, to
disclose to the compliance officer their holdings and transactions in securities
in other listed companies. We believe this requirement constitutes an appropriate
arrangement.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Conflicts of interest<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
the event of a (potential) conflict of interest, the provisions of the Dutch
Code (P II.3 and III.6) are applied. Conflicts of interest are not understood
to include transactions and other activities involving other companies in the
Unilever Group.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Financing preference shares<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
issued 4%, 6% and 7% cumulative preference shares between 1930 and 1970. Their
voting rights are based on their nominal value, as prescribed by Dutch law. The
Dutch Code recommends that the voting rights on financing preference shares should,
in any event when they are newly issued, be based on their economic value rather
than on their nominal value (bpp IV.1.2). NV cannot reduce these voting rights
unilaterally.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>46</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Anti-takeover constructions and control over the company<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">With
reference to bpp IV.3.9, NV has no anti-takeover constructions, in the sense
of constructions that are intended solely, or primarily, to block future hostile
public offers for its shares. Nor does it have any constructions whose specific
purpose is to prevent a bidder, after acquiring 75% of the capital, from appointing
or dismissing members of the Board and subsequently altering the Articles of
Association. The acquisition through a public offer of a majority of the shares
in a company does not under Dutch law preclude in all circumstances the continued
right of the board of the company to exercise its powers. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Meetings of analysts and presentations to investors<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have extensive procedures for handling relations with and communicating with
shareholders, investors, analysts and the media (see description on page 40).
Whilst the important presentations and meetings are conducted in accordance with
bpp IV.3.1, due to the large number of such presentations and meetings and overlap
in information, some of the less important ones are not announced in advance,
made accessible to everyone
or put on our website. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Provision of information<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
consider it important to comply with all applicable statutory regulations on
the equal treatment of shareholders and provision of information and communication
with shareholders and other parties (P IV.2 and P IV.3). In the communications
between us and our shareholders and other parties, we comply with all applicable
legislation and regulations.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p47"></a><font color="#0070FF">Requirements &#150; the United Kingdom</font><br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC
is required, as a company that is incorporated in the United Kingdom and listed
on the London Stock Exchange, to state how it has applied the principles and
how far it has complied with the provisions set out in Section 1 of the Combined
Code issued in 1998, as revised in 2003 (&#145;the Combined Code&#146;), appended
to the United Kingdom Listing Rules.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In the preceding pages we have complied with the requirement to report on how
we apply the Principles and the provisions in the Combined Code. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005 was the first year of our new Boards&#146; operation. To ensure optimal
functioning of the Board and the individual Directors and compliance with the
most recent developments in best practice, the Nomination Committee commissioned
Spencer Stuart to carry out a full review of the functioning of the Boards and
of its governance arrangements. This review concluded that our arrangements stood
comparison with our peers. A full report was made to the Boards in February 2006
and a range of minor changes in terms of the day-to-day operations of the Boards
will be introduced during the balance of the year. A Board evaluation and Chairman
and individual director appraisal process is scheduled for the second quarter
of 2006. Thus, the changes following the said review can be taken into account
in the evaluations.</font></P>
</div>
<div style="float: right; width: 48%">

<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Antony Burgmans,
    who before May 2005 was an Executive Director, is not considered to be independent.
    The Nomination Committee and the Boards nominated him for election as a Non-Executive
    Director in 2005 because of his thorough knowledge of Unilever and its operations.
    In addition to his role as Chairman, the Board considered his knowledge of
    the business to be essential to see through the changes resulting from the
  structure review.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Board considers that the Chairmanship of Bertrand Collomb and the Non-Executive
Directorship of Oscar Fanjul, and Lynda Chalker&#146;s membership of the International
Advisory Board, of Lafarge, do not affect their status as independent in relation
to their Non-Executive Directorships of Unilever.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Due to the requirement for Unilever to hold two AGMs for its respective companies
on consecutive days, it may not always be possible for all Directors and possibly
the Chairmen of the Audit, Remuneration and Nomination Committees to be present
at both meetings. The Chairman therefore ensures that a majority of Directors
attend both meetings and that at least one member of each Committee attends each
AGM.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p47a"></a><font color="#0070FF">Requirements &#150; the United States </font><br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Both
NV and PLC are listed on the New York Stock Exchange and must therefore comply
with such of the requirements of US legislation, such as the Sarbanes-Oxley Act
of 2002, regulations enacted under US securities laws and the Listing Standards
of The New York Stock Exchange as are applicable to foreign private issuers.
In some cases the requirements are mandatory and in other cases the obligation
is to &#145;comply or
explain&#146;. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We have complied with the requirements concerning corporate governance that were
in force during 2005. Attention is drawn in particular to the remit of the Audit
Committee on page 39
and the Report of the Audit Committee on page 70.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Actions already taken to ensure compliance that are not specifically disclosed
elsewhere or otherwise clear from reading this document include:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> the
      issuance of a Code of Ethics for senior financial officers;</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          issuance of instructions restricting the employment of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">former
    employees of the audit firm; and</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          establishment of a policy on reporting requirements under</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          SEC relating to the standards of professional
conduct for US</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">attorneys.</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In each
    of these cases, existing practices were revised and/or documented in such
  a way as to conform to the new requirements.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>47</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p48"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Code of Ethics applies to the senior executive, financial and accounting officers and comprises the standards prescribed by the US Securities and Exchange Commission (SEC), and a
copy has been posted on our website at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance</font>. The Code of Ethics comprises an extract of the relevant provisions of Unilever&#146;s Code of Business Principles and the more detailed rules of conduct that
implement it. The only amendment to these pre-existing provisions and rules that was made in preparing the Code of Ethics was made at the request of the Audit Committee and consisted of a strengthening of the explicit requirement to keep proper
accounting records. No waiver from any provision of the Code of Ethics was granted to any of the persons falling within the scope of the SEC requirement in 2005.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We are required by US securities laws and the Listing Standards of the New York
Stock Exchange, with effect from 1 August 2005, to have an Audit Committee that
satisfies Rule 10A-3 under the Exchange Act and the Listing Standards of the
New York Stock Exchange.
We are fully compliant with these requirements.</font> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
are also required to disclose any significant ways in which our corporate governance
practices differ from those typically followed by US listed companies. In addition
to the information we have given you in this document about our corporate governance
arrangements, further details are provided in The Governance of Unilever, which
is on our website at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance. </font></font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We are fully compliant with the Listing Standards of the New York Stock Exchange
applicable to foreign issuers. Our corporate governance practices do not significantly
differ from those followed by US companies listed on the New York Stock Exchange.
However, the New York Stock Exchange listing standards for US issuers require
that all members of the Nomination Committee must (but not foreign issuers such
as Unilever) be independent. Our Chairman is not independent and he is a member
of the Nomination Committee. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The changes we have made in 2005, in particular with the appointment of a Group
Chief Executive on the Board and the creation of a Unilever Executive that is
immediately below Board level, have brought our arrangements closer to those
of a typical model for US issuers, where the most senior executives draw their
authority primarily from their corporate office rather than their appointment,
if any, as a director. However, the situation remains that the laws in the Netherlands
and the UK only give limited recognition to the existence of any corporate officer
other than that of a Director. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We would also confirm that it is our practice, in accordance with our home country
laws and practices, to give our shareholders the opportunity to vote on equity
compensation
plans.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>48</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<a name="p49"></a>
<p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance<br>
</FONT></B><font color="#0070ff" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biographical
details </font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<p><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p49a"></a>Executive Directors</FONT></B></p>
<p><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Patrick Cescau</FONT></B><br>
  </font>
  <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive<br>
  </FONT>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
    French. Aged 57. Group Chief Executive since April 2005. Joined Unilever 1973.
    Appointed
    Director 4 May 1999. Previous posts include: Chairman, Unilever PLC and Vice-Chairman,
    Unilever N.V. 2004-2005. Foods Director 2001. Financial Director 1999. Controller
    and Deputy Financial Director 1998-1999. President, Lipton USA 1997-1998. President
    and CEO, Van den Bergh Foods USA 1995-1997. Chairman, Indonesia
    1991-1995. External appointments include: Non-Executive Director, Pearson plc
  and Conseiller du Commerce Ext&eacute;rieur de la France in the Netherlands.</FONT></p>
<font size="2">
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Kees van der Graaf<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President Europe<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: Dutch. Aged 55. President Europe since April 2005. Joined Unilever 1976. Appointed Director 12 May 2004. Previous posts include: Foods Director 2004, Business Group
  President, Ice Cream and Frozen Foods 2001. Executive Vice-President, Foods and Beverages Europe 1998. Senior Vice-President, Global Ice Cream category 1995. External appointments include: Board member, ECR (Efficient Consumer Response) and Member,
IAB (International Advisory Board of the City of Rotterdam).</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Ralph Kugler<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President Home and personal care<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: British. Aged 50. President Home and personal care since 1 April 2005. Joined Unilever 1979. Appointed Director 11 May 2005. Previous posts include: President Home and
Personal Care Europe 2001. Business Group President, Latin America 1999. Chairman, Unilever Thai Holdings 1995. Chairman, Unilever Malaysia 1992. External appointments include: Non-Executive Director, InterContinental Hotels Group PLC.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Rudy Markham<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chief Financial Officer<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
British. Aged 59. Chief Financial Officer since April 2005. Joined Unilever 1968.
Appointed
  Director 6 May 1998. Previous posts include: Financial Director 2000. Strategy &amp; Technology
  Director 1998. Business Group President, North East Asia 1996-1998. Chairman,
  Nippon Lever Japan 1992-1996. Chairman, Unilever Australasia 1989-1992. Group
  Treasurer 1986-1989. External appointments include: Non-Executive Director,
Standard Chartered PLC, Member, EAN </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">International Management Board.</FONT></P>
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p49b"></a>Non-Executive Directors</FONT></B><BR>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Antony Burgmans</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1,2<br>
</FONT></SUP><FONT color="#0070ff"
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
Dutch. Aged 59. Appointed 2005. Joined Unilever 1972. Appointed Director 8 May
1991.
  Previous posts include: Chairman, Unilever N.V. and Vice-Chairman, Unilever
  PLC 1999-2005. Vice-Chairman, Unilever N.V. 1998. Business Group President,
  Ice Cream and Frozen Foods &#150; Europe and Chairman, Unilever Europe Committee
  1996-1998. Responsible for South European Foods business 1994-1996. Personal
  Products Co-ordinator 1991-1994. External appointments include: Member, Supervisory
  Board of ABN AMRO Holding N.V., Non-Executive Director, BP p.l.c. and Member,
International Advisory Board of Allianz AG. </FONT></P>
</font></div>
<div style="float: right; width: 48%">
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Bertrand Collomb</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4,5,6<font color="#0070ff"> </font></FONT></SUP><FONT color="#0070ff"
face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
Vice-Chairman<br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
French. Aged 63. Appointed 1994. Chairman, Lafarge S.A. Director, Total S.A.
and Atco. Member, Advisory Board of Banque de France.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The Rt Hon The Lord Brittan of Spennithorne QC, DL</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2<br>
</FONT></SUP><FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: British. Aged 66. Appointed 2000. Vice-Chairman, UBS Investment Bank and Chairman, UBS Limited. Member, International Advisory Committee of Total. Member, European </FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commission
and Vice-President 1989-1999. Member, UK Government 1979-1986. Home Secretary
1983-1985 and Secretary of State for Trade and Industry 1985-1986.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The Rt Hon The Baroness Chalker of Wallasey</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3<br>
</FONT></SUP></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
British. Aged 63. Appointed 1998. Non-Executive Director, Freeplay Energy Group,
Group 5 (Pty) Ltd. and Equator Energy Limited. Member, International Advisory
Board
of
Lafarge S.A. and Merchant Bridge &amp; Co Ltd. UK Minister of State at the Foreign
and Commonwealth Office 1986-1997. </font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Professor Wim Dik</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2,7<br>
</FONT></SUP></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
Dutch. Aged 67. Appointed 2001. Professor at Delft University of Technology.
Chairman, Supervisory Boards of Tele Atlas N.V. and N.V. Casema. Non-Executive
Director, Aviva plc and LogicaCMG plc. Chairman and CEO, Koninklijke PTT Nederland
(KPN) 1988-1998 and Koninklijke KPN N.V. (Royal Dutch Telecom) 1998-2000. Minister
for Foreign Trade, Netherlands 1981-1982.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Oscar Fanjul</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7<br>
</FONT></SUP></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
Spanish.
Aged 56. Appointed 1996. Vice-Chairman, Omega Capital. Director, Marsh &amp; McLennan
Companies, the London Stock Exchange and Acerinox S.A. Non-Executive Director,
Lafarge. Member, Advisory Board of Sviluppo Italia S.p.A. and Senior Advisor
of the Carlyle Group. International Advisor to Goldman Sachs and Trustee of the
International Accounting Standards Committee Foundation. </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman
and CEO, Repsol 1986-1996.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Hilmar Kopper</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8<br>
</FONT></SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: German. Aged 70. Appointed 1998. Chairman, Supervisory Board of DaimlerChrysler AG. Non-Executive Director, Xerox Corp. Chairman, German Advisory Board of Spencer Stuart. Member, Advisory Board of Sviluppo Italia S.p.A. Former
CEO and former Chairman, Supervisory Board of Deutsche Bank AG. </FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The Lord Simon of Highbury CBE</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1,9<br>
</FONT></SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: British. Aged 66. Appointed 2000. Non-Executive Director, Suez Group. Senior Advisor, Morgan Stanley International. UK Government Minister 1997-1999. Group Chief Executive, BP p.l.c. 1992-1995 and Chairman 1995-1997.</FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Jeroen van der Veer</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1,9<br>
</FONT></SUP></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality:
Dutch. Aged 58. Appointed 2002. Chief Executive Royal Dutch Shell plc. Former
Member, Supervisory Board of De Nederlandsche Bank 2000-2004.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1</font></TD>
        <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Member Nomination Committee </font></TD>
    <TD width="3%"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</font></TD>
    <TD width="45%"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Senior
    Independent Director </font></TD>
</TR><TR>
        <TD valign=top><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2</font></TD>
        <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Member External Affairs and Corporate Relations Committee   </font></TD>
    <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</font></TD>
    <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Member
    Audit Committee</font></TD>
</TR><TR>
        <TD valign=top><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3</font></TD>
        <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Chairman External Affairs and Corporate Relations Committee </font></TD>
    <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8</font></TD>
    <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman
    Audit Committee</font></TD>
</TR><TR>
        <TD valign=top><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4</font></TD>
        <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Chairman Nomination Committee       </font></TD>
    <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</font></TD>
    <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Member
    Remuneration Committee </font></TD>
</TR><TR>
        <TD valign=top><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
5</font></TD>
        <TD><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Chairman Remuneration Committee     </font></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR></TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>49</B></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p50"></a><p><a href="#contentsd"><font size="2">Back to Contents</font></a></p>


<div style="float: left; width: 48%">
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance</FONT></B><font color="#0070ff"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biographical details (continued)</FONT></font></p>
<p>&nbsp;  </p>
<p><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever Executive (UEx)</FONT></B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>*</B></font></p>
<p><font size="2"> <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Patrick Cescau</FONT></B><BR>
  <FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive</FONT><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(see previous details on page 49)</FONT></font></p>
<font size="2">
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Vindi Banga<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President Foods<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: Indian. Aged 51. Appointed President Foods April 2005. Joined Unilever 1977. Previous posts include: Business Group President Home and personal care Asia 2004 in addition
to Non-Executive Chairman, Hindustan Lever 2004-2005. Chairman and Managing Director Hindustan Lever 2000-2004.</FONT></P>
</font>
<p><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Kees van der Graaf</FONT></B><BR>
      <FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President Europe</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(see previous details on page 49)</FONT></font></p>
<p><font size="2">  <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Ralph Kugler</FONT></B><BR>
  <FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President Home and personal care</FONT><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(see previous details on page 49)</FONT></font></p>
<font size="2">
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Harish Manwani<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President Asia Africa<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: Indian. Aged 52. Appointed President Asia Africa April 2005. Joined Unilever 1976. He is also Non-Executive Chairman, Hindustan Lever. Previous posts include: Business
Group President, Home and Personal Care, North America 2004. Business Group President, Home and Personal Care, Latin America 2001 and Senior Vice President, Hair Care and Oral Care 2000.</FONT></P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Rudy Markham</FONT></B><BR>
<FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chief Financial Officer</FONT><BR>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(see previous details on page 49)</FONT>
<P><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Sandy Ogg<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chief Human Resources Officer<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: American. Aged 52. Appointed Chief HR Officer April 2005. Joined Unilever 2003. Previous posts include: SVP Human Resources, Foods 2003. Prior to joining Unilever he worked
for Motorola in Change Management/Organisation Effectiveness to assist in the transformation of all Communications businesses.</FONT></P>
<P><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">John Rice<br>
</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">President The Americas<br>
</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nationality: American. Aged 54. Appointed President The Americas April 2005. Joined Unilever 1981. Previous posts include: Business Group President, Unilever Foods, North America 2002
and Unilever Bestfoods Latin America 2000.</FONT></P></font>
</div><br clear="all">
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
*</font></TD>
        <TD><font color="#0070ff" size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UEx members are treated as executive officers and senior management for US purposes and key management personnel for IFRS purposes. Although Unilever intends to offer service agreements
to members of UEx, the agreements are still under negotiation with these individuals. All members of the UEx have existing agreements with varying terms, some of which are from their prior roles.</FONT>      <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">All
agreements include a notice period of twelve months. Details of the remuneration
paid and share awards are shown in aggregate in note 33 on page 142.</font> </font></TD>
</TR></TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>50</B></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p51"></a><p><a href="#contentsa"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Directors<br>
</FONT></B><font color="#0070ff"><font color="#0070FF" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a name="contentsf"></a></font><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reports of Board committees</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p4"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">General information</FONT></B>&nbsp;
        </font></a></TD>
  <TD width="5%" align=right><a href="#p4">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">04</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p5"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Chairman&#146;s foreword</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p5">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">05</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p6"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Group Chief Executive</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p6">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">06</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p9"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">About Unilever</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p9">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">09</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p15"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial and operating reviews</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p15">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p31"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Risk management</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p31">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p33"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate governance</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p33">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD width="3%" align=left>&nbsp;</TD>
  <TD width="3%" align=left>&nbsp;</TD>
  <TD width="3%" align=left>&nbsp;</TD>
  <TD align=left><font color="#0070ff" size="2">&nbsp;</font></TD>
  <TD align=right><font color="#0070ff" size="2">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD colspan="4" align=left><a href="#p51"><font color="#0070ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reports of Board committees</FONT></B>&nbsp;
        </font></a></TD>
  <TD align=right><a href="#p51">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p52">Report
      of the Nomination Committee</a></font></TD>
  <TD align=right><a href="#p52">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p53">Report
      of the Remuneration Committee</a></font></TD>
  <TD align=right><a href="#p53">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">53</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Remuneration
      policy 2006 and beyond &#150;</font></TD>
        <TD align=left><font color="#0070ff" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2"> &nbsp;  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p54">Executive Directors</a></FONT></font></TD>
        <TD align=right><a href="#p54">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> <a href="#p54a">Main
              principles</a></font></TD>
        <TD align=right><a href="#p54a">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  <a href="#p54b">Unilever
      reward policy table</a></font></TD>
        <TD align=right><a href="#p54b">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p55">Base
      salary</a></font></TD>
        <TD align=right><a href="#p55">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  <a href="#p55a">Annual
      incentive</a></font></TD>
        <TD align=right><a href="#p55a">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p55b">Long-term
      incentives</a></font></TD>
        <TD align=right><a href="#p55b">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p56">Executive
      Directors&#146; pensions</a></font></TD>
        <TD align=right><a href="#p56">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p56a">Other
      benefits and allowances</a></font></TD>
        <TD align=right><a href="#p56a">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p56b">Future
      developments</a></font></TD>
        <TD align=right><a href="#p56b">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><div style="margin-left:3%; text-indent:-3%">   <font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p56c">Commentary
          on Executive Directors&#146; Remuneration paid in 2005</a></font></div></TD>
        <TD align=right><a href="#p56c"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</font>       </a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p56d">Base
      salary</a></font></TD>
        <TD align=right><a href="#p56d">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p57">Annual
      incentive</a></font></TD>
        <TD align=right><a href="#p57">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">57</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p57a">Long-term
      incentive arrangements</a></font></TD>
        <TD align=right><a href="#p57a">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">57</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p57b">Pensions</a></font></TD>
        <TD align=right><a href="#p57">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">57</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  <a href="#p57c">Arrangements
      for former Executive Directors in 2005</a></font></TD>
        <TD align=right><a href="#p57c">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">57</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p57d">Non-Executive
      Directors</a></font></TD>
        <TD align=right><a href="#p57d">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">57</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p58">Other
      items</a></font></TD>
        <TD align=right><a href="#p58">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p58a">Remuneration
      Committee</a></font></TD>
        <TD align=right><a href="#p58a">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p59">Aggregate
      remuneration for Executive Directors</a></font></TD>
        <TD align=right><a href="#p59">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p60">Remuneration
      for individual Executive Directors</a></font></TD>
        <TD align=right><a href="#p60">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">60</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p61">Executive
      Directors&#146; Global Performance Share Plan</a></font></TD>
        <TD align=right><a href="#p61">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">61</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><div style="margin-left:3%; text-indent:-3%">   <font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p62">Executive
          Directors&#146; conditional share awards under the TSR Long-Term Incentive
          Plan</a></font></div></TD>
        <TD align=right><a href="#p62"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">62</font>        </a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p63">Executive
      Directors&#146; Share Matching Plan</a></font></TD>
        <TD align=right><a href="#p63">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p64">Executive
      Directors&#146; share options</a></font></TD>
        <TD align=right><a href="#p64">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">64</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p66">Executive
      Directors&#146; pensions</a></font></TD>
        <TD align=right><a href="#p66">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p67">Executive
      Directors&#146; interests &#150; share capital</a></font></TD>
        <TD align=right><a href="#p67">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p68">Non-Executive
      Directors&#146; remuneration</a></font></TD>
        <TD align=right><a href="#p68">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">68</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p69">Non-Executive
      Directors&#146; interests &#150; share capital</a></font></TD>
        <TD align=right><a href="#p69">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">69</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left><div style="margin-left:3%; text-indent:-3%">    <font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p69a">Definition
          of auditable part of the report of the Remuneration Committee</a></font></div></TD>
        <TD align=right><a href="#p69a"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">69</font>       </a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p70">Report
      of the Audit Committee</a></font></TD>
  <TD align=right><a href="#p70">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT></a></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="3" align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#p72">Report
      of the External Affairs Committee</a></font></TD>
  <TD align=right><a href="#p72">
    <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">72</FONT></a></TD>
</TR>
</TABLE>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>51</B></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p52"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Nomination Committee</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Composition</B></font><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
2005 the Nomination Committee comprised three Independent Non-Executive Directors
and the Chairman of the Boards. Bertrand Collomb chaired it throughout 2005. Other members throughout 2005 were
David Simon, Jeroen van der Veer and Antony Burgmans. The Joint Secretaries act
as secretaries to the
Committee.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The composition of the Committee, having a majority of </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Independent
Non-Executive Directors, ensures that these Directors control the procedure for
nominating the candidates for election as Directors of NV and PLC. To ensure
that the candidates presented for election as Directors of NV and PLC are the
same, the members of the Nomination Committee are also the Directors of N.V.
Elma and United Holdings Limited. These two companies jointly own the Special
Shares of NV and the Deferred Shares of PLC which carry the right to nominate
persons for election as Directors of NV and PLC at general meetings. In December
2005 it was announced that we will propose to change this process to allow shareholders
the right to nominate candidates to the Board, taking into account the need for
the Boards of NV and PLC to be the same to ensure unity of management. Further
information on these proposals can be found in the notices to the 2006 AGMs.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Boards are of the view that it is appropriate that the Chairman is included
as a member of the Committee on the express condition that he did not participate
in any discussion of
his own position.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Remit</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The primary role of the Committee is the recommendation to the Boards of candidates for the positions of Director, both Executive and Non-Executive, and Chairman and Vice-Chairman, and
Senior Independent Director, and this includes a responsibility to concern itself with succession planning within the Boards. In addition it has a responsibility for the oversight of all matters relating to corporate governance, bringing any issues
to the attention of the Boards. Under its remit, the Committee is entitled to use the services of recruitment consultants and other external experts at the expense of Unilever. It is also to conduct a process of evaluation of its own performance
each year. The full remit is on the Unilever website at <font color="#0070FF">www.unilever.com/investorcentre/corpgovernance</font>, as is the information used by the Committee for succession planning.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Also on that website is The Governance of Unilever, which, amongst other matters,
sets out the procedures for evaluating the Boards and individual Directors. These
are designed to enable the results of the evaluations to be provided to the Nomination
Committee when it discusses the nominations for election as Directors of NV and
PLC at the next Annual General Meeting.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Meetings of the Committee</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Committee met six times in 2005. It agreed to the separation of the roles of
Chairman and Chief Executive and recommended to the Boards the appointment of
Antony Burgmans as Chairman, and Patrick Cescau as Group Chief Executive. It
also proposed the nomination of all those Directors offering themselves for re-election
at the 2005 AGMs and to the nomination of Ralph Kugler as an additional Executive
Director.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
It carried out the Committee&#146;s annual review of its terms of reference and
performance of its responsibilities and commenced its evaluation of its performance
in 2004.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Succession planning for the Non-Executive Directors, one of whom retired at the
2005 AGMs and three of whom are retiring at the 2006 AGMs was also considered
by the Committee during 2005. Specialist recruitment firms have been commissioned
to assist in finding individuals with the appropriate skills and expertise who
will be nominated as Non-Executive Directors at the AGMs in 2006 and 2007.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
During 2005, the Committee also commenced the search for a new Chairman to succeed
Antony Burgmans who is due to retire in 2007. A well-reputed search firm has
been commissioned by the Committee to assist them in this process. Further work
on this will be carried out during 2006.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005 was the first year of our new Boards&#146; operation. To ensure optimal
functioning of the Boards and the individual Directors and compliance with the
most recent developments in best practice, the Nomination Committee commissioned
Spencer Stuart to carry out a full review of the functioning of the Boards and
of their governance arrangements. This review concluded that our arrangements
stood comparison with our peers. A full report was made to the Boards in the
first quarter of 2006 and a range of minor changes in terms of the day-to-day
operations of the Boards will be introduced during the balance of the year. A
Board evaluation and Chairman and individual director appraisal process is scheduled
for 2006. Thus, the changes following the said review can be taken into account
in the evaluations.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee also met early in 2006. It decided to nominate all those Directors
offering themselves for re-election at the 2006 AGMs and four new Directors to
be appointed as Non-Executive in place of Claudio Gonzalez who retired at the
2005 AGMs and of Bertrand Collomb, Oscar Fanjul and Hilmar Kopper who are retiring
at the 2006 AGMs. The new Non-Executive Directors were chosen specifically for
their financial and/or
general business expertise.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee&#146;s annual Report to Shareholders was approved.</font></P>
<P>&nbsp;</P>
<P><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Bertrand Collomb </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman of the Nomination Committee<br>
</FONT></font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Antony
Burgmans<br>
David Simon<br>
Jeroen van der Veer</B></font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>52</B></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p53"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee</FONT></B></p>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005 was a year of far-reaching and important changes to the way Unilever is run. These changes have had an important impact on the work of the Remuneration Committee.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The most significant change was the ending of the dual chairmanship and the creation
of the single chief executive role. At the AGMs in May 2005 Antony Burgmans was
appointed to the new role of Non-Executive Chairman, and Patrick Cescau took
on the new role of Group Chief Executive. This change improved our governance
and organisational effectiveness.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At the AGMs in May 2005, three Executive Directors retired after long and distinguished
careers with Unilever. Clive Butler, Keki Dadiseth and Andre van Heemstra all
agreed to retire to allow the creation of a new executive team. Each agreed to
retire at the age of 60. Unilever continued to pay their base salary and benefits,
in lieu of notice, for a maximum of one year, fulfilling its contractual obligations.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Antony Burgmans stepped down as Executive Director at the 2005 AGMs and assumed
the new role of Non-Executive Chairman. In fulfilment of contractual obligations
he continues to receive his salary and benefits until June 2006. However, he
is no longer entitled to any annual or long-term incentives. After June 2006,
he will receive a fee for his services as Chairman.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Given the new Board structure and Unilever&#146;s longer-term strategy, the Committee
reviewed the existing reward packages for each of the current Executive Directors
during the year. Base salaries have been adjusted to reflect the new roles and
responsibilities in line with the market. The revised salary levels are set out
on page 56.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Annual incentives criteria for 2005 were underlying sales growth, trading contribution
(Unilever&#146;s version of economic value added) and individual performance
targets. Taking into account the actual delivery of sales growth and trading
contribution in 2005, the annual incentive Executive Directors earned for 2005
were roughly half maximum levels. No awards vested in 2005 for Executive Directors
under the TSR plan as
Unilever&#146;s TSR performance over the period 2002-2004 fell short of requirements.
Following shareholder approval, we operated the Global Performance Share Plan
for the first time. Its clearly defined performance criteria focus management
on top-line growth and cash flow generation. For 2006, we retained the same criteria
as in 2005 for annual incentive, and we reviewed individual performance targets
to ensure these reflect, next to corporate performance, each Executive Director&#146;s
responsibility for delivering specific growth objectives.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
All this was done to create the greatest possible alignment between the various
elements of the remuneration package and Unilever&#146;s longer-term strategy. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Finally, we have revised the Report of the Remuneration Committee to improve
its transparency in respect of the arrangements.</font></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Bertrand Collomb </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman of the Remuneration Committee<br>
  </FONT></font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>David
  Simon<br>
</B></font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Jeroen
van der Veer</B></font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>53</B></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p54"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Remuneration
      policy 2006 and beyond &#150; Executive Directors</B></font></P>
<div style="float: left; width: 48%">
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p54a"></a>Main principles<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
objective in its remuneration policy for Executive </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors
is to drive performance and to set reward in support of the achievement of its
goals. Therefore it is important to recruit key executives who can drive the
business forward and achieve the highest results for shareholders. This is essential
to the successful leadership and effective management of Unilever as a major
global company. To meet this objective the Remuneration Committee follows three
key principles,
supported by shareholders:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A
          significant proportion
of the Executive Directors&#146; total reward</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is
linked to a number of key measures of
company performance</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
create alignment with the strategy and business priorities;</font></font></TD>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          reward policy is benchmarked regularly against</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">arrangements
          of other global companies based in
Europe.</font></font></TD>
  </tr>
</table></div>
<div style="float: right; width: 48%">
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&nbsp;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
          ensures that Executive Directors&#146; reward levels remain</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">competitive;
    and</font> </font></TD>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><p><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">An
            internal comparison is made with the reward arrangements</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
            other senior executives within Unilever to support consistent</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">application
            of Unilever&#146;s executive reward policies.</font></font></p></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Each element
    of the Executive Directors&#146; reward package focuses on supporting different
    business objectives. The table below provides an overview of all the elements
    of reward (excluding pension), the key drivers, the resulting performance
    measures and indicative levels. In setting targets for the performance measures,
    the Committee is guided by what needs to happen to drive underlying performance
    and this is reflected in
both the short-term and long-term performance targets.</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<p><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p54b"></a>Unilever
reward policy table</b></font></p>
<p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Short-term
    (one year)</font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Indicative levels at face</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
  </TR>
<TR align="left" valign="top">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Element</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Payment method</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value as % of base pay</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plan objectives/Key drivers</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Performance measures</font></TD>
  </TR>
<TR>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  </TR>
<TR>
        <TD width="15%" valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Base
    salary</font></TD>
        <TD width="2%" valign="top"><font size="2">&nbsp;</font></TD>
        <TD width="12%" valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash</font></TD>
        <TD width="2%" valign="top"><font size="2">&nbsp;</font></TD>
        <TD width="20%" valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Market competitive</font></TD>
        <TD width="2%" valign="top"><font size="2">&nbsp;</font></TD>
        <TD width="21%" valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attraction and retention of</font></TD>
        <TD width="2%" valign="top"><font size="2">&nbsp;</font></TD>
        <TD width="22%" valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Individual performance</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">key executives</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
  </TR>
<TR>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
    incentive</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash (75%)</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Director: 60%</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Delivery of trading</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trading contribution</font></TD>
  </TR>
<TR>
        <TD height="17" valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">on target</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">contribution (Unilever&#146;s</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(Executive Director: 40%,</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares (25%)</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(range of 0% &#150; 100%)</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">primary internal measure of</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive: 50%)</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">economic value added) and</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive:</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">top-line growth targets</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying sales growth</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">90% on target</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(Executive Director: 40%,</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(range of 0 &#150; 150%)</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Individual responsibility for</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive: 50%)</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">key Unilever business</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">objectives</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Individual contribution to</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever business strategy</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(Executive Director 20%,</font></TD>
  </TR>
<TR>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top"><font size="2">&nbsp;</font></TD>
        <TD valign="top">
      <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive: 50%)</font></TD>
  </TR>
<TR>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  </TR>
<TR>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
  <TD align=right valign="top">&nbsp;</TD>
  <TD align=right valign="top">&nbsp;</TD>
  </TR>
</table>
<p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Long-term
(three year)</font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
        <TD width="15%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Global</font></TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="12%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shares</font></TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="20%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Grant level: c. 25%</font></TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="21%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ungeared Free Cash Flow</font></TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="22%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ungeared Free Cash Flow (50%)
        </font></TD>
  </TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">performance</font></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
as the basic driver of Unilever</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">share
    plan</font></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Vesting level: 0 &#150; 200%</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
shareholder returns</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Underlying sales growth
        </font></TD>
  </TR>
<TR valign="top">
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of grant</font></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(50</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%)</font>   </font></TD>
  </TR>
<TR valign="top">
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Top-line growth as</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR valign="top">
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
essential to Unilever&#146;s</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR valign="top">
        <TD><font size="2">&nbsp;
</font></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
long-term value creation</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">TSR plan</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shares</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Grant level: c. 60%</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shareholder return at upper</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Relative total shareholder
        </font></TD>
  </TR>
<TR valign="top">
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
half of peer group with</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
return
        </font></TD>
  </TR>
<TR valign="top">
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Vesting level: 0 &#150; 200%</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20 other companies</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR valign="top">
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of grant</font></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
    matching</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shares</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
25% of annual</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Alignment with shareholders&#146;</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">plan</font></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;

        </TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
incentive paid</font></TD>
        <TD>&nbsp;</TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
interests</font></TD>
        <TD></TD>
        <TD></TD>
  </TR>
<TR>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=left valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
  <TD align=right valign="top"><hr size="1" noshade></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Depending on the level of performance the variable component could vary between
0 and around 80% of the total reward package (excluding pensions).</font></P>
</div><div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Some of the Executive Directors serve as a non-executive on the Board of another
company. Unilever requires that all remuneration and fees earned from outside
directorships are paid
directly to Unilever.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>54</B></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p55"></a>Base salary<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Remuneration Committee reviews base salary levels annually, taking into account
external benchmarks in the context of company and individual performance. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p55a"></a>Annual incentive<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
annual incentive arrangement rewards Executive Directors for the delivery of
trading contribution (Unilever&#146;s primary internal measure of economic value
added) and top-line growth targets, as well as for their individual contribution
to Unilever&#146;s
business strategy.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In 2005, shareholders approved changes to the corporate performance criteria
for the annual incentive arrangement, to ensure continuing alignment with business
priorities, and a maximum opportunity for the Group Chief Executive of 150% of
base salary. The maximum level is only payable in the case of exceptional performance.
The annual incentive opportunity for other Executive Directors remains between
0 and 100%. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The performance criteria for the annual incentive are now:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trading
          contribution (40%, for Chief Executive maximum 50%</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
          base salary). This is Unilever&#146;s primary
internal measure of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">economic
value added. Increases reflect the combined impact</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
top-line growth, margin
improvement and capital efficiency</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">gains.
It is well aligned with our objective of a progressive</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">improvement in return on invested
capital and with shareholder</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value
creation;</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying
          sales growth (40%, for Chief Executive maximum</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50%
          of base salary). This focuses on the organic growth
of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
turnover; and</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Individual
          business targets (20%, for Chief Executive maximum</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50%
          of base salary). The individual performance
targets are</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">tailored
to each individual&#146;s responsibilities to deliver certain</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business
objectives
supporting the strategy. Individual</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">contributions
are subject to robust measures and targets to</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ensure
objectivity of achievement.</font></font></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The annual incentive is calculated at the end of each financial year and payable
in the following March. Part of the annual incentive (25%) is delivered to the
Executive Directors in the form of shares in NV and PLC, which are matched by
a conditional award of &#145;matching shares&#146;, as further described under
long-term incentives below.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p55b"></a>Long-term incentives<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
2005 shareholders also approved the replacement of the </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive
Option Plan with the Unilever Global Performance Share Plan (GPSP). The long-term
incentives for Executive Directors now consist of three elements, all of which
are delivered
in shares:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Global
      Performance Share Plan;</font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">TSR
      Long-Term Incentive Plan; and</font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      Matching Plan (linked to the annual incentive).</font></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The policy in respect of each of the plans is described below, details for 2005
are set out on page 57 and in the tables on pages 61 to 64. </font></P>
</div>
<div style="float: right; width: 48%">

<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Directors are required to demonstrate a significant personal shareholding
commitment to Unilever. Within five years of appointment, they are expected to
hold shares worth 150% of their annual base salary. This reinforces the link
between the executives and other shareholders.</font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Global Performance Share Plan (GPSP)</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the GPSP conditional rights over shares in NV and PLC are awarded annually to
Executive Directors. For Executive Directors the value of a grant of conditional
shares will not exceed 50% of base salary. The number of shares actually received
at the end of the performance periods of the three years depends on the satisfaction
of the performance targets.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The performance measures for vesting are underlying sales growth (for 50% of
the award) and ungeared free cash flow (for 50% of the award). These are key
performance measures in
Unilever&#146;s external reporting. Underlying sales growth focuses on the organic
growth of Unilever&#146;s turnover. Ungeared free cash flow expresses the translation
of profit into cash and thus longer term economic value. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In respect of performance targets, there is a minimum and a maximum performance
range for each of the two measures and associated vesting levels. Each year,
the Remuneration Committee reviews the performance targets by taking account
of market conditions and internal financial planning. The Remuneration Committee
will conduct a review of these targets at the start of 2006 and ensure that those
attached to awards to be made in
2006 are appropriate and challenging.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total Shareholder Return (TSR) Long-Term Incentive Plan<br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
plan rewards Executive Directors for creating more value for Unilever&#146;s
shareholders when compared with the investment returns generated by competitors.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under this plan conditional rights over shares in NV and PLC are awarded annually
to Executive Directors.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The current level of conditional annual awards is as follows:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group
          Chief Executive: Shares in NV and PLC to the combined</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value
    of &euro;800 000; and</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
          Executive Directors: Shares in NV and PLC to the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">combined
    value of &euro;500 000.</font></font></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Vesting is subject to Unilever&#146;s relative Total Shareholder Return (TSR)
performance. TSR measures the returns received by a shareholder, capturing both
the increase in share price and the value of dividend income (assuming dividends
are re-invested). Unilever&#146;s TSR performance is compared with a peer group
of competitors over a three-year performance period. The TSR results are compared
on a single reference currency
basis.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
No shares will vest if Unilever is ranked below position 11 of the TSR ranking
table over the three-year period. Between 25% and 200% of the shares will vest
if Unilever is ranked in
the top half of the table as shown below:</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>55</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested award</font></TD>
        <TD align=left></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (% of original conditional
        </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    TSR peer group ranking</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    award that will vest)
        </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12th to 21st</font></TD>
        <TD width=25% align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font>  </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10th or 11th</font></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font> </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8th or 9th</font></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font> </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5th to 7th</font></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font>        </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3rd or 4th</font></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">150</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font>        </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1st or 2nd</font></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">200</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</font>        </font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Peer Group:</font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Altria</font></TD>
        <TD width=50% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Kao</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Avon</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Lion</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Beiersdorf</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    L&#146;Or&eacute;al</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Cadbury Schweppes</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Nestl&eacute;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Clorox</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Orkla</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Coca-Cola</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Pepsico</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Colgate</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Procter &amp; Gamble</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Danone</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Reckitt Benckiser</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Gillette</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Sara Lee</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Heinz</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Shiseido</font></TD>
</TR>
</TABLE>

<P align="left">
<FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kraft will replace Altria and Kimberly-Clark will replace Gillette in the peer group.</FONT></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  Share Matching Plan (linked to the annual incentive)<br>
</font><FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> The Share Matching Plan enhances the alignment
  with shareholder&#146;s interests and supports the retention of key executives.
  In addition, the necessity to hold the shares for a minimum period of three
years supports the shareholding requirements set out on page 55. </FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  As mentioned earlier, the Executive Directors receive 25% of their annual incentive
  in the form of NV and PLC shares. These are matched with an equivalent number
  of matching shares. The matching shares will vest after three years provided
  that the underlying shares have been retained during this period and the Executive
  Director has not resigned or been dismissed. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  The Remuneration Committee considers that there is no need for further performance
  conditions on the vesting of the matching shares because the number of shares
  is directly linked to the annual bonus (which is itself subject to demanding
  performance conditions). In addition, during the three-year vesting period
  the share price of NV and PLC will be influenced by the performance of Unilever
  which, in turn, will affect the
ultimate value of the matching shares on vesting.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p56"></a>Executive Directors&#146; pensions<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive
Directors are provided with a defined benefit final salary pension, which is
consistent
  with the pension provision for other Unilever Netherlands and UK employees.
  The Executive Directors&#146; arrangement provides a pension of a maximum of
two-thirds of final pensionable pay if they retire at age 60 or later.</FONT></font></P>
</div>
<div style="float: right; width: 48%">

<P>
  <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As stated in last
  year&#146;s report, the Remuneration Committee decided that annual incentive
  would no longer be part of pensionable pay for new Executive Directors appointed
  as from 2005. For Executive Directors appointed prior to 2005, annual incentive
is pensionable up to a maximum of 20% of base salary.</FONT></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p56a"></a>Other benefits and allowances<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive
Directors enjoy similar benefits to many other employees of Unilever. For example,
like
  other employees, Executive Directors are able to participate in the UK Employee
  ShareSave Plan, the UK Share Incentive Plan (&#145;ShareBuy&#146;) and the
All Employee Option Plan, in the Netherlands.</FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p56b"></a>Future developments<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Remuneration Committee intends to continue monitoring trends and changes in the
market. It keeps a
  watching brief on the continuing alignment between Unilever&#146;s strategic
  objectives and the reward policy for Executive Directors. The Committee is
  continuing its review of the pension arrangements for Executive Directors during
2006.</FONT></font></P>
<P><font size="2">
  <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p56c"></a>Commentary
  on Executive
Directors&#146; Remuneration paid in 2005</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
  </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
tables on pages 60 to 67 give details of the specific elements of the Executive
Directors&#146; reward
  package in 2005. However, the following additional comments may be helpful
  in understanding the various tables. The first sections cover the arrangements
  for current Executive Directors, followed by an explanation of the arrangements
for former Executive Directors. </FONT></font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p56d"></a>Base salary<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Following the AGMs in May 2005, the number of Executive Directors and their responsibilities changed substantially. The Committee therefore reviewed base salary levels in light of these
  changes. The salary levels were benchmarked against those paid in other major global companies based in Europe, excluding companies in the financial sector. The increases for 2005 reflect the change in the composition and responsibilities of the
  Executive Directors, market levels as well as individual and company performance. The total salary figure compared with that for last year has reduced significantly as a consequence of the reduction in the number of Executive Directors. The current
annual base salary levels for the Executive Directors are set out below:</FONT></font></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Executive Director</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Current annual base salary levels</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Based in the UK</font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Patrick Cescau</font></TD>
        <TD width=35% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">935 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Ralph Kugler</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">570 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rudy Markham</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">645 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Based in the Netherlands</font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Kees van der Graaf</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">760 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>56</b></font></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></TD>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p57"></a>Annual incentive<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
annual incentive awards for 2005 were subject to achievement of underlying sales
growth and trading contribution targets in combination with individual key strategic
business targets. The Committee measured the results against the targets set
and determined the annual incentive amounts for 2005. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p57a"></a>Long-term incentive arrangements</B></font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font color="#0070FF">&#8226;</font></TD>
    <td><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Global
      Performance Share Plan</font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          first award under this new plan was made to Executive</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors
          in 2005. The performance period of this award
is</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January
2005 to 31 December 2007 and therefore no award</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">vested
in 2005.</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font color="#0070FF">&#8226;</font></TD>
    <td><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">TSR
      Plan</font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vesting
          of the conditional award made in 2002 was based on</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
          TSR performance of Unilever (when ranked against
its</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">defined peer
group with competitors) over the three-year</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">performance
period ended 31 December 2004. For
this period,</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
was ranked 13 in this peer group and therefore no</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">vesting
occurred for this award in
March 2005. The conditional</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares
awarded in 2002 lapsed.</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font color="#0070FF">&#8226;</font></TD>
    <td><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      Matching Plan</font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          matching shares originally granted in 2000 and 2002 on a</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional
          basis vested in 2005, subject to
fulfilment of the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">retention
conditions.</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td><font color="#0070FF">&#8226;</font></TD>
    <td><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive
      Share Options</font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          grants of executive share options made in 2002 became</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercisable
          as from 2005. As the size of the 2002 grants
was</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">based on
Unilever&#146;s EPS performance, the options at vesting</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">were
subject to no further
conditions.</font></font></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p57b"></a>Pensions<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
response to changes in the pension tax regimes in both the Netherlands and the
UK:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          projected value of the Netherlands-based Executive</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Director&#146;s
          final benefit has been converted from a
reasonable</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">expectation
to a vested benefit, consistent with the treatment</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">adopted
for other Netherlands
senior executives with similar</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">expectations;
and</font></font></TD>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UK-based
          Executive Directors and other potentially affected</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">employees
          have been informed that the company will
offer</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">them the
option of capping their benefit provided by the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
UK Pension Fund at their personal
Lifetime Allowance</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and
receiving the balance of their benefit directly from the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">company.</font></font></TD>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
For Executive Directors appointed since 2005, the annual incentive no longer
forms part of pensionable salary.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p57c"></a>Arrangements for former Executive Directors in 2005<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At
the AGMs in May 2005, Antony Burgmans stepped down as Executive Director of the
Boards of Unilever NV and PLC and was appointed in a new role as Chairman of
both Boards. In line with the provisions of his contract, Mr Burgmans is receiving
salary and benefits until June 2006. From June 2006 he will start to receive
a Chairmanship fee. While he has received a pro-rated annual incentive payment
for his service to the 2005 AGMs, he has no further annual incentive entitlements.
Equally, he received no long-term incentive awards after the AGMs in May 2005
and will receive no further new awards. His existing long-term incentives are
subject to relevant provisions in the plan
rules. Mr Burgmans&#146; retirement date will be June 2006, then being 59, and
from this date he will receive a full pension as if he had retired at 60.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Clive Butler, Keki Dadiseth
and Andr&eacute; Van Heemstra stepped down as Executive Directors at the AGMs
in May 2005. Each has received a pro-rated annual incentive payment for service
to the 2005 AGMs. None received any new long-term incentive awards for the period
after May 2005 and their existing long-term incentives are subject to relevant
provisions in the plan rules. The company is respecting its contractual obligations
and has provided for each director to be paid their base salary and benefits
for the maximum of one year. Clive Butler and Keki Dadiseth have received their
payments as lump sums. Andr&eacute; Van Heemstra is receiving his payments on
a monthly basis. They receive their full pension benefits at 60 as if they had
retired on this date.</font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p57d"></a>Non-Executive Directors</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Non-Executive Directors receive fees and (where appropriate) an attendance allowance
from both NV and PLC. No other remuneration is given in respect of their Non-Executive
duties from either NV or PLC, such as annual incentives, share-based incentives
or pension benefits.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The level of their fees reflects their commitment and contribution to the companies.
The levels were last reviewed in 2004 against fees payable by comparable companies
in the UK
and
continental Europe, to ensure Unilever&#146;s levels reflected current market
practice and their increased responsibilities as Directors. The current fee levels
are set out below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Non-Executive Role</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fees payable by NV</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fees payable by PLC</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Senior Independent Director</font></TD>
        <TD width=24% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48 000</FONT></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=24% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Committee Chairman</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38 000</FONT></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other Non-Executive Directors</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32 000</FONT></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24 000</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
</div><br clear="all">
<p>&nbsp;</p>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>57</b></font></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<P>
<FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee</FONT><br>
<FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
<p><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p58"></a>Other items</FONT></p>
<font size="2">
<P>
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Unilever&#146;s share
performance relative to broad-based equity indices</b></FONT><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
UK Companies Act 1985 (schedule 7A) requires us to show Unilever&#146;s relative share performance, based on Total Shareholder Return, against a holding of shares in a broad-based
  equity index for the last five years. The Remuneration Committee has decided to show Unilever&#146;s
  performance against two indices, namely the FTSE 100 Index, London, and the
  Euronext AEX Index, Amsterdam as these are the most generally used indices
  in the UK and the Netherlands, where we have our principal listings.</FONT></P>
<P>
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Five-Year Historical TSR Performance</b></FONT><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Growth
in the value of a hypothetical &#163;100 holding over five years FTSE 100 comparison
based on 30 trading day average values</FONT></P>
</font><IMG src="b823372x61x1.jpg" width="100%" border=0>
<BR>
<P>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Five-Year Historical TSR Performance</b></FONT><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Growth in the
value of a hypothetical investment over five years AEX comparison based on 30
day average values</font></P>
<IMG src="b823372x61x2.jpg" width="100%" border=0></div>
<div style="float: right; width: 48%">
<FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p58a"></a>Remuneration committee</FONT><font size="2">
<P>
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Tasks and responsibilities</b></FONT><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Committee is responsible for making proposals to the Boards on the reward policy for Executive Directors. It is also responsible for setting individual reward packages for Executive
Directors and for monitoring and approving all share-based incentive arrangements. The Committee meets at least three times a year and, during 2005, it met on 6 occasions.</FONT></P>
<P>
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Structure and role</b></FONT><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Chairman of the Committee is Bertrand Collomb. The other two Non-Executive Directors of the Committee are David Simon and Jeroen van der Veer.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Non-Executive Directors are chosen for their broad experience and international outlook.</FONT></P>
<P>
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Advice and assistance</b></FONT><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Committee does not formally retain remuneration consultants. It seeks professional advice from external advisers as and when required. During 2005, the Committee sought advice from
Towers Perrin (an independent firm of human resources specialists) on market data, reward trends and performance-related pay. Towers Perrin also provides general consultancy advice to Unilever group companies on employee rewards, pension,
communications and other human resource matters.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Committee is supplied with information by Jan van der Bijl, who is also one of the Joint Secretaries of Unilever. </FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group Chief Executive can be invited to attend Committee meetings to provide his own insights to the Committee on business objectives and the individual performance of his direct
reports. Naturally, he does not attend when his own remuneration is being discussed.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Non-Executive Chairman can, in his role as Chairman of the Board, also attend the meetings.</FONT></P>
</font></div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">58</font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following section contains detailed information on the Executive Directors&#146; annual remuneration, long-term incentives, pension benefits and share interests in respect of
2005.</FONT></P>
<P><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<a name="p59"></a>Aggregate remuneration for Executive Directors</font></b></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The following table gives details of the aggregate remuneration (including long-term
incentives) received by Executive Directors as a group.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font>
</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Annual emoluments</font></b><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Base salary</FONT></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    5 219</font></b></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 927</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Allowances and other payments:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><div style="margin-left:3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Allowances</font></div></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    255</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">750</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"><div style="margin-left:3%">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other payments<SUP>(2)</SUP></FONT>&nbsp;
        </div></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2 586</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 806</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Value of benefits in kind</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    264</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">665</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Performance-related payments (annual incentive)<SUP>(3)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2 752</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 027</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Sub-total of annual emoluments</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    11 076</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 175</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2">
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other income arising from long-term incentives</FONT></font></b><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gains on exercise of share options</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    10</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 267</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vesting of matching shares</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    1 149</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">782</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vesting of TSR Long-Term Incentive Plans</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 105</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Total of annual emoluments and other income arising from long-term incentives</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    12 235</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 329</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual emoluments include: base salary; allowances; other payments (see footnote 2); and the value of benefits in kind earned in respect of 2005. It also includes the annual incentive
(both the cash element and the element paid in shares) payable in March 2006 relating to the performance year 2005.</FONT>      </TD>
</TR><TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other payments include payments to Antony Burgmans, Clive Butler, Keki Dadiseth and Andr&eacute; van Heemstra following contractual obligations to provide salary and
benefits.</FONT>        </TD>
</TR><TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The value of matching shares awarded on a conditional basis in respect of 2005 is not included. This will be reported in 2009 when the shares vest.</FONT>      </TD>
</TR><TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other income includes the gains realised in 2005 following the exercise of share options granted in earlier years and the value of matching shares vested in 2005. No value is attributed
to TSR Long-Term Incentive Plan as the shares which were conditionally granted in 2002 did not vest and lapsed in 2005.</FONT>  </TD>
</TR></TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>59</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<p><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee</FONT><font color="#0070FF"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<P><b>
<FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p60"></a>Remuneration for individual Executive Directors</FONT></b></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following table gives details of the total remuneration (including long-term incentives) received by each Executive Director.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD colspan=5 align=center>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Other income arising from</b></FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total of</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD colspan="9" align=center><font size="1"><b><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Annual Emoluments 2005</FONT></b><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></SUP></font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD colspan=5 align=center><font size="1">
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>long-term incentives
in 2005</b></FONT><b><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(</FONT></SUP></b><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2)</FONT></SUP></font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">annual</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">annual</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade></TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">emoluments</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">emoluments</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vesting of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">and other</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and other</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gains on</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">TSR/LTIP</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">income</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">income</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vesting of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2005</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">arising from</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">arising from</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Allowances</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Value of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">annual</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">annual</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of share</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">matching </FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(performance</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">long-term</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">long-term</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Base</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and other</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">benefits</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual </FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">emoluments</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">emoluments</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">options</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">period</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">incentives</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">incentives</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">salary</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">payments</FONT>
        </font></TD>
        <TD align=left><font size="1"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(3)</SUP></FONT></font></TD>
        <TD align=right><font size="1">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in kind</FONT>
        </font></TD>
        <TD align=left><font size="1"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(4) </SUP></FONT></font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">incentive</FONT></TD>
        <TD align=left><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(5)</sup></font></TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2005</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2005</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002-2004)</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">in 2005</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2004</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Name and Base Country</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font>
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; &#146;000</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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<TR valign="bottom">
        <TD colspan=2 align=left><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current Executive Directors</FONT></b></TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
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        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Patrick Cescau<SUP>(6) </SUP>(UK)</FONT></TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 336</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">94</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">98</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 016</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 544</FONT></b></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 779</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">198</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 742</FONT></b></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 897</FONT></TD>
</TR>
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kees van der Graaf (NL)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">751</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">338</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 119</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">600</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 173</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">600</FONT></TD>
</TR>
<TR valign="bottom">
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  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ralph Kugler<SUP>(7) </SUP>(UK)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">556</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">239</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">817</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">827</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
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</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Rudy Markham (UK)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">943</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">425</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 425</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 091</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">185</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 610</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 644</FONT></TD>
</TR>
<TR valign="bottom">
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</TR>
<TR valign="bottom">
        <TD align=left><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Position changed in 2005</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Antony Burgmans<SUP>(8) </SUP>(NL)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">592</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">913</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">266</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 802</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 732</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">241</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 043</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 573</FONT></TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Former Executive Directors (2005)</FONT></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
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        <TD align=left><font size="2">&nbsp;</font>

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        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Clive Butler<SUP>(9) </SUP>(UK)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">323</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">776</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">145</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 264</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">860</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">172</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 436</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 484</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Keki Dadiseth<SUP>(10) </SUP>(UK)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">414</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">186</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 221</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 144</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">137</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 358</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 659</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Andr&eacute; van Heemstra<SUP>(11) </SUP>(NL)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">304</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">431</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">137</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">884</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">851</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">162</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 046</FONT></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 645</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual emoluments includes base salary, allowances and other payments (see footnote 3) and the value of benefits in kind earned in respect of 2005. It also includes the annual incentive
(both the cash element and the element paid in shares) payable in March 2006 relating to the performance year 2005. The value of the matching shares conditionally awarded in 2006 in respect of the performance year 2005 is not included as these form
part of the long-term incentives and the value will be reported when they vest in 2009.</FONT>  </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other income includes the gains realised in 2005 following the exercise of
    share options granted in earlier years. It also includes the value of the
    matching shares vested in 2005, which were originally granted in 2000 and
    2002. No vesting occurred in 2005 with respect to the TSR </font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">LTIP
    shares granted in 2002 (performance period 2002 to 2004) as Unilever was
    ranked 13 in the peer
group and therefore no value is reported here.</FONT><font size="2">&nbsp; </font></TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Allowances include the following payments: allowances in lieu of company car; entertaining allowance; &#145;blind trust fees&#146;; and allowance to compensate for loss of net income
suffered because part of the income was paid in the Netherlands. All allowances are taxable in the country of residence of the Executive Director concerned apart from the entertaining allowance which is currently tax free in the Netherlands. For the
Former Executive Directors who stepped down at the AGMs in 2005 the allowance and other payments figures include the contractual provisions.</FONT>     </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes the value of the following benefits in kind: benefits for company car; housing; medical insurance benefit; and private use chauffeur driven cars. Included are the taxable
benefits which are taxable in the country of residence of the Executive Director.</FONT>        </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Part of the annual incentive is paid in the form of shares in NV and PLC. The value of these shares is included in the figures of the annual incentive shown above. In addition to these
shares, each Executive Director is awarded, on a conditional basis, an equivalent number of matching shares which are not included above. The value of these matching shares will be reported when they vest in 2009.</FONT>    </TD>
</TR><TR valign="middle">
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6)</FONT>&nbsp; &nbsp;        </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive from AGMs 2005.</FONT>    </TD>
</TR><TR valign="middle">
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7)</FONT>&nbsp;       </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Appointed as an Executive Director on 11 May 2005. Remuneration shown above covers the period from date of appointment.</FONT>  </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments and value of benefits in kind, following contractual
provisions, received base salary between June to December 2005 (&euro;828 000); June to December benefits (&euro;18 000); allowances (&euro;16 000). From June 2006, he will receive a Chairmanship fee.</FONT> </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments the total amount received as a lump sum payment of &euro;775
000 (comprising period June 2005 to June 2006) in accordance with contractual provisions.</FONT>        </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10)</FONT>&nbsp; &nbsp; &nbsp;        </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments the total amount received as a lump sum payment of &euro;557
000 (comprising period June to December 2005) in accordance with contractual provisions.</FONT> </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11)</FONT>&nbsp; &nbsp; &nbsp;        </font></TD>
        <TD width=100%>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments and value of benefits in kind the total received as monthly
payments amounting to &euro;426 000 comprising salary June to December 2005, also for June to December 2005 &euro;7 000 benefits and allowances &euro;3 000 in accordance with contractual provisions.</FONT>   </TD>
</TR></TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Figures have been translated into euros using the following exchange rate: &euro;1 = &#163;0.6837.</FONT></P>
<P>&nbsp;</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">60</font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>

<P><font color="#0070ff">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the
Remuneration Committee<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p61"></a>Executive Directors&#146; Global
Performance Share Plan</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following conditional shares were outstanding, awarded or vested during 2005
under the Global Performance Share Plan:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="center" valign="middle">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of conditional</FONT></TD>
        <TD colspan=3>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional grant made 18 May 2005</FONT></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of conditional</FONT></TD>
</TR>
<TR align="center" valign="middle">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares at 1 January 2005</FONT></TD>
        <TD colspan=3>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(Performance period 2005 to 2007<SUP>(1)</SUP>)</FONT></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares at 31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD colspan="2" align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of shares</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of shares</FONT></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Price at award</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of shares</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Patrick Cescau</FONT></TD>
        <TD width=16% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width=16% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=16% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 000</FONT></TD>
        <TD width=16% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;53.00</FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=17% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 000</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">538.50</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 000</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kees van der Graaf</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 000</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;53.00</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 500</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">538.50</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 500</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ralph Kugler</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 000</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;53.00</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 500</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">538.50</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 500</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Rudy Markham</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 000</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;53.00</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 000</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 500</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">538.50</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 500</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Each award of performance shares is conditional and vests subject to certain conditions (ungeared free cash flow performance and top-line growth performance) three years after the date
of the award. The 2005 awards are subject to the performance period 1 January 2005 to 31 December 2007.</FONT></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>61</b></FONT></TD>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p62"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<p><font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee</FONT></B><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font>
</p>
<p>&nbsp;</p>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Executive Directors&#146; conditional
share awards under the TSR Long-Term Incentive Plan</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional
rights to ordinary shares in NV and PLC were outstanding, granted or vested/lapsed
in 2005 as shown in the table below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan=3 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Conditional
    award </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="5" align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Conditional awards
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Balance
            of</FONT></TD>
        <TD align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan=3 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> made
    21 March 2005 </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="5" align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    lapsed 21 March 2005
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Balance
            of </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> conditional</FONT></TD>
        <TD align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan=3 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (Performance
    period </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="5" align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (Performance period
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> conditional </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> shares</FONT></TD>
        <TD align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan=3 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2005
    to 2007)<SUP>(1)</SUP> </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="5" align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2002 to 2004)<SUP>(2)</SUP>
        &nbsp;  &nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> shares
            at </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> at
      1 January</FONT></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD colspan="3" align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD colspan="5" align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Market
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Original
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    No. of</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    No. of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Price at
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    No. of
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    price
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    price
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    No. of
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Name</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    type</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    shares</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    shares</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    award
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    shares
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    at vesting
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    at award
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    shares
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current
    Executive Directors</font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Patrick Cescau</FONT></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 895</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7 890</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3 737
        </FONT></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD width=7% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    17 048
        </FONT></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    87 306</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    54 960</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (26 450
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    115 816
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Kees van der Graaf</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7 739</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 931</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 243
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10 427
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    52 376</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    34 352</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (15 870
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    70 858
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ralph Kugler<SUP>(3)</SUP></FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10 427</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10 427
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    70 858</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    70 858
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rudy Markham</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 895</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 931</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3 737
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14 089
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    87 306</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    34 352</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (26 450
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    95 208
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Position
    changed in 2005</FONT></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Antony Burgmans</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    20 634</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (5 980
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14 654
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    139 680</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (42 319
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    97 361
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Former
    Executive Directors (2005)</font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Clive Butler</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 895</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3 737
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    9 158
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    87 306</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (26 450
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60 856
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Keki Dadiseth</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 895</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3 737
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    9 158
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    87 306</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (26 450
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60 856
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Andr&eacute; van Heemstra</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 895</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3 737
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.70</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.90</FONT>
        </FONT></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    9 158
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    87 306</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (26 450
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</FONT></TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60 856
        </FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The end date of the performance period in respect of the conditional award made in 2005 is 31 December 2007.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The conditional awards made in 2002, which vested in 2005 were based on the TSR performance of Unilever (when ranked against its defined peer group) over the three-year performance
period ending 31 December 2004. For this period, Unilever was ranked 13 out of its peer group and therefore no vesting occurred for this award in March 2005 and the awarded shares of the award 2002 lapsed.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of conditional shares as from the date of appointment as Executive Director. Awards and vestings before are included in the balance.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Stepped down as Executive Director in May 2005. Balance is at May 2005.</FONT></TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">TSR ranking of Unilever shares against its defined peer group of companies for period 2003 to 2005</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following
graph shows Unilever&#146;s position relative to the TSR peer group of companies
for each of the three performance periods ending 31 December 2003,
2004 and
2005.</font></P>
<p><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever&#146;s
    position relative to the TSR reference group</FONT></B></p>
<p><BR>
  <IMG src="b823372x65x1.jpg" border=0>
  <BR>
    <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The reference
      group, including Unilever, consists of 21 companies. Unilever&#146;s position
    is</FONT><font size="1"><br>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">based on TSR over a three-year rolling period.</FONT></font></p>
<p>&nbsp; </p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>62</b></FONT></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</FONT></TD>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p63"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070ff">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Executive
Directors&#146; Share Matching Plan</FONT></B><font size="2"><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following conditional shares were outstanding, awarded or vested during 2005 under the share matching plan:</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="11" align=center>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares vested during 2005</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional</FONT></TD>
        <TD colspan=4 align=center>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional shares</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="11" align=left><hr size="1" noshade>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD colspan=4 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    awarded in 2005<SUP>(1)</SUP>
        </FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan=5 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Shares vested on 21 March 2005<SUP>(2)</SUP>
        </FONT></TD>
        <TD colspan=6 align=center><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Shares vested on 21 March 2005<SUP>(3)</SUP>
        </FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares at</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="3" align=left><hr size="1" noshade>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="5" align=left><hr size="1" noshade>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD colspan="5" align=left><hr size="1" noshade>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Market</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Original</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Market</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Original</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Price at</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">price</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">price</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">price</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">price</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No. of</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="middle">
        <TD align=left>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Name</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">type</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">award</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at vesting</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at award</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at vesting</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at award</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current
    Executive Directors</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Patrick Cescau</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 255</FONT></TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">271</FONT></TD>
        <TD width="1%" align=right>&nbsp;
        </TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD width="1%" align=left>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(421</FONT></TD>
        <TD width="2%" align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;49.90</FONT></TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 461</FONT></TD>
        <TD width="1%" align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD width="1%" align=right>&nbsp;</TD>
        <TD width="6%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 644</FONT></TD>
        <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29 042</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 896</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 327</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">392.80p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10 342</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 269</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kees van der Graaf</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 715</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">238</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(97</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(6<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></SUP></FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;53.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(425</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 431</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 940</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 664</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(726</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(6<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></SUP></FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">432.75p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 008</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 870</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ralph Kugler<SUP>(4)</SUP></FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 453</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 453</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 567</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 567</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Rudy Markham</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 657</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">328</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(436</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;49.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 324</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 225</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25 095</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 282</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 445</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">392.80p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9 370</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14 562</FONT></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Position
    changed in 2005</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Antony Burgmans</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 259</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">337</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(525</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;49.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 768</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 303</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35 877</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 342</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 147</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">392.80p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12 516</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 556</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Former
    Executive Directors (2005)</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Clive Butler</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 357</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">94</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(481</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;49.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 151</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 819</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23 120</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">657</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 802</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">392.80p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8 148</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 827</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Keki Dadiseth</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 462</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">121</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 318</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 265</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23 220</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">841</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9 327</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14 734</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
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  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Andr&eacute; van Heemstra</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 044</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">90</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(588</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;49.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(953</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;50.70</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;66.90</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 593</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 910</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">627</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 417</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">392.80p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6 745</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">505p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">583p</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 375</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Each award of matching shares is conditional and vests three years after the date of the award subject to certain conditions. The 2005 award was made on 21 March 2005 and will vest on
21 March 2008.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The conditional shares awarded on 21 March 2000 (relating to the 1999 performance period) vested on 21 March 2005.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The conditional shares awarded on 21 March 2002 (relating to the 2001 performance period) vested on 21 March 2005.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of conditional shares as from the date of appointment as Executive Director.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance is at May 2005 when they stepped down as Executive Director.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional shares awarded 15 May 2000.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The closing market prices of ordinary shares at 31 December 2005 were &euro;57.85 (NV shares) and 576.5p (PLC shares). During 2005 the highest market prices were &euro;60.80 and
602.5p respectively, and the lowest market prices were &euro;48.39 and 487.5p respectively.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>63</b></FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p64"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee</FONT></B><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT>
  </font>
</p>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Executive
      Directors&#146; share options<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Details
of the option plans under which Executive Directors and employees are able to
acquire ordinary shares of NV and PLC are shown in note 31 on pages 132 to 141.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Options to acquire NV ordinary shares of &euro;0.51 each and options to acquire
PLC ordinary shares of 1.4p each were granted, exercised, lapsed and held during
2005 as
follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="3" align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Options
    outstanding </font></TD>
  <TD align="center"><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Options
    outstanding </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="3" align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> below
    market price </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align="center"><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> above
    market price </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD colspan="3" align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> at
    31 December 2005 </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD align="center"><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> at
    31 December 2005 </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;
</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD><hr size="1" noshade>
        </TD>
        <TD><hr size="1" noshade></TD>
        <TD><hr size="1" noshade></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><hr size="1" noshade>
        </TD>
        <TD><hr size="1" noshade></TD>
        <TD><hr size="1" noshade></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD valign="top"><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Balance of
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Number
        </font></TD>
        <TD valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of options
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Balance of
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Weighted
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Weighted
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
options at
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of options
        </font></TD>
        <TD valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
exercised/
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
options at
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
average
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
average
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
First</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Final</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Share</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
granted
        </font></TD>
        <TD valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
lapsed
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</font><font size="1">&nbsp;</font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Number</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
exercise
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Number</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
exercise
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
exercisable</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
expiry</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
        <TD align="left"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Name</font></TD>
        <TD><font size="1">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">type</FONT></font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
in 2005
        </font></TD>
        <TD valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
in 2005
        </font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of shares</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
price
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of shares</font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
price
        </font></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
date</font></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
date</font></TD>
  <TD><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Current Executive Directors</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Patrick Cescau</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD width=5% align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD width=1% align=left>

        </TD>
        <TD width=6% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
86 193
        </font></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=6% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 500
        </font></TD>
        <TD width=2% align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> <sup>(1)</sup></font></TD>
        <TD width=1% align=left></TD>
        <TD align=left>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
89 722
        </font></TD>
        <TD width=1% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=6% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
45 079</font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.99</FONT>
        </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=6% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
44 643</font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.25</FONT>
        </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=6% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
08/05/01</font></TD>
        <TD width=1% align=right>&nbsp;</TD>
        <TD width=6% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
08/11/15</font></TD>
    <TD width=1% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 029
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(2)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
581 666
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
10 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
606 591
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
364 551</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">499.4</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
242 040</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">607.74</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
08/05/01</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
08/11/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
14 925
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(2)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
200
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(3)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
150</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.60</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.28</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/06/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17/05/10</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Kees van der Graaf</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
43 950
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
600
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP>
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
45 150
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
27 750</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54.90</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17 400</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65.81</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
08/11/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
600
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(2)</SUP>
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
293 000
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP>
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
301 000
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
169 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">506.651</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
132 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">585.568</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
08/11/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(2)</SUP>
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(3)</SUP>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (50)
</font></TD>
        <TD align=left><font size="1"><sup><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</font> </sup></font></TD>
        <TD align=left><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
150</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.60</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.28</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/06/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17/05/10</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UK ShareSave Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 054
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP>
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 054
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 054</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">541</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
01/10/10</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/03/11</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ralph Kugler</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
58 875
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(8)</sup></font></TD>
        <TD align=left><font size="2">&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
58 875
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
40 200</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54.56</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
18 675</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.12</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/03/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
392 500
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(8)</sup></font></TD>
        <TD align=left><font size="2">&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
392 500
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
232 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">481.065</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
160 500</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">584.729</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/03/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(8)</sup></font></TD>
        <TD align=left><font size="2">
<SUP> </SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(3)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">53.00</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
18/05/05</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17/05/10</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UK ShareSave Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 970
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(8)</sup></font></TD>
        <TD align=left><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 054
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(5)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(3 970)
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(6)</sup></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 054
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 054</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">541</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
01/10/10</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/03/11</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Rudy Markham</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
86 550
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 500
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
88 050
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
52 500</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51.08</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
35 550</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.63</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
02/06/00</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/03/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
609 292
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
10 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
619 292
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
367 292</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">460.49</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
252 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">610.43</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
06/12/99</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/03/15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(3)</SUP></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (50) </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(4)</sup></font></TD>
        <TD align=left><font size="2">
<SUP> </SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
150</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.60</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.28</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/06/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17/05/10</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UK ShareSave Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
6 336
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(3 283)
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(7)</sup></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 053
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 053</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">535.5</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
01/10/09</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/03/10</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left valign="bottom"><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
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  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>Position
    changed in 2005</b></font></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left valign="top"><font size="2">&nbsp;</font></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Antony Burgmans</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
103 200
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 400
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
105 600
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
67 800</font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.82</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
37 800</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65.33</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/09/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
688 000
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
16 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
704 000
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
440 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">486.02</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
264 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">585.57</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/09/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (50) </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(4)</sup></font></TD>
        <TD align=left><font size="2">
<SUP> </SUP></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
200
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.40</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.28</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/06/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/05/09</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left valign="bottom"><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>Former
    Executive Directors (2005)</b> </font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left valign="top"><font size="2">&nbsp;</font></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Clive Butler</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
89 252
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 500
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP>
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
90 752
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
54 752</font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50.74</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
36 000</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.64</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
02/06/00</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/09/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
803 384
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
10 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 813
    384 </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
558 384</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">408.682</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
255 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">610.588</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
11/12/98</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/09/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
150</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.62</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.28</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/06/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/05/09</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Keki Dadiseth</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
63 150
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 500
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
64 650
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
43 800</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.10</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20 850</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.71</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
02/06/00</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/09/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
426 892
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
10 000
        </font></TD>
        <TD align=left valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(1)</SUP></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 436
    892 </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
246 892</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">461.551</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
190 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">597.853</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
29/05/99</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
20/09/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.40</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
02/06/03</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/05/09</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
UK ShareSave Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 744
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 744
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 744</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">603</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
    </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
01/06/05</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
30/11/05</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Andr&eacute; van Heemstra</font></TD>
        <TD align=right>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
55 650
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
55 650
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
33 600</font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55.11</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
22 050</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65.59</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/01/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
371 000
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 371
    000 </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
197 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">514.513</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
174 000</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">586.379</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</font>
        </font></TD>
        <TD align=left><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
24/03/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/01/08</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NL All-Employee Plan</font></TD>
        <TD align=right><font size="2">
 &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
200
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="top"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
200
        </font></TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52.40</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.28</FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/06/02</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12/05/09</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
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  <TD align=left valign="bottom"><hr size="2" noshade></TD>
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  <TD align=left><hr size="2" noshade></TD>
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  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>64</b></font></td>
    <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p65"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <TD><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of
      the Remuneration Committee<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Footnotes for table on preceding page:</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(1)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Premium grants made under the Executive Plan on 21 March 2005 at an option price
of &euro;50.70 (NV shares) and 505p (PLC shares).       </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(2)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Premium grants made under the Executive Plan on 9 November 2005 at an option
price of &euro;56.85 (NV shares) and 563p (PLC shares). </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(3)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Grants made under the Netherlands All-Employee Option Plan on 18 May 2005 at
an option price of &euro;53.00 (NV shares).     </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(4) </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Options exercised on 3 June 2005 at a market price of &euro;54.70 (NV shares).
The options were originally granted in 2000 at an option price of &euro;53.05.  </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(5)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Options granted on 7 June 2005 at an option price of 541p per share.    </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(6) </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Options exercised on 5 October 2005 at a market price of 592.5p. The options
were originally granted on 9 June 2000 at an option price of 425p.      </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(7) </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Options lapsed without value on 31 March 2005.  </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(8)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Newly appointed as an Executive Director in May 2005. Balances shown are as at
date of appointment.    </font></TD>
</TR>
<TR>
        <TD  valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(9)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Stepped down from the Boards in May 2005. Balances shown are as at date of retirement
from the Boards.        </font></TD>
</TR>
</TABLE>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The value, calculated in accordance with an adjusted Black-Scholes pricing method
in respect of options granted in 2005 to the current Executive Directors was
as follows: Patrick Cescau &euro;85 550; Kees van der Graaf &euro;33 193; Rudy
Markham &euro;32 157; and Ralph Kugler &euro;5 507.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The term &#146;Executive Plan&#146; refers to options granted under the PLC,
NV or North America Executive Option Plans.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The closing market prices of ordinary shares at 31 December 2005 were &euro;57.85
(NV shares), 576.5p (PLC shares). During 2005 the highest market prices were &euro;60.80
and 602.5p
respectively, and the lowest market prices were &euro;48.39 and 487.5p respectively.</font></P>
<P>&nbsp;</P>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <TD><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>65</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p66"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Executive
      Directors&#146; pensions</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(1)<br>
</SUP></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
values for the year ended 31 December 2005 are set out below.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="right" valign="bottom">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align="right"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Increase</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align="right"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Increase
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Transfer value
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
in transfer value</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Individual</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>Transfer value</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align="right"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Accrued
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
in accrued
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>Accrued</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of accrued
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
during 2005</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
contributions</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>of accrued</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR align="right" valign="bottom">
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align="right"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Age at</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
pension at
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
pension
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>pension at</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
pension at
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(less individual</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
made during</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>pension at</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR align="right" valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Name and</font></TD>
        <TD align="right"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/12/05</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/12/04
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(2)</SUP>
        </font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
during 2005</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(3)</sup></font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>31/12/05</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(2)</SUP></font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31/12/04
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<SUP>(4)</SUP></font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
contributions)</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<B>31/12/05</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(4)</sup></font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR align="right" valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
base country</font></TD>
        <TD align="right"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
     <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT></b>000pa
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
     <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT></b>000pa
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT>000
pa      </b></font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
</font>
        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT></b>000
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
     <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT></b>000</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
     <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT></b>000</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; &#146;</FONT>000</b>   </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>Current
    Executive Directors</b></font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Patrick Cescau (UK)</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
57</font></TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
873
        </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
60
        </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>933</B>
        </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
14 459
        </font></TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 239</font></TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
72</font></TD>
        <TD width=2% align=left>

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>16 770</B>
        </font></TD>
        <TD width=1% align=left>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Kees van der Graaf<SUP>(5) </SUP>(NL)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
331
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
207
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>538</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4 158
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 776</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
8</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>6 942</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ralph Kugler<SUP>(6) </SUP>(UK)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
49</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
338
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
58
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>396</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 647
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 733</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>5 411</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Rudy Markham (UK)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
59</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
678
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
74
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>752</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
13 347
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 746</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
54</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>15 147</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Position changed in 2005</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Antony Burgmans<SUP>(7) </SUP>(NL)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
959
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
155
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 114</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
14 151
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 738</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
16</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>17 905</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Former Executive Directors (2005)</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Clive Butler<SUP>(8) </SUP>(UK)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
59</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
570
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
48
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>618</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
10 959
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 260</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>12 236</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Keki Dadiseth<SUP>(8) </SUP>(UK)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
60</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
750
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
43
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>793</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
15 156
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 058</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
23</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>16 237</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Andr&eacute; van Heemstra<SUP>(8)</SUP>(NL)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
566
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
18
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>584</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
8 609
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
624</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
8</font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>9 241</B>
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
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  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The increase in transfer value during 2005 includes the effect of salary increases, additional service, benefit enhancements and any changes in actuarial bases.</FONT></P>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
        <TD width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(1)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Figures have been translated into euros where necessary using the following exchange
rates: 31 December 2004 &euro;1.00 = &#163;0.7069; 31 December 2005 &euro;1.00
= &#163;0.6864;
and average for the year ended 31 December 2005 &euro;1.00 = &#163;0.6837.      </font></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(2)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Calculated on a deferred basis using the Executive Directors&#146; service to
31 December 2004 and 31 December 2005 respectively on the basis that the Executive
Directors remain in service until at least age 60 and that the pension payment
commences at that time. It includes all pensions provided from Unilever pension
plans. In the event that an Executive Director leaves service prior to age 60
and the payment of pension commences earlier than age 60, the pension payable
would be on a reduced basis. The Netherlands-based Executive Director&#146;s
arrangements, which previously operated on the basis of a justifiable expectation
and did not provide vested deferred entitlement, have been converted to a vested
benefit, consistent with the treatment adopted for other Netherlands senior executives
with similar expectations.      </font></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(3)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Includes the effect of inflation on the accrued pension at 31 December 2004.    </font></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(4)</font></TD>
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the Netherlands-based
Executive Director&#146;s arrangement calculated on the basis used by the Unilever
Netherlands pension plan</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (&#145;Progress&#146;),
as prescribed by the Netherlands Ministry of Social Affairs and Employment. For
the UK based Executive Directors&#146; arrangement calculated on the market related
basis used by the Unilever United Kingdom pension plan (UUKPF), in line with
the GN11 guidance note published by the Institute and Faculty of Actuaries in
the United Kingdom. Changes in the bases during 2005 had the effect of significantly
increasing transfer values for the UK based Executive Directors.</font> </font></TD>
</TR><TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(5)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Reached age 55 during the year, hence values at 31 December 2005 include the
NV arrangement (see footnote 2 above).  </font></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(6)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Joined the Boards in May 2005. Figures shown in the table above relate to the
date of joining the Boards, or the period starting on that date, as appropriate.
Figures at 10 May 2005 include pension, and the transfer value of pension, accrued
prior to becoming an Executive Director.        </font></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(7)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Changed from Executive to Non-Executive Director in May 2005. Figures shown in
the table above are at the date of change or the period ending on that date,
as appropriate. </font></TD>
</TR>
<TR valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(8)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Stepped down from the Boards in May 2005. Figures shown in the table above are
at the date they stepped down, or the period ending on that date, as appropriate.       </font></TD>
</TR>
</TABLE>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Listing Rules of the Financial Services Authority are different from the
Directors&#146; Remuneration Report Regulations 2002 and require the following
disclosures for defined benefit pension plans which are calculated on an alternative
basis to those disclosed in the table above:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <TD><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Increase
          in accrued pension during 2005 (excluding the effect of inflation on
          the accrued pension at 31 December 2004):</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Patrick Cescau &euro;37 000;
          Kees van der Graaf &euro;204 000; Ralph Kugler &euro;38 000; Rudy Markham &euro;35
          000; Antony Burgmans</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;147 000; Clive Butler &euro;15
          000; Keki Dadiseth &euro;nil; and Andr&eacute; van Heemstra &euro;13
    000; and</font></font></td>
  </tr>
  <tr valign="top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
  </tr>
  <tr valign="top">
    <TD>&#8226;</td>
    <TD><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Transfer
          value at 31 December 2005 of the increase or decrease in accrued pension
          during 2005 (excluding the effect of inflation</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">on the accrued pension at
          31 December 2004 and less individual contributions): Patrick Cescau &euro;585
          000; Kees van der Graaf</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;2 571 000; Ralph Kugler &euro;490
          000; Rudy Markham &euro;661 000; Antony Burgmans &euro;2 353 000; Clive
          Butler &euro;264 000;</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Keki Dadiseth &euro;(29 000);
    and Andr&eacute; van Heemstra &euro;172 000.</font></font></td>
  </tr>
</table>

<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Dutch Corporate Governance Code requires the following disclosure of pension
service costs charged to operating profit: Patrick Cescau &euro;693 000; Kees
van der Graaf &euro;676 000; Ralph Kugler &euro;162 000; Rudy Markham &euro;275
000; Antony Burgmans &euro;1 684 000; Clive Butler &euro;257 000; Keki Dadiseth &euro;386
000; and Andr&eacute; van Heemstra &euro;268 000.</font></P>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>66</b></font></td>
    <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p67"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee </FONT></B><font color="#0070FF"><br>
    <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Executive
Directors&#146; interests &#150; share capital</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
interests in the share capitals of NV and PLC and their group companies of those
who were Executive Directors at 31 December 2005 and of their immediate families
were as shown in
the table below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD rowspan="4" align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares held at</FONT></TD>
        <TD rowspan="4" align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares
            held at</FONT></TD>
        <TD rowspan="4" align=right><font size="1">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2005</FONT></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
            December 2005</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(excluding unvested</FONT></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(excluding
            unvested</FONT></TD>
  </TR>
<TR align="right" valign="bottom">
        <TD align=left>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Name</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Share type<SUP>(1)</SUP></FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">matching shares)</FONT></TD>
        <TD> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">matching
            shares)</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Patrick Cescau<SUP>(2)</SUP></FONT></TD>
        <TD width=10% align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 964</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23
            117</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51 123</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">89
            400</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kees van der Graaf</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 426</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
            236</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 066</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26
            750</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ralph Kugler<SUP>(3)</SUP></FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 876</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13
            876</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36 123</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36
            144</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Rudy Markham</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40 210</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42
            348</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">128 180</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">143
            571</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV shares are ordinary &euro;0.51 shares and PLC shares are ordinary 1.4p shares.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balances include under NV 12 905 NV New York shares and under PLC 5 678 ADRs (22 712 PLC) shares.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Opening balance for Ralph Kugler is at appointment as Executive Director in May 2005.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Executive Directors, in common with other employees of PLC and its United Kingdom subsidiaries, had beneficial interests in 48 888 961 PLC ordinary shares at 1 January 2005 and 43
232 118 PLC ordinary shares at 31 December 2005, acquired by the Unilever Employee Share Trust (Jersey) for the purpose of satisfying options and vesting of shares under various group share plans (including the PLC Executive Option Plans and the UK
Employee ShareSave Plan). Further information, including details of the NV and PLC ordinary shares acquired by certain group companies in connection with other share-based compensation plans, is given in note 31 on pages 132 to 141.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The voting rights of the Directors who hold interests in the share capitals of
NV and PLC are the same as for other holders of the class of shares indicated.
None of the Directors&#146; or other executive officers&#146; shareholdings amounts
to more than 1% of the issued shares in that class of share. Except as stated
above, all shareholdings are beneficial.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The only changes in the interests of the Executive Directors and their families
in NV and PLC ordinary shares between 31 December 2005 and 28 February 2006 were
that:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> The
        holding of the Unilever Employee Share Trust (Jersey) has reduced to
    42 486 540 PLC ordinary shares;</font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kees
          van der Graaf, Ralph Kugler and Rudy Markham each acquired further
          interests in 43 PLC ordinary shares during January and</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">February due to monthly ShareBuy
    purchases; and</font></font></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Patrick
    Cescau purchased on 10 February 1 150 Unilever N.V. shares.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>67</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p68"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee</FONT></B><font color="#0070FF"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>

<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Non-Executive
Directors&#146; remuneration</B></font><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
total fees payable to each Non-Executive Director in 2005 are set out below.
Figures for 2004 include those fees payable prior to May 2004 in their capacity
as Advisory
Directors.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fees payable</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Attendance</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total fees paid</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total fees paid</FONT></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Name</FONT></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">in 2005</FONT></B>
        </TD>
        <TD align=left>
<SUP><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">allowance</FONT></B><SUP><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">in 2005</FONT></B>
        </TD>
        <TD align=left>
<SUP><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2004</FONT></TD>
        <TD align=left>
<SUP><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></SUP>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Bertrand Collomb<SUP>(1)</SUP></FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">100 654</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</FONT></TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">100 654</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</FONT></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">85 726</FONT></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Leon Brittan<SUP>(2)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">62 133</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Lynda Chalker<SUP>(3)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">80 415</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">80 415</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">71 049</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Wim Dik<SUP>(2)(4)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63 261</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Oscar Fanjul<SUP>(4)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63 261</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Hilmar Kopper<SUP>(5)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">80 415</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">80 415</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">72 177</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
David Simon<SUP>(6)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">62 133</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Jeroen van der Veer<SUP>(6)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67 102</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63 261</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Claudio Gonzalez<SUP>(4)(8)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27 959</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>25 770</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">53 729</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">99 001</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Antony Burgmans<SUP>(2)(7)</SUP></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Senior Independent Director, Vice Chairman NV and PLC, and Chairman of Nomination Committee and Remuneration Committee.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Member of External Affairs and Corporate Relations Committee.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman of External Affairs and Corporate Relations Committee.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Member of Audit Committee.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman of Audit Committee.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Members of Nomination Committee and Remuneration Committee.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman NV and PLC, and Nomination Committee member. Non-Executive Director as from AGMs 2005. Antony Burgmans did not receive a fee as Chairman in 2005. For further details of his
remuneration please refer to page 60.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Stepped down at 2005 AGMs.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Covers total fees received from both NV and PLC.</FONT></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>68</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Remuneration Committee <br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued) </FONT></p>
<p>&nbsp;</p>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p69"></a>Non-Executive
Directors&#146; interests &#150; share capital</B></font><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
interests in the share capitals of NV and PLC and their group companies of those
who were Non-Executive Directors as at 31 December 2005 (including those of their
immediate
families) were as shown below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares held at</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares
            held at</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Name</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share Type</FONT><SUP><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></SUP>&nbsp;
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2005</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
            December 2005</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Antony Burgmans<SUP>(2)</SUP></font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37 941</FONT></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44
            616</FONT></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(3)</sup></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 750</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">89 465</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130
            026</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bertrand Collomb</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">111</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">111</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Leon Brittan</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Lynda Chalker</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 526</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
            526</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Wim Dik</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Oscar Fanjul</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">692</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">692</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Hilmar Kopper</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">David Simon</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 051</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
            158</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Jeroen van der Veer</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 600</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
            600</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Except where otherwise stated, NV shares are ordinary &euro;0.51 shares and PLC shares are ordinary 1.4p shares.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance at 1 January 2005 as Executive Director.</FONT></TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Held as preference shares of &euro;0.05.</FONT></TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">There were no changes in the interests of the Non-Executive Directors and their immediate families in NV and PLC ordinary shares between 31 December 2005 and 28 February 2006.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Report has been approved by the Boards and has been signed on their behalf
by the Joint Secretaries, J A A van der Bijl and S G Williams.</font></P>
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">By order of the Boards</FONT></p>
<p>&nbsp;</p>
<p><font size="2"><BR>
  <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">J A A van der Bijl</FONT></B><BR>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">S G Williams</FONT></B></font></p>
<p><font size="2"><BR>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint Secretaries of Unilever N.V. and Unilever PLC</FONT></font></p>
<p><font size="2"><BR>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 February 2006</FONT></font></p>
<p><font size="2"><BR>
</font></p>
<font size="2">
<P>
  <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p69a"></a>Definition of auditable part of the report of the Remuneration Committee</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
  </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
  compliance with the UK Directors&#146; Remuneration Report Regulation 2002, and under Title 9, Book 2 of the Civil Code in the Netherlands, the auditable part of the report of the
  Remuneration Committee comprises the &#146;Aggregate remuneration for Executive Directors&#146; on page 59, the &#146;Remuneration for individual Executive Directors&#146; on page 60, the &#145;Executive Directors&#146; Global Performance Share
  Plan&#146; on page 61, the &#146;Executive Directors&#146; conditional share awards under the TSR Long-Term Incentive Plan&#146; on page 62, the &#145;Executive Directors&#146; Share Matching Plan&#146; on page 63, &#146;Executive Directors&#146;
  share options&#146; on pages 64 and 65, &#146;Executive Directors&#146; pensions&#146; on page 66, &#146;Executive Directors&#146; interests &#150; share capital&#146; on page 67, &#145;Non-Executive Directors remuneration&#146; on page 68 and
&#145;Non-Executive Directors&#146; interests &#150; share capital&#146; on page
69.</FONT></P>
</font>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>69</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p70"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Audit Committee</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The role of the Audit Committee is to assist the Unilever Boards in fulfilling their oversight responsibilities regarding the integrity of Unilever&#146;s financial statements, risk
management and internal control, compliance with legal and regulatory requirements, the external auditors&#146; performance, qualifications and independence, and the performance of the internal audit function. During the year ended 31 December 2005
the principal activities of the Committee were as follows:</FONT></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Financial statements<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Committee considered reports from the Chief Financial Officer on the quarterly
and annual financial statements and reviewed the Annual Report and Accounts prior
to
publication.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Audit of the Annual Accounts<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PricewaterhouseCoopers,
Unilever&#146;s external auditors, reported in depth to the Committee on the
scope and outcome of the annual audit. Their reports included accounting matters,
governance and control, and accounting developments.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Risk management and internal control arrangements<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Committee reviewed Unilever's overall approach to risk management and control,
and its processes, outcomes and disclosure, including specifically:</font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporate
          Audit&#146;s interim and year-end reports on the Status of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risk
          Management &amp; Control, and
management&#146;s response;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          report from the Chief Financial Officer on business risks and</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">positive
          assurance on operating controls and
corporate policies;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
          interim and year-end reports from the Code of Business</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Principles
      Compliance Committee;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Monitoring
          the resolution of complaints received through the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">global
          Ethics hotline which included a procedure for
handling</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">complaints
and concerns relating to accounting, internal control</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and
auditing matters;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Monitoring
          progress of the implementation of the requirements</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">under
          Section 404 of the Sarbanes-Oxley Act of 2002
with</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">respect
to internal controls over financial reporting;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A review
      of pensions arrangements;</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reviewing
          the management of transition risks arising from</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">changes
          in the organisation and operating
framework;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A
          review of treasury and tax matters relating to investment</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">hedging
          and gearing, and developments on engaging with
tax</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">authorities;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A review
      of anti-fraud arrangements;</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A
          review of the </font><i><font face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </font></i><font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">impairment and a learning
          review of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
      accounting process;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A review
      of financing strategy; and</font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A review
      of risk management in the outsourcing projects.</font></td>
  </tr>
</table>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>External auditors<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Audit Committee undertakes a periodic formal review of the appointment of external
auditors, and the most recent review was completed in November 2005. The Committee
has approved the extension of the current external audit contract by one year,
and recommended to the Boards the reappointment of the external auditors. On
the recommendation of the Audit Committee, the Directors will be proposing the
reappointment of PricewaterhouseCoopers at the AGMs in May 2006 (see pages 173
and 178).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Both Unilever and the auditors have for many years had safeguards in place to
avoid the possibility that the auditors&#146; objectivity and independence could
be compromised. The Committee reviewed the report from PricewaterhouseCoopers
confirming</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
their independence and objectivity, and also conducted a formal evaluation of
the effectiveness of the external audit process.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The committee also reviewed the statutory audit, other audit, audit-related,
tax and other services provided
by</font> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PricewaterhouseCoopers,
and compliance with Unilever&#146;s policy, which prescribes the types of engagements
for which the external auditors can be used. In 2005, the Audit Committee also
reviewed and approved the policy regarding the pre-approval of the non-audit
services. All non-audit services undertaken by the external auditors were reviewed
and authorised by the Committee in line with the policy and further information
on
all of these services is noted immediately following this report.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee held independent meetings with the external auditors during the
year.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The external auditors report to the Directors and the Audit Committee on the
actions they take to comply with the professional and regulatory requirements
and best practice designed to ensure their independence from Unilever, including,
for example, the periodic rotation of key team members. The UK lead partner in
charge of the audit, who was appointed in 2001, will rotate off at the 2006 AGM
and a new lead partner will be
appointed by PricewaterhouseCoopers LLP.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Internal audit function<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Committee engaged in discussion and review of the Corporate Audit Department&#146;s
audit plan for the year, and approved its budget and resource requirements.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee approved the appointment of a new Chief </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Auditor
arising from the transfer of the previous holder to a new senior finance position
following organisational changes.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee carried out a formal evaluation of the performance of the internal
audit function and confirmed that they were satisfied with their relationship
with the Chief
Auditor.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Committee held independent meetings with the Chief Auditor during the year.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Audit Committee terms of reference<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Audit Committee&#146;s terms of reference were updated in 2005 to reflect the
realignment of the roles previously carried out by the Corporate Risk Committee,
and also to include an annual review of the Group&#146;s anti-fraud arrangements.
In February 2006, the terms of reference were updated to reflect requirements
under the Dutch Corporate Governance Code that the Audit Committee has oversight
of the policy of the Group on tax planning, the financing of the Group, and the
applications of information and communication technology. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Audit Committee carried out a self-assessment of its own performance.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Audit Committee&#146;s
terms of reference can be viewed on Unilever&#146;s website at<br>
</font><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">www.unilever.com/investorcentre/corpgovernance</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">.</font></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Hilmar Kopper </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman of the Audit Committee<br>
</FONT></font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Wim
Dik <br>
Oscar Fanjul</B></font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>70</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p71"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report
            of the Directors</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the Audit Committee<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Services provided by external auditors<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
overview, our procedures in respect of services provided by PricewaterhouseCoopers
are:</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Statutory audit:<br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Procedures
in respect of statutory audit services are detailed on page 70. This category
includes fees for the statutory audit of Unilever&#146;s financial statements
and those of its
subsidiaries.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other audit services:<br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
is audit and similar work that regulations or agreements with third parties require
the auditors to undertake. These services include procedures undertaken by our
external auditors in connection with borrowings, shareholder and other circulars
and various other regulatory reports.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Audit-related services:<br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
is work that, in their position as the auditors, they are best placed to undertake.
It includes internal control reviews, other reports and work in respect of acquisitions
and
disposals.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Tax services:<br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In cases
where they are best suited, we use the auditors. All other significant tax consulting
work is put to tender.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
General consulting and other services:<br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Since
early 2002, our policy has been that our external auditors may not tender for
any new general consulting work. We use our auditors to perform a limited number
of other services, including risk management advisory work and training, where
these are compatible with their work and subject to the appropriate level of
pre-approval.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Audit Committee&#146;s policy regarding the pre-approval of the above non-audit
services lists in detail the particular services which PricewaterhouseCoopers
is and is not permitted
to provide.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In the case of the types of work which PricewaterhouseCoopers is allowed to perform,
the policy provides that they are only appointed to an assignment if proper consideration
has been given to other potential service providers, there must be bona fide
advantages in using PricewaterhouseCoopers, and, in addition, if the fee is over &euro;100
000, the engagement must be specifically approved in advance by the Chairman
of the
Audit Committee.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Potential engagements for any services not already covered by this policy must
be referred to the Chairman of the Audit Committee for specific pre-approval
(to be ratified at the next meeting of the Audit Committee) before PricewaterhouseCoopers
can be appointed.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The policy is regularly reviewed and updated in the light of internal developments,
external developments and best practice. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
See note 4 on page 93 for the actual fees payable to PricewaterhouseCoopers.</font></P>
</div><br clear="all">
<P>&nbsp;</P>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>71</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p72"></a><p><a href="#contentsf"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the External Affairs and Corporate Relations Committee</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Remit<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Committee&#146;s specific responsibilities are:</font></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
          review external developments likely to have significant</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">influence
          upon Unilever and its ability to conduct its
business,</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and
advise on how best to handle them;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
          report to the Boards on Unilever&#146;s standing in the external</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">world,
          particularly among the target audiences
identified in the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Company&#146;s
Corporate Relations strategy;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
          oversee issues management, with a particular focus on non-</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">financial
          risks to the Unilever business and
reputation;</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
          monitor the effectiveness of Unilever&#146;s corporate relations</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">activities
          including communications,
publications, media</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exposure,
government and public relations, and participation in</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">industry
initiatives;
and</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="top">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to
          review the Company&#146;s Corporate Relations strategy and the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">adequacy
          of the organisation and resources
committed to it.</font></font></td>
  </tr>
</table>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Meetings<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
its four meetings in 2005, the Committee focused particularly on developments
on corporate responsibility, review of reported breaches of Code of Business
Principles, Unilever&#146;s leadership role in the Transatlantic Business Dialogue
and policy issues such
as risk communication and counterfeiting.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Committee recommended to the Boards to embed and integrate Corporate Responsibility further into all parts of the business, and highlighted the potential and impact of product
brands addressing social challenges. Successful examples are </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Dove </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">leading on inner beauty, and
</FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Lifebuoy </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">addressing hygiene through its handwashing campaign.</FONT></font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The report on the Code of Business Principles was carefully reviewed and the
Committee was satisfied with the actions taken to address reported and verified
breaches. The Committee agreed the importance of keeping the Code alive and supported
the proposed regular measurement of understanding of the Code across the business.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever&#146;s leadership role in the Transatlantic Business Dialogue was discussed.
The Committee considered that the issuance of two declarations at the EU/US Summit
on transatlantic economic integration and growth, and on fighting global piracy
and counterfeiting, underpinned by the political commitment to monitor and report
progress on concrete actions, were good outcomes.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Several policy issues impacting Unilever&#146;s business and reputation were
reviewed, and particular attention was given to the growing problem of counterfeiting
for the consumer goods sector. The Committee re-iterated the importance of fighting
counterfeiting, through an integrated strategy of raising awareness of the importance
of intellectual property protection for future innovation and investment, and
through encouraging joint action by Government to ensure consumer safety and
legal enforcement.</font></P>
<P>&nbsp;</P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Lynda Chalker </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman of the External Affairs and Corporate Relations Committee<br>
</FONT></font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Leon
Brittan<br>
</B></font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Antony
Burgmans<br>
Wim Dik</B></font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>72</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p73"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="contentse"></a>Financial
  statements</FONT></B></p>
<p>&nbsp; </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="3" align=left><a href="#p74"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Statement
      of Directors&#146; responsibilities</font></b></a></TD>
    <TD align=right><a href="#p74"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">74</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><a href="#p77"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Auditors&#146; report</font></b></a></TD>
    <TD align=right><a href="#p77"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">77</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><a href="#p78"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
      income statement</font></b></a></TD>
    <TD align=right><a href="#p78"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">78</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><div style="margin-left:3%; text-indent:-3%"><a href="#p79"><font color="#0070ff" size="2"><b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
                statement of recognised income</font> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">and
                expense</font></b></font></a></div></TD>
    <TD align=right><a href="#p79"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">79</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left> <a href="#p78"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
      balance sheet</font></b></a></TD>
    <TD align=right><a href="#p80"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">80</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><a href="#p81"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
      cash flow statement</font></b></a></TD>
    <TD align=right><a href="#p81"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">81</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><a href="#p82"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
      to the consolidated accounts</font></b></a></TD>
    <TD align=right><a href="#p82"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">82</font></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="2%" align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD width="3%" align=left valign="top"><a href="#p82a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</font></a></TD>
    <TD align=left> <a href="#p82a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounting
      information and policies</FONT></a></TD>
    <TD width="3%" align=right><a href="#p82a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">82</FONT></a></TD>
    <TD width="50%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p86"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</font></a></TD>
    <TD align=left> <a href="#p86"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial
      risk management</FONT></a></TD>
    <TD align=right><a href="#p86"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">86</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p88"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</font></a></TD>
    <TD align=left> <a href="#p88"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Segment
      information</FONT></a></TD>
    <TD align=right><a href="#p88"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">88</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p93"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</font></a></TD>
    <TD align=left> <a href="#p93"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      costs</FONT></a></TD>
    <TD align=right><a href="#p93"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">93</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p94"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</font></a></TD>
    <TD align=left> <a href="#p94"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Staff
      costs and employees</FONT></a></TD>
    <TD align=right><a href="#p94"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">94</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p94a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</font></a></TD>
    <TD align=left> <a href="#p94a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      finance costs</FONT></a></TD>
    <TD align=right><a href="#p94a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">94</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p95"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</font></a></TD>
    <TD align=left> <a href="#p95"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></a></TD>
    <TD align=right><a href="#p95"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">95</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p97"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8</font></a></TD>
    <TD align=left> <a href="#p97"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Combined
      earnings per share</FONT></a></TD>
    <TD align=right><a href="#p97"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">97</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p98"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</font></a></TD>
    <TD align=left> <a href="#p98"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      on ordinary capital</FONT></a></TD>
    <TD align=right><a href="#p98"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">98</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p98a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</font></a></TD>
    <TD align=left> <a href="#p98a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></a></TD>
    <TD align=right><a href="#p98a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">98</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p100"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</font></a></TD>
    <TD align=left> <a href="#p100"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
      plant and equipment</FONT></a></TD>
    <TD align=right> <a href="#p100"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"> <a href="#p102"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</font></a></TD>
    <TD align=left> <a href="#p102"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological
      assets</FONT></a></TD>
    <TD align=right> <a href="#p102"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">102</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p103"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13</font></a></TD>
    <TD align=left><div style="margin-left:3%; text-indent:-3%"><a href="#p103"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint
        ventures, associates and other non-current investments</FONT></a></div></TD>
    <TD align=right><a href="#p103"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">103</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p104"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</font></a></TD>
    <TD align=left> <a href="#p104"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      taxation</FONT></a></TD>
    <TD align=right> <a href="#p104"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">104</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p104a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15</font></a></TD>
    <TD align=left> <a href="#p104a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></a></TD>
    <TD align=right> <a href="#p104a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">104</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p105"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</font></a></TD>
    <TD align=left> <a href="#p105"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other receivables</FONT></a></TD>
    <TD align=right> <a href="#p105"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">105</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p105a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</font></a></TD>
    <TD align=left><div style="margin-left:3%; text-indent:-3%"><a href="#p105a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
        and cash equivalents and other financial assets</FONT></a></div></TD>
    <TD align=right> <a href="#p105a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">105</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p106"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18</font></a></TD>
    <TD align=left> <a href="#p106"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings</FONT></a></TD>
    <TD align=right> <a href="#p106"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">106</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p110"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19</font></a></TD>
    <TD align=left> <a href="#p110"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial
      instruments</FONT></a></TD>
    <TD align=right> <a href="#p110"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">110</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p113"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</font></a></TD>
    <TD align=left> <a href="#p113"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other liabilities</FONT></a></TD>
    <TD align=right> <a href="#p113"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">113</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p114"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21</font></a></TD>
    <TD align=left> <a href="#p114"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></a></TD>
    <TD align=right> <a href="#p114"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">114</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p114a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</font></a></TD>
    <TD align=left> <a href="#p114a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions
      and similar obligations</FONT></a></TD>
    <TD align=right> <a href="#p114a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">114</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p123"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23</font></a></TD>
    <TD align=left> <a href="#p123"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity</FONT></a></TD>
    <TD align=right> <a href="#p123"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">123</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p124"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</font></a></TD>
    <TD align=left> <a href="#p124"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called
      up share capital</FONT></a></TD>
    <TD align=right> <a href="#p124"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">124</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p125"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</font></a></TD>
    <TD align=left> <a href="#p125"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      reserves</FONT></a></TD>
    <TD align=right> <a href="#p125"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">125</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p126"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</font></a></TD>
    <TD align=left> <a href="#p126"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained
      profit</FONT></a></TD>
    <TD align=right> <a href="#p126"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">126</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p127"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27</font></a></TD>
    <TD align=left> <a href="#p127"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commitments
      and contingent liabilities</FONT></a></TD>
    <TD align=right> <a href="#p127"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">127</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p128"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28</font></a></TD>
    <TD align=left> <a href="#p128"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions
      and disposals</FONT></a></TD>
    <TD align=right> <a href="#p128"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">128</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p129"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</font></a></TD>
    <TD align=left> <a href="#p129"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets
      held for sale and discontinued operations</FONT></a></TD>
    <TD align=right> <a href="#p129"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">129</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p131"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">30</font></a></TD>
    <TD align=left><div style="margin-left:3%; text-indent:-3%"><a href="#p131"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reconciliation
        of net profit to cash flow from operating activities</FONT></a></div></TD>
    <TD align=right><a href="#p131"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">131</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p132"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</font></a></TD>
    <TD align=left> <a href="#p132"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share-based
      compensation plans</FONT></a></TD>
    <TD align=right><a href="#p132"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">132</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p142"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</font></a></TD>
    <TD align=left> <a href="#p142"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Related
      party transactions</FONT></a></TD>
    <TD align=right><a href="#p142"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">142</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p142a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</font></a></TD>
    <TD align=left> <a href="#p142a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Key
      management personnel</FONT></a></TD>
    <TD align=right><a href="#p142a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">142</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p143"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</font></a></TD>
    <TD align=left> <a href="#p143"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Events
      after the balance sheet date</FONT></a></TD>
    <TD align=right> <a href="#p143"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">143</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff">&nbsp;</font></TD>
    <TD align=left valign="top"><a href="#p142a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</font></a></TD>
    <TD align=left><div style="margin-left:3%; text-indent:-3%"><a href="#p142a"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">First
        time adoption of International Financial Reporting Standards</FONT></a></div></TD>
    <TD align=right><a href="#p142a"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">144</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="3" align=left><a href="#p152"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Historical
      information</font></b></a></TD>
    <TD align=right><a href="#p152"><font color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">152</font></a></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left><a href="#p157"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional
      information for US investors</font></b></a></TD>
    <TD align=right> <a href="#p157"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">157</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left><a href="#p167"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Principal
      group companies and non-current investments</font></b></a></TD>
    <TD align=right> <a href="#p167"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">167</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left><a href="#p170"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Company
      accounts &#150; Unilever N.V.</font></b></a></TD>
    <TD align=right> <a href="#p170"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">170</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <a href="#p171"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
      to the company accounts &#150; Unilever N.V.</font></b></a></TD>
    <TD align=right> <a href="#p171"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">171</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <a href="#p173"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Further
      statutory and other information &#150; Unilever N.V.</font></b></a></TD>
    <TD align=right> <a href="#p173"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">173</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <a href="#p175"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Company
      accounts &#150; Unilever PLC</font></b></a></TD>
    <TD align=right> <a href="#p175"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">175</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <a href="#p176"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
      to the company accounts &#150; Unilever PLC</font></b></a></TD>
    <TD align=right> <a href="#p176"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">176</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left><a href="#p178"><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Further
      statutory and other information &#150; Unilever PLC</font></b></a></TD>
    <TD align=right> <a href="#p178"><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">178</FONT></a></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td height="12"><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>73</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p74"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Statement
  of Directors&#146; responsibilities</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Annual
  accounts<br>
  </font></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  Directors are required by Title 9, Book 2 of the Civil Code in the Netherlands
  and the United Kingdom Companies Act 1985 to prepare accounts for each financial
  year which give a true and fair view of the state of affairs of the Unilever
  Group, and the NV and PLC entities as at the end of the financial year and of
  the profit or loss and cash flows for that year.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Directors consider that in preparing the accounts, the Group, and the NV and PLC entities have used the most appropriate accounting policies, consistently applied and supported by
reasonable and prudent judgements and estimates, and that all International Financial Reporting Standards as adopted by the EU (in the case of the consolidated accounts) and United Kingdom accounting standards (in the case of the parent company
accounts) which they consider to be applicable have been followed.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Directors have responsibility for ensuring that NV and PLC keep accounting records which disclose with reasonable accuracy their financial position and which enable the Directors to
ensure that the accounts comply with the relevant legislation. They also 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.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This statement, which should be read in conjunction with the Auditors&#146; report, is made with a view to distinguishing for shareholders the respective responsibilities of the
Directors and of the auditors in relation to the accounts.</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A copy of
    the financial statements of the Unilever Group is placed on our website at
    <font color="#0070ff">www.unilever.com/investorcentre</font>. The maintenance
    and integrity of the website is the responsibility of the Directors, 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 United Kingdom and the Netherlands governing
    the preparation and dissemination of financial statements may differ from
    legislation in other jurisdictions.</FONT></P>
<P> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Going
      concern<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  Directors continue to adopt the going concern basis in preparing the accounts.
  This is because the Directors, after making enquiries and following a review
  of the Group&#146;s budget for 2006 and 2007, including cash flows and borrowing
  facilities, consider that the Group has adequate resources to continue in operation
  for the foreseeable future.</FONT></P>
<P> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Internal
      and disclosure controls and procedures<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  has a well-established control framework, which is documented and regularly
  reviewed by the Boards. This incorporates risk management, internal control
  procedures and disclosure controls and procedures which are designed to provide
  reasonable, but not absolute, assurance that assets are safeguarded, the risks
  facing the business are being addressed and all information required to be disclosed
  is reported to the Group&#146;s senior management, including where appropriate
  the Group Chief Executive and Chief Financial Officer, within the required timeframe.
  </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our procedures cover financial, operational, social and environmental risks and regulatory matters. The Boards of NV </FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and PLC have also established a clear organisational structure, including delegation of appropriate authorities. The Group&#146;s control framework is supported through a Code of
Business Principles, which sets standards of professionalism and integrity for its operations worldwide, and through an Operational Controls Assessment process, which requires the senior management in each business unit to assess the effectiveness
of financial controls annually and of all other operational controls over a three-year cycle.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Boards have overall responsibility for establishing key procedures designed to achieve systems of internal control and disclosure control and for reviewing and evaluating their
effectiveness. The day-to-day responsibility for implementation of these procedures and ongoing monitoring of risk and the effectiveness of controls rests with the Group&#146;s senior management at individual operating company and regional level.
Regions review on an ongoing basis, the risks faced by their group and the related internal control arrangements and provide written reports to the Group Chief Executive.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s corporate internal audit function plays a key role in providing an objective view and continuous reassurance of the effectiveness of the risk management and related
control systems throughout Unilever to both operating management and the Boards. The Group has an independent Audit Committee, entirely comprised of Independent Non-Executive Directors. This Committee meets regularly with the Chief Auditor and the
external auditors.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever has a comprehensive budgeting system with an annual budget approved by the Boards, which is regularly reviewed and updated. Performance is monitored against budget and the
previous year through monthly and quarterly reporting routines. The Group reports to shareholders quarterly.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s system of risk management has been in place throughout 2005 and up to the date of this report, and complies with the recommendations of &#145;Internal Control &#150;
Guidance for Directors on the Combined Code&#146;, published by the Internal Control Working Party of the Institute of Chartered Accountants in England &amp; Wales in September 1999. The Boards have carried out an annual review of the effectiveness
of the systems of risk management and internal control during 2005 in accordance with this guidance, and have ensured that the necessary actions have been or are being taken to address any weaknesses or deficiencies arising out of that
review.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Based on an evaluation by the Boards, the Group Chief Executive and the Chief Financial Officer concluded that the design and operation of the Group&#146;s disclosure controls and
procedures as at 31 December 2005 were effective, and that subsequently there have been no significant changes in the Group&#146;s internal controls, or in other factors that could significantly affect those controls.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">It is Unilever&#146;s practice to bring acquired companies within the Group&#146;s governance procedures as soon as is practicable and, in any event, by the end of the first full year
of operation.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At the end of 2006, Unilever will be required by Section 404 of the US Sarbanes-Oxley Act of 2002 to report on the effectiveness of internal control over financial reporting. The
evaluation work necessary to meet this specific requirement is under way.</FONT></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>74</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p75"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P align="center">
<P align="center">
<P align="center"><font size="2" face="sans-serif">[THIS PAGE HAS BEEN DELIBERATELY LEFT BLANK]</font>
<P>
<P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>75</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p76"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P align="center">
<P align="center">
<P align="center"><font size="2" face="sans-serif">[THIS PAGE HAS BEEN DELIBERATELY LEFT BLANK]</font>
<P>
<P>

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    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>76</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p77"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Auditors&#146; report<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United States</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Report of the independent registered public accounting firms to the shareholders of Unilever N.V. and Unilever PLC<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have audited the accompanying consolidated balance sheets of the Unilever Group
as of 31 December 2005 and 2004, and the related consolidated income statements,
cash flow statements and statements of recognised income and expense for each
of the two years in the period ended 31 December 2005 as set out pages 78 to
151 and 157 to 168. These financial statements are the responsibility of the
companies&#146; Directors. Our responsibility is to express an opinion on these
financial statements based on
our audits.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by the Directors, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
of the Unilever Group as at 31 December 2005 and 2004, and the results of its
operations and its cash flows for each of the two years in the period ended 31
December 2005, in conformity with International Financial Reporting Standards
(IFRSs) as adopted by the European Union.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As discussed in note 35 on page 145, the Unilever Group changed the manner in
which it accounts for financial instruments upon adoption of International Accounting
Standards No. 32 &#145;Financial Instruments: Disclosure and Presentation&#146;,
and No. 39 &#145;Financial Instruments: Recognition and Measurement&#146;, on
1 January 2005.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
IFRSs as adopted by the European Union vary in certain significant respects from
accounting principles generally accepted in the United States of America. Information
relating to the nature and effect of such differences is presented on pages 157
to 161.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
28 February 2006</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PricewaterhouseCoopers
Accountants N.V.<br>
Rotterdam, The Netherlands<br>
As auditors of Unilever N.V.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PricewaterhouseCoopers
LLP<br>
London, United Kingdom<br>
As auditors of Unilever PLC</font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>77</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p78"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated income statement<br>
</FONT></B><font color="#0070ff" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
Group</font><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> </FONT><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for the year ended 31 December</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Continuing operations</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font size="2">
    <B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover&nbsp;&nbsp;</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT></font></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39 672</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="10%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38 566</FONT>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font size="2">
    <B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating profit&nbsp;&nbsp;</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 314</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 239</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD width="3%" align=left>&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> After
    charging:</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2"> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast</FONT></I>&nbsp;
        </font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(363</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(791</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Provision
    for Brazilian sales tax</font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(169</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net finance costs&nbsp;&nbsp;<font color="#0070ff">6</font></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(618</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(630</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Finance
    income</font></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">130</FONT></B>
        </TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">145</FONT>
        </TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Finance
    costs</font></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(693</FONT></B>
        </TD>
        <TD align=left bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(717</FONT>
        </TD>
        <TD align=left bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Pensions
    and similar obligations</font></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(55</FONT></B>
        </TD>
        <TD align=left bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(58</FONT>
        </TD>
        <TD align=left bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit/(loss) of joint ventures</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit/(loss) of associates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other income
from non-current investments&nbsp;&nbsp;<font color="#0070ff">13</font></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit before taxation</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 751</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 704</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation <font color="#0070ff">7</font></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 249</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(810</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net profit from continuing operations</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 502</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 894</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit from discontinued operations&nbsp;&nbsp;<font color="#0070ff">29</font></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">473</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net profit</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 975</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 941</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attributable to:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority interests</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">209</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">186</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146; equity</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 766</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 755</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#0070ff" size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Combined earnings per share&nbsp;&nbsp;</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8</FONT></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">From total operations</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Basic earnings per share:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.88</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.83</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">58.17</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42.46</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On a diluted basis the figures would be:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.76</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.72</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56.40</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40.78</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">From continuing operations</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Basic earnings per share:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.39</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.78</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">50.87</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41.72</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On a diluted basis the figures would be:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.29</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.67</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">49.33</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40.08</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">References in the consolidated income statement, consolidated statement of recognised income and expense, consolidated cash flow statement and consolidated balance sheet relate to notes
on pages 82 to 151, which form an integral part of the consolidated financial statements. </FONT></P>
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounting
    policies of the Unilever Group are set out in note 1 on pages 82 to 85.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Variations from United States generally accepted accounting principles and Securities
and Exchange Commission Financial Statement Requirements Regulation S-X are outlined
on pages 158
to 161.</font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>78</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p79"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>

<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
  statement of recognised income and expense<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for the
  year ended 31 December </FONT></P>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value gains/(losses) net of tax:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On
      cash flow hedges</FONT></font></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14</FONT></B>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On
      available-for-sale financial assets</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On
      net investment hedges</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">332</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Actuarial
      gains/(losses) on pension schemes net of tax</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(49</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(480</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation gains/(losses) net of tax</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">181</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">80</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Net
      income/(expense) recognised directly in equity</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">478</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(400</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      profit</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
      975</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      941</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      recognised income and expense </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      453</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      541</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attributable
      to:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">249</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">167</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146;
      equity</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      204</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      374</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments: Disclosure and Presentation&#146; and IAS 39 &#145;Financial Instruments: Recognition and
Measurement&#146;. IAS 32 requires preference shares that provide for a fixed preference dividend to be classified as borrowings and preference dividends to be recognised in the income statement as a finance cost. IAS 39 requires unrealised fair
value gains/(losses) on certain financial instruments to be recognised in equity; when realised, these fair value gains/(losses) are recognised in the income statement. In accordance with the transition rules for first time adoption of IFRSs, 2004
comparatives have not been restated. The impact of the adoption of IAS 32 and IAS 39, which was all attributable to shareholders&#146; equity, is shown in note 23 and is summarised as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity
      as at 31 December 2004</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      629</FONT> </TD>
    <TD width=2% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounting
      policy change &#150; preference shares</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      502</FONT> </TD>
    <TD align=left> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounting
      policy change &#150; other financial instruments</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">388</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity
      as restated at 1 January 2005</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      515</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>79</B></font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p80"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
  balance sheet<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  as at
  31 December</FONT></P>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill&nbsp;&nbsp;<font color="#0070ff">10</font></FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12
      963</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12
      083</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intangible
      assets&nbsp;&nbsp;<font color="#0070ff">10</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5
      092</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      924</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
      plant and equipment&nbsp;&nbsp;<font color="#0070ff">11</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6
      492</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      181</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological
      assets&nbsp;&nbsp;<font color="#0070ff">12</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint
      ventures and associates&nbsp;&nbsp;<font color="#0070ff">13</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">84</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current investments&nbsp;&nbsp;<font color="#0070ff">13</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">720</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">698</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      asset for funded schemes in surplus&nbsp;&nbsp;<font color="#0070ff">22</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      036</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">625</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other receivables due after more than one year&nbsp;&nbsp;<font color="#0070ff">16</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">231</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">279</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax assets&nbsp;&nbsp;<font color="#0070ff">14</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      703</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      491</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      non-current assets</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28
      358</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26
      368</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets
      held for sale&nbsp;&nbsp;</FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">217</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories&nbsp;&nbsp;<font color="#0070ff">15</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      107</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      756</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other current receivables&nbsp;&nbsp;<font color="#0070ff">16</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      830</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      131</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      financial assets&nbsp;&nbsp;<font color="#0070ff">17</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">335</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      013</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      and cash equivalents&nbsp;&nbsp;<font color="#0070ff">17</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      529</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      590</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      current assets</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10
      801</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      490</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due within one year&nbsp;&nbsp;<font color="#0070ff">18</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5
      942</FONT></B> </TD>
    <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      155</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other current liabilities&nbsp;&nbsp;<font color="#0070ff">20</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(8
      228</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7
      514</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current
      tax liabilities</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(430</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(718</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions&nbsp;&nbsp;<font color="#0070ff">21</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(644</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(799</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      current liabilities</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(15
      244</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14
      186</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Net
      current assets/(liabilities)</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4
      443</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3
      696</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      assets less current liabilities</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24
      132</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22
      672</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due after more than one year&nbsp;&nbsp;<font color="#0070ff">18</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6
      457</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      893</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other liabilities due after more than one year&nbsp;&nbsp;<font color="#0070ff">20</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">389</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">439</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-current
      tax liabilities</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">213</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">278</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for funded schemes in deficit&nbsp;&nbsp;<font color="#0070ff">22</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      415</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      339</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for unfunded schemes&nbsp;&nbsp;<font color="#0070ff">22</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      202</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      740</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions&nbsp;&nbsp;<font color="#0070ff">21</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">732</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">565</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax liabilities&nbsp;&nbsp;<font color="#0070ff">14</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">933</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">789</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      non-current liabilities</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">15
      341</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15
      043</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities
      held for sale&nbsp;&nbsp;</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called
      up share capital&nbsp;&nbsp;<font color="#0070ff">23</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">512</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">642</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      premium account&nbsp;&nbsp;<font color="#0070ff">23</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">162</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      530</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      reserves<font color="#0070ff">&nbsp;&nbsp;23</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2
      328</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      555</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained
      profit<font color="#0070ff">&nbsp;&nbsp;23</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10
      015</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      647</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Shareholders&#146; equity</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8
      361</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      264</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interests<font color="#0070ff">&nbsp;&nbsp;23</font></FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">404</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      equity</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8
      765</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      629</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Total
      capital employed</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24
      132</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22
      672</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commitments and contingent liabilities are shown in note 27 on page 127.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments: Disclosure and Presentation&#146; and IAS 39 &#145;Financial Instruments: Recognition and
Measurement&#146;. IAS 32 requires preference shares that provide for a fixed preference dividend to be classified as borrowings and preference dividends to be recognised in the income statement as a finance cost. IAS 39 requires unrealised fair
value gains/(losses) on certain financial instruments to be recognised in equity; when realised, these fair value gains/(losses) are recognised in the income statement. In accordance with the transition rules for first time adoption of IFRSs, 2004
comparatives have not been restated. Information on the impact of the adoption of IAS 32 and IAS 39 is given in note 23 on page 123.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets and liabilities held for sale are reported under IFRS 5 &#145;Non-current Assets Held for Sale and Discontinued Operations&#146;, which has been applied with effect from 1
January 2005; comparatives for 2004 have not been restated.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">These financial statements were approved by the Directors on 28 February 2006.</FONT></P>
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>80</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p81"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>



<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated
  cash flow statement<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for the
  year ended 31 December</FONT></P>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      flow from operating activities&nbsp;&nbsp;<font color="#0070ff">30</font></FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5
      924</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      925</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income
      tax paid</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
      571</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      378</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Net
      cash flow from operating activities</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      353</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      547</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      received</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">130</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">168</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchase
      of intangible assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(92</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(89</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchase
      of property, plant and equipment</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(914</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(978</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposal
      of property, plant and equipment</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">124</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">151</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sale
      and leaseback transactions resulting in operating leases</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">69</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisition
      of group companies, joint ventures and associates</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(20</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(40</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Consideration
      paid in respect of acquisitions made in previous years</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(158</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposal
      of group companies, joint ventures and associates</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">804</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">413</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Payments
      received in advance for future disposals</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">101</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisition
      of other non-current investments</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(50</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(25</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposal
      of other non-current investments</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">83</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">68</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      from joint ventures, associates and other non-current investments</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">65</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">92</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(Purchase)/sale
      of financial assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">316</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Net
      cash flow from/(used in) investing activities</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">515</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(120</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      paid on ordinary share capital</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
      804</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      720</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      and preference dividends paid</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(643</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(787</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additional
      borrowings and change in short-term borrowings</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
      968</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      966</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Repayment
      of borrowings</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4
      795</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6
      008</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sale
      and leaseback transactions resulting in finance leases</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">211</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital
      element of finance lease rental payments</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(53</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(59</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchase
      of treasury stock</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
      276</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(332</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      paid and other payments (to)/from minority shareholders and joint ventures</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(218</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(209</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Net
      cash flow from/(used in) financing activities</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4
      821</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      938</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Net
      increase/(decrease) in cash and cash equivalents</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(511</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Cash
      and cash equivalents at the beginning of the year</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      406</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      428</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of foreign exchange rate changes</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(188</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">489</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      and cash equivalents at the end of the year&nbsp;&nbsp;</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      265</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      406</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">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
consolidated cash flow statement. Cash flows relating to discontinued operations included above are set out in note 29 on page 129.</FONT></P>
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>81</B></font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

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<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p82a"></a>1 Accounting information and policies</FONT></B></P>
<div style="float: left; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Unilever</B></font><br>
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The two
    parent companies, NV and PLC, together with their group companies, operate
    as a single economic entity (the Unilever Group, also referred to as Unilever
    or the Group). NV and PLC have the same Directors and are linked by a series
    of agreements, including an Equalisation Agreement, which are designed so
    that the position of the shareholders of both companies is as nearly as possible
  the same as if they held shares in a single company. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Equalisation Agreement provides that both companies adopt the same accounting
principles and requires as a general rule the dividends and other rights and
benefits (including rights
on liquidation) attaching to each Fl.12 (&euro;5.445) nominal of ordinary share
capital of NV to be equal in value at the relevant rate of exchange to the dividends
and other rights and benefits attaching to each &#163;1 nominal of ordinary share
capital of PLC, as if each such unit of capital formed part of the ordinary capital
of one and the same company. For additional information please refer to &#145;Corporate
governance&#146; on page 41.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Basis of consolidation</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due to the
operational and contractual arrangements referred to above, NV and PLC form a
single reporting entity for the purposes of presenting consolidated accounts.
Accordingly, the accounts of Unilever are presented by both NV and PLC as their
respective consolidated accounts. Group companies included in the consolidation
are those companies controlled by NV or PLC. The net assets and results of acquired
businesses are included in the consolidated accounts from their respective dates
of acquisition.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Companies legislation and accounting standards</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The consolidated
accounts have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the EU, including interpretations from the International
Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations
Committee (SIC), and with Book 2 of the Civil Code in the Netherlands and the
United Kingdom Companies Act 1985. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The accounts are prepared under the historical cost convention as modified by
the revaluation of biological assets, financial assets classified as &#145;available-for-sale
investments&#146; and &#145;at fair value through profit or loss&#146;, and derivatives.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Material variations from United States generally accepted accounting principles
(US GAAP) are set out on pages 157 to 161. </font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>OECD Guidelines</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In preparing
its Annual Review and Annual Report and Accounts Unilever adheres to disclosure
recommendations of the OECD Guidelines for Multinational Enterprises.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Foreign currencies</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Items included
in the financial statements of group companies are measured using the currency
of the primary economic environment in which each entity operates (its functional
currency). The consolidated financial statements are presented in euros.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Exchange differences arising in the accounts of individual companies are dealt
with in their respective income statements. Those arising on trading transactions
are taken to operating profit; those arising on cash, financial assets and borrowings
are classified as finance income or cost.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In preparing the consolidated financial statements, the income statement, the
cash flow statement and all other movements in assets</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
and liabilities are translated at annual average rates of exchange. The balance
sheet, other than the ordinary share capital of NV and PLC, is translated at
year-end rates of exchange. In the case of hyper-inflationary economies, which
are those in which inflation exceeds 100% cumulatively over a three-year period,
the accounts are adjusted to reflect current price levels and remove the influences
of inflation before being
translated.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The ordinary share capital of NV and PLC is translated at the rate contained
in the Equalisation Agreement of &#163;1 = Fl.12 (equivalent to &euro;5.445)
.. The difference between the resulting value for PLC and the value derived by
applying the year-end rate of exchange is taken to other reserves (see note 25
on page 125).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The effects of exchange rate changes during the year on net assets at the beginning
of the year are recorded as a movement in shareholders&#146; equity, as is the
difference between profit of the year retained at average rates of exchange and
at year-end rates of exchange. For these purposes net assets include loans between
group companies and related foreign exchange contracts, if any, for which settlement
is neither planned nor likely to occur in the foreseeable future. Exchange gains/losses
on hedges of net assets are also recorded as a movement in equity.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Cumulative exchange
differences arising since the transition date of</font> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
January 2004 are reported as a separate component of other reserves (see note
25 on page 125). In the event of disposal of an interest in a subsidiary 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.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Goodwill</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill (being
the difference between the fair value of consideration paid for new interests
in group companies, joint ventures and associates and the fair value of the Group&#146;s
share of their net identifiable assets and contingent liabilities at the date
of acquisition) is capitalised. Goodwill is not amortised, but is subject to
an annual review for impairment (or more frequently if necessary). Any impairment
is charged
to the income statement as it arises.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Intangible assets</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On acquisition
of group companies, Unilever recognises any specifically identifiable intangible
assets separately from goodwill, initially measuring the intangible assets at
fair value. Separately purchased intangible assets are initially measured at
cost. Finite-lived intangible assets including software are amortised in the
income statement over the period of their expected useful lives. Periods in excess
of five years are used only where the Directors are satisfied that the life of
these assets will clearly exceed that period. Indefinite-lived intangible assets
are not amortised, but are subject to review for impairment as described above
for goodwill. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
IFRSs also require that internally generated intangible assets be capitalised
where certain specific criteria are met. Unilever capitalises internally generated
software where it is clear that the software development is technically feasible
and will be completed and that the software will generate economic benefits in
the future.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever also monitors the level of development costs which may only be capitalised
once the flow of economic benefits is assured. For Unilever this is evident only
shortly before a product is launched into the market. The level of costs incurred
after these criteria have been met is currently insignificant.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>82</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p83"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 Accounting information and policies </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<div style="float: left; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Property,
      plant and equipment</B></font><br>
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
    plant and equipment is stated at cost less depreciation and impairment. Depreciation
    is provided on a straight-line basis at percentages of cost based on the
    expected average useful lives of the assets and their residual values. Estimated
  useful lives by major class of assets are as follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Freehold buildings</font></TD>
        <TD width=20% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
40 years</font></TD>
    <TD width=2%>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(no depreciation on freehold land)</font></TD>
        <TD align=left>&nbsp;

        </TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Leasehold buildings</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
40 years</font></TD>
    <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">*</font></TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Plant and equipment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2&#150;20 years</font></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
*or life of lease if less than 40 years</font></TD>
        <TD align=left>&nbsp;

        </TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><font size="2"><P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Property, plant and equipment is subject to review for impairment if triggering
events or circumstances indicate that this is necessary. Any impairment is charged
to the income
statement as it arises.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Biological assets</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological
assets are stated at fair value less estimated point-of-sale costs. Any changes
in the fair value of such biological assets are recognised in the income statement.
Point-of-sale costs include all costs that would be necessary to sell the assets,
excluding costs necessary to get the assets to market.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Joint ventures and associates</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint ventures
are undertakings in which the Group has a long-term participating interest and
which are jointly controlled by the Group and one or more other parties. Associates
are undertakings in which the Group has a participating interest and can exercise
significant influence.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at the Group&#146;s share
of their aggregate assets
and liabilities. The Group&#146;s share of the profit or loss after tax of joint
ventures and associates is included in the Group&#146;s consolidated profit before
taxation.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Financial instruments</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group accounts
for financial instruments under IAS 32 &#145;Financial Instruments: Disclosure
and Presentation&#146; and IAS 39 &#145;Financial Instruments: Recognition and
Measurement&#146;. </font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Financial assets</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchases and
sales of financial assets are recognised based on settlement accounting. They
are initially recognised at fair value plus directly attributable transaction
costs. Any impairment of a financial asset is charged to the income statement
as it arises.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Financial assets are classified according to the purpose for which the investments
were acquired. This gives rise to the following categories: held-to-maturity
investments, loans and receivables, available-for-sale financial assets and financial
assets at fair value through profit or loss. Unilever determines the classification
of its investments at initial recognition and re-evaluates this designation at
each reporting
date.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Held-to-maturity investments</font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Held-to-maturity
investments are non-derivative financial assets with fixed or determinable payments
and fixed maturities that management has the positive intention and ability to
hold to maturity. They are included in non-current investments at amortised cost
using the effective interest method, less any amounts written off to reflect
impairment.</font></P>
</font></div><font size="2">
<div style="float: right; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Loans and receivables</font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Loans and receivables
are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise when the Group provides money,
goods or services directly to a debtor with no intention of trading the receivable.
Loans and receivables are included in trade and other receivables in the balance
sheet at amortised cost.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Trade and other receivables are stated after deducting adequate provision for
doubtful debts.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Available-for-sale financial assets</font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Available-for-sale
financial assets are non-derivative financial assets that are either designated
in this category or not classified in any of the other categories. They are included
in non-current assets unless management intends to dispose of the investment
within 12 months of the balance sheet date. Unrealised gains and losses arising
from changes in the fair value of financial assets classified as available-for-sale
are recognised in equity. Realised gains and losses arising from changes in fair
value, interest and exchange differences are included in the income statement.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Financial assets at fair value through profit or loss</font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A financial
asset is classified in this category if acquired principally for the purpose
of selling in the short term or if so designated. Derivatives are also classified
in this category unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held-for-trading or are expected
to be realised within 12 months of the balance sheet date. Realised and unrealised
gains and losses arising from changes in fair value are included in the income
statement.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Borrowings</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
are recognised initially at fair value, net of transaction costs incurred. Borrowings
are subsequently stated at amortised cost unless they are part of a fair value
hedge accounting relationship; any difference between the proceeds and the redemption
value is recognised in the income statement over the period of the borrowings
using the effective interest method. Those borrowings that are part of a fair
value hedge accounting relationship are also recorded on an amortised cost basis,
plus or minus the fair value attributable to the risk being hedged with a corresponding
entry in the income statement.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
No borrowing costs are capitalised as part of property, plant and equipment.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Derivative financial instruments</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The activities
of the Group expose it primarily to the financial risks of changes in foreign
currency exchange rates and interest rates. The Group uses foreign exchange forward
contracts, interest rate swap contracts and forward rate agreements to hedge
these exposures. The Group also uses commodity contracts to hedge future requirements
for certain raw materials, almost always for physical delivery. Those contracts
that can also be settled in cash are treated as a financial instrument. The Group
does not use derivative financial instruments for speculative purposes. The use
of leveraged instruments is not permitted.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>83</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div><page><a name="p84"></a><p><a href="#contents">Back
    to Contents</a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 Accounting information and policies </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<div style="float: left; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Changes in the fair value of derivative financial instruments that are designated
and effective as hedges of future cash flows are recognised directly in equity,
and any ineffective portion is recognised immediately in the income statement.
If the cash flow hedge of a firm commitment or forecasted transaction subsequently
results in the recognition of an asset or a liability, then, at the time the
asset or liability is recognised, the associated gains or losses on the derivative
that had previously been recognised in equity are included in the initial measurement
of the asset or liability. For hedged items that do not result in the recognition
of an asset or a liability, amounts deferred in equity are recognised in the
income statement in the same period in which the hedged item affects net profit
or loss.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
For an effective hedge of an exposure to changes in the fair value, the hedged
item is adjusted for changes in fair value attributable to the risk being hedged
with the corresponding entry in profit or loss. Gains or losses from re-measuring
the derivative, or for non-derivatives the foreign currency component of its
carrying amount, are recognised in profit or loss. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Changes in fair value of net investment hedges in relation to foreign subsidiaries
are recognised directly in equity.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Changes in the fair value of derivative financial instruments that do not qualify
for hedge accounting are recognised in the income statement as they arise.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Hedge accounting is discontinued when the hedging instrument no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the hedging
instrument recognised in equity is retained in equity until the forecasted transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognised in equity is transferred to the income statement.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Derivatives embedded in other financial instruments or other host contracts are
treated as separate derivatives when their risks and characteristics are not
closely related to those of host contracts and the host contracts are not carried
at fair value with unrealised gains or losses reported in the income statement.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Valuation principles</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fair values
of quoted investments are based on current bid prices. For unlisted and for listed
securities where the market for a financial asset is not active the Group establishes
fair value using valuation techniques. These include the
use of recent arm&#146;s length transactions, reference to other instruments
that are substantially the same and discounted cash flow analysis.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Impairment of financial instruments</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At each balance
sheet date the Group assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired. In the case of equity securities
classified as available-for-sale, a significant or prolonged decline in the fair
value of the security below its cost is considered in determining whether the
securities are impaired. If any such evidence exists for available-for-sale financial
assets, the cumulative loss &#150; measured as the difference between the acquisition
cost and the current fair value, less any impairment loss on that financial asset
previously recognised in profit or loss &#150; is removed from equity and recognised
in the income statement. Impairment losses recognised in the income statement
on equity instruments are not subsequently
reversed through the income statement.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Inventories</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories
are valued at the lower of weighted average cost and fair value less cost to
sell. Cost comprises direct costs and, where appropriate, a proportion of attributable
production overheads.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Cash and cash equivalents</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the purpose
of preparation of the cash flow statement, cash and cash equivalents includes
cash at bank and in hand, highly liquid interest bearing securities with original
maturities of three months or less, and bank overdrafts.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Pensions and similar obligations</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The operating
and financing costs of defined benefit plans are recognised separately in the
income statement. Service costs are systematically spread over the service lives
of employees, and financing costs are recognised in the periods in which they
arise. The costs of individual events such as past service benefit enhancements,
settlements and curtailments are recognised immediately in the income statement.
Variations from expected costs, arising from the experience of the plans or changes
in actuarial assumptions, are recognised immediately in the statement of recognised
income and expense. The assets and liabilities of defined benefit plans are recognised
at fair value in the balance sheet. The charges to the income statement for defined
contribution plans are the company contributions payable, and the assets of such
plans are not included in the balance sheet of the Group.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Deferred taxation</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred taxation
is recognised using the liability method on all taxable temporary differences
between the tax base and the accounting base of items included in the balance
sheet of the Group. Deferred tax is recognised at the rates of tax prevailing
at the year end unless future rates have been enacted or substantively enacted.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Provision is made for taxation which will become payable if retained profits
of group companies are distributed to the parent companies only to the extent
that such distributions are
considered probable.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Provisions</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions
are recognised when either a legal or constructive obligation, as a result of
a past event, exists at the balance sheet date and where the amount of the obligation
can be
reliably estimated.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Segment information</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Segmental information
is provided on the basis of geographical segments and product categories. The
primary format, geographic regions, is based on the management structure of the
Group, which operates in three main geographical regions. </font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Turnover</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover comprises
sales of goods and services after deduction of discounts and sales taxes. It
does not include sales between group companies. Discounts given by Unilever include
rebates, price reductions and incentives given to customers, promotional couponing
and trade communication costs. At each balance sheet date any expenditure incurred
but not yet invoiced is estimated and accrued.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Turnover is recognised when the risks and rewards of the underlying products
and services have been substantially transferred to the customer.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Research and market support costs</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expenditure
on research and market support such as advertising is charged to the income statement
of the year in which it is incurred.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Leases</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Leases are
classified as finance leases whenever the terms of the lease transfer substantially
all the risks and rewards of ownership to the lessee. All other leases are classified
as
operating leases.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Assets held under finance leases are recognised as non-current assets of the
Group at their fair value at the date of commencement of the lease or, if lower,
at the present value of the minimum lease payments. The corresponding liability
to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance charges and reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance
of the liability. Finance charges are charged directly against income. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Profits or losses are recognised from sale and leaseback transactions at fair
value. Where the transaction results in an operating lease, the profit or loss
arising is immediately recognised in the income statement, and for those that
result in a finance lease they are deferred over the lease term.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>84</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p85"></a>
<p><a href="#contents">Back to Contents</a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<P> <font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P> <font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
  Accounting information and policies </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Lease payments relating to operating leases, are charged to the income statement on a straight-line basis over the lease term, or over the period between rent reviews where these
exist.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Transfer
        pricing</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The preferred
    method for determining transfer prices for our own manufactured goods is to
    use the market price. Where there is no market price, the companies concerned
    follow established transfer pricing guidelines, where available, or else engage
  in arm&#146;s length negotiations.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trademarks owned by the parent companies and used by operating companies are, where appropriate, licensed in return for royalties or a fee.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">General services provided by central advisory departments, regional and category management, and research laboratories are charged to operating companies on the basis of fees.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Share-based
        payments</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The economic
    cost of awarding shares and share options to employees is reflected by recording
    a charge in the income statement equivalent to the fair value of the benefit
    awarded. The fair value is determined with reference to option pricing models,
    principally adjusted Black-Scholes models or multinomial pricing model. The
    charge is recognised in the income statement over the vesting period of the
    award. Share-based payments are described in more detail in note 31 on pages
  132 to 141.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Shares
        held by employee share trusts</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> The assets
    and liabilities of certain PLC trusts, NV and group companies which purchase
    and hold NV and PLC shares to satisfy options granted are included in the
    consolidated accounts. The book value of shares held is deducted from other
    reserves, and trust borrowings are included in the Group&#146;s borrowings.
    The costs of the trusts are included in the results of the Group. These shares
  are excluded from the calculation of earnings per share.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Non-current
        assets held for sale</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets and
    groups of assets and liabilities which comprise disposal groups are classified
    as &#145;held for sale&#146; when all of the following criteria are met: a
    decision has been made to sell, the assets are available for sale immediately,
    the assets are being actively marketed, and a sale has been or is expected
    to be concluded within twelve months of the balance sheet date. Assets and
    disposal groups &#145;held for sale&#146; are valued at the lower of book
  value or fair value less disposal costs. Assets held for sale are not depreciated.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Critical
        accounting estimates and judgements</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Estimates
    and judgements are continually evaluated and are based on historical experience
    and other factors, including expectations of future events that are believed
  to be reasonable under the circumstances.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The preparation of financial statements under IFRSs requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.</FONT></P>
</div>
<div style="float: right; width: 48%">
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Impairment
        of goodwill and indefinite-lived intangible assets</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Impairment
    reviews in respect of goodwill and intangible assets are performed at least
    annually. More regular reviews are performed if events indicate that this
    is necessary. Examples of such triggering events would include a significant
    planned restructuring, a major change in market conditions or technology,
  expectations of future operating losses, or negative cash flows.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The recoverable amounts of cash-generating units are determined based on the higher of realisable value and value-in-use calculations. These calculations require the use of estimates.
Details of key assumptions made are set out in note 10 on page 99.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Retirement
        benefits</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension accounting
    requires certain assumptions to be made in order to value our obligations
    and to determine the charges to be made to the income statement. These figures
    are particularly sensitive to assumptions for discount rates, mortality, inflation
    rates and expected long-term rates of return on assets. Details of assumptions
  made are given in note 22 on pages 115 and 116.</FONT></P>
  <P> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Taxation</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group
    is subject to taxes in numerous jurisdictions. Significant judgement is required
    in determining worldwide provision for taxes. There are many transactions
    and calculations during the ordinary course of business for which the ultimate
    tax determination is uncertain. The Group recognises liabilities for anticipated
    tax audit issues based on estimates of whether additional taxes will be due.
    Where the final tax outcome of these matters is different from the amounts
    that were initially recorded, such differences will impact the income tax
  and deferred tax provisions in the period in which such determination is made.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Recent
        accounting developments</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRS 7, &#145;Financial
    Instruments: Disclosures&#146;, (effective from 1 January 2007), introduces
    new disclosures to improve the information about financial instruments. It
    requires the disclosures of qualitative and quantitative information about
    exposure to risks arising from financial instruments, including specified
    minimum disclosures about credit risk, liquidity risk and market risk, including
    sensitivity analysis to market risk. It replaces disclosure requirements in
    IAS 32, &#145;Financial Instruments: Disclosure and Presentation&#146;. Unilever
    will apply IFRS 7 and the amendment to IAS 1 from annual periods beginning
    1 January 2007, and it is not expected to have a material effect on the Group&#146;s
  disclosures.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRIC 4, &#145;Determining whether an Arrangement contains a Lease&#146;, (effective from 1 January 2006), requires the determination of whether an arrangement is or contains a lease to
be based on the substance of the arrangement. The adoption is not expected to have a material effect on the consolidated results of operations or financial position of Unilever.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRIC 7, &#145;Applying the Restatement Approach&#146; under IAS 29 &#145;Financial Reporting in Hyperinflationary Economies&#146; (effective for periods beginning 1 March 2006)
provides guidance on how to apply the requirements of IAS 29 in a reporting period in which an entity identifies the existence of hyperinflation in the economy when that economy was not hyperinflationary in the prior period. The adoption is not
expected to have a material effect on the consolidated results of operations or financial position of Unilever.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Recent changes in reporting requirements under US GAAP are discussed on page 161.</FONT></P>
</div><br clear="all">
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>85</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse">Back to Contents</a></p>


<P> <font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p86"></a>2 Financial risk management</FONT></B></P>
<div style="float: left; width: 48%">
  <P> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Treasury
    risks</FONT></B><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever manages
    a variety of market risks, including the effects of changes in foreign exchange
    rates, interest rates, liquidity and counterparty risks.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever has an interest rate management policy aimed at optimising net interest cost and reducing volatility. This is achieved by modifying the interest rate exposure of debt and cash
positions through the use of interest rate swaps. Further details on the fixing levels of the projected cash and borrowing positions are given in note 19 on page 110.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed rate investments give rise to a fair value interest rate risk. The floating amounts give rise to a cash flow interest rate risk.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Because of Unilever&#146;s broad operational reach, it is subject to risks from changes in foreign currency values that could affect earnings. As a practical matter, it is not feasible
to fully hedge these fluctuations. Additionally, Unilever believes that most currencies of major countries in which it operates will equalise against the euro over time. Unilever does have a foreign exchange policy that requires operating companies
to manage trading and financial foreign exchange exposures within prescribed limits. This is achieved primarily through the use of forward foreign exchange contracts. Regional groups monitor compliance with this policy. At the end of 2005, there was
no material exposure from companies holding assets and liabilities other than in their functional currency.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition, as Unilever conducts business in many foreign currencies but publishes its financial statements and measures its performance in euros, it is subject to exchange risk due to
the effects that exchange rate movements have on the translation of the underlying net assets of its foreign subsidiaries. Unilever aims to minimise its foreign</FONT></P>
</div>
<div style="float: right; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exchange exposure in operating companies by borrowing in the local currency, except where inhibited by local regulations, lack of local liquidity or local market conditions. For those
countries that, in the view of management, have a substantial retranslation risk, Unilever may hedge such net investment. Nevertheless from time to time, currency revaluations on unhedged investments will trigger exchange translation movements in
the balance sheet. In 2005, the significant strengthening of the US dollar against the euro has had a positive impact on reported operating results, but has had a negative impact on debt and equity, when reported in euros.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liquidity risk is managed by maintaining access to global debt markets through an infrastructure of short-term and long-term debt programmes. In addition to this, Unilever has committed
credit facilities in place to support its commercial paper programmes and for general corporate purposes. See note 18 on page 109 for further details of these credit facilities.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Counterparty exposures are minimised by restricting dealing counterparties to a limited number of financial institutions that have secure credit ratings, by working within agreed
counterparty limits, by obtaining collateral for outstanding positions and by setting limits on the maturity of exposures. Counterparty credit ratings are closely monitored and concentration of credit risk with any single counterparty is avoided.
There was no significant concentration of credit risk with any single counterparty as at the year end.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Master netting agreements are in place for the majority of interest rate derivative instruments. The risk in the event of default by a counterparty is determined by the extent to which
market prices have moved since the contracts were made. The Group believes that the risk of incurring such losses is remote.</FONT></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>86</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p87"></a>
<p><a href="#contents">Back to Contents</a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<P> <B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to
  the consolidated accounts</FONT></B><font color="#0070FF"><br>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp; </P>
<P><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
  Financial risk management </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<div style="float: left; width: 48%">
<P><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Sensitivity
  analysis</FONT></B><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The analysis
  below presents the sensitivity of the fair value of the financial instruments,
  including derivative financial instruments which the Group held at 31 December
  2005, to hypothetical changes in interest and foreign exchange rates.</FONT></P>
<P> <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate
  sensitivity</FONT><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fair values
  of debt, investments and related hedging instruments are affected by movements
  in interest rates. The analysis shows the sensitivity of the fair value of interest
  rate sensitive instruments to a hypothetical 10% change in the interest rates
  across all maturities.</FONT></P>
<P> <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign exchange
  rate sensitivity</FONT><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The values of
  debt, investments and related hedging instruments, denominated in currencies
  other than the functional currency of the entities holding them, are subject
  to exchange rate movements. The analysis shows the income statement sensitivity
  of these values to a hypothetical 10% change in foreign exchange rates.</FONT></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR align="right">
      <TD colspan="4"><font size="1">&nbsp;</font> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sensitivity
        to a</font></TD>
      <TD><font size="1">&nbsp;</font></TD>
    </TR>
    <TR align="right">
      <TD colspan="4"><font size="1">&nbsp;</font> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">hypothetical
        10% change in</font></TD>
      <TD><font size="1">&nbsp;</font></TD>
    </TR>
    <TR align="right">
      <TD colspan="4"><font size="1">&nbsp;</font> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rates
        as at 31 December</font></TD>
      <TD><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
      <TD align=right valign="bottom"> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&euro; million</B></font></TD>
      <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
      <TD align=right valign="bottom"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
        million</FONT></TD>
      <TD align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><font size="1">&nbsp;</font> </TD>
      <TD width="10%" align=right valign="bottom"> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
      <TD width="2%" align=right valign="bottom"><font size="1">&nbsp;</font></TD>
      <TD width="10%" align=right valign="bottom"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD width="2%" align=right valign="bottom"><font size="1">&nbsp;</font></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
        rate risk</FONT></TD>
      <TD align=right valign="bottom"> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>193</B></font></TD>
      <TD align=right valign="bottom">&nbsp;</TD>
      <TD align=right valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">160</FONT></TD>
      <TD align=right valign="bottom">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign
        exchange rate risk</FONT></TD>
      <TD align=right valign="bottom"> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>30</B></font></TD>
      <TD align=right valign="bottom">&nbsp;</TD>
      <TD align=right valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT></TD>
      <TD align=right valign="bottom">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><hr noshade size="2"></TD>
      <TD align=right valign="bottom"><hr noshade size="2"></TD>
      <TD align=right valign="bottom"><hr noshade size="2"></TD>
      <TD align=right valign="bottom"><hr noshade size="2"></TD>
      <TD align=right valign="bottom"><hr noshade size="2"></TD>
    </TR>
  </TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The above-mentioned interest rate sensitivity relates to financial instruments, including derivative financial instruments, with fair values amounting to &euro;11 186 million at the
end of 2005 (2004: &euro;12 397 million). The above-mentioned foreign exchange rate risk relates to a value of financial instruments and derivatives of &euro;300 million at the end of 2005 (2004: &euro;68 million).</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Further details on derivatives, foreign exchange exposures and other related information on financial instruments are given in note 19 on pages 110 to 113.</FONT></P>
<P> <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sensitivity
  to not applying hedge accounting</FONT><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Derivatives
  have to be reported at fair value. Those derivatives used for cash flow hedging
  for which we do not apply hedge accounting will cause volatility in the income
  statement. Such derivatives did not have a material impact on the 2005 income
  statement.</FONT></P>
<P> <FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income statement
  sensitivity to changes in interest rates</FONT><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As mentioned
  above on page 86, Unilever has an interest rate management policy aimed at optimising
  net interest costs and</FONT></P>
</div>
<div style="float: right; width: 48%">
  <p> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reducing
    volatility. Part of the interest rates on funds and debt are not</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">fixed
    and are therefore subject to changes in floating interest rates,</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">see
    note 17 on page 105 and note 18 on page 109. The analysis</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shows
    the sensitivity of the income statement to a hypothetical one</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">percentage
    point change in floating interest rates over both funds and</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">debt
    on a full year basis.</font></p>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan="4" align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sensitivity
        to a hypothetical</FONT> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">one
        percentage point change in</FONT> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan="4" align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">floating
        rates as at 31 December</FONT> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&euro; million</B> </font></TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
        million</FONT> </TD>
      <TD align=left><font size="1">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1">&nbsp;</font> </TD>
      <TD width="10%" align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2005</B>
        </font></TD>
      <TD width="2%" align=left><font size="1">&nbsp;</font> </TD>
      <TD width="10%" align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
      </TD>
      <TD width="2%" align=left><font size="1">&nbsp;</font> </TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Funds</FONT></TD>
      <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>21</B>
        </font></TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65</FONT>
      </TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debt</FONT></TD>
      <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>(66</B>
        </font></TD>
      <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(97</FONT>
      </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
      <TD align=right valign="bottom"><hr noshade size="1"></TD>
    </TR>
  </TABLE>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Pensions
        and similar obligations</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension assets
    and liabilities (pre-tax) of &euro;1 036 million and </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;6
    617 million respectively are held on the Group&#146;s balance sheet as at
    31 December 2005. Movements in equity markets, interest rates and life expectancy
    could materially affect the level of surpluses and deficits in these schemes,
    and could prompt the need for the Group to make additional pension contributions
    in the future. The key assumptions used to value our pension liabilities are
  set out in note 22 on pages 115 and 116.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Cash
        and borrowings</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash flow
    provides the funds to service the financing of the business and enhance shareholder
    return. A material and sustained shortfall in our cash flow could undermine
    our credit rating and overall investor confidence and could restrict the Group&#146;s
  ability to raise funding. </FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Other
        financial risks</B></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As a result
    of the share-based compensation plans for employees, we are exposed to movements
    in our own share price. In recent years we have managed this risk by buying
    Unilever shares in the market when the share option or award is granted. Going
    forward, we will take a more flexible approach to the time at which we buy
    shares, not automatically buying shares at grant. In 2001, we entered into
    a contract with a bank for the forward purchase of Unilever shares, further
  details of which are given in note 19 on page 112. On </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15
  February 2005, 18 881 587 NV shares of treasury stock were used for the &euro;0.05 cumulative preference share conversion. Between February and September 2005, NV shares were
purchased in the market to bring the hedge to an appropriate level. At the year end, 91% of all outstanding employee share options were hedged; based on Unilever&#146;s
experience we consider this position as being fully hedged.</FONT></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>87</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p88"></a>3
Segment information</B></font></p>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our primary reporting segments are geographic, comprising our three operating regions of Europe, The Americas and Asia Africa. The home countries of the Unilever Group are the
Netherlands and the United Kingdom. The United States is the only country for which third party turnover is required to be separately reported, on the basis that it exceeds 10% of the Group total. This information is given on page 92.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The analysis of turnover by geographical area is stated on the basis of origin.
Turnover on a destination basis would not be materially different. Inter-segment
sales between geographical areas and between product areas as on page 90 are
not material. Total assets and capital expenditure are based on the location
of the assets. Segment results are presented on the basis of operating profit.
Segment assets consist primarily of property, plant and equipment, goodwill and
other intangible assets, inventories and receivables. Corporate assets consist
of financial assets, cash and cash equivalents, other non-current investments
and pension and deferred tax assets. Segment liabilities consist primarily of
trade payables and other liabilities. Corporate liabilities include borrowings,
tax balances payable, restructuring and other provisions and pension and deferred
tax liabilities. Capital expenditure comprises additions to property, plant and
equipment and other intangible assets, including additions resulting from acquisitions.
Other non-cash charges include charges to the income statement during the year
in respect of share-based compensation,
restructuring and other provisions.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>     </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>     </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>     </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Analysis
    by geographical segment</b></font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT>   </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Americas</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Africa</FONT>   </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>    </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Turnover</font></TD>
        <TD width="8%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    16 211
        </font></b></TD>
        <TD width="2%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>13
    179</b></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    10 282
        </font></b></TD>
        <TD width="2%" align=left>&nbsp;

        </TD>
        <TD width="8%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    39 672
        </font></b></TD>
        <TD width="2%" align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Operating profit</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2 304
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
    719</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    1 291
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    5 314
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net finance costs</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (618
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of joint ventures</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    11
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    36</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    47
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of associates</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (25
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    1</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (1
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (25
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other income from non-current investments</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    33
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit before taxation</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    4 751
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Taxation</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (1 249
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from continuing operations</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    3 502
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from discontinued operations</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    473
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    3 975
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2004</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Turnover</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16 650
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 296</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    9 620
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38 566
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Operating profit</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 303
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    896</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 040
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 239
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net finance costs</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (630
        </font></TD>
        <TD align=left>
      <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of joint ventures</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of associates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other income from non-current investments</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    54
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit before taxation</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 704
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Taxation</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (810
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from continuing operations</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 894
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from discontinued operations</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    47
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 941
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Assets</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Segment assets</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    15 237
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    13
    626</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    5 106
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    33 969
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Joint ventures/associates</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    26
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    37</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    21
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    84
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets by geographical segment</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    15 263
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    13
    663</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    5 127
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    34 053
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Corporate assets</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    5 323
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    39 376
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2004</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Segment assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15 569
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 465</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 353
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 387
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Joint ventures/associates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    17
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    21</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    54
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets by geographical segment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15 586
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 486</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 369
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 441
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Corporate assets</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 417
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    36 858
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>88</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p89"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 Segment
  information </font></b><font color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro; million</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro; million</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro; million</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Analysis
    by geographical segment</b></font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Americas</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Africa</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Liabilities</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Segment liabilities</FONT></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
    485</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
    914</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
    244</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8
            643</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint ventures/associates</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    20</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    11</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    6</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total liabilities by geographical segment</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    4
    505</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    1
    925</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    2
    250</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8
            680</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporate liabilities</FONT></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21
    931</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total liabilities</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">30
            611</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2004</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Segment liabilities</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 370</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 748</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 835</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7
            953</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint ventures/associates</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total liabilities by geographical segment</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 379</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 753</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 837</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7
            969</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporate liabilities</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21
            260</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total liabilities</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">29
            229</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>Capital
    expenditure</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    447</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    305</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    298</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            050</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">497</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">297</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">305</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            099</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Depreciation
    of property, plant and equipment</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    379</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    205</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    157</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">741</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">383</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">212</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">155</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">750</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Amortisation
    of finite-lived intangible assets and software</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">52</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    38</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">99</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">64</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Impairment
    charges</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    46</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    51</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    21</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">118</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    129</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    2</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">131</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intangible assets</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    241</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    10</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">251</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total impairment charge</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    46</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    421</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    33</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">500</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</font></b><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">95</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">104</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">73</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">272</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">147</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">793</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            003</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total impairment charge</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">242</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">897</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">136</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            275</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Reversal
    of impairment charges</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">15</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    26</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    28</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">69</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2004</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Other
    non-cash charges</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    228</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    311</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    53</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">592</font></b></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">446</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">472</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">194</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            112</font></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>89</B></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p90"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
    <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 Segment information </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font><BR>
</p>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Although the
  Group&#146;s operations are managed on a geographical basis, the two Foods
  and Home and Personal Care categories manage brands which we group into six
  main product areas;
these are our secondary reporting segments and are:</FONT></P>
<P><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Savoury and dressings </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; including
sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings and olive
oil.<br>
</FONT></font><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Spreads and cooking products </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; including
sales of margarines and spreads and cooking products such as
liquid margarines.<br>
</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Beverages </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; including
sales of tea, weight management products, and nutritionally enhanced staples
sold in developing markets.<br>
</FONT><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Ice cream and frozen foods </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; including
sales of ice cream and frozen food.</FONT></font><br>
<font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Personal care </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; including
sales of skin care and hair care products, deodorants and anti-perspirants, and
oral care products.<br>
</FONT></font><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Home care and other operations </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; including
sales of home care products, such as laundry powders and liquids, and a wide
range of cleaning products. To support our consumer brands, we own tea plantations
and palm oil plantations, the results of which are reported within this segment.</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD>&nbsp;</TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD>&nbsp;</TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>       </b></TD>
        <TD>&nbsp;      </TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>       </b></TD>
        <TD>&nbsp;      </TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD>&nbsp;</TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD>&nbsp;</TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>       </b></TD>
        <TD>&nbsp;      </TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>       </b></TD>
        <TD>&nbsp;      </TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>       </b></TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Spreads</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ice cream</FONT>        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home</FONT>     </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home</FONT>     </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Savoury</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT>      </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">care</FONT>     </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT>      </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">cooking</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">frozen</FONT>   </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Personal</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT>      </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">personal</FONT> </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Analysis
    by product area</b></font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">dressings</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">products</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Beverages</FONT>        </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">foods</FONT>    </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foods</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">care</FONT></TD>
        <TD><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">other</FONT>    </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">care</FONT>     </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>    </TD>
        <TD><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Turnover</font></TD>
        <TD width="6%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8
    369</font></b></TD>
        <TD width="2%"><font size="2">&nbsp;</font></TD>
        <TD width="6%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
    364</font></b></TD>
        <TD width="2%"><font size="2">&nbsp;</font></TD>
        <TD width="6%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
              054
        </font></b></TD>
        <TD width="2%"><font size="2">&nbsp;</font>

        </TD>
        <TD width="6%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6
              373
        </font></b></TD>
        <TD width="2%"><font size="2">&nbsp;</font>

        </TD>
        <TD width="6%" align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22
    160</font></b></TD>
        <TD width="2%" bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD width="6%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10
    485</font></b></TD>
        <TD width="2%"><font size="2">&nbsp;</font></TD>
        <TD width="6%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7
              027
        </font></b></TD>
        <TD width="2%"><font size="2">&nbsp;</font>

        </TD>
        <TD width="6%" align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17
              512
        </font></b></TD>
        <TD width="2%" bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD width="6%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>39
    672</B>     </font></TD>
        <TD width="2%"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Operating profit</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
    286</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">756</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">48</font></B></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>767</B>     </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
    857</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
    801</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>656</B>     </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2
    457</B>     </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>5
    314</B>     </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net finance costs</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(618</B>    </font></TD>
        <TD><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of joint ventures</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">38
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2</FONT></b></TD>
        <TD><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">46</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>1</b></font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>47</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of associates</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&#150;</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&#150;</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25</FONT></b></TD>
        <TD><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25
        </font></b></TD>
        <TD bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25
        </font></b></TD>
        <TD><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other income from non-current investments</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit before taxation</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>4
    751</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Taxation</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(1
    249</b></font></TD>
        <TD><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from continuing operations</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
              502
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from discontinued operations</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>473</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>3
    975</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>2004</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Turnover</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8 172</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 494</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 012
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 286
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    21 964</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    9 780</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 822
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16 602
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38 566
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Operating profit</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 226</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    681</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (508
        </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    709
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 108</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 508</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    623
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 131
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 239
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net finance costs</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (630
        </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of joint ventures</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    36</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share of net profit/(loss) of associates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other income from non-current investments</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    54
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit before taxation</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 704
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Taxation</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (810
        </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from continuing operations</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 894
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from discontinued operations</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    47
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 941
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>Assets</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Segment assets</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18
    788</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
    501</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
              098
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
              357
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26
    744</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
    622</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
              603
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 225</FONT></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33 969</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Joint ventures/associates</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2</FONT></b></TD>
        <TD><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">54</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">30</FONT></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">84</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets by product area</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18
    797</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
    515</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 131</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 355</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26
    798</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
    631</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 624</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 255</FONT></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">34 053</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Corporate assets</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 323</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39 376</FONT></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2004</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Segment assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    17 384</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 508</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 258
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 206
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    25 356</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 393</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 638
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 031
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 387
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Joint ventures/associates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    18
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    26</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    23
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    28
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    54
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets by product area</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    17 392</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 508</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 276
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 206
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    25 382</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 398</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 661
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 059
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 441
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Corporate assets</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 417
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total assets</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    36 858
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Capital
    expenditure</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">235</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">98</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">62
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">209
        </font></b></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">604</font></b></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">260</font></b></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>186</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>446</b></font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b> 1
              050</b></font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    234</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    87</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    61
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    206
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    588</font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    321</font></TD>
        <TD><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    190
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    511
        </font></TD>
        <TD bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 099
        </font></TD>
        <TD><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD><font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>90</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p91"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="3"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 Segment information </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional segment information as required for US reporting<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Segment
information is provided on the following pages in accordance with FAS 131 on
the basis of the geographical segments described on page 88. Unilever has reviewed
the extent of its business with major customers, and has concluded that it has
no customers that would require separate disclosure during the reporting periods
covered by this filing.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
For management reporting purposes, Unilever uses a number of measures of segment
performance at constant average rates of exchange (that is, the same rates as
in the preceding year). The internal management measure of profit that is most
consistent with operating
profit reported in the accounts is &#145;Trading Result&#146;. This differs from
operating profit, mainly because Trading Result includes a number of statistical
and other adjustments including the application of an inflation charge on working
capital which is added back to arrive at operating profit. </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>&nbsp;
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    The
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Asia
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Analysis by geographical segment</FONT></B>&nbsp;
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Europe</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Americas
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Africa
        </font></TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Turnover</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2004 exchange rates</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>16 155</B>
        </font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>12 715</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>10 281</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>39 151</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>56</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>464</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>521</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2005 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>16 211</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13 179</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>10 282</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>39 672</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Trading result</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 348</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 942</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 234</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 524</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>6</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>58</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(3</B>
        </font></TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>61</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2005 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 354</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 000</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 231</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 585</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other adjustments</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(271</B>
        </font></TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating profit</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 314</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2003 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16 632</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13 380
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    10 122
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40 134
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    18</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 084
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (502
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 568
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16 650</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 296
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    9 620
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38 566
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Trading result</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2003 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 434</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 153
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 090
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 677
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (186
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (57
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (236
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 441</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 967
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 033
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 441
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other adjustments</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 202
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating profit</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 239
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Depreciation, amortisation and impairment</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>461</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>632</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>168</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 261</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>10</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2005 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>461</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>640</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>170</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 271</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2003 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    652</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 227
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    306
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 185
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (116
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (14
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (129
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    653</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 111
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    292
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 056
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Capital expenditure</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>446</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>291</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>298</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 035</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2005 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>447</B>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>305</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>298</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 050</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></B>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At constant 2003 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    496</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    322
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    324
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 142
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exchange rate adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (25
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (19
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (43
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    At current 2004 exchange rates</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    497</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    297
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    305
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 099
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>91</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p92"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P><font color="#0070FF" size="3">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 Segment information </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional segment information as required for US reporting </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Kingdom &amp;</FONT>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Analysis by geographical area</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Netherlands</FONT>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States</FONT>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT>
        </TD>
        <TD align=right><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070Ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover</FONT></B>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At constant 2004 exchange rates</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 357</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 587</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27 207</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39 151</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exchange rate adjustments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(26</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(37</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">584</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">521</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At current 2005 exchange rates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 331</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 550</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27 791</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39 672</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></B>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At constant 2003 exchange rates</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 495</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 093</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27 546</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40 134</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exchange rate adjustments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">64</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(732</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(900</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 568</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At current 2004 exchange rates</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 559</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 361</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26 646</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38 566</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070Ff" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></B>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 018</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 140</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 334</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 492</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 050</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 024</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 107</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 181</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the United Kingdom and the Netherlands, which are the home countries of the parent companies, the combined operating profit in 2005 was &euro;708 million (2004: &euro;730
million).</FONT>        </TD>
</TR>
</TABLE>
<P>&nbsp;</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>92</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=3 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p93"></a>4 Operating costs</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Gross profit</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39 672</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38 566</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cost of sales</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(20 396</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(19 856</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19 276</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 710</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating costs</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cost of sales</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(20 396</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(19 856</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Distribution and selling costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(9 292</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8 255</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Administrative expenses<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4 670</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6 216</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(34 358</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(34 327</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating costs include:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Staff costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5 922</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5 889</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Raw and packaging materials and goods purchased for resale</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(15 873</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(15 017</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amortisation of finite-lived intangible assets and software</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(99</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(64</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation of property, plant and equipment<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(741</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(750</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment of property, plant and equipment</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(49</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(239</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Advertising and promotions</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4 999</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 449</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Research and development</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(953</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(991</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(293</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(621</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gain/(loss) on disposals of group companies<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">152</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">338</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment of goodwill and intangible assets</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(382</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 003</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Remuneration of auditors:<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Statutory audit fees</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(14</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(13</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other audit services</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other payments to PricewaterhouseCoopers for non-audit services:</FONT></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Audit-related services</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Tax</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Other services</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Lease rentals:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minimum operating lease payments</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(442</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(416</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Contingent operating lease payments</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(445</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(421</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Less: Sub-lease income relating to operating lease agreements</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(440</FONT></B>
        </TD>
        <TD align=left><font size="2">
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(412</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" align="left" valign=top nowrap><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(a)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes amortisation of finite-lived intangible assets and impairment of goodwill, intangible assets and property, plant and equipment.</FONT> </TD>
</TR>
<TR>
        <TD align="left" valign=top nowrap><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(b)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes &euro;(30) million (2004: &euro;(30) million) for property, plant and equipment under finance leases.</FONT>   </TD>
</TR>
<TR>
        <TD align="left" valign=top nowrap><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(c)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Excluding profit on UCI disposal of &euro;503 million in 2005.</FONT>   </TD>
</TR>
<TR>
        <TD align="left" valign=top nowrap><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(d)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A description of the services we allow our auditors to perform is given within the Report of the Audit Committee on page 71. In addition to the amounts shown above, costs of &euro;1
million (2004: &euro;nil million) were incurred in 2005 in respect of work carried out by the auditors in connection with the disposal of UCI (reported as discontinued operations, see note 29 on page 129).</FONT>    </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>93</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p94"></a>5&nbsp;Staff
costs and employees</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Staff costs</b></FONT><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Remuneration of employees</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4 588</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 518</FONT>
        </TD>
        <TD width="2%" align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Emoluments of Executive Directors</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions and other post-employment benefits</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(408</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(463</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Social security costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(723</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(683</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share-based compensation costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(192</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(213</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5 922</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5 889</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">'000</FONT></B></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">'000</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Average number of employees during the year</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left>

        </TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51</FONT></B></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">53</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Americas</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">46</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia Africa</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">115</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">126</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">212</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">227</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p94a"></a>6&nbsp;Net
      finance
costs</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Finance costs</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Interest costs and similar charges<SUP>(a)</SUP></font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(693</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(717</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bank loans and overdrafts</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(94</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(109</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds and other loans</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(580</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(612</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends paid on preference shares</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exchange differences</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(8</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest and similar income</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">130</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">145</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Pensions and similar obligations<SUP>(b)</SUP></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(55</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(58</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(618</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(630</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments: Disclosure and Presentation&#146; which requires preference shares that provide for a fixed preference
dividend to be classified as borrowings, and preference dividends to be recognised in the income statement as a finance cost. In accordance with the transition rules for IAS 32, 2004 has not been restated. Information on the impact of the adoption
of IAS 32 is given in note 35 on pages 144 to 151.</FONT>       </TD>
</TR>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net finance costs in respect of pensions and similar obligations are analysed in note 22 on page 117.</FONT>    </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>94</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p95"></a>7&nbsp;Taxation</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Tax charge in income statement</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current tax</FONT></B></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current year</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 227</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 625</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Over/(under) provided in prior years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">107</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">324</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 120</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 301</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred tax</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Origination and reversal of temporary differences</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(136</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">457</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Changes in tax rates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Utilisation of losses brought forward</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(129</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">491</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 249</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(810</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United Kingdom Corporation Tax at 30.0%</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(754</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(232</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Less double tax relief</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">619</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">132</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United Kingdom taxes</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(135</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(100</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-United Kingdom taxes</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 114</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(710</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 249</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(810</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe is Unilever&#146;s domestic tax base. The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever&#146;s
European companies, and the actual rate of taxation charged is as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reconciliation of effective tax rate</FONT><font color="#0070FF" size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Computed rate of tax<SUP>(a)</SUP></font></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Differences due to:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other rates applicable to non-European countries</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Incentive tax credits</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Withholding tax on dividends</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Adjustments to previous years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expenses not deductible for tax purposes</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Utilisation of previously unrecognised tax losses</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effective tax rate</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The computed tax rate used is the average of the standard rate of tax applicable in the European countries in which Unilever operates, weighted by the amount of profit before taxation
generated in each of those countries.</FONT>    </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>95</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p96"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7&nbsp;Taxation </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following tables analyse profit before taxation and actual taxation charges between those arising in Europe (which is Unilever&#146;s domestic tax base) and elsewhere.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit before taxation</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Europe</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Parent and group companies</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 614</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 454</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit/(loss) of joint ventures</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit/(loss) of associates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(20</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 605</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 459</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Outside Europe</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group companies</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 115</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 209</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit/(loss) of joint ventures</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">36</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit/(loss) of associates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 146</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 245</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 751</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 704</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Taxation</B></FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Europe</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Parent and group companies:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxes payable</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(469</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(712</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred taxation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(175</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">176</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accelerated depreciation</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">61</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(123</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(62</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(42</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill and intangible assets</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(48</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">109</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(644</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(536</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Outside Europe</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group companies:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxes payable</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(651</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(589</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred taxation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">46</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">315</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accelerated depreciation</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(40</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(20</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(26</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(78</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">205</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill and intangible assets</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">123</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">168</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(605</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(274</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 249</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(810</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>96</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p97"></a>8</font></b><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;Combined
          earnings
per share</font></b></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per &euro;0.51
    share of</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per
    1.4p share of</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
    ordinary capital</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC
    ordinary capital</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><b>    <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; cents</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; cents</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Combined
    earnings per share</font></TD>
        <TD align=right><b>    <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <B>2005</b></font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>From
    total operations</b></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Basic earnings per share</font></TD>
        <TD width=8% align=right><b><font size="2">
  </font></b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>3.88</b></font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.83</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    58.17</font></b></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 42.46</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Diluted earnings per share</font></TD>
        <TD align=right>    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>3.76</b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.72</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56.40</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 40.78</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>From
    continuing operations</b></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Basic earnings per share</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.39</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.78</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    50.87</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 41.72</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Diluted earnings per share</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.29</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.67</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    49.33</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 40.08</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Basis of calculation</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
calculations of combined earnings per share are based on the net profit attributable
    to ordinary
      capital divided by the average number of share units representing the combined
      ordinary capital of NV and PLC in issue during the year, after deducting
      shares held as treasury stock. For the calculation of combined ordinary
    capital, the
      exchange rate of &#163;1 = Fl.12 = &euro;5.445 has been used, in accordance
with the Equalisation Agreement.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The calculations
      of diluted earnings per share are based on: (i) conversion into PLC ordinary
      shares
      of the shares in a group company which are convertible in the year 2038,
      as described in Corporate governance on page 44; (ii) conversion of the &euro;0.05
      NV preference shares, details of which are set out below and in note 24
      on page 124; (iii) the effect of share-based compensation plans, details
      of
      which are set out in note 31 on pages 132 to 141; and (iv) the forward
      equity contract
described in note 31 on page 141.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 15 February 2005,
      we converted the &euro;0.05 NV preference shares into ordinary &euro;0.51 NV shares. The conversion was made using shares already held by Unilever for the
      purposes of hedging the Group&#146;s share-based compensation plans. Unilever bought further ordinary shares in the market during 2005 to the extent required to restore the hedging position. Until the date of conversion, the &euro;0.05 preference
      shares were potentially dilutive for the purposes of the calculation of fully diluted earnings per share, as shown below. At midnight on 13 July 2005 the &euro;0.05
NV preference shares were cancelled.</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD colspan="4" align=right>      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Millions of</FONT>  </TD>
        <TD width="2%" align=left><font size="1">&nbsp;

        </font></TD>
        <TD colspan="3" align=right>      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Millions of</FONT>  </TD>
        <TD width="2%" align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD colspan="4" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;0.51
    share units</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD colspan="3" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.4p
    share units</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Calculation
    of average number of share units</font></TD>
        <TD width="8%" align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>       </TD>
        <TD width="2%" align=left><font size="1">&nbsp;

        </font></TD>
        <TD width="8%" align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>     </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD width="8%" align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>       </TD>
        <TD width="2%" align=left><font size="1">&nbsp;

        </font></TD>
        <TD width="8%" align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>     </TD>
        <TD align=left><font size="1">&nbsp;</font>     </TD></TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Average
    ordinary capital:</font></TD>
  <TD align=right><div align="left"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</font></div></TD>
  <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>571.6</B></font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">571.6</font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>3
    810.5</B></font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
    810.5</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><div style="margin-left:22%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> </font></div></TD>
        <TD width="47%" align=right><div align="left"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</font></div></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>436.7</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    436.7       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 911.5</B>      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 911.5     </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Less shares held by employee share trusts and companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(37.3</B>        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (44.9       </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(248.7</B>       </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (299.3      </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Combined average number of share units for all bases except diluted earnings
    per share</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>971.0</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    963.4       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 473.3</B>      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 422.7     </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Add shares issuable in 2038</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>23.6</B> </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    23.6        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>157.5</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    157.5       </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Add shares for conversion</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.4</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    18.9        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15.7</B> </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    125.9       </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Add dilutive effect of share-based compensation plans and forward equity
    contract</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.3</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.0 </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>35.5</B> </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33.1        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Adjusted combined average number of share units for diluted earnings per
    share basis</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 002.3</B>      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 010.9     </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 682.0</B>      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 739.2     </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    &euro; million</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>   </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Calculation
    of earnings</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    2005</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>     </TD>
        <TD align=left><font size="1">&nbsp;</font>     </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit attributable to shareholders&#146; equity</font></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3
    766</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 755       </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Less preference dividends</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    n/a</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (28 </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit attributed to ordinary capital for basic earnings per share calculations</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3
    766</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 727       </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Adjusted net profit attributed to ordinary capital for the diluted earnings per share calculation<SUP>(a)</SUP></FONT>&nbsp;   </font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3
    769</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 748       </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(a) </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      In accordance with IAS 33, the net profit for diluted earnings per share
      has been adjusted for the preference dividend on shares for conversion,
      which in 2005 amounted to &euro;3
million (2004: &euro;21 million).       </font></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>97</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2"></font>

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p98"></a>9&nbsp;</font></b><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Dividends
    on ordinary capital</font></b></td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    Dividends
    paid on ordinary capital during the year</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividend 2003 paid in June 2004</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 116</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend 2004 paid in November 2004</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(603</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividend 2004 paid in June 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 229</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend 2005 paid in December 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(638</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD height="21" align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 867</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 719</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD colspan=3 align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per &euro;0.51
    share of</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
    <TD colspan=3 align=right><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Per
    1.4p share of</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD colspan=3 align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV ordinary capital</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
    <TD colspan=3 align=right><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC
    ordinary capital</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">pence</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">pence</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">    <FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Dividends per share</FONT></font></TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim</FONT></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    0.66</font></b></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.63</FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    6.77</font></b></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.33</FONT></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final<SUP>(a)</SUP></FONT>&nbsp;</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    1.32</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.26</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    13.54</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12.82</FONT></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    1.98</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.89</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    20.31</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19.15</FONT></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(a)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The proposed final dividend on ordinary capital for the year 2005 has to be approved by shareholders at the Annual General Meetings. In accordance with IFRS, no provision for the amount
of this dividend, estimated at &euro;1 267 million, has been recognised in the financial statements for the year ended 31 December 2005. The final dividend shown in respect of 2004 was declared and paid during 2005.</FONT></TD>
</TR>
</TABLE>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Full details of dividends per share for the years 2001 to 2005 are given on page 187.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="16"><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p98a"></a>10</b></font><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&nbsp;Goodwill
    and intangible assets</b></font></td>
  </tr>
</table>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Indefinite-lived intangible assets principally comprise those trademarks for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows.
  These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. Finite-lived intangible assets, which primarily comprise patented and non-patented technology, know-how, and
  software, are capitalised and amortised in operating profit on a straight-line basis over the period of their expected useful lives, none of which exceeds ten years. The level of amortisation for finite-lived intangible assets is not expected to
change materially over the next five years.</FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</font></TD>
        <TD align=left><font size="1">&nbsp;    </font></TD></TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    At
    cost less amortisation and impairment</font></TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Goodwill</font></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    12
    963</font></b></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 12
            083</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Indefinite-lived intangible assets</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    4
    450</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4
            311</font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Finite-lived intangible assets</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    416</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 447</font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Software</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    226</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 166</font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    18
    055</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 17
            007</font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Indefinite-</FONT></B>  </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Finite-</FONT></B>      </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">lived</FONT></B>        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">lived</FONT></B>        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">intangible</FONT></B>   </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">intangible</FONT></B>   </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    Movements
    during 2005</font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Goodwill</FONT></B>     </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets</FONT></B>       </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Software</FONT></B>     </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>        </TD>
        <TD align=left><font size="1">&nbsp;    </font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade>
    </TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>Cost</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13 020</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 311</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>597</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>193</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>18 121</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Reclassification as held for sale</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(133</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(60</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(193</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>12 887</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 251</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>597</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>193</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17 928</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Acquisitions of group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Disposals of group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(49</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(6</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(16</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(4</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(75</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Additions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>86</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>92</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Reversal of assets held for sale not included in final disposal</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>55</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>70</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 214</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>411</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>46</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>16</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 687</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14 080</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 713</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>631</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>291</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>19 715</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>Amortisation
    and impairment</b></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(937</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(150</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(27</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 114</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Reclassification as held for sale</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(937</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(150</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(27</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 114</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Disposals of group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>42</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>48</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amortisation for the year<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(62</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(38</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(100</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Impairment losses</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(131</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(251</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(382</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(91</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(13</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(6</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(112</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 117</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(263</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(215</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(65</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 660</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>)</b></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net book value 31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>12 963</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 450</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>416</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>226</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>18 055</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes &euro;(1)
    million relating to discontinued operations.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>98</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p99"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></p>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10</font></b><font color="#0070FF"><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;Goodwill
          and
intangible assets </font><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</font></b></font></td>
  </tr>
</table>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Indefinite-</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finite-</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">lived</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">lived</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">intangible</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">intangible</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements during 2004</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">assets</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">assets</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Software</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>     </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Cost</b></FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2004</FONT></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 461</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 505</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">603</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">110</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 679</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions of group companies</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals of group companies</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(20</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(23</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additions</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">87</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">89</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(445</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(176</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(634</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 020</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 311</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">597</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">193</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 121</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>Amortisation
    and impairment</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(103</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(110</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amortisation for the year<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(45</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(21</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(66</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment losses</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 003</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 003</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(937</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(150</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(27</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 114</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net book value 31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 083</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 311</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">447</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">166</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 007</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</font></td>
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes &euro;(2)
    million relating to discontinued operations.</font></td>
  </tr>
</table>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">There are no significant carrying amounts of goodwill and intangible assets that are allocated across multiple cash generating units.</FONT></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Impairments in the year</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During 2005, </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">maintained its
leadership of the weight management sector by refreshing its product range and offering a more personalised diet plan. However, the 2005 impairment review of the global </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business
resulted in an impairment charge of &euro;363 million due to the continued decline
of the weight management sector. This charge has been reflected in operating
profit for The Americas region.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Value in use of the business was calculated using the present values of projected
future cash flows, adjusted to reflect the risk present in the markets in which
the business operates. The pre-tax discount rate applied to the business was
11%. As a result of the impairment review, the carrying value of the business
was determined to be in excess of the value in use, thereby requiring an impairment
loss to be recognised.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The 2004 impairment charge of &euro;791 million in relation to the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business was
calculated using value in use and applied a pre-tax discount rate of 11%. This charge was also reflected in operating profit for The Americas region.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The remainder of the impairment loss charged in 2005 of &euro;19 million includes &euro;2
million representing write-downs in respect of planned business disposals that
will
complete during 2006, and &euro;10 million in respect of impairment of goodwill
and indefinite-lived intangible assets in Colombia and India. In 2004, the remaining
balance of &euro;212 million included &euro;156 million in respect of planned
business disposals in 2005. Other smaller impairments were recognised during
the course of 2004 for tea plantations and a bakery business in India, and a
home and personal care business in North Africa.</font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Significant cash generating units</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
goodwill and indefinite-lived intangible assets held in the global savoury and
dressings cash generating unit (CGU), comprising &euro;11.9 billion and &euro;3.6
billion respectively, are considered significant in comparison to the total carrying
amounts of goodwill and indefinite-lived intangible assets at 31 December 2005. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
During 2005, we conducted an impairment review of the carrying value of these
assets. Value in use of the global savoury and dressings CGU has been calculated
as the present value of projected future cash flows. A pre-tax discount rate
of 10% was used.</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td colspan="2"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
        following key assumptions were used in the discounted cash flow projections
    for the savoury and dressings CGU:</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a longer-term
        sustainable growth rate of 2%, adjusted for market fade, used to determine
    an appropriate terminal value multiple;</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average
        near-term nominal growth for the major product groups within the CGU
    of 4%; and</font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> average
        operating margins for the major product groups within the CGU ranging
    from 19% to 23%.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The growth rates and margins used to estimate future performance are based on
past performance and our experience of growth rates and margins achievable in
our key markets as a guide. We believe that the assumptions used in estimating
the future performance of the savoury and dressings CGU are consistent with past
performance.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The projections covered a period of 10 years as we believe this to be a suitable
timescale over which to review and consider annual performance before applying
a fixed terminal value multiple to the final year cash flows of the detailed
projection. Stopping the detailed projections after 5 years and applying a terminal
value multiple thereafter would not result in a materially different estimate
of the value in use.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The growth rates used to estimate future performance beyond the periods covered
by our annual planning and strategic planning processes do not exceed the long-term
average rates of
growth for similar products.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
We have performed sensitivity analysis around the base case assumptions and have
concluded that no reasonably possible changes in key assumptions would cause
the carrying amount of the savoury and dressings CGU to exceed its recoverable
amount.</font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>99</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P><font color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p100"></a>11
  Property, plant and equipment</b></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">At cost less depreciation and impairment</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD width="2%" align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Land and buildings</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 994</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD width="10%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 992</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plant and equipment</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 498</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 189</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 492</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 181</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes freehold land</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">224</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">248</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commitments for capital expenditure at 31 December</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">263</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">172</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Land and</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Plant and</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements during 2005</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">buildings</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">equipment</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Gross</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 068</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 213</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13 281</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification as held for sale</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(209</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(200</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(409</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 859</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 013</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12 872</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals of group companies</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(26</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(117</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(143</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additions</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">163</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">795</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">958</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(95</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(619</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(714</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reversal of asset held for sale not included in final disposal</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">53</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">110</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">269</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">798</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 067</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification as held for sale</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(175</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(116</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(291</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other adjustments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(34</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">34</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 014</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 845</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13 859</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Depreciation and impairment</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 076</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(6 024</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(7 100</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification as held for sale</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">110</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">169</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">279</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(966</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5 855</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(6 821</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals of group companies</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">91</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">103</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation charge for the year<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(78</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(665</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(743</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">53</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">549</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">602</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reversal of asset held for sale not included in final disposal</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(50</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(55</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment losses<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(10</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(108</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(118</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reversal of impairment losses</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">58</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">69</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(83</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(466</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(549</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification as held for sale</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">94</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">145</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other adjustments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 020</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(6 347</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(7 367</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net book value 31 December 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 994</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 498</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 492</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes payments on account and assets in course of construction</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">64</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">487</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">551</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes &euro;(2) million relating to discontinued operations.</FONT>  </TD>
</TR><TR>
        <TD nowrap valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment losses mainly recognised in respect of restructuring projects where property, plant and equipment is written down to the net recoverable amount.</FONT>      </TD>
</TR></TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>100</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p101"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 Property, plant and equipment (continued)</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Land and</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plant and</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements during 2004</FONT></B></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">buildings</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">equipment</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Gross</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2004</FONT></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 274</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 418</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 692</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions of group companies</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals of group companies</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(25</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(109</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(134</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additions</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">151</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">852</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 003</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(244</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(754</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(998</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(74</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(212</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(286</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other adjustments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 068</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 213</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 281</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Depreciation and impairment</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 094</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6 041</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7 135</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals of group companies</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">83</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation charge for the year<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(80</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(675</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(755</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Disposals</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">139</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">651</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">790</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment losses<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(53</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(219</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(272</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reversal of impairment losses</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">156</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other adjustments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(32</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 076</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6 024</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7 100</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net book value 31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 992</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 189</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 181</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes payments on account and assets in course of construction</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">435</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">486</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</font></td>
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As defined
        on
page 100.</font></td>
  </tr>
  <tr>
    <td valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</font></td>
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes &euro;(5)
    million relating to discontinued operations.</font></td>
  </tr>
</table>
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Included in the above is property, plant and equipment under a number of finance lease agreements, for which the book values are as follows:</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plant and</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net book value</FONT></B></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Buildings</FONT>
        </TD>
        <TD width=2% align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">equipment</FONT>
        </TD>
        <TD width=2% align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD width=2% align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gross book value</FONT></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">68</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">354</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">422</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation and impairment</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(18</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(202</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(220</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">50</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">152</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">202</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gross book value</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">327</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">390</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation and impairment</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(24</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(166</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(190</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">161</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">200</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At 31 December
  2004, property, plant and equipment with a book value of &euro;108 million was pledged as security for certain of the Group&#146;s
  borrowings. No such arrangements
existed at 31 December 2005.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; </FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">101</FONT></B><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p102"></a>12 Biological assets</FONT></B><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fair value of tea bushes older than 10 years is based on the market price of the estimated recoverable tea leaf volumes, net of harvest costs. The fair value of oil palm trees older
than 8 years is based on the market price of the estimated recoverable palm oil volumes, net of harvest costs. The fair value of immature tea bushes and oil palm trees is based on the present value of the net cash flows expected to be generated by
the plants at maturity.</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>At fair value</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Tea bushes</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>23</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    28</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Oil palm trees</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>37</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Tea</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Oil palm</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Movements during 2005</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>bushes</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>trees</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Total</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>28</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>33</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    New plantations/acquisitions</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Increase/(decrease) in fair value less estimated point-of-sale costs</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>9</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Disposals of group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Reclassification as held for sale</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(21</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(21</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>23</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>37</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Tea
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Oil palm</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Movements during 2004</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    bushes
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    trees</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January 2004</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    29
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Increase/(decrease) in fair value less estimated point-of-sale costs</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    28
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As at 31 December 2005, tea bushes comprised approximately 18 000 hectares of tea plantations in India, Kenya and Tanzania. During </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005
    the Group harvested approximately 258 000 tonnes of tea leaves, which had
    a fair value less estimated
point-of-sale costs of &euro;48 million at the date of harvest.</FONT></P>
</font>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As at 31 December 2005, oil palm trees included above comprised approximately
45 000 hectares of oil
palm plantations in C&ocirc;te d&#146;Ivoire and Ghana. These plantations range
from newly established plantations to plantations that are 32 years old. During
2005 the Group harvested approximately 257 000 tonnes of palm oil, which had
a fair value less estimated point-of-sale costs of &euro;47 million at the date
of harvest. </font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>102</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"> <div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<P> <font color="#0070ff" size="4" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Notes
      to the consolidated accounts<br>
</B></font><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p103"></a>13
      Joint ventures, associates and other non-current investments</font></b></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></b></TD>
    <TD align=right><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Joint
      ventures and associates</font></b></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      in net assets of joint ventures</FONT></TD>
    <TD width="10%" align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>67</b></font></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      in net assets of associates</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>17</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>84</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following tables show the movements during the year in connection with joint ventures, associates and other non-current investments:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </b></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </b></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </b></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements
      during 2005</font></b></TD>
    <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Goodwill</FONT>
      </b></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other</FONT>
      </b></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT>
      </b></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Joint
      ventures</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP>
      </font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December 2004</FONT></TD>
    <TD width=10% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT></B>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=10% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28</FONT></B>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=10% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">32</FONT></B>
    </TD>
    <TD width=2% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additions</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(b)</SUP>
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      received/reductions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(43</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(43</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      in net profit</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December 2005</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">62</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Associates</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></SUP>
      </font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December 2004</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">112</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(106</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions/(disposals)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      received/reductions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      in net profit</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(15</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">130</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(150</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(20</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of
      which: Net liabilities of JohnsonDiversey reclassified to restructuring
      and other provisions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(130</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">167</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December 2005</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left> <hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other
      non-current investments</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></SUP></font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December 2004</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">698</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additions/(reductions)/(impairments)/fair
      value movements</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(19</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">41</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December 2005</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">720</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR align="left" valign="top">
    <TD width="3%" nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our principal
      joint ventures are the FIMA business in Portugal and the Pepsi/Lipton Partnership
      in the US.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of the transaction in connection with our Foods business in Portugal (see
      note 28 on page 128).</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Associates
      primarily comprise our investments in JohnsonDiversey Holdings Inc., Palmci
      and Langholm Capital Partners. Other Unilever Ventures investments are included
      under &#145;Other non-current investments&#146; above.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current investments are mainly available-for-sale assets, and predominantly
      consist of investments in a number of companies and financial institutions
      in India, Europe and the US, including &euro;197 million (2004: &euro;174
      million) of assets in a trust to fund benefit obligations in the US (see
      also note 22 on page 114).</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Analysis
      of listed and unlisted investments</B></font></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Investments
      listed on a recognised stock exchange</FONT></TD>
    <TD width="10%" align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>326</B></font></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">326</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unlisted
      investments</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>394</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">372</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>720</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">698</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&euro; million</B></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Other
      income from non-current investments</B></font></TD>
    <TD width="10%" align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD width="10%" align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income
      from other non-current investments</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>20</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit/(loss)
      on disposal</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>13</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>33</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The joint
  ventures and associates have no significant contingent liabilities to which
  the Group is exposed, and the Group has no significant contingent liabilities
  in relation to its interest in the joint ventures and associates.</FONT></P>
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group has
  no outstanding capital commitments to joint ventures.</FONT></P>
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
  balances with joint ventures and associates are shown in note 32 on page 142.</FONT></P>
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>103</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
  Unilever Group</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p104"></a>14 Deferred taxation</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As
      at 31</FONT> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRS</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions</FONT>
    </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">As
      at 31</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">December</FONT>
    </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">transition</FONT></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income</FONT>
    </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and</FONT>
    </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">December</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements
      during the year</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IAS
      32/39</FONT></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">statement</FONT></TD>
    <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(a)</sup></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity</FONT><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
      </font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(b)</sup></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">disposals</FONT>
    </TD>
    <TD align=right><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
      <hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions
      and similar obligations</FONT></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      391</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(98</FONT>
    </TD>
    <TD width="2%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">186</FONT>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
    </TD>
    <TD width="2%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      478</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">533</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(124</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">109</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">518</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(657</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">75</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(104</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(686</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accelerated
      tax depreciation</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(691</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(23</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(38</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(742</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Tax
      losses</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">113</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">146</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value gains</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value losses</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share-based
      payments</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">46</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">74</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(33</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(18</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">702</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(137</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">191</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">770</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></td>
    <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Includes
      &euro;8 million credit reported under discontinued operations in the income
      statement.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</font></td>
    <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Of the
      total movement in equity of &euro;191 million, &euro;108 million arises
      as a result of currency retranslation.</font></td>
  </tr>
</table>
<BR>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At the balance
sheet date, the Group has unused tax losses of &euro;1 205 million and tax credits
amounting to &euro;327 million available for offset against future taxable profits.
Deferred tax assets totalling &euro;655 million have not been recognised in respect
of these losses and credits, as the likelihood of future economic benefit is not
considered probable.</FONT>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">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 &euro;765 million (2004: &euro;503 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 forseeable future.</FONT></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred income
  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:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred
      tax assets and liabilities</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions
      and similar obligations</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      709</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      484</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(231</FONT></B>
    </TD>
    <TD width="2%" align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(93</FONT>
    </TD>
    <TD width="2%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      478</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      391</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">704</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">617</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(186</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(84</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">518</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">533</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(431</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(353</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(255</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(304</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(686</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(657</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accelerated
      tax depreciation</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(489</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(382</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(253</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(309</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(742</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(691</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Tax
      losses</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">144</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">109</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">146</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">113</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value gains</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value losses</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(6</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share-based
      payments</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">74</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">46</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">74</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">46</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(14</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(30</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(18</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(33</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>
      <hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>
<hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      703</FONT></B> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      491</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(933</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(789</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">770</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">702</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of which
      deferred tax to be recovered/(settled) after</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;more
      than 12 months</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      269</FONT></B> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      135</FONT> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(834</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(745</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">435</FONT></B>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">390</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>
<hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p104a"></a>15
      Inventories</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Inventories</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Raw
      materials and consumables</FONT></TD>
    <TD width="10%" align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>1
      512</B></font></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      388</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finished
      goods and goods for resale</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2
      595</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      368</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>4
      107</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      756</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories with a value of &euro;123 million (2004: &euro;109 million) are carried at fair value less costs to sell, this being lower than cost. During 2005, &euro;159 million
(2004: &euro;162 million) was charged to the income statement for damaged, obsolete and lost inventories. In 2005, &euro;35 million (2004: &euro;25 million) was released to the income statement from inventory provisions taken in earlier years
but no longer required. </FONT></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories
  with a carrying amount of &euro;8 million (2004: &euro;28 million) have been
  pledged as security for certain of the Group&#146;s borrowings.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>104</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"> <div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<P> <font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts<br>
  </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT></font></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p105"></a>16
      Trade and other receivables</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Trade
      and other receivables</FONT></B></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
      within one year</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      receivables</FONT></TD>
    <TD width=10% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
      345</FONT></B></TD>
    <TD width=10% align=right><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      161</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Prepayments
      and accrued income</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(a)</SUP></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">833</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">328</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      receivables</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">652</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">642</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      830</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      131</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
      after more than one year</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      receivables</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">231</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">279</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      trade and other receivables</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5
      061</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      410</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)
      In 2005 includes fair values of derivatives as a consequence of the adoption
      of IAS 39.</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Concentrations
  of credit risk with respect to trade receivables are limited, due to the Group&#146;s
  customer base being large and diverse.</font> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Management
  therefore believes there is no further credit risk provision required in excess
  of normal provision for doubtful receivables.</font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Provision
      for doubtful receivables &#150; movements during the year</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      January</FONT></TD>
    <TD width="10%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">232</FONT></B>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">279</FONT>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Charged
      to income statement</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reductions</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(33</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(71</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">20</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">258</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">232</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p105a"></a>17
    Cash and cash equivalents and other financial assets</FONT></B></TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
    and cash equivalents and other financial assets</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD height="20" colspan="2" align=left><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      and cash equivalents</FONT><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Listed</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="2%" align=left>&nbsp;</TD>
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      equivalents</FONT></TD>
    <TD width="10%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">44</FONT></B></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unlisted</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      at bank and in hand</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">867</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      004</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Short-term
      deposits with maturity of less than three months</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">412</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">495</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      cash equivalents</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">206</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      485</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      524</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      529</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      590</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other
      financial assets</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Listed</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">36</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">45</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unlisted</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">299</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">968</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">335</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      013</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      cash and cash equivalents and other financial assets</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      864</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      603</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other financial assets include government securities and A minus or higher rated money and capital market instruments.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">An amount of &euro;16 million (2004: &euro;24 million) is included in cash and cash equivalents with repayment notice required. This relates to cash collateral deposited as required
by a forward purchase contract with a counterparty bank to buy 10 000 000 PLC shares at 559p per share in November 2006. Further details are given in note 19 on page 112.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      and cash equivalents included in the cash flow statement</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD width="10%" align=right><hr size="1" noshade></TD>
    <TD width="2%" align=left><hr size="1" noshade></TD>
    <TD width="8%" align=right><hr size="1" noshade></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      and cash equivalents as per balance sheet</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      529</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      590</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      and cash equivalents in businesses held for sale</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bank
      overdrafts</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(265</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(184</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      265</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      406</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>105</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font><BR>
<P>&nbsp; </P>
<P><font color="#0070ff"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17
  Cash and cash equivalents and other financial assets </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Interest
  rate profile and currency analysis of financial assets<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  table set out below takes into account the various interest rate swaps and forward
  foreign currency contracts entered into by the Group, details of which are set
  out in note 19 on pages 110 and 111.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The interest rate profiles of the Group&#146;s financial assets analysed by principal currency are set out in the table below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Floating</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Floating</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">interest</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">fixing</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate
      for</FONT> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">period</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Assets &#150; 2005</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro</FONT></TD>
    <TD width="8%" align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">650</FONT></B>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.8%</FONT>
    </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">650</FONT></B>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sterling</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.6%</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">US
      dollar</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">94</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.8%</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">94</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Indian
      rupee</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">346</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.6%</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">346</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">967</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.9%</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">967</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      114</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      114</FONT></B> </TD>
    <TD align=left> <font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP>&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Assets &#150; 2004</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">180</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.1%</FONT></TD>
    <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(b)</sup></font></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.4
      years</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      925</FONT> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(c)</SUP></FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      105</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sterling</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">81</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">81</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">US
      dollar</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">140</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">140</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Indian
      rupee</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">413</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">413</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">916</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">916</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">180</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      475</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      655</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro
      leg of currency derivatives relating to intra-group loans</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      052</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      603</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes
      fair value of borrowing-related derivatives amounting to &euro;250 million.
      For further information please refer to note 19 on pages 110 to 112.</FONT>
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fixed
      interest rate of 9.1% in 2004 includes one leg of a cross-currency interest
      rate swap of an intercompany loan of &euro;146 million with a fixed rate
      of 10.8%. A corresponding interest charge is included in the US dollar fixed
      rate liabilities.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes
      the euro leg of the currency derivatives relating to intra-group loans,
      amounting to &euro;4 052 million for 2004. These derivatives create a euro
      interest rate exposure. However, to reconcile the assets with the balance
      sheet, the total value is eliminated again. The other leg of the currency
      derivatives is shown in note 18 as a liability.</FONT> </TD>
  </TR>
</TABLE>
<p> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p106"></a>18
  Borrowings</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Borrowings</B></font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bank
      loans and overdrafts</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
      456</FONT></B> </TD>
    <TD width="2%" align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      583</FONT> </TD>
    <TD width="2%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds
      and other loans</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At
      amortised cost</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(8
      609</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10
      465</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Subject
      to fair value hedge accounting</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2
      210</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preference
      shares</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(124</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(12
      399</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      048</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From
      1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments:
      Disclosure and Presentation&#146; which requires preference shares that
      provide for a fixed preference dividend to be classified as borrowings.
      In accordance with the transition rules for IAS 32, amounts for 2004 have
      not been restated. Details of the preference shares at 31 December 2004
      are included in note 24 on page 124.</FONT> </TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>106</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p107"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>



<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to
  the consolidated accounts<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT></P>
<P>&nbsp; </P>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18 Borrowings
  </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The tables set out below and on page 109 take into account the various interest rate swaps and forward foreign currency contracts entered into by the Group, details of which are set out
in note 19 on pages 110 and 111.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Details of specific bonds and other loans are also given below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1"> &nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Amortised</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amortised</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">cost</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">value</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">cost</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left> <font size="1"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      N.V.</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.625%
      Notes 2005 (US &#36;)</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">146</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.375%
      Bonds 2005 (Swiss francs)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">324</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.125%
      Bonds 2006 (&euro;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      010</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">999</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.125%
      Notes 2006 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">431</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.250%
      Bonds 2007 (&euro;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">513</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">507</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">997</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.000%
      Bonds 2007 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">556</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">474</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.375%
      Bonds 2015 (&euro;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">747</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (&euro;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      180</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">961</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (&#163;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">491</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">329</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">348</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">307</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (Swiss francs)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">53</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">36</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      Unilever N.V.</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4
      799</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      073</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      992</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      PLC</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (&#163;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      Unilever PLC</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other
      group companies</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
      States</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.875%
      Notes 2005 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      097</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.150%
      Bonds 2006 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">253</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">217</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.125%
      Bonds 2010 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      467</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      274</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.000%
      Bonds 2017 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">120</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">105</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.250%
      Bonds 2026 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">239</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">208</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.625%
      Bonds 2028 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">185</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">162</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.900%
      Bonds 2032 (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">829</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">725</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.000%
      Bonds 2045 (Swiss francs)</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.600%
      Bonds 2097 (US &#36;)</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">77</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (US &#36;)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">521</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">India</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.000%
      Debenture loan 2005 (Indian rupee)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">108</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Japan</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Floating
      rate note 2006 (Japanese yen)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">151</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">150</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Thailand</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.300%
      Bonds 2007 (Thai baht)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">134</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">122</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">South
      Africa</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.200%
      Bonds 2008 (South African rand)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">137</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      paper (South African rand)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">120</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">156</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other
      countries</FONT></B></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">223</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">205</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      other group companies</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
      810</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">137</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      403</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      bonds and other loans</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8
      609</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      210</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      465</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As required
      by fair value hedge accounting, the fair value of the bonds and other loans
      is based on their amortised cost adjusted for the market value of the related
      derivative.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Repaid
      in March 2005.</FONT> </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amount
      for 2004 has been adjusted to include the discount.</FONT> </TD>
  </TR>
</TABLE>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reclassifications<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During
  2005 Unilever discontinued fair value hedge accounting for &euro;500 million
  of the 4.250% Bonds 2007. On the date the hedge accounting discontinued, the
  fair value became the new value at amortised cost.</FONT></P>
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>107</B></font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p108"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to
  the consolidated accounts<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18 Borrowings </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=left><font size="1"> &nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Issued,</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nominal</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">called
      up</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      shares</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      shares</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">and
      fully</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Preference
      shares NV as at 31 December 2005</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(e)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">authorised</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Authorised</FONT></B></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">per
      share</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issued</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">paid</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7%
      Cumulative Preference</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">75
      000</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">34</FONT></B></TD>
    <TD width=2% align=right>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;453.78</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29
      000</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13</FONT></B></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6%
      Cumulative Preference</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">200
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">91</FONT></B></TD>
    <TD align=right>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;453.78</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">161
      060</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">73</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4%
      Cumulative Preference</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">750
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">34</FONT></B></TD>
    <TD align=right>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;45.38</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">750
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">34</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      premium</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">159</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">124</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top nowrap> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(e)</FONT><font size="2">&nbsp;
      &nbsp; &nbsp; </font></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From
      1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments:
      Disclosure and Presentation&#146; which requires preference shares that
      provide for a fixed preference dividend to be classified as borrowings.
      In accordance with the transition rules for IAS 32, amounts for 2004 have
      not been restated.</FONT> </TD>
  </TR>
</TABLE>
<P align="left"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
  7%, 6% and 4% preference shares of NV are entitled to dividends at the rates
  indicated. The 4% cumulative preference capital of NV is redeemable at par at
  the company&#146;s option either wholly or in part. The other classes of preferential
  share capital of NV are not redeemable.</FONT></P>
<TABLE width="100%" border=0 align="center" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1"> &nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Borrowings
      &#150; additional details</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The
      repayments fall due as follows</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Within
      one year:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bank
      loans and overdrafts</FONT></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">786</FONT></B></TD>
    <TD width=2% align=right>&nbsp;</TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">823</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds
      and other loans</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5
      156</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      332</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      due within one year</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5
      942</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      155</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      one year but within two years</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      049</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      917</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      two years but within three years</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">180</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      891</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      three years but within four years</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">391</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">177</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      four years but within five years</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      493</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">351</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      five years</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      344</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      557</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total
      due after more than one year</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6
      457</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      893</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Secured
      borrowings</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">136</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of
      which secured against property, plant and equipment</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">108</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>

<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>108</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p109"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
    <FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></p>
<p>&nbsp;</p>
<p><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18 Borrowings </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>Undrawn
    committed facilities</b></font></td>
  </tr>
  <tr>
    <td colspan="2"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Unilever
    had the following undrawn committed facilities at 31 December 2005:</font></td>
  </tr>
  <tr>
    <td width="3%" valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> revolving
        364-day bilateral credit facilities of in aggregate US &#36;3 958 million
    (2004: US &#36;3 603 million) with a 364-day term out;</font></td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> revolving
        five-year bilateral credit facilities of in aggregate US &#36;334 million
    (2004: US &#36;334 million);</font></td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">revolving
          364-day notes commitments of US &#36;200 million (2004: US &#36;200
    million) with the ability to issue notes with a maturity up to</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">364 days; and</font></font></td>
  </tr>
  <tr>
    <td valign="top">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">364-day
          bilateral money market commitments of in aggregate US &#36;1 725 million
          (2004: US &#36;2 080 million), under which the underwriting</font> <font
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">banks agree, subject to certain
    conditions, to subscribe for notes with maturities of up to three years.</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The facilities that matured in December 2005 have been renewed until November
2006 and December 2006.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Interest rate</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The average
interest rate on short-term borrowings in 2005 was 3.0% (2004: 3.1%).</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Interest rate profile and currency analysis of financial liabilities</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The interest
rate profiles of the Group&#146;s financial liabilities analysed by principal
currency are set out in the table below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width="45%" align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Floating</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Floating</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">interest</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">fixing</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate for</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">rate</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">period</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities &#150; 2005</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro<SUP>(f)</SUP></FONT>&nbsp;
        </font></TD>
        <TD width=7% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 402</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.5%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.3 years</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 066</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.8%</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=7% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 468</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sterling</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">192</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.4%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.5 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(153</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.6%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">US dollar</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 112</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.6%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12.1 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 262</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.8%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 374</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Japanese yen</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.0%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.5 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">436</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.1%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">438</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Thai baht</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">161</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.2%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.9 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">96</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.2%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">257</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">127</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.8 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 913</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.6%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 040</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 996</FONT></B></TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 620</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12 616</FONT></B>
        </TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(g)</FONT></SUP>&nbsp;
        </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities &#150; 2004</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">214</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.4%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.8 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 219</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 433</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sterling</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">79</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.4%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.9 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">209</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">US dollar</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 690</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.6%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8.3 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 725</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 415</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Japanese yen</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">452</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">452</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Thai baht</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">153</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.2%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.7 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">123</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">276</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">434</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.8%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.6 years</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 099</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 533</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 570</FONT></TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 748</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 318</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign currency leg of currency derivatives relating to intra-group loans<SUP>(h)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 052</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 266</FONT>
        </TD>
        <TD align=left><font size="2">
<SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(g)</FONT></SUP>&nbsp;
        </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro borrowings include &euro;124 million preference shares that provide for a fixed preference dividend.</FONT>        </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(g)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes finance lease creditors amounting to &euro;217 million (2004: &euro;218 million).</FONT>       </TD>
</TR><TR>
        <TD nowrap valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Includes the foreign currency leg of the currency derivatives relating to our intra-group loans, amounting to &euro;4 052 million for 2004. These derivatives create an interest rate
exposure (mainly US dollar). However, to reconcile the liability with the balance sheet, the total value is eliminated again. The other leg of the currency derivatives is shown in note 17 as an asset.</FONT> </TD>
</TR></TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>109</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT>
      </font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p110"></a>19&nbsp;&nbsp;&nbsp;Financial
      instruments</B></font><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group has comprehensive policies in place, approved by the Boards, covering the use of derivative financial instruments. These instruments are used for hedging purposes. Established
controls are in place covering all financial instruments. These include policies, guidelines, exposure limits, a system of authorities and independent reporting. Performance is closely monitored with independent reviews undertaken by internal audit.
Hedge accounting principles are described in note 1 on pages 83 and 84. The use of leveraged instruments is not permitted. Details of the instruments used for interest rate and foreign exchange exposure management, together with information on
related exposures, are given below.</FONT></p>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever&#146;s interest rate management policy is described in note 2 on pages
86 and 87. The Group&#146;s exposure to interest rates is mainly fixed by fixed
rate long-term debt issues and straightforward derivative financial instruments,
such as interest rate swaps. In general, cash is invested short-term at floating
interest rates.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At the end of 2005, interest rates were fixed on approximately 61% of the projected
net of cash and borrowing positions for 2006 and 49% for 2007 (compared with
54% for 2005 and 36% for
2006 at the end of 2004).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
From 1 January 2005,
Unilever has adopted IAS 39 &#145;Financial Instruments: Recognition and Measurement&#146; which
requires the recognition of derivative financial instruments on the balance sheet
at fair value. The derivative financial instruments as recognised in the balance
sheet under trade and other receivables and trade payables and other liabilities
are shown in the tables below. The amounts shown in the tables as
at</font> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
December 2004 are the fair values of the underlying derivatives at that date.
No restatements have been made to the income statement and balance sheet for
the year ended 31 December
2004.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The separate amounts shown as assets and liabilities are not indicative of the
amount of credit risk to which the Group is exposed as we have netting agreements
in place with our principal banks. In case of a default, Unilever is allowed
to net the assets and liabilities. There was no significant concentration of
credit risk with any single counterparty. For details of our policy for managing
credit risk see note 2 on page
86. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In the assessment of hedge effectiveness the credit risk element on the underlying
has been excluded. Hedge ineffectiveness is immaterial, nothing has been booked
to the income
statement.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In the 2004 comparatives, prior to the adoption of IAS 39, derivative financial
instruments were accounted for on the following basis. Changes in the value of
forward foreign exchange contracts were recognised in results in the same period
as changes in the values of the assets and liabilities they were intended to
hedge. Interest payments and receipts arising from interest rate derivatives
such as swaps and forward rate agreements were matched to those arising from
underlying debt and investment positions. Payments made or received in respect
of the early termination of derivative financial instruments were spread over
the original life of the instrument, so long as the underlying exposure continued
to exist. Further information about our prior year reporting of financial instruments
is given at the end of this note.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</FONT></TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair values of derivatives used as cash flow hedges</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign exchange derivatives</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate derivatives</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The net fair value gains and losses relating to the above derivatives are &euro;(1) million (2004: &euro;(10) million). For those derivatives for which cash flow hedge accounting
has been applied, the unrealised changes in fair values are included in reserves. If the cash flow hedge of a firm commitment or forecasted transaction subsequently results in the recognition of an asset or a liability, then, at the time the asset
or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedged items that do not result in the recognition of
an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. See note 1 on page 84.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair values of derivatives used as fair value hedges</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate derivatives</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">38</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cross currency swaps</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign exchange derivatives</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">40</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate derivatives</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cross currency swaps</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">416</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign exchange derivatives</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">466</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">487</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of the fair values disclosed above, the fair value of borrowing-related derivatives at 31 December 2005 amounted to &euro;46 million (2004: &euro;474 million).</FONT></P>
<P>&nbsp;</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>110</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p111"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><br>
<font color="#0070FF" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
Group</font></P>
<P>&nbsp;</P>
<P><font color="#0070FF"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19&nbsp;&nbsp;&nbsp;Financial
instruments </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair values of hedges of net investments in foreign entities</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD></TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign exchange derivatives</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">250</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fair value of borrowing-related derivatives included above at 31 December 2005 amounted to &euro;249 million (2004: &euro;(4) million). The impact of exchange rate movements on
the fair value of forward exchange contracts used to hedge net investments is recognised in reserves.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair values of natural hedges</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate derivatives</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cross currency swaps</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">253</FONT></B></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foreign exchange derivatives</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">121</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">282</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">271</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">173</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">285</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate derivatives</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cross currency swaps</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">271</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">193</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">316</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">77</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of the fair
    values disclosed above, the fair value of borrowing-related derivatives at
    31 December 2005 amounted to &euro;(45) million
(2004: &euro;116
million).</FONT><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair values of other derivatives held</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest rate derivatives</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forward purchase contract own shares</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forward purchase contract own shares</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fair values
of forward foreign exchange contracts represent the unrealised gain or loss on
revaluation of the contracts at the year-end forward exchange rates. The fair
values of interest rate derivatives are based on the net present value of the
anticipated future cash flows. </font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Embedded derivatives</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In accordance
with IAS 39, 'Financial instruments: Recognition and Measurement', Unilever has
reviewed all contracts for embedded derivatives that are required to be separately
accounted for if they do not meet specific requirements set out in the standard. </font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>111</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p112"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19&nbsp;Financial instruments </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT>
</font></p>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fair values of financial assets and financial liabilities<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
following table summarises the fair values and carrying amounts of the various
classes of financial assets and financial liabilities. All trade and other receivables
and trade payables and other liabilities (other than finance lease creditors)
and provisions have been excluded from the analysis below and from the interest
rate and currency profiles in note 17 on page 106 and note 18 on page 109, as
their carrying amounts
are a reasonable approximation of their fair value.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Fair</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fair
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Carrying</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Carrying
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>value</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    value
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>amount</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    amount
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom"><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
    assets</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Non-current investments</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>720</B>
        </font></TD>
        <TD width=2% align=left valign="bottom">&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    728
        </font></TD>
        <TD width=2% align=left valign="bottom">&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>720</B>
        </font></TD>
        <TD width=2% align=left valign="bottom">&nbsp;

        </TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    698
        </font></TD>
        <TD width=2% align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Cash and cash equivalents</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 529</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 590
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 529</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 590
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other financial assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>335</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 013
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>335</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 013
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Derivatives related to borrowings</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>250</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>250</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 834</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 331
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 834</B>
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 301
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
    liabilities</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Bank loans and overdrafts</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 456</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 583
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 456</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 583
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Bonds and other loans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(11 255</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (10 907
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(10 819</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (10 465
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Finance lease creditors</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(225</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (218
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(217</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (218
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Preference shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(124</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(124</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=left valign="bottom">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(13 060</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (12 708
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(12 616</B>
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (12 266
        </font></TD>
        <TD align=left valign="bottom"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left valign="bottom"><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left valign="bottom"><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left valign="bottom"><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The fair values and the carrying amount of listed investments included in financial assets and preference shares included in financial liabilities are based on their market values. Cash
  and cash equivalents, other financial assets, bank loans and overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The fair values of listed bonds are based on their market value, non-listed bonds
  and other loans are based on the net present value of the anticipated future cash flows associated with these instruments. Fair value for finance lease creditors have been assessed by reference to current market rates for comparable leasing
arrangements.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Collateral<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
November 2001, NV entered into a forward purchase contract with a counterparty
bank to buy
  10 000 000 PLC shares at 559p per share in November 2006. Depending on the
  market value of this forward purchase contract, a cash collateral at a minimum
  of &euro;8 million must be placed with the counterparty bank. At 31 December 2005 &euro;16 million (2004: &euro;24 million) was so deposited. At 31 December 2005 the market value
of the forward purchase contract was &euro;(7) million (2004: &euro;(14) million).</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Counterparties have
  deposited securities with a market value of &euro;275 million (2004: &euro;589
  million) as collateral for their obligations in respect of derivative financial
  instruments. Such collateral is not regarded as an asset of Unilever and is
excluded from the balance sheet.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Currency exposures<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
foreign exchange policies are described in note 2 on page 86. These policies
require
  operating companies to manage trading and financial exposures within prescribed
  limits. At the end of 2005, there was no material exposure from companies holding
assets and liabilities other than in their functional currency.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Commodity contracts<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever purchases forward contracts to hedge future requirements for certain raw materials, almost always for physical delivery. Futures contracts may also be used to hedge future
price movements, however the amounts are not material. For further details please refer to page 32.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional disclosures relating to 2004<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As noted on page 110, 2004 figures in this note are presented under the accounting policies which applied prior to the adoption of IAS 39. The following additional disclosures relate to
the presentation of amounts for 2004.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nominal values of interest rate derivatives and cross currency swaps are shown in the table below. These nominal values do not reflect the actual level of use of financial instruments
when compared with the nominal value of the underlying debt. This is because certain financial instruments have consecutive strike and maturity dates on the same underlying debt in different time periods. Whilst the nominal amounts</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> reflect
the volume of activity, they are not indicative of the amount of credit risk
to which the Group is exposed.</font> </P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Nominal amounts at</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Interest rate derivatives and cross currency swaps</font></TD>
        <TD width=9% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 903</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>112</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19&nbsp;Financial instruments </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following table shows the extent to which the Group had unrecognised gains and losses in respect of interest rate instruments at the beginning and the end of the year. It shows the
  movement in the market value of these instruments during the year ended 31 December 2004.</FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total net</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unrecognised
    gains and losses</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Gains</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Losses
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
gains/(losses)</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January 2004</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
189</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(61
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
128</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Brought forward balance recognised in current year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
89</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(48
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
41</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Brought forward balance not recognised in current year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
100</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(13
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
87</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Current year items not recognised in current year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
6</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
104</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(11
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
93</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Expected to be dealt with in 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
60</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
52</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Expected to be dealt with later</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
44</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(3
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
41</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following table shows the extent to which the Group had recognised but deferred gains and losses in respect of interest rate instruments at the beginning and the end of the year. It
also shows the amount which had been included in the income statement for the year and those gains and losses which were expected to be reflected in the income statement in 2005 or in subsequent years.</FONT></P>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total net
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred
    gains and losses</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Gains</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Losses
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
gains/(losses)
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January 2004</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(20
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(20
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Brought forward balance recognised in current year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Brought forward balance not recognised in current year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(12
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(12
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Current year items not recognised in current year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(11
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(11
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
To be recognised in the income statement in 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(5
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(5
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
To be recognised in the income statement later</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(6
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(6
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under the Group&#146;s foreign exchange policy, operating and financing transaction exposures, which usually have a maturity of less than one year, were generally hedged; this was
primarily achieved through the use of forward foreign exchange contracts. The market value of these instruments at the end of 2004 represented a recognised unrealised gain of &euro;440 million which was largely offset by recognised unrealised
losses on the underlying assets and liabilities.</FONT></P>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" align=right>      <font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Nominal amounts at 31 December 2004</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Foreign exchange contracts &#150; buy</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 329</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &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;<FONT
face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150; sell</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
9 171</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
12 500</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> At
      the end of 2004, some 82% of Unilever&#146;s total equity were denominated
    in the currencies of the two parent companies, euros and pounds sterling. </font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font color="0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<P><b><a name="p113"></a>20&nbsp;Trade payables and other liabilities</b></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Trade
    and other payables</font></b></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
    within one year</font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Trade payables</font></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3
    988</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 729</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Accruals and deferred income</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    2
    858</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 539</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Social security and sundry taxes</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    410</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
265</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Finance lease creditors</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    64</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
55</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Others</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    908</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
926</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    8
    228</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 514</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
    after more than one year</font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Accruals and deferred income</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    153</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
132</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Finance lease creditors</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    153</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
163</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Others</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    83</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
144</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    389</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
439</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total trade and other payables</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    8
    617</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 953</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="4" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> There
      are no creditors due after more than five years other than finance lease
    creditors described in note 27 on page 127.</font></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>113</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B><a name="p114"></a>21&nbsp;Restructuring and other provisions</B></font></p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions are recognised when either a legal or constructive obligation, as a result of a past event, exists at the balance sheet date and where the amount of the obligation can be
reasonably estimated.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Restructuring
    and other provisions</font></b></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
    within one year</font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Restructuring provisions</font></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">391</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
660</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other provisions</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">253</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
139</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">644</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
799</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
    after one year</font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Restructuring provisions</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">63</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
50</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Net liability of associate</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
16</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other provisions</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">632</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
499</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">732</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
565</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total restructuring and other provisions</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
    376</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 364</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million
        </font></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    &euro; million</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million
        </font></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Restructuring
        </font></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    Net
    liability</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Other
        </font></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left> </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements
    during 2005</font></b></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    provisions
        </font></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    of
    associate</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    provisions
        </font></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Total
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31 December 2004</font></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    710
        </font></b></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    638
        </font></b></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    1 364
        </font></b></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Disposal of group companies</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (6
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (6
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Income statement:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">New charges</FONT></font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    304
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    245
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    549
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Releases</FONT></font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (82
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (67
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (149
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Change in liability during year</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    18
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Utilisation</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (506
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (44
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (550
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Reclassification as held for sale</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (2
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    (2
        </font></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Currency retranslation</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    36
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    113
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    152
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31 December 2005</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    454
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">37</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    885
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    1 376
        </font></b></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left valign="bottom"><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left valign="bottom">&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring provisions primarily relate to early retirement and redundancy costs. </FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other provisions include provisions for sales tax and other indirect taxes in Brazil, environmental provisions in the United States, and various other legal, environmental and other
exposures.</FONT></P>
<font color="#0070FF"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p114a"></a>22&nbsp;Pensions
and similar obligations</FONT></B><BR>
</font>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Description of plans<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In many countries the Group operates defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of these plans are externally funded.
The Group also provides other post-employment benefits, mainly post-employment medical plans in the United States. These plans are predominantly unfunded. The Group also operates a number of defined contribution plans, the assets of which are held
in external funds.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Accounting policies<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating and financing costs of defined benefit plans are recognised separately in the income statement; service costs are systematically spread over the service lives of employees,
and financing costs are recognised in the periods in which they arise. Variations from expected costs, arising from the experience of the plans or changes in actuarial assumptions, are recognised immediately in the statement of recognised income and
expense. The costs of individual events such as past service benefit enhancements, settlements and curtailments are recognised immediately in the income statement. The liabilities and, where applicable, the assets of defined benefit plans are
recognised at fair value in the balance sheet. The fair value of plan liabilities includes allowance for expected increases in retirement pensions where these are either required by law or by the plan rules, or where such increases are regularly
awarded. The charges to the income statement for defined contribution plans are the company contributions payable and the assets of such plans are not included in the Group balance sheet.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">All defined benefit plans are subject to regular actuarial review using the projected unit method, either by external consultants or by actuaries employed by Unilever. Group policy is
that the most important plans, representing over 75% of the defined benefit liabilities, are formally valued every year; other principal plans, accounting for approximately a further 15% of 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 all plans are updated every year.</FONT></P>
<P>
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Healthcare<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
December 2003 the Medicare Prescription Drug, Improvement and Modernisation Act
became law in the US. Under the provisions of this Act, the Group&#146;s US healthcare benefit plans
are able to benefit from a subsidy towards the cost of prescription drugs. Following a review of our healthcare plans in 2004, we determined that the benefits of this legislation were immediately available to all except one of our plans without any
amendment to those plans. During 2005 it has been established that the remaining plan also benefits. As a consequence, a reduction in liability of &euro;52 million was recognised in the statement of recognised income and expense in 2004 and a
further &euro;13 million in 2005. The impact on the ongoing service cost is a
reduction by an immaterial amount.</FONT></P>
</font>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>114</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p115"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"><div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
    <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font size="2">
    <B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22 Pensions and similar obligations </FONT></B><FONT color="#0070ff" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT><font color="#0070ff"><BR>
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">IAS 19 Disclosures</FONT></B></font></font></p>
<P>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assumptions</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">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 obligations 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 pension plans (covering
approximately 90% of pension liabilities &#150; the &#145;principal pension plans&#146;)
and plans providing other post-employment benefits, and in addition the expected
long-term rates of return on assets, weighted by asset value.</font></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="middle">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td colspan=3 align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>31
          December 2005</b></font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td colspan=3 align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31
        December 2004 </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td colspan=3 align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31
        December 2003</font></td>
    <td align=center><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="middle">
    <td colspan="4" align=left><hr size="1" noshade>
    </td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td colspan="3" align=right><hr size="1" noshade>
    </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td colspan="3" align=right><hr size="1" noshade>
    </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="middle">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>Principal</b></font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>Other</b></font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Principal </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Other </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Principal </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Other </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="middle">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>defined</b></font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>post-</b></font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> defined </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> post- </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> defined </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> post- </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="middle">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>benefit</b></font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>employment</b></font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> benefit </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> employment </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> benefit </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> employment </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="middle">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>pension</b></font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>benefit</b></font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> pension </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> benefit </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> pension </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> benefit </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="middle">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>plans</b></font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>plans</b></font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> plans </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> plans </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> plans </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> plans </font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Discount
        rate</font></td>
    <td width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>4.6%</b></font></td>
    <td width="2%" align=right>&nbsp;</td>
    <td width="8%" align=right><font size="2"> <b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.5</font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b></font></td>
    <td width="2%" align=left><font size="2">&nbsp; </font></td>
    <td width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5.0%</font></td>
    <td width="2%" align=right>&nbsp;</td>
    <td width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5.7%</font></td>
    <td width="2%" align=right>&nbsp;</td>
    <td width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5.5%</font></td>
    <td width="2%" align=right>&nbsp;</td>
    <td width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 6.1%</font></td>
    <td width="2%" align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Inflation</font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>2.4%</b></font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>n/a</b></font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2.4%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2.4%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Rate
        of increase in salaries</font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>3.5%</b></font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>4.0%</b></font></td>
    <td align=left><font size="2">&nbsp; </font></td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 3.6%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4.5%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 3.7%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4.5%</font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Rate
        of increase for pensions in payment</font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>2.1%</b></font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>n/a</b></font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2.2%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2.2%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Rate
        of increase for pensions in deferment (where provided)</font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>2.5%</b></font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>n/a</b></font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2.6%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2.6%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Long-term
        medical cost inflation</font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>n/a</b></font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>4.8%</b></font></td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4.8%</font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> n/a </font></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4.9%</font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Expected
        long-term rates of return:</font></td>
    <td align=left> </td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp;</td>
    <td align=left> </td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equities</font></font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>7.4%</b></font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 7.9%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 8.4%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds</font></font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>4.2%</b></font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4.5%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5.0%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property</font></font></td>
    <td align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>5.8%</b></font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 6.3%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 6.8%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Others</font></font></td>
    <td align=right><font size="2"> <b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.1</font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b></font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 6.1%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5.5%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Weighted
        average asset return</font></td>
    <td align=right><font size="2"> <b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.4</font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b></font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 6.8%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 7.2%</font></td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right><hr size="2" noshade>
    </td>
    <td align=right>&nbsp;</td>
  </tr>
</table>
<p><FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 10.4% to the long-term rate within the next
five years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans. A one percentage point change in assumed healthcare cost trend rates would have the following effect:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1% point</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1% point
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="middle">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    increase</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    decrease
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Effect on total of service and interest cost components</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (6
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Effect on total benefit obligation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    78</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (69
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The expected rate of return on plan assets was determined, based on actuarial advice, by a process that takes the long-term rates of return on government bonds available at the balance
sheet date and applies to these rates suitable risk premiums that take account of historic market returns and current market long-term expectations for each asset class.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy, plan experience and other relevant data. The assumptions are reviewed
and updated as necessary as part of the periodic actuarial valuation of the pension plans.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the most important pension plans, representing over 75% of all defined benefit plans by liabilities, the assumptions used at 31 December 2005, 2004 and 2003 were:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD colspan="5" align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
            Kingdom
    </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD colspan="5" align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Netherlands
    </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Other Assumptions</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2003
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2003
        </font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp; </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Discount rate</font></TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.7%</B></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.4%
        </font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.0%</B></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.2<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Inflation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.7%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rate of increase in salaries</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.2%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.2%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.3%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rate of increase for pensions in payment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.9<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.8%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rate of increase for pensions in deferment (where provided)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.9<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.8%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expected long-term rates of return:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equities</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.6%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8.3%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.6<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.5%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.3%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.1%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.8%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.5%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Others</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.2<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.3%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.2<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted average asset return</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.9%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.6%
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.6<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2">
<P>&nbsp;
</P>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>115</b></FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page><a name="p116"></a></font>
<p><a href="#contents">Back to Contents</a></p>
<P><font size="4">
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></font></P>
<p>&nbsp;</p>
<p><font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22
        Pensions and similar
obligations </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</font></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD colspan="5" align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
            States
    </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD colspan="5" align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Germany</font></TD>
        <TD align=center><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2003
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2003
        </font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp; </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Discount rate</font></TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.5%</B></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.1%</font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.0%</B></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.2<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Inflation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.4%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rate of increase in salaries</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.5%</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.5%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rate of increase for pensions in payment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>0.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rate of increase for pensions in deferment (where provided)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>0.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>0.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.0<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expected long-term rates of return:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equities</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8.4<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8.6<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.6<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.5%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.9<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.5%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.8<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Others</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.2%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3.7%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted average asset return</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.0%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.4<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.3%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.7<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Mortality assumptions for these countries are based on the following post-retirement mortality tables: (i) United Kingdom: PMA 92 and PFA 92 with short cohort adjustment and scaling
  factor of 125% applied, projected to 2015 for current pensioners and to 2025 for future pensioners; (ii) the Netherlands: GBMV (1995-2000); (iii) United States: RP2000 with a projection period of 10-15 years; and (iv) Germany: Heubeck 1998
(Periodentafel) with a scaling factor of 85%.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assumptions for the remaining defined benefit plans vary considerably, depending on the economic conditions of the country where they are situated.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Balance Sheet</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans and the expected rates of return on the plan assets at the balance sheet
date were:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="top">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>&euro; million</B></font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>&euro; million</B></font></TD>
    <TD align=right valign="bottom"><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></b></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>%</B></font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro; million </font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro; million </font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> %</font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="top">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD colspan=3 align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>31
          December 2005</B></font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD colspan=3 align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 31
        December 2004 </font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="top">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>Pension</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B><br>
    plans</B></font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>Other
          post-</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>employment</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>benefit</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B><br>
          plans</B></font></TD>
    <TD align=right valign="bottom"><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></b><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></b><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></b><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></b></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>Long-term</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B><br>
      rates
    of</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B><br>
    return</B></font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B><br>
    expected</B></font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Pension </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
    plans </font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Other
        post- </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> employment </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
        benefit </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
        plans </font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right valign="bottom"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Long-term </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
      rates
    of </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
    return </font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <br>
    expected </font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Assets of principal plans:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equities</font></font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>9 670</B></font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.4%</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8 050
        </font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.9<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3 854</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.2%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 154
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4.5<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 326</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.8%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 229
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.3<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>752</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.1%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    684
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.1<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Assets of other plans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>387</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6.9%</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    288
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7.2<font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font>
        </font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15 989</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13 405
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Present value of liabilities</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Principal plans</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(19 081</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (16 528
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other plans</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 059</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 306</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 070
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 175
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(20 140</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 306</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (17 598
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 175
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Aggregate net deficit of the plans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(4 151</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 289</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (4 193
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 161
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Irrecoverable surplus<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(141</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (100
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Pension liability net of assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(4 292</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 289</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (4 293
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 161
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Of which in respect of</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Funded plans in surplus:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(4 728</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (4 176
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 905</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 901
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Aggregate surplus</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 177</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    725
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Irrecoverable surplus<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(141</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (100
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension asset net of liabilities</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 036</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    625
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Funded plans in deficit:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(12 444</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(72</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (10 795
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (62
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assets</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>10 084</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8 504
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14
        </font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension liability net of assets</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 360</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(55</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 291
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (48
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unfunded plans:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension liability</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 968</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 234</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 627
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 113
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=left>

        </TD>
    <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left></TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top nowrap><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    The surplus in the plans is only recoverable to the extent that the Group
    can benefit from either refunds formally agreed or future contribution reductions.  </font></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>116</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font size="2"><page><a name="p117"></a>
<p><a href="#contents">Back to Contents</a></p>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"><div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font size="2"><B><FONT color="#0070ff" size="4" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff" size="4"><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></font></p>
<p>&nbsp;</p>
<p><font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22 Pensions and similar obligations </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT>
</font></p>
<font size="2">
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The constituents of
  the &#145;Principal plans&#146; have been extended during 2005, such that some plans have been moved from &#145;Other plans&#146; into &#145;Principal
plans&#146;.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity securities
  include Unilever securities amounting to &euro;34 million (0.2% of total plan assets) and &euro;24 million (0.2% of total plan assets) at 31 December 2005 and 2004
  respectively. Property includes property occupied by Unilever amounting to &euro;73 million and &euro;67
million at 31 December 2005 and 2004 respectively.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The pension assets
  above exclude the assets in a Special Benefits Trust amounting to &euro;197 million (2004: &euro;174
  million) to fund pension and similar obligations in the US (see also note 13
on page 103).</FONT></P>
<P><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Income
statement<br>
</font></b><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
charge to the income statement comprises:</font></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B></font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Charged to operating profit:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Defined benefit pension and other benefit plans</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current service cost</font></font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(367</B></font></TD>
        <TD width=2% align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (344
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Employee contributions</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>19</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    32
        </font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Special termination benefits</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(79</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (135
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Past service cost</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(13</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (13
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Settlements/curtailments</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>95</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    62
        </font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Defined contribution plans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(63</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (65
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total operating cost</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(408</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (463
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Charged to other finance income/(cost):</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Interest on retirement benefits</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(986</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (976
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expected return on assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>931</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    918
        </font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total other finance income/(cost)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(55</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (58
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net impact on the income statement (before tax)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(463</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (521
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2">
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash flow</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group
cash flow in respect of pensions and similar benefits comprises company contributions
paid
  to funded plans and benefits paid by the company in respect of unfunded plans.
  In 2005, the benefits paid in respect of unfunded plans amounted to &euro;328 million (2004: &euro;324 million). Company contributions to funded defined benefit plans are subject to periodic review. In 2005, contributions to funded defined benefit plans
  amounted to &euro;508 million (2004: &euro;462 million). Contributions to defined contribution plans including 401k plans amounted to &euro;63 million (2004: &euro;65 million). In 2005, a &euro;15 million (2004: &euro; nil) refund of
  assets was received out of unrecognised surplus from Finland. Total contributions to funded plans and benefit payments by the Group in respect of unfunded plans are currently expected to be about &euro;930 million in 2006 (2005: &euro;898
million).</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Statement of recognised income and expense</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts recognised in the statement of recognised income and expense:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B></font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Actual return less expected return on pension and other benefit plan assets</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 592</B></font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    369
        </font></TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Experience gains/(losses) arising on pension plan and other benefit plan
    liabilities</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>27</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (47
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Changes in assumptions underlying the present value of the pension and other
    benefit plan liabilities</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 706</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 047
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Actuarial gain/(loss)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(87</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (725
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Change in unrecognised surplus</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(41</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Refund of unrecognised assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net actuarial gain/(loss) recognised in statement of recognised income and
    expense (before tax)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(113</B></font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (723
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>117</b></FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p118"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22&nbsp;&nbsp;&nbsp;Pensions
and similar obligations </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Reconciliation
of change in assets and liabilities</b></font><font size="2"><b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Movements
in assets and liabilities during the year:</font></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities</FONT>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13 419</FONT></B></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 819</FONT>   </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(18 773</FONT></B></TD>
        <TD width="2%" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(17 880</FONT>  </TD>
        <TD width="2%" align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions/disposals</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6</FONT>       </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current service cost</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(367</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(344</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Employee contributions</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Special termination benefits</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(79</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(135</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Past service costs</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(13</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(13</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Settlements/curtailments</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(10</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(23</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">105</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">85</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other finance income</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">931</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">918</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other finance cost</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(986</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(976</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Actuarial gain/(loss)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 592</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">369</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 679</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 094</FONT>   </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Employer contributions</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">836</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">786</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Benefit payments</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 247</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 223</FONT>   </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 247</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 223</FONT>    </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification of benefits<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(166</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(140</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">166</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">430</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(93</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(779</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">201</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16 006</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 419</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(21 446</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(18 773</FONT>  </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(b)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During 2004 some plans changed from defined benefit to defined contribution. During 2005 certain obligations were reclassified as employee benefit obligations.</FONT>  </TD>
</TR>
<TR><TD colspan=2><font size="2">&nbsp;</font></TD>
</TR></TABLE>
<p><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>History of
experience gains and losses</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD height="21" align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Actual return less expected return on plan assets (&euro; million)</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 592</FONT></B></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">369</FONT>      </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As % of plan assets at beginning of year (%)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Experience gains/(losses) on plan liabilities (&euro; million)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(47</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As % of present value of plan liabilities at beginning of year (%)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Changes
    in actuarial assumptions underlying the present value of the</font> <font size="2">&nbsp;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pension
    benefit and other benefit plan liabilities (&euro; million)</font></TD>
  <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
        706</FONT></B> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>)</B></font></TD>
  <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      047</FONT> </TD>
  <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As % of present value of plan liabilities at beginning of year (%)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(9</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6</FONT>       </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total actuarial gain/(loss) (&euro; million)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(87</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(725</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As % of present value of plan liabilities at beginning of year (%)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>       </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">US GAAP disclosures</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
US GAAP, the actuarial assumptions used to calculate the benefit obligations
are set by reference to market conditions at the balance sheet date, in a manner
similar to that used under IAS 19. The accounting methodology however is not
the same as under IAS 19, since under US GAAP all costs are recognised in operating
profit and certain cost items are amortised in the income statement rather than
recognised
immediately.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The disclosures below show the benefit obligations, assets, funded status and
balance sheet impact, as well as the periodic expense, cash flows and related
economic assumptions associated with the defined benefit pension plans and other
post-employment benefit plans as computed in accordance with FAS 87 and FAS 106.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Measurement dates<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">All
plan assets are valued at fair value at the balance sheet date. Liabilities in
respect of the most important pension plans, comprising approximately 75% of
the pension liabilities, are subject to actuarial valuations every year. The
valuations use membership data for the current year with the liability projected
forward to the balance sheet date. Valuations of all other plans are carried
out every three years and in the case of the other principal pension plans, comprising
approximately a further 15% of the liabilities, the valuations are updated each
year.</font></P>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>118</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p119"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></p>
<p>&nbsp;</p>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22&nbsp;&nbsp;&nbsp;Pensions
and similar obligations </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Benefit obligations</b></font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
table below shows changes in benefit obligations during 2005 and 2004:</font></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT> </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT>     </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT>  </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Change in benefit obligations</FONT></B></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17 512</FONT></B></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 718</FONT>   </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 175</FONT></B></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 049</FONT>    </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Extension of coverage</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Service cost</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">321</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">293</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest cost</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">915</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">909</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">68</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">64</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plan member contributions</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amendments</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(56</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>       </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Actuarial (gains)/losses</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 665</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">922</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">179</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions/(disposals)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(22</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Settlements/curtailments</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(40</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(65</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Special termination benefits</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">79</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">134</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Benefits paid</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 160</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 126</FONT>   </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(84</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(89</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification of benefits<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(166</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">607</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(144</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">159</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(80</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
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  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19 927</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 512</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 306</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 175</FONT>    </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
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  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(b)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During 2004, some plans changed from defined benefit to defined contribution. During 2005, certain obligations were reclassified as employee benefit obligations.</FONT>        </TD>
</TR>
</TABLE>
<p><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Assumptions</b><br>
</font><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The weighted
assumptions used to value the benefit obligations in respect of the principal
plans are:</font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other
            post-</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Weighted average assumptions used to determine benefit obligations</b></FONT></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit
            plans</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">for the principal plans at 31 December</FONT></B></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
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  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Discount rate</FONT></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.6</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.1</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5.5</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.7</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Salary increases</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3.5</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.6</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4.0</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.5</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension increases</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2.1</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.2</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>n/a</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assumptions for the remaining defined benefits plans vary considerably, depending on the economic conditions of the country where they are situated.</FONT></P>
<P><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Post-employment
healthcare benefits<br>
</font></b><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additional
assumptions in respect of healthcare benefits are:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Weighted average healthcare trend rates at 31 December</FONT></B></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Healthcare cost trend rate assumed for next year</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10.4<B>%</B></FONT></B></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11.2%</FONT>    </TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Rate to which the cost trend rate gradually declines</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.8<B>%</B></FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.8%</FONT>     </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Year that the assumed long-term rate is reached</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2012</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2011</FONT>     </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend rates
would have the following effect:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1% point</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1% point</FONT>  </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">increase</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">decrease</FONT>  </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect on post-employment benefit obligation</FONT></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">78</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(69</FONT>      </TD>
        <TD width=2% align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>119</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p120"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22&nbsp;&nbsp;&nbsp;Pensions
and similar obligations </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Plan assets<br>
</font></b><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The table
below shows the changes in the fair value of plan assets during 2005 and 2004:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT>   </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT>     </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT>     </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Change in the fair value of plan assets during the year</FONT></B></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13 441</FONT></B></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 850</FONT>   </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14</FONT></B></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Actual return on plan assets</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 483</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 275</FONT>    </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions/(disposals)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Settlements</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(10</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(23</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Employer contributions/surplus refunds</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">751</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">693</FONT>      </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">82</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">88</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plan member contributions</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Benefits paid from plan assets</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 160</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 126</FONT>   </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(84</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(89</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reclassification of benefits<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(166</FONT>     </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslations</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">429</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(94</FONT>      </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">15 989</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 441</FONT>   </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>       </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(b)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During 2004, some plans changed from defined benefit to defined contribution. During 2005, certain obligations were reclassified as employee benefit obligations.</FONT>        </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Asset allocation<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
asset allocation for the Group&#146;s principal pension plans at 31 December
2004 and 2005, target allocation for 2006, and expected long-term rates of return
by asset category are
as follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Long-term</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Target</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Percentage</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Percentage</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">expected</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">percentage</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">of plan</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">of plan</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">return on</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">allocation</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets at</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets at</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plan assets at</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">for</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 December</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 December</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Long-term asset category</FONT></B></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2006</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity securities</FONT></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">62</FONT></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>61</B></font></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63</FONT></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7.4<B>%</B></FONT></B></TD>
        <TD width="2%" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debt securities</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>25</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.2<B>%</B></FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>9</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.8<B>%</B></FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.1
    <B>%</B></FONT></B></TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>100</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.4<B>%</B></FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
  <FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity securities
  include Unilever securities amounting to &euro;34 million (0.2% of total plan assets) and &euro;24
million (0.2% of total plan assets) at 31 December 2005 and 2004 respectively.</FONT></P>
<P>
<B><FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Investment strategy<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Group&#146;s investment strategy in respect of its funded pension 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 company of the benefits provided. To achieve this, investments
are well diversified, such that the failure of any single investment would not
have a material impact on the overall level of assets. The plans invest the largest
proportion of the assets in equities which the Group believes offer the best
returns over the long term commensurate with an acceptable level of risk. The
Group also keeps a proportion of assets invested in property, bonds and cash.
Most assets are managed by a number of external fund managers with a small proportion
managed in-house. Unilever has recently launched a pooled investment vehicle
(Univest) which it believes will offer its pension plans around the world a simplified
investment solution to implement their strategic asset allocation models initially
for equities. The aim is to provide a high quality, well diversified risk-controlled
solution.</font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>120</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p121"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
    <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><font color="#0070FF"><BR>
  </font><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22 Pensions and similar obligations </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<p><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Funded
      status<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
funded status of the plans, reconciled to the amount reported in the statement
of financial position is as follows:</font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT></B>  </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT> </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></B>      </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT>     </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></B>   </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT>  </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></B>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT></B>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT>       </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B> </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B> </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT>        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fair value of plan assets</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15 989</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13 441
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Benefit obligations</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(19 927</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (17 512
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 306</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 175
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Funded status at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(3 938</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (4 071
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 289</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 161
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unrecognised net transition liability/(asset)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(46</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (82
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unrecognised net actuarial loss/(gain)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3 008</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 966
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>319</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    290
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unrecognised prior service cost</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>91</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    118
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(59</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other (FAS 112 liabilities)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>n/a</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    n/a
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net amount recognised at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(885</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 069
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 029</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (873
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Amount recognised in the statement of financial position consists of:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Prepaid benefit cost</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 603</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 333
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accrued benefit liability</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 488</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 402
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 032</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (873
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Additional minimum liability</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 442</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 208
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Intangible asset</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>52</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    99
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accumulated other comprehensive income</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 390</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 109
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net amount recognised at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(885</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 069
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 029</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (873
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P><FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The projected benefit obligation (PBO), accumulated benefit obligation (ABO), and fair value of plan assets, in total and for plans where the projected benefit obligation or accumulated
benefit obligation is in excess of plan assets is as follows:</FONT></P>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    &euro; million</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Plans
    where</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Plans where</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Plans
    where</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Plans where</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    Pension</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PBO
    exceeds</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PBO exceeds</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">ABO
    exceeds</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">ABO exceeds</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plan
    assets</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plan assets</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plan
    assets</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plan assets</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">As
    at 31 December</font></b><font size="2"><B></b></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Projected benefit obligations</font></TD>
        <TD width=9% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    19 927</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=9% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    17 512</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=9% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    15 175</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=9% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13 330</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=9% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    14 749</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=9% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 767</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accumulated benefit obligations</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    18 687</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16 343</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    14 290</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 459</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    13 849</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 930</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fair value of plan assets</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    15 989</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13 441</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    10 067</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8 532</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    9 659</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7 987</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Net periodic
cost</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Other post-</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Other post-</font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Pension</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Pension
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>employment</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    employment</font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>plans</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    plans
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>benefit plans</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    benefit plans</font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Components
    of net periodic benefit cost</b></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2004</font></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Service cost (gross)</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>339</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    324
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>28</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Interest cost</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>915</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    909
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>68</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    64</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expected returns on plan assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(930</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (917
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Employee contributions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(19</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (32
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Amortisation of prior service cost</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>30</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Amortisation of transition (asset)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(35</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (35
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Amortisation of actuarial loss/(gain)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>162</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    163
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total before FAS 88 events</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>462</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    445
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>110</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    100</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Adjustments for FAS 88 events</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>81</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    120
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(3</B>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net periodic benefit cost</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>543</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    565
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>107</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    106</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>121</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p122"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the
  consolidated accounts</FONT></B><font color="#0070FF"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22 Pensions and similar obligations </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<P>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assumptions<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The assumptions in respect of principal plans used to determine the periodic
expense in the table above for pensions and other retirement benefits are given
in the table
below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other
    post-</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other post-</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pension</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">employment</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Weighted average assumptions used to determine net cost</FONT></b></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">plans</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> plans </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>benefit
    plans&nbsp;</b></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">benefit plans</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">for
    the principal plans for the years ended 31 December</font></b></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2003</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Discount rate</font></TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.1</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.5</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.7</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    5.7</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.1</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.5</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expected long-term rate of return on plan assets</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.8</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.2</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6.9</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">n/a</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Salary increases</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.6</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.7</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.6</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    4.5</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.3</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Pension increases</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    2.2</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.2</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2.2</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">n/a</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Expected rate of return on plan assets<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
expected rate of return on plan assets was determined, based on actuarial advice,
by a process that takes the current long-term rates of return available on government
bonds and applies to these rates suitable risk premiums that take account of
historic market returns and current market expectations.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Post-employment healthcare benefits<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Assumed
healthcare cost trend rates have a significant effect on the amounts reported
for the healthcare plans. A one percentage point change in assumed healthcare
cost trend rates
would have the following effects:</font></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>   </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1% point</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1% point</FONT> </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">increase</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">decrease</FONT> </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Effect on total of service and interest cost components</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (6
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Expected cash flows<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During
2006 Unilever currently expects to make cash contributions of &euro;510 million
to funded defined benefit plans. This includes both mandatory and discretionary
payments. In addition, a further &euro;64 million is expected to be contributed
to defined
contribution plans.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  The table below shows the expected benefit payments from defined benefit plans.
  The benefits paid from funded plans include amounts funded by employee contributions.
  The benefits
paid in respect of unfunded plans are made from the Group&#146;s cash resources.</font></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro; million</b></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro; million</b></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;      </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
    benefits</font><font size="1">&nbsp;</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other benefits</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Expected
    benefit payments</b></font></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Funded</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unfunded</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unfunded</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2006</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    861</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    261</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    97</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2007</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    892</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    241</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    101</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2008</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    914</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    247</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    105</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2009</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    939</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    259</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    107</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2010</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    958</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    265</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    110</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2011&#150;2015</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 087</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 471</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    556</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P>&nbsp; </P>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>122</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the
    consolidated accounts</FONT></B><font color="#0070FF"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;  </p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p123"></a>23
Equity</B></font></p>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 1 January
  2005, Unilever has adopted IAS 32 &#145;Financial Instruments: Disclosure and Presentation&#146; and IAS 39 &#145;Financial Instruments: Recognition and
Measurement&#146;. IAS 32 requires preference shares that provide for a fixed
preference dividend to be classified as borrowings and preference dividends to
be recognised in the income statement as a finance cost. IAS 39 requires unrealised
fair value gains/(losses) on certain financial instruments to be recognised in
equity, when realised, these fair value gains/(losses) are to be recognised in
the income statement. In accordance with the transition rules for first time
adoption of IFRSs,
2004 comparatives have not been restated. The impact of the adoption of IAS 32
and IAS 39 is shown in the following table:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD colspan="9" align=right><div align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><B>Shareholders&#146; equity</B></font></div></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD colspan="3" align=right><div align="center"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <B>Total equity</B></font></div></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called up</FONT>        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share</FONT>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">share</FONT>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">premium</FONT>  </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT>    </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained</FONT> </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shareholders&#146;</FONT>
        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority</FONT> </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>    </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070FF" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Consolidated
    statement of changes in equity</font></b></TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">capital</FONT>  </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">account</FONT>  </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reserves</FONT> </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">profit</FONT>   </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">equity</FONT>   </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">interest</FONT> </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">equity</FONT>   </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January 2004</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    642 </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 530       </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 442      </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7 006       </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 736       </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    439 </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7 175       </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total recognised income and expense for the year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    218 </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 156       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 374       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    167 </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 541       </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Preference dividends</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (28 </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (28 </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (28 </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Final dividends 2003 on ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 116      </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 116      </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 116      </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Interim dividends 2004 on ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (603        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (603        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (603        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (Purchase)/sale/reduction of treasury stock</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (331        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (324        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (324        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share-based payment credit<SUP>(a)</SUP></FONT>&nbsp;  </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    222 </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    222 </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    222 </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Dividends paid to minority shareholders</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (203        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (203        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation gains/(losses) net of tax</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (6  </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (5  </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other movements in equity</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;      </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (32 </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (30 </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>642</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 530</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 555</B>       </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 647</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 264</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>365</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 629</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accounting policy change &#150; preference shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(130</B> </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 372</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 502</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 502</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accounting policy change &#150; other financial instruments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(19</B>  </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>407</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>388</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>388</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Equity as restated at 1 January 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>512</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>158</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 574</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8 054</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 150</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>365</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 515</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total recognised income and expense for the year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>379</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3 825</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 204</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>249</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 453</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Final dividends 2004 on ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 229</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 229</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 229</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Interim dividends 2005 on ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(638</B> </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(638</B> </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(638</B> </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Conversion of preference shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 129</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(199</B> </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>930</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>930</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (Purchase)/sale/reduction of treasury stock</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 262</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 262</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 262</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share-based payment credit<SUP>(a)</SUP></FONT>&nbsp;  </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>186</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>186</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>186</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Dividends paid to minority shareholders</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(217</B> </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(217</B> </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation gains/(losses) net of tax</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4</B>    </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4</B>    </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>9</B>    </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13</B>   </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other movements in equity</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>16</B>   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>16</B>   </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2</B>   </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14</B>   </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>512</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>162</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2 328</B>       </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>10 015</B>       </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8 361</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>404</B>  </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8 765</B>        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>    <hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
        <TD width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(a)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      The share-based payment credit relates to the reversal of the non-cash
      charge recorded against operating profit in respect of the fair value of
      share options and awards granted to
employees.</font></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>123</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P> <font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p124"></a>24 Called
  up share capital</font></b></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Called
      up share capital</b></FONT></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ordinary
      share capital of NV</FONT></TD>
    <TD width="8%" align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>290</B></font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">290</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preference
      share capital of NV</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(a)</SUP></font></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>n/a</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>290</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">420</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ordinary
      share capital of PLC</FONT></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>222</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">222</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>512</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">642</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"> </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Issued,</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Issued,</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nominal</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">called
      up and</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">called
      up and</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      shares</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Authorised</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Authorised</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      shares</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">fully
      paid</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">fully
      paid</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Ordinary
      share capital</B></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">authorised</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>2005</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">per
      share</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issued</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&euro; million</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      ordinary shares</FONT></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      000 000 000</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>508</B></font></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">508</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &euro;0.51</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">571
      575 900</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">290</FONT></B>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">290</FONT>
    </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      ordinary shares (shares numbered</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      to 2 400 &#150; &#146;Special Shares&#146;)</FONT></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>1</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &euro;453.78</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      400</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Internal
      holdings eliminated</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">on
      consolidation (&euro;453.78 shares)</FONT></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>509</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">509</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">290</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">290</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#163; million</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;
      million</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC
      ordinary shares</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      726 834 428</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>136.2</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">136.2</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.4p</FONT>
    </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      911 458 580</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">40.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC
      deferred stock</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>0.1</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.1</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;1
      stock</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.1</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Internal
      holding eliminated</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">on
      consolidation (&#163;1 stock)</FONT></font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>&#150;</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(0.1</FONT></B>
    </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0.1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>136.3</B></font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">136.3</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">40.8</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40.8</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro
      equivalent in millions (at &#163;1 = &euro;5.445)</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">222</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">222</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nominal</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Issued,</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>NV
      preference shares</B></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      shares</FONT></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      shares</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">called
      up and</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <font color="#0070FF" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;as
      at 31 December 2004</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">authorised</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Authorised</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">per
      share</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issued</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">fully
      paid</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7%
      Cumulative Preference</FONT></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">75
      000</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &euro;453.78</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29
      000</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right>&nbsp;</TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6%
      Cumulative Preference</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">200
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">91</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &euro;453.78</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">161
      060</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">73</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4%
      Cumulative Preference</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">750
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &euro;45.38</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">750
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      euro cents Cumulative Preference</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">650
      000 000</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &euro;0.05</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">211
      473 785</FONT></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">188</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD width="3%" valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT><font size="2">&nbsp;</font></TD>
    <TD width=100%> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From
      1 January 2005, Unilever adopted IAS 32 &#145;Financial Instruments: Disclosure
      and Presentation&#146; which requires preference shares that provide for
      a fixed preference dividend to be classified as borrowings. In accordance
      with the transition rules for IAS 32, 2004 comparatives have not been restated.</FONT>
    </TD>
  </TR>
  <TR>
    <TD colspan=2></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For NV share capital, the euro amounts shown above and elsewhere in this document are representations in euros on the basis of Article 67c of Book 2 of the Civil Code in the
Netherlands, rounded to two decimal places, of underlying share capital in Dutch guilders, which have not been converted into euros in NV&#146;s Articles of Association. Until conversion formally takes place by amendment of the Articles of
Association, the entitlements to dividends and voting rights are based on the euro equivalent of the underlying Dutch guilder according to the official euro exchange rate. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see Corporate Governance on pages 40 to 43.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 15 February 2005, after close of trading, NV converted part of the notional value of the &euro;0.05 cumulative preference shares into NV ordinary shares. Upon conversion, the
holders of the preference shares received one NV ordinary share for every 11.2 preference shares held. This resulted in a total of 18 881 587 NV ordinary shares being transferred to the preference shareholders. These NV ordinary shares had
previously been held as treasury shares by NV. As a consequence of the conversion, the notional value of the preference shares was reduced to &euro;0.05. On 10 May 2005 the Annual General Meeting of the shareholders of NV resolved to cancel the
preference shares upon repayment of the notional value in accordance with NV&#146;s Articles of Association. The preference shares were cancelled at midnight on 13 July 2005 and were delisted by Euronext Amsterdam with effect from 14 July
2005.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The 7%, 6% and 4% preference shares of NV are entitled to dividends at the rates indicated. The &euro;0.05 preference shares of NV were entitled to a dividend of 65% of the six months
euribor interest rate on their notional value of &euro;6.580 each. A nominal dividend of 0.25% is paid on the deferred stock of PLC. The 4% cumulative preference capital of NV is redeemable at par at the company&#145;s option either wholly or in
part. The other classes of preferential share capital of NV and the deferred stock of PLC are not redeemable.</FONT></P>
<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>124</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24 Called
  up share capital </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Internal
      holdings</B></font><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The ordinary
  shares numbered 1 to 2 400 (inclusive) in NV and deferred stock of PLC are held
  as to one half of each class by N.V. Elma &#150; a subsidiary of NV &#150; and
  one half by United Holdings Limited &#150; a subsidiary of PLC. This capital
  is eliminated on consolidation. It carries the right to nominate persons for
  election as Directors at general meetings of shareholders. The subsidiaries
  mentioned above have waived their rights to dividends on their ordinary shares
in NV. </FONT></P>
<P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Share-based
      compensation</B></font><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group operates
  a number of share-based compensation plans involving options and awards of ordinary
  shares of NV and PLC. Full details of these plans are given in note 31 on pages
132 to 141.</FONT></P>
<P><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p125"></a>25 Other
  reserves</font></b></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value reserves</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(a)</SUP></font></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">240</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">87</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">327</FONT></B>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      flow hedges</FONT></font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Available-for-sale
      financial assets</FONT></font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      investment hedges</FONT></font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">243</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">89</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">332</FONT></B>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation of group companies</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">305</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">160</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(54</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">251</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">218</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD height="20" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Adjustment
      on translation of PLC&#146;s ordinary capital</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at
      &#163;1 = Fl.12 = &euro;5.445</FONT></font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(164</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(164</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(164</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(164</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital
      redemption reserve</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Book
      value treasury stock</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2
      010</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      065</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(748</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(560</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2
      758</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      625</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;    </TD>
    <TD align=right><hr noshade size="1">
    </TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=right><hr noshade size="1">
    </TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=right><hr noshade size="1">
    </TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=right><hr noshade size="1">
    </TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=right><hr noshade size="1">
    </TD>
    <TD align=left><hr noshade size="1">
    </TD>
    <TD align=right><hr noshade size="1">
    </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
      465</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      905</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(863</FONT></B>
    </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(650</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2
      328</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      555</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
        <TD width="3%" valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT>
    </TD>
        <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From
      1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments:
      Disclosure and Presentation&#146; and IAS 39 &#145;Financial Instruments:
      Recognition and Measurement&#146; which require unrealised fair value gains/(losses)
      on cash flow hedges, available-for-sale financial assets and net investment
      hedges to be recognised in equity. In accordance with the transition rules
      for IAS 32 and IAS 39, comparative amounts for 2004 have not been restated.
      The year-end balance of the cash flow hedges will be recognised in the income
      statement spread over the years 2006 to 2010, based on maturities.</FONT>
    </TD>
</TR>
<TR><TD colspan=2></TD></TR></TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD align=left valign="bottom"></TD>
    <TD align=right valign="bottom"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left valign="bottom"></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      flow hedges &#150; movements during the year</FONT></B></TD>
    <TD align=right><B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"><hr noshade size="1"></TD>
    <TD align=right valign="bottom"><hr noshade size="1"></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      January</FONT></TD>
    <TD width=10% align=right valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(19</FONT></B>
    </TD>
    <TD width=2% align=left valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additions</FONT></TD>
    <TD align=right valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9</FONT></B>
    </TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Transfers
      to income statement</FONT></TD>
    <TD align=right valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B>
    </TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Transfers
      to inventories/non-current assets</FONT></TD>
    <TD align=right valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT></B>
    </TD>
    <TD align=left valign="bottom"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><hr noshade size="1"></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December</FONT></TD>
    <TD align=right valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5</FONT></B>
    </TD>
    <TD align=left valign="bottom"> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"><hr noshade size="2"></TD>
    <TD align=right valign="bottom"><hr noshade size="2"></TD>
    <TD align=left valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>
<p>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever acquired 20 094 859 ordinary shares of NV and 31 749 739 ordinary shares of PLC through purchases on the stock exchanges during the year. These shares are held as treasury
stock as a separate component of other reserves. The total number held at 31 December 2005 is 24 726 337 (2004: 25 120 635) NV shares and 158 516 224 (2004: 142 739 616) PLC shares. Of these, 19 791 377 NV shares and 132 835 745 PLC shares are held as hedges against share-based compensation plans (see note 31 on pages 132 to 141).</FONT>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD height="16" align=left></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Treasury
      stock &#150; movements during the year</FONT></B></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      January</FONT></TD>
    <TD width=10% align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      625</FONT></B> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=10% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      294</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Utilised
      for preference shares conversion at average book value</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1
      129</FONT></B> </TD>
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchases
      and other utilisations</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      262</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">331</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr noshade size="1"></TD>
    <TD align=left><hr noshade size="1"></TD>
    <TD align=right><hr noshade size="1"></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      758</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      625</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
    <TD align=left><hr noshade size="2"></TD>
    <TD align=right><hr noshade size="2"></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left></TD>
        <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
        <TD align=left></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;
      million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Currency
      retranslation reserve &#150; movements during the year</FONT></B></TD>
        <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD width="10%" align=right><hr noshade size="1"></TD>
  <TD width="2%" align=left><hr noshade size="1"></TD>
  <TD width="10%" align=right><hr noshade size="1"></TD>
</TR>
<TR valign="bottom">
        <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      January</FONT></TD>
        <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">218</FONT></B>
    </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency
      retranslation during the year</FONT></TD>
        <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">92</FONT></B>
    </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">216</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Recycled
      to income statement</FONT></TD>
        <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(59</FONT></B>
    </TD>
        <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
</TR>
<TR valign="bottom">
        <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      December</FONT></TD>
        <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">251</FONT></B>
    </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">218</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>125</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P><b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p126"></a>26&nbsp;Retained
profit</font></b></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=40% align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Movements during the year</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2004</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 331</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(684</FONT></B>
        </TD>
        <TD width=2% align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 647</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
        <TD width=8% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accounting policy change for financial instruments<SUP>(a)</SUP></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 500</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 907</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">407</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=right><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=right><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=right><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=left><hr noshade size="1">
  </TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 831</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 321</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 223</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(315</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 054</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 006</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Recognised income and expense through retained profit</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 092</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 520</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">733</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">636</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 825</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 156</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Preference dividends<SUP>(b)</SUP></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(28</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(28</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividends 2003 on ordinary capital</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(630</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(486</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 116</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividends 2004 on ordinary capital</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(343</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(260</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(603</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividends 2004 on ordinary capital</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(710</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(519</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 229</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividends 2005 on ordinary capital</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(363</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(275</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(638</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conversion of preference shares</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(199</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(199</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(Purchase)/sale of treasury stock</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Share-based compensation credit<SUP>(c)</SUP></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">132</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">152</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">54</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">186</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">222</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Adjustment arising from change in ownership of group companies<SUP>(d)</SUP></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(70</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">332</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">70</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(332</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other movements in retained profit</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 721</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 331</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 294</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(684</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 015</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 647</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of which retained by:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Parent
    companies</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 463</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 693</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 145</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 553</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 608</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 246</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other group companies</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(668</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">731</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(837</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 235</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 505</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 504</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint
    ventures and associates</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(74</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(93</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(14</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(88</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(95</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left><hr noshade size="1"></TD>
  <TD align=right><hr noshade size="1"></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 721</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 331</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 294</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(684</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 015</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 647</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left><hr noshade size="2"></TD>
  <TD align=right><hr noshade size="2"></TD>
  <TD align=left></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due to the adoption of IAS 32 and IAS 39 with effect from 1 January 2005, intra-group preference shares are now classified as debt instead of equity. The relative ownership of these
preference shares has resulted in a re-alignment of balances between NV and PLC.</FONT> </TD>
</TR><TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 1 January 2005, Unilever has adopted IAS 32 &#145;Financial Instruments: Disclosure and Presentation&#146; which requires preference shares that provide for a fixed preference
dividend to be classified as borrowings and preference dividends to be recognised in the income statement. In accordance with the transition rules for IAS 32, 2004 has not been restated.</FONT>       </TD>
</TR><TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The share-based compensation credit relates to the reversal of the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to
employees.</FONT>       </TD>
</TR><TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During 2002, as part of the legal and fiscal integration of the Bestfoods businesses, a number of internal ownership changes took place. These internal transactions, which took place at
fair value, did not involve any third party and therefore had no effect on the results or net assets of the consolidated Unilever Group. The historical cost of the net assets of the business transferred by PLC was greater than the historical cost of
the net assets of the business transferred by NV. As it would be inappropriate to recognise revaluations to assets and liabilities of the Group arising from internal transactions, this imbalance led to NV recording an unrealised gain of &euro;1
646 million on the transfer, while PLC recorded an equal and opposite goodwill balance which is eliminated on consolidation. Further re-organisations in subsequent years have produced similar types of adjustments.</FONT>    </TD>
</TR>
<TR><TD colspan=2></TD></TR></TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cumulative goodwill written off directly to reserves prior to the transition to IFRSs on 1 January 2004 was &euro;5 199 million for NV and &euro;2 063 million for PLC. </FONT></P>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>126</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P><font color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b><a name="p127"></a>27 Commitments
and contingent liabilities</b></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Future</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Future</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">minimum</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">minimum</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">lease</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Finance</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Present</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">lease</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Present</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">payments</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">cost</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">value</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">payments</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">cost</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">value</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Long-term finance lease commitments</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD width=2% align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD width=2% align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD width=2% align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD width=2% align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD width=2% align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width=2% align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Buildings<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">160</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">95</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">65</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">91</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plant and machinery</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">170</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">152</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">194</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">177</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">330</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">113</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">217</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">285</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">218</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The commitments fall due as follows:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Within 1 year</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">75</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">64</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">55</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After 1 year but within 2 years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">60</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">50</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">53</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">46</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After 2 years but within 3 years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">50</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After 3 years but within 4 years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After 4 years but within 5 years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After 5 years</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">112</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">74</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">38</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">75</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">330</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">113</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">217</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">285</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">218</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></td>
    <td><p><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">All
    leased land is classified as operating leases.</font></p></td>
  </tr>
</table>
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group has not sublet any part of the leased properties under finance lease. </FONT></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Long-term operating lease commitments</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Land and buildings</font></TD>
        <TD width=105 align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 472</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=105 align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 485</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Plant and machinery</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>459</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
410</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 931</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 895</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Other</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Operating</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Operating</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>commit-</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
commit-</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>leases</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
leases</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>ments</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
ments</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Operating lease and other commitments fall due as follows</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Within 1 year</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>339</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
334</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>365</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
291</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
After 1 year but within 2 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>297</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
280</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>323</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
254</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
After 2 years but within 3 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>267</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
250</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>62</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
169</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
After 3 years but within 4 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>222</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
231</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>40</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
46</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
After 4 years but within 5 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>209</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
193</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>23</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
11</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
After 5 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>597</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
607</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>18</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
193</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 931</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 895</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>831</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
964</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Group has sublet part of the leased properties under operating lease. Future minimum sublease payments of &euro;28 million are expected to be received.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other commitments principally comprise commitments under contracts to purchase materials and services. They do not include commitments for capital expenditure, which are reported in
note 11 on page 100.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will 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 turn into an obligation in the future. The Group believes that incurred losses in any of these matters would not
have a material effect.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Examples of the first type of contingent liability arise in respect of litigation against group companies, investigations by competition, regulatory and fiscal authorities and
obligations arising under environmental legislation. The estimated total of such contingent liabilities at 31 December 2005 was some &euro;349 million (2004: &euro;275 million).</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Examples of the second type of contingent liability are guarantees issued by group companies. At 31 December 2005 these amounted to some &euro;113 million (2004: &euro;143 million).
Included in this are discounted trade bills with a value of &euro;25 million (2004: &euro;45 million). We believe that any loss arising in connection with these would not have a material effect on the Group&#146;s financial condition or results
of operations. Guarantees given by parent or group companies that relate to liabilities already included in these consolidated accounts are excluded from this total.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The total value of guarantees which arose or were revised in 2005 was &euro;39 million (2004: &euro;80 million). The fair value of guarantees is not material in either 2004 or
2005.</FONT></P>
<P>&nbsp;</P>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; </FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">127</FONT></B><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p>  <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p128"></a>28 Acquisitions and disposals</FONT></B></p>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Acquisitions</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During
2005 an additional investment into Langholm Capital Partners Fund was made and
classified as an acquisition of associates (see note 13 on page 103). We also
purchased some minority interests in subsidiary companies. No other acquisitions
were made in 2005.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The following table sets out the effect of acquisitions of group companies in
2005 on the consolidated balance sheet. The fair values currently established
for all acquisitions made in 2005 are provisional. The goodwill arising on these
transactions has been capitalised and is subject to an annual review for impairment
(or more frequently if necessary) in accordance with our accounting policies
as set out in note 1 on page 82. Any impairment is charged to the income statement
as it arises. Detailed information relating to goodwill is given in note 10 on
pages 98 and 99.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Acquisitions</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net assets acquired</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Goodwill arising in subsidiaries</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Consideration</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>20</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Consideration
    consisted wholly of cash.</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P><B><FONT color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Disposals<br>
</FONT></B><FONT size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The results of disposed businesses are included in the consolidated accounts up to their date of disposal. The principal disposals in 2005 were UCI across the world, Stanton Oil in UK
  and Ireland, Dextro in various countries in Europe, Opal in Peru, Karo and Knax in Mexico, spreads and cooking products in Australia and in New Zealand, Crispa, Mentadent, Marmite, Bovril and Maizena in South Africa, frozen pizza in Austria, Biopon
in Hungary and tea plantations in India. </FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  In March 2005 Unilever completed the restructuring of its Portuguese foods
  business. Before the restructuring Unilever Portugal held an interest in FIMA/VG
  - Distribui&ccedil;&atilde;o de Produtos Alimentares, Lda. (FIMA) foods business,
  a joint venture with Jer&oacute;nimo Martins Group, in addition to its wholly
  owned Bestfoods business acquired in 2000. As a result of the transaction the
  two foods businesses &#150; FIMA and Unilever Bestfoods Portugal &#150; were
  unified and the joint venture stakes were re-balanced so that Unilever now
  holds 49% of the combined foods business and Jer&oacute;nimo Martins Group
51%. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  In 2004, the principal disposals were Puget oils in France, the frozen pizza
  and baguette businesses in various countries in Europe, Rit, Niagara, Final
  Touch and Sunlight in North America, Capullo, Mazola and Inca in Chile and
  Mexico and Dalda oils in Pakistan. Our chemicals business in India (Hindustan
  Lever Chemicals) was merged with Tata Chemicals. Various other smaller brands
  were also sold as part of our Path to
Growth strategy.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Disposals</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Goodwill and intangible assets</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>150</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    23
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other non-current assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>78</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    52
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Current assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>207</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    145
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Trade creditors and other payables</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(106</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (34
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Provisions for liabilities and charges</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(15</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (9
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Minority interest</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (25
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net assets sold</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>313</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    152
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (Gain)/loss on recycling of currency retranslation on disposal</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(5</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit on sale attributable to Unilever</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>655</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    338
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Consideration</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>963</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    492
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash</FONT></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>845</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    417
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash balances of businesses sold</FONT></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(17</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (4
        </font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial assets, cash deposits and borrowings of businesses sold</FONT></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-cash items and deferred consideration</FONT></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>26</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Payment received in prior year</FONT></font></TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>101</B>
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left bgcolor="#cccccc">&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>128</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p>  <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p129"></a>29 Assets held for sale and discontinued operations</FONT></B></p>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Following the announcement on 11 July 2005 of the completion of the sale of Unilever Cosmetics International (UCI) to Coty Inc., United States, the results of UCI have been presented as
discontinued operations. </FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
An analysis of the result of discontinued operations, and the result recognised
on disposal of discontinued operations is as follows:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Income statement of discontinued operations</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Turnover</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>230</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    542
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expenses</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(208</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (469
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Operating profit before taxation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>22</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    73
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Taxation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(7</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (26
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Profit after taxation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    47
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Gain/(loss) on disposal of discontinued operations</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>498</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Recycling of currency retranslation upon disposal</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Taxation arising on disposal</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(45</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Gain/(loss) after taxation on disposal</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>458</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net profit from discontinued operations</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>473</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    47
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Combined earnings per share from discontinued operations</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Basic earnings per share:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros
    per &euro;0.51 of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>0.49</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.05
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.30</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.74
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    On a diluted basis the figures would be:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros
    per &euro;0.51 of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>0.47</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.05
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7.07</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0.70
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Segment analysis of discontinued operations</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Turnover</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Europe</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>126</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    304
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    The Americas</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>102</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    231
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Asia Africa</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>230</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    542
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Operating profit</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Europe</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    22
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    The Americas</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>20</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    47
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Asia Africa</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>22</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    73
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    All these amounts relate to the personal care segment.</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Cash flow statement of discontinued operations</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net cash flow from/(used in) operating activities</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(102</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    94
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net cash flow from/(used in) investing activities</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>623</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net cash flow from/(used in) financing activities</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net increase/(decrease) in cash and cash equivalents</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>521</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    92
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">129</FONT></B></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p130"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><font color="#0070FF"><BR>
  </font>
</p>
<P><font color="#0070FF">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">29 Assets held for sale and discontinued operations </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Various non-current assets and disposal groups were held for sale at the year end, including the Mora business in the Netherlands and Belgium and a number of other production and
distribution facilities in other parts of the world.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>31 December</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Assets classified as held for sale</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Disposal
    groups held for sale</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Goodwill</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
133</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Intangible assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
60</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Property, plant and equipment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>42</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
94</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Biological assets</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>21</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other non-current investments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Inventories</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>18</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
16</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Trade and other receivables</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>6</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
27</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Cash and cash equivalents</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
8</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>88</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
339</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Non-current assets held for sale</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Property, plant and equipment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>129</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
36</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>217</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
375</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>31 December</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Liabilities classified as held for sale (part of disposal groups)</B></font></TD>
        <TD width=2% align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B>
        </font></TD>
        <TD width=2% align=left><font size="1">&nbsp;</font>

        </TD>
        <TD width=2% align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2005
        </font></TD>
        <TD width=2% align=left><font size="1">&nbsp;</font>

        </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Trade payables and other liabilities</font></TD>
        <TD width="10%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(16</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD width="10%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(14
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Restructuring and other provisions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(2
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Pension liability for unfunded schemes</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(3
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Deferred taxation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(9</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(26</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(19
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total assets at 31 December 2005 are included in the geographical segments as
follows: Europe &euro;142 million; The Americas &euro;45 million; and Asia Africa &euro;30
million. Total liabilities at 31 December 2005 are included in the geographical
segments as follows: Europe &euro;17 million; The Americas &euro;nil; and Asia
Africa &euro;9 million.</font></P>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><p><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>130</b></font></p></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p131"></a>30 Reconciliation of net profit to cash flow from operating activities</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash flow from operating activities</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit</FONT></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 975</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 941</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 301</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">836</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share of net profit of joint ventures/associates and other income from non-current investments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(55</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(95</FONT>
        </TD>
        <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net finance costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">618</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">631</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance income</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(130</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(145</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance cost</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">693</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">717</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions and similar obligations</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">55</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Depreciation and amortisation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">843</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">821</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment losses</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">431</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 242</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Changes in working capital</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">193</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">547</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(153</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">221</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade and other current receivables</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(36</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">298</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade payables and other current liabilities</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">382</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions and similar provisions less payments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(532</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(472</FONT>
        </TD>
        <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring and other provisions less payments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(230</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">574</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Elimination of (profits)/losses on disposals</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(789</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(308</FONT>
        </TD>
        <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-cash charge for share-based compensation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">192</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">218</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other adjustments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(23</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10</FONT>
        </TD>
        <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash flow from operating activities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 924</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 925</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<font size="2"><BR>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">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.</FONT></P>
<P>
<B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Major non-cash transactions<br>
</FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During
the year the Group entered into new finance lease arrangements in respect of
equipment with
a capital value at inception of the lease of &euro;49 million.</FONT></P>
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 15 February 2005 &euro;1
  129 million of treasury stock was used in the conversion of the &euro;0.05
  preference shares into ordinary NV shares.<br>
  For further information please refer
to note 24 on page 124.</FONT></P>
</font>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><p><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>131</b></font></p></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p132"></a>31
      Share-based compensation plans<br>
</B></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As at 31 December 2005, the Group had a number of share-based compensation plans:</FONT></p>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(i) All-Employee Option Plans<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Local
All-Employee Option Plans have been set up in 16 countries to enhance employee
involvement with Unilever and its performance by providing a potential financial
benefit linked to the Unilever share price. There are no individual performance
targets to be met. The plans permit participation by all permanent employees
in the country where the relevant plan applies. </font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(ii) Executive Option Plans<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
Executive Option Plans were introduced in 1985 to reward key employees throughout
the world for their contribution to the enhancement of the Group&#146;s longer-term
future and their commitment to the Group over a sustained period. The grant is
dependent on performance of the Group and the individual. </font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(iii) Global Performance Share Plan<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Introduced
in 2005, under this plan managers can be awarded conditional shares which will
vest three years later at a level between 0% and 150% - 200% depending on Unilever&#146;s
achievement of set targets for Underlying Sales Growth and Free Cash Flow over
the three year performance period.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(iv) Share Matching Plans<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">If
managers invest part of their annual bonus in Unilever shares, the company will
match this with the same number of shares on the condition that they keep all
shares for an agreed number of years and will still be employed by Unilever on
the vesting date.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(v) TSR Long-Term Incentive Plan<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
plan was introduced in 2001 and, depending on the TSR ranking (see page 25) of
Unilever in comparison with its peer group, it will potentially award top executives
on the vesting date three years later with between 0% and 200% of the original
conditional award.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(vi) North America Performance Share Programme<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A
long-term incentive plan for North American managers, awarding Unilever shares
if company and personal performance targets are met over a three-year period.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(vii) Restricted Share Plan<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restricted
shares can be awarded to a select number of executives for special performance.
After the agreed number of years the awards will vest provided the executive
is still employed
by Unilever at that time.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(viii) Other plans<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A
cash-settled share-based retention plan was introduced in 2004 for a number of
key executives.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Unilever will not grant share options in total in respect of Executive Option
Plans for more than 5% of its issued ordinary capital, and for all Plans together,
for more than 10% of its issued ordinary capital. The Board does not apportion
these limits to each plan separately.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In recent years we have met the obligations under our share option and award
plans by purchasing shares in advance and transferring them, in return for the
exercise price, to Directors and employees as the options are exercised or the
awards vest.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The numbers in this note include those for Executive Directors shown in the report
of the Remuneration Committee on pages 53 to 69 and those for key management
personnel shown in note 33 on pages 142 and 143. No awards were made to Executive
Directors in 2005 and 2004 under the North America Performance Share Programme,
the Restricted Share Plan or the cash-settled share-based retention plan. Non-Executive
Directors do not
participate in any of the share-based compensation plans.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The economic fair value of the awards is calculated using an option pricing model
(usually an adjusted Black-Scholes or multinomial model) and the resulting cost
is recognised as remuneration cost amortised over the vesting period of the grant.
The actual remuneration cost charged in each period is shown below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
All-Employee Option Plans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>13</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
17</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Executive Option Plans</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>63</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
105</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Global Performance Share Plan</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>15</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Share Matching Plans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>14</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
21</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
TSR Long-Term Incentive Plan</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>10</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
9</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
North America Performance Share Programme</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>63</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
64</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Restricted Share Plan</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other Plans</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>12</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>192</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
218</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<P> Disclosures, including a description of the method and significant assumptions
  used to estimate the fair values of options and the weighted average information,
  are given below for each
type of plan, on a combined basis.</P>
</font>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><p><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>132</b></font></p></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p133"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></div>
    </td>
  </tr>
</table>
<p><font color="#0070FF"><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Notes to the consolidated accounts</b></FONT><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><font color="#0070FF"><BR>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>31 &nbsp;&nbsp;&nbsp;Share-based
  compensation plans</b> </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" align="left" valign="top"><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(i)</b></font></td>
    <td><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>All-Employee
    Option Plans</b></font></td>
  </tr>
  <tr>
    <td colspan="2" align="left" valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Unilever
        has All-Employee Plans in 16 countries, which can be grouped together
    as follows:</font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Plans
        which follow a standard framework: Austria, Belgium, Denmark, Finland,
        France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden
    and Switzerland. </font></td>
  </tr>
  <tr>
    <td align="left" valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</font></td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Other
    plans: North America, South Africa and United Kingdom. </font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<b>Group (a):</b><br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
standard framework for these countries means, in principle, an annual grant of
options over NV shares (Ireland: PLC shares), at the same grant date, exercise
price (the market price on the grant date) and grant size (including part-time
employees pro rata) and with the same eligibility criteria (all permanent employees
in a country). There are no vesting conditions other than being continuously
employed by a Group company until
the vesting date.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<b>Group (b):</b><br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
UK and South Africa plans annually offer options over PLC shares, combined with
a compulsory (UK) or optional (South Africa) savings The exercise price is the
market price at
date
of grant. In 2003, Unilever UK introduced &#145;ShareBuy&#146;, an All-Employee
Share Incentive Plan. It is currently only being used as a tax efficient savings
plan for employees, for which Unilever neither gives nor receives value. Accordingly,
no
figures for this plan are included in this note.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The North America programme is a share purchase offering, with a compulsory savings
plan, under which up to 10% of the salary of eligible employees is withheld.
At the end of the period employees can use the savings to buy NV New York shares
at a discount. The maximum number of shares made available under the plan is
8.9 million.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The table below summarises the main country-specific differences between the
plans under which grants were made in 2005:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Maximum</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vesting</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    term</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    period</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercise</font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Country (year of introduction)</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Years</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Years</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    period</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Remarks</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Austria (2001)</font></TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=28% align=left>&nbsp;

        </TD>
    <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Belgium (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    18 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Denmark (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Finland (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    On 3rd, 4th or 5th anniversary</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    France (2000)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    12 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Germany (2000)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Ireland (2002)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Italy (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Netherlands (1995)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    0</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 years</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Keep shares during the first 3 years after grant</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Portugal (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Spain (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Switzerland (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    24 months</font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    UK (1985)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 months</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    ShareSave plan</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    South Africa (2001)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3.5</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 months</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Optional sharesave plan</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No grants were made in Sweden or North America in 2005 or 2004.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A summary of the status of the All-Employee Plans as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below:</FONT></P>
</font>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=left><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 2005</font></b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 2004</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=left><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Weighted</font></b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Weighted</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=left><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> average</font></b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> average</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Number
          of </font></b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> exercise</font></b></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> Number
        of </font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> exercise</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> options </font></b></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> price</font></b></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> options </font></td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> price</font></td>
    <td align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> NV
          shares of &euro;0.51</font></b></td>
    <td align=left> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Outstanding
        at 1 January</font></td>
    <td width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 5
          253 062 </font></b></td>
    <td width=2% align=left>&nbsp; </td>
    <td width=8% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;58.79</font></b></td>
    <td width=2% align=right>&nbsp;</td>
    <td width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 4
        480 673 </font></td>
    <td width=2% align=left>&nbsp; </td>
    <td width=8% align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">60.24</font></font></td>
    <td width=2% align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Granted</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 1
          202 855 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;53.00</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 1
        266 960 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54.33</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<sup>(a)</sup></font>&nbsp; </font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> (477
          362 </font></b></td>
    <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;52.98</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (26
        883 </font></td>
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51.62</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Forfeited</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> (411
          463 </font></b></td>
    <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;58.79</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (308
        593 </font></td>
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59.63</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Expired</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> (205
          210 </font></b></td>
    <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;56.93</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (159
        095 </font></td>
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">63.65</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left></td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Outstanding
        at 31 December</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 5
          361 882 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;58.08</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 5
        253 062 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58.79</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left></td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Exercisable
        at 31 December</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 2
          216 677 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;62.98</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 1
        740 399 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">60.71</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left><hr size="2" noshade></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> PLC
          shares of 1.4p</font></b></td>
    <td align=left> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left></td>
    <td align=left> </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp; </td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Outstanding
        at 1 January</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 14
          214 304 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;5.17</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 17
        071 055 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.28</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Granted</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 2
          834 328 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;5.40</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2
        287 826 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.28</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<sup>(a)</sup></font>&nbsp; </font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> (3
          655 383 </font></b></td>
    <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;4.26</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (247
        261 </font></td>
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.55</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Forfeited</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> (1
          628 307 </font></b></td>
    <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;5.48</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (2
        567 876 </font></td>
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.46</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Expired</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> (2
          027 368 </font></b></td>
    <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;5.32</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (2
        329 440 </font></td>
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> )</font></td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.78</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left></td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Outstanding
        at 31 December</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 9
          737 574 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;5.50</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 14
        214 304 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.17</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left></td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=left><hr size="1" noshade>
    </td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Exercisable
        at 31 December</font></td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> 376
          322 </font></b></td>
    <td align=left>&nbsp; </td>
    <td align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &#163;5.09</font></b></td>
    <td align=right>&nbsp;</td>
    <td align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 1
        705 467 </font></td>
    <td align=left>&nbsp; </td>
    <td align=right><font size="2"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.14</font></font></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left><hr size="2" noshade>
    </td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">133</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p134"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<P><font color="#0070FF"><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Notes to the consolidated accounts<br>
</b></font><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P><font color="#0070FF">
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>31 Share-based compensation plans</b></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Weighted</FONT></b></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">average</FONT></b></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number of</FONT></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">exercise</FONT></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number of</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">exercise</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">options</FONT></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">price</FONT></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">options</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">price</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<tr valign="bottom">
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
</tr>
<TR valign="bottom">
        <TD align=left><b>
      <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV New York
    shares of &euro;0.51</FONT></b></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding at 1 January</FONT></TD>
        <TD width=8% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">146 760</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;55.44</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Granted</FONT></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(123 843</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;55.44</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(22 917</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &#36;55.44</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expired</FONT></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding at 31 December</FONT></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercisable at 31 December</FONT></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<tr valign="bottom">
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(a)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The weighted average market price of the shares at the time of exercise was as follows: NV shares of &euro;0.51 &euro;54.67 (2004:&euro;54.77); PLC shares of 1.4p &#163;5.70
(2004: &#163;5.18); and NV New York shares of &euro;0.51 2005: n/a (2004: &#36;66.85).</FONT>   </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD>
</TR></TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV option value information</FONT></font></B><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></SUP>&nbsp;        </font></TD>
        <TD align=left> </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair value per option<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD width=8% align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;8.47</FONT></b></font></TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;9.37</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Valuation assumptions</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected option term</FONT></font></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.2 years</FONT></b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.2 years</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected volatility<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2"><b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    27.5</font></b><font face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>%</b></font></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected dividend yield</FONT></font></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.6%</FONT></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.3%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risk-free interest rate</FONT></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2.4%</FONT></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.1%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC option value information</FONT></font></B><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></SUP>&nbsp;       </font></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair value per option<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;1.09</FONT></b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;1.06</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Valuation assumptions</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected option term</FONT></font></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.5 years</FONT></b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.3 years</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected volatility<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27.5%</FONT></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected dividend yield</FONT></font></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.6%</FONT></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risk-free interest rate</FONT></TD>
        <TD align=right><font size="2"><b>
    <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.3%</FONT></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.1%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted average of options granted during each period.</FONT>  </TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Estimated using Black-Scholes option pricing method.</FONT>     </TD>
</TR>
<TR>
        <TD valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Based on historic volatility during the last six years.</FONT>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD>
</TR></TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The exercise prices and remaining life of the All-Employee Option Plans as at 31 December 2005 are as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD colspan="7" align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Options outstanding</FONT></TD>
        <TD align=right>&nbsp;</TD>
    <TD colspan=3 align=right> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Options
    exercisable</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">outstanding at</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">remaining</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercisable at</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Range of</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">contractual</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise prices</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">life</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise price</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV shares
    of &euro;0.51</FONT></b></TD>
        <TD width=10% align=right><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><b><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51.00
    <font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150; &euro;56.72</font></FONT></b></font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 289 476</FONT></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 years</FONT></b></TD>
        <TD width=2% align=right>&nbsp; </TD>
        <TD width=8% align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">52.77</FONT></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">567 069</FONT></b></TD>
        <TD width=2% align=right>&nbsp; </TD>
        <TD width=8% align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">52.59</FONT></b></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;   </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><b><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">64.30
    <font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150; &euro;70.00</font></FONT></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 072 406</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 year</FONT></b></TD>
        <TD align=right>&nbsp; </TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">66.51</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 649 608</FONT></b></TD>
        <TD align=right>&nbsp; </TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">66.55</FONT></b></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC shares of 1.4p</FONT></b></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&#163;</b></font><b><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.25 </FONT><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150; &#163;6.20</font></b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 737 574</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 years</FONT></b></TD>
        <TD align=right>&nbsp; </TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.50</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">376 322</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.09</FONT></b></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;
</P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">134</font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p135"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF"><b>
<FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P><font color="#0070FF"><b>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31&nbsp;&nbsp;&nbsp;Share-based
compensation plans</FONT></b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<P><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>(ii)&nbsp;&nbsp;&nbsp;Executive
      Option Plans</b></FONT><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the Executive Option Plans options are granted to key employees of the Group
on a discretionary basis. The exercise price is the market price at the date
of grant. Since the introduction of the Global Performance Share Plan in 2005,
it is the intention to make no further grants under the Executive Option Plans,
except for a few premium option grants which result from prior commitments. The
plans are made up of the
following:</font></P>
<P><b>
<FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV Executive Option Plan</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
NV Executive Option Plan provides for the granting of options to purchase shares
of Unilever N.V. and, from 1997 onwards, also shares of Unilever PLC, at a price
not lower than the market price on the day the options were granted. These options
become exercisable after a three-year period from the date of grant. The options
have a maximum term of five years for the grants made up to 1998 and of ten years
for subsequent
grants.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>PLC Executive Option Plan</B></FONT><br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
PLC Executive Option Plan provides for the granting of options to purchase shares
of Unilever PLC and, from 1997 onwards, also shares of Unilever N.V., at a price
not lower than the market price on the day the options were granted. These options
become exercisable after a three-year period from the date of grant and have
a maximum term of ten years.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>North America Executive Stock Option Programme</B></FONT><br>
</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
programme is covered by the North American 2002 Omnibus Equity Compensation Plan
and provides for the granting of options to purchase a maximum of 40.5 million
shares in Unilever N.V. of the New York Registry, and 262.0 million shares of
Unilever PLC, at a price not lower than the market value on the day the options
are granted. These options become exercisable over a three-year period from the
date of grant and have a
maximum term of ten years.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Managers working in India can participate in an Executive Option Plan relating
to Hindustan Lever
Limited&#146;s shares. As these are neither NV nor PLC shares, no figures for
this plan
are disclosed in this note, but the fair value costs (2005: &euro;2 million;
2004: &euro;3 million) are included in the costs of Executive Option Plans on
page 132.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
A summary of the status of the Executive Option Plans as at 31 December 2005
and 2004 and changes during the years ended on these dates is presented below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    2005</font></b></TD>
        <TD align=left></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Weighted</font></b></TD>
        <TD align=left></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left> </TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    average</font></b></TD>
        <TD align=left></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    average</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Number of</B></FONT>
        </font></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    exercise</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Number of
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    exercise</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>options</B></FONT>
        </font></TD>
        <TD align=left>&nbsp;   </TD>
        <TD align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    price</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    options
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    price</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    NV shares of &euro;0.51</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD width=8% align=right>
<FONT size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>14 667 226</b></FONT>
</TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">59.05</FONT></font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    13 533 478
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59.80</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Granted</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>145 114</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51.36</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 398 183
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54.22</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<SUP>(e)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(287 912</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">54.50</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (222 975
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51.85</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(1 193 354</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">60.92</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 041 460
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59.24</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expired</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&#150;</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>13 331 074</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">58.89</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    14 667 226
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59.05</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>7 925 308</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">61.82</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 898 593
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58.79</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    PLC shares of 1.4p</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>95 972 535</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.41</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    89 760 385
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.39</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Granted</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>949 915</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.11</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15 616 482
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.21</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<SUP>(e)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(5 246 425</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.64</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3 586 509
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.25</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(6 879 031</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.50</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (5 817 823
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.39</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expired</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&#150;</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &#150;</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>84 796 994</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.44</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    95 972 535
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.41</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>49 151 533</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.35</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38 324 985
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.99</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    NV New York shares of &euro;0.51</font></b></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>3 337 456</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">58.72</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 601 264
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54.83</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Granted</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>21 954</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">66.76</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    429 142
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65.93</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<SUP>(e)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(545 843</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">52.73</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (641 245
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41.10</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(80 646</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">71.70</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (51 705
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66.41</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Expired</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>(6 991</b></FONT>
        </font></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    )</font></b></TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">65.70</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2 725 930</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">59.58</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 337 456
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58.72</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left>&nbsp;</td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left></td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=left><hr size="1" noshade>
  </td>
  <td align=right>&nbsp;</td>
</tr>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2 344 067</b></FONT>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b><font size="2">
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">59.01</FONT></font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 439 155
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">57.62</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<tr valign="bottom">
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left><hr size="2" noshade>
  </td>
  <td align=left>&nbsp;</td>
</tr>
</TABLE>
<P>&nbsp;
</P>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">135</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p136"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 Share-based compensation plans </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Weighted</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">average</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">average</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number of</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">exercise</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number of</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">options</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">price</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">options</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">price</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC shares of 1.4p in the form of ADRs</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding at 1 January</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21 367 508</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;8.55</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 778 836</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;8.32</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Granted</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">146 920</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</FONT></B><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9.79</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 836 492</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.63</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised<SUP>(e)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3 388 868</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;7.86</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 940 440</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.47</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(357 248</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;10.28</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(307 380</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;9.51</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expired</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(45 520</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;9.32</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding at 31 December</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17 722 792</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</FONT></B><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8.66</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 367 508</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;8.55</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercisable at 31 December</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">15 201 204</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;8.53</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15 475 612</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;8.31</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(e)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The weighted average market price of the shares at the time of exercise was as follows: NV shares of &euro;0.51 &euro;58.06 (2004: &euro;57.88); PLC shares of 1.4p &#163;5.61
(2004: &#163;5.36); NV New York shares of &euro;0.51 &#36;68.79 (2004: &#36;69.42); and PLC shares of 1.4p in the form of ADRs &#36;40.39 (2004: &#36;40.37).</FONT>    </TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT>&nbsp; &nbsp; &nbsp;         </font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 ADR is equivalent to 4 PLC shares.</FONT>     </TD>
</TR>
<TR>
  <TD valign=top>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV option value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair value per option<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV Executive Option Plan</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></B><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10.43</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11.43</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC Executive Option Plan</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;7.17</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;7.67</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North America Executive Stock Option Programme</FONT></font></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;14.74</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;13.45</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Valuation assumptions</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected option term</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.0 years</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.9 years</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected volatility<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27.5%</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected dividend yield<SUP>(g)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.7%</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.3%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risk-free interest rate</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.4%</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.1%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC option value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair value per option<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV Executive Option Plan</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</FONT></B><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.68</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1.78</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC Executive Option Plan</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;1.16</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;1.20</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North America Executive Stock Option Programme</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;2.13</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.92</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Valuation assumptions</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected option term</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.0 years</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.9 years</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected volatility<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27.5%</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expected dividend yield<SUP>(g)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.8%</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.5%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risk-free interest rate</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.7%</FONT></B>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.3%</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="top">
        <TD width="3%"><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT>&nbsp;       </font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted average of options granted during each period.</FONT></TD>
</TR><TR valign="top">
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Estimated using Black-Scholes option pricing method.</FONT></TD>
</TR><TR valign="top">
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Based on historic volatility during the last six years.</FONT></TD>
</TR><TR valign="top">
        <TD><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(g)</FONT></font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Based on dividend yield in grant year.</FONT></TD>
</TR></TABLE>
<P>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The exercise prices and remaining life of the Executive Option Plans as at 31 December 2005 are as follows:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>       <font size="1">&nbsp;</font><font size="1">&nbsp;</font>      </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD colspan=3 align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Options outstanding</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD colspan=3 align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Options exercisable</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD colspan=3 align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD colspan=3 align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>       <font size="1">&nbsp;</font><font size="1">&nbsp;</font>      </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Number</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Number</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>       <font size="1">&nbsp;</font><font size="1">&nbsp;</font>      </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    outstanding</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    average</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    exercisable</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>       <font size="1">&nbsp;</font><font size="1">&nbsp;</font>      </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    at 31</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    remaining</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    at 31</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Range of
        </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font> </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    December</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    contractual</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    average</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    December</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    average</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">exercise
            prices
        </font><font size="1">&nbsp;</font><font size="1">&nbsp;</font> </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    life</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    exercise price</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    exercise price</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV shares of &euro;0.51</B></font></TD>
        <TD width=10% align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">42.79</FONT></B>
        </font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150; &euro;60.85</B></font></TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>9 117 330</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 years</B></font></TD>
        <TD width=2% align=right><font size="2">&nbsp;
        </font></TD>
        <TD width=8% align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">55.52</FONT></B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=8% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3 711 564</B></font></TD>
        <TD width=2% align=right><font size="2">&nbsp;
        </font></TD>
        <TD width=8% align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56.84</FONT></B></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">63.50</FONT></B>
        </font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150; &euro;73.97</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 213 744</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
    </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">66.20</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 213 744</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">66.20</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>PLC shares of 1.4p</B></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.43</FONT></B>
        </font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150; &#163;4.78</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14 804 481</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.56</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>14 741 104</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.56</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.02</FONT></B>
        </font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150; &#163;5.63</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>29 106 745</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.29</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13 843 080</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.38</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.77</FONT></B>
        </font><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150; &#163;6.79</B></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>40 885 768</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.87</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>20 567 349</B></font></TD>
        <TD align=right><font size="2">&nbsp;
    </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.89</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV New York shares of &euro;0.51</B></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33.89 &#150; &#36;50.09</FONT></B>
        </font> </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>391 639</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">48.08</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>391 639</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">48.08</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56.13 &#150; &#36;76.69</FONT></B>
        </font> </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 334 291</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">61.51</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 952 428</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">61.20</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC shares of 1.4p in the form of ADRs</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.56 &#150; &#36;7.73</FONT></B>
        </font> </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 630 308</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7.13</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>4 630 308</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7.13</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8.35 &#150; &#36;10.85</FONT></B>
        </font> </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13 092 484</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 years</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9.20</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>10 570 896</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9.14</FONT></B></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
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  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</font></td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 ADR
    is equivalent to 4 PLC shares.</font></td>
  </tr>
</table>
<p><BR>
</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>136</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p137"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></p>
<P>&nbsp;</P>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 Share-based compensation plans </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></P>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(iii) Global Performance Share Plan<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
GPSP was introduced in 2005. Under this plan, managers can be awarded conditional
shares which will vest three years later at a level between 0% and 150% (for
middle management)
or
200% (for higher executives) depending on Unilever&#146;s achievement of set
targets for </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Underlying
Sales Growth and Free Cash Flow over the three-year performance period. The amount
to be paid by participants to obtain the shares at vesting is zero.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A summary
    of the status of the GPSP as at 31 December 2005 and changes during the year
  is presented below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Number of</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>shares</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV shares of &euro;0.51</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>695 717</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>695 717</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>PLC shares of 1.4p</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 619 928</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 619 928</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV New York shares of &euro;0.51</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>143 390</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(208</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>143 182</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC shares of 1.4p in the form of ADRs</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>166 620</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>166 620</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (f) 1 ADR is equivalent to 4 PLC shares.</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair value per share award<SUP>(i)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV/PLC Plan</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">53.01</FONT></B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North America Programme</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">66.99</FONT></B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair value per share award<SUP>(i)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV/PLC Plan</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.39</FONT></B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North America Programme</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9.97</FONT></B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT>     </font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weighted average of share awards granted during each period.</font></TD>
</TR><TR>
        <TD valign=top><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(i)</FONT></font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Estimated on basis of par achievement of targets.</font></TD>
</TR></TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>137</B></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p138"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><BR>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 Share-based compensation plans </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(iv) Share Matching Plans<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
these plans managers can invest up to 25% of their gross bonus in Unilever shares.
Unilever matches this with the same number of shares on condition that all shares
are held for the agreed period (three years from 2002 onwards), and that the
manager has not resigned from Unilever at the end of this period. North American
managers participate in the North America Share Bonus Plan, the others in the
Variable Pay in Shares Plan. The amount to be paid to the company by participants
to obtain the shares at vesting is zero.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
A summary of the status of the Share Matching Plans as at 31 December 2005 and
2004 and changes during the years ended on these dates is presented below:</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Number of</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Number of
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>shares</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    shares
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV shares of &euro;0.51</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>440 088</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    373 846
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>46 817</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    85 789
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(163 259</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (12 115
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(9 968</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (7 432
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>313 678</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    440 088
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>PLC shares of 1.4p</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3 083 809</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2 594 187
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>350 982</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    630 832
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 189 996</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (90 113
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(68 975</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (51 097
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2 175 820</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 083 809
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV New York shares of &euro;0.51</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>221 707</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    167 156
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>49 751</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    57 504
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(95 477</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (143
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(13 846</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (2 810
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>162 135</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    221 707
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC shares of 1.4p in the form of ADRs</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 506 152</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 133 728
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Awarded</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>342 394</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    392 440
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Vested</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(655 603</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (992
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Forfeited</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(93 262</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (19 024
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Outstanding at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 099 681</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 506 152
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Exercisable at 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (f) &nbsp;&nbsp;&nbsp;1 ADR is equivalent to 4 PLC shares.</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fair value per share award</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV/PLC Plan</FONT></font></TD>
        <TD width=10% align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51.15</FONT></B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54.72</FONT></font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North America Programme</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">67.14</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70.30</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Fair value per share award</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV/PLC Plan</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.12</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.29</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North America Programme</FONT></font></TD>
        <TD align=right><font size="2">
    <B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9.74</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.34</FONT></font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (h)&nbsp;&nbsp;&nbsp; Weighted average of share awards granted during each
    period.</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>138</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p139"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>


<p>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 Share-based
  compensation plans </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(v)
  TSR Long-Term Incentive Plan<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
  this plan, introduced in 2001, grants are made to Executive Directors and some
  senior executives. The level of share award which will vest three years later
  will vary in accordance with the Total Shareholder Return in comparison with
  a peer group (see description on page 25). If the ranking is below the median,
  the share award will lapse; the higher the ranking above the median, the higher
  the share award. The amount to be paid to the company by participants to obtain
  the shares at vesting is zero.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A summary of the status of the TSR Long-Term Incentive Plan as at 31 December 2005 and 2004 and changes during the year ended on these dates is presented below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number
      of</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number
      of</FONT> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">shares</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>NV
      shares of &euro;0.51</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">360
      829</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">327
      345</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">112
      442</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">120
      526</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(j)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(71
      564</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3
      663</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(15
      478</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expired</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(k)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(112
      833</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">356
      775</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">360
      829</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercisable
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>PLC
      shares of 1.4p</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      440 310</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      249 384</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">782
      600</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">829
      159</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(j)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(533
      481</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(24
      344</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(104
      752</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expired</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(k)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(798
      284</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      400 282</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      440 310</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercisable
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(j)</font></td>
    <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001
      award vested 100% as ranking was 6th.</font></td>
  </tr>
  <tr>
    <td valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(k)</font></td>
    <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002
      award expired (zero vesting) as ranking was 13th.</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1"> &nbsp; </font></TD>
    <TD align=right> <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>NV
      share award value information</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value per share award</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(l)</FONT></SUP>&nbsp;
      </font></TD>
    <TD width="8%" align=right> <font size="2"><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font></b><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">40.56</FONT></B></font></TD>
    <TD width="2%" align=right>&nbsp; </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;41.81</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>PLC
      share award value information</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value per share award</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(l)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <font size="2"><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font></b><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4.04</FONT></B></font></TD>
    <TD align=right>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;4.02</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(l)</font></td>
    <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Estimated
      using option pricing models taking account of peer group TSR volatilities
      and correlations.</font></td>
  </tr>
</table>

<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
      </FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">139</FONT></B><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p140"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font><BR>
</p>
<p><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 Share-based
  compensation plans </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT>
</p>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(vi)
  North America Performance Share Programme<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This
  long-term incentive plan for North American managers, introduced in 2001, awards
  Unilever shares if company and personal performance targets are met over a three-year
  period. The amount to be paid to the company by participants to obtain the shares
  at vesting is zero.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A summary of the status of the North America Performance Share Programme as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number
      of</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number
      of</FONT> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">shares</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>NV
      New York shares of &euro;0.51</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD width="9%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      690 076</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="9%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      771 343</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">431
      439</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">543
      479</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(552
      112</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(600
      707</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(73
      021</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(24
      039</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      496 382</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      690 076</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercisable
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC
      shares of 1.4p in the form of ADRs</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12
      619 508</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13
      202 916</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3
      219 260</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      057 444</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4
      121 340</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      482 896</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(545
      868</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(157
      956</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11
      171 560</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12
      619 508</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercisable
      at 31 December</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)&nbsp;&nbsp;&nbsp;1
      ADR is equivalent to 4 PLC shares.</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV
      share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value per share award</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;68.40</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;65.98</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC
      share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value per share award</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;10.02</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;9.64</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)&nbsp;&nbsp;&nbsp;Weighted
      average of share awards granted during each period.</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>
<BR>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(vii)
  Restricted Share Plan<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
  specific one-off cases a number of executives are awarded the right to receive
  NV and PLC shares at a specified date in the future, on the condition that they
  are still employed by Unilever at that time. The amount to be paid to the company
  by participants to obtain the shares at vesting is zero.</FONT></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A summary
  of the status of the Restricted Share Plan as at 31 December 2005 and 2004 and
  changes during the years ended on these dates is presented below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number
      of</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number
      of</FONT> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">shares</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>NV
      shares of &euro;0.51</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD width="8%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47
      713</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40
      498</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12
      262</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      595</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5
      005</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(380</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">54
      970</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47
      713</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>PLC
      shares of 1.4p</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">227
      561</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">216
      382</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">64
      292</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13
      681</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(37
      080</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      502</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">254
      773</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">227
      561</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV
      share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value per share award</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;54.24</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;53.43</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC
      share award value information</FONT></B><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fair
      value per share award</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;5.55</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163;5.30</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(h)&nbsp;&nbsp;&nbsp;Weighted
    average of share awards granted during each period.</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>

<P>&nbsp; </P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>140</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p141"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>


<p>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31 Share-based compensation plans </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></p>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(viii)
  Other plans<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During
  2004 Unilever offered a special cash award to selected senior managers with
  the purpose of retaining them. This cash-settled share-based plan provides a
  payment after three years linked to the development of the Unilever share price,
  on the condition of continued employment with the Group. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A summary of the status of the other plans as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1"> &nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Number
      of</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number
      of</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">shares</FONT></B>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>NV &euro;0.51
      share substitute</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD width="9%" align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">300
      000</FONT></B> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="9%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">300
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5
      800</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">294
      200</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">300
      000</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>PLC
      1.4p share substitute</B></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 1 January</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      000 000</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Awarded</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      000 000</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Vested</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Forfeited</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(38
      700</FONT></B> </TD>
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>)</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Outstanding
      at 31 December</FONT></TD>
    <TD align=right> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      961 300</FONT></B> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      000 000</FONT></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The accrued balance for the cash-settled plan (2005: &euro;13 million; 2004: &euro;2 million) is included in other payables in note 20 on page 113.</FONT></P>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional
  information<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At
  31 December 2005, there were options outstanding to purchase 19 830 853 (2004:
  20 835 073) &euro;0.51 ordinary NV shares, and 89 321 974 (2004: 102 249 614)
  1.4p ordinary PLC shares in respect of share-based compensation plans of NV
  and its subsidiaries and the North American plans, and 4 810 872 (2004: 5 183
  084) &euro;0.51 ordinary NV shares and 42 824 050 (2004: 49 182 073) 1.4p ordinary
  PLC shares in respect of share-based compensation plans of PLC and its subsidiaries.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To satisfy the
options granted, certain NV group companies hold 19 791 377 (2004: 25 120 635)
certificates or depositary receipts of ordinary shares of NV and 89 603 627 (2004:
93 850  655) of PLC and a forward equity contract to buy 10 000 000 PLC shares
in 2006, and trusts in Jersey and the United Kingdom hold 43 232 118 (2004: 48
888 961) PLC shares. The trustees of these trusts have agreed, until further
notice, to waive
dividends on these shares, save for the nominal sum of 0.01p per 1.4p ordinary
share. Shares acquired during 2005 represent 1.6% of the Group&#146;s called
up capital. The balance at year end is 3.9% (2004: 4.6%).</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The book value of &euro;2 258 million (2004: &euro;2 625 million) of all shares held in respect of share-based compensation plans for both NV and PLC is eliminated on consolidation
by deduction from other reserves (see note 25 on page 125). Their market value at 31 December 2005 was &euro;2 261 million (2004: &euro;2 273 million).</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At 31 December 2005 the exercise price of 7 850 127 (2004: 20 224 246) NV options and of 44 867 061 (2004: 88 066 266) PLC options was above the market price of the shares. </FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares held to satisfy options are accounted for in accordance with IAS 32 and SIC 12. All differences between the purchase price of the shares held to satisfy options granted and the
proceeds received for the shares, whether on exercise or lapse, are charged to reserves. In 2005 this includes &euro;7 million (2004: &euro;3 million) for shares held to meet options expiring in the short term which are priced above market
value. The basis of the charge to operating profit for the economic value of options granted is discussed on page 132.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Obligations over the following number of shares were granted, exercised, forfeited or expired between 31 December 2005 and 28 February 2006. In this period we have also, in line with
prior years practice, purchased 148 443 NV New York shares and 852 848 PLC shares in the form of ADRs to satisfy awards under the North America Executive Option and Share Matching Plans.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD colspan="3" align=right><font size="1">&nbsp; &nbsp; <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised,</FONT></font>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Granted</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD colspan=3 align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">forfeited
      or expired</FONT> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares</FONT></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares</FONT></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      1.4p</FONT> </TD>
    <TD align=left><sup><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(m)</font></sup>
    </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      &euro;0.51</FONT> </TD>
    <TD align=left> <font size="1"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(n)</FONT></SUP>&nbsp;
      </font></TD>
    <TD align=right> <font size="1">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      1.4p</FONT>&nbsp; </font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(m)</sup></font>
    </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      &euro;0.51</FONT> </TD>
    <TD align=left> <font size="1"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(n)</FONT></SUP>&nbsp;
      </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">All-Employee
      Option Plans</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">183
      670</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37
      180</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive
      Option Plans</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      179 918</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">240
      261</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Global
      Performance Share Plan</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      971</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      Matching Plans</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      746</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">698</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">TSR
      Long-Term Incentive Plan</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">North
      America Performance Share Programme</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">62
      176</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      329</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restricted
      Share Plan</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      plans</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width="3%" valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(m)</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">When
      under a North American plan, in the form of PLC ADRs.</FONT> </TD>
  </TR>
  <TR>
    <TD valign=top> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(n)</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">When
      under a North American plan, in the form of NV New York shares.</FONT> </TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>141</B></font></td>
  </tr>
</table>


<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B><a name="p142"></a>32&nbsp;&nbsp;&nbsp;Related party
transactions</B></font></P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following
    related party balances existed with associate or joint venture businesses
at 31 December:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Related party balances</B></font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trading and other balances due (to)/from joint ventures</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">85</FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">87</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trading balances due (to)/from associates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(8</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Joint ventures</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As discussed
in note 28 on page 128, Unilever completed the restructuring of its Portuguese
foods business during the year. Balances owed by FIMA at 31 December
2005 were &euro;85
million (2004: &euro;87 million).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In July 2004 in the UK, Unilever formed a joint venture with Arlington Science
Park Ltd. and sold its property at the Colworth site for a total consideration
of &euro;46
million.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Associates</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After the sale
of DiverseyLever, our institutional and industrial cleaning business, to Johnson
Professional Holdings Inc. in 2002, Unilever has a one-third equity stake in
the combined JohnsonDiversey business, with an option to exit the business from
2007. At 31 December 2005 the outstanding balance payable to JohnsonDiversey
Holdings Inc. was &euro;8 million (2004: &euro;29 million receivable). Sales
agency fees to
JohnsonDiversey were incurred of approximately &euro;76 million in 2005 (2004: &euro;68
million).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Langholm Capital Partners invests in private European companies with above-average
longer-term growth prospects. It has invested in Physcience,
a French natural food supplements business, and Noiro, the leading company in
the mass prestige personal care market in Finland. To build business
opportunities that fit our core business interests in Foods and Home and Personal
Care, we have committed &euro;97 million to Langholm Capital Partners on a total
of &euro;242 million raised funds. At 31 December 2005 the outstanding balance
with Langholm Capital Partners
was not material.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Other related parties</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In 2004 Patrick
Cescau, the then Chairman of Unilever PLC, and his wife purchased a house from
Immobilia Transholme B.V., a group company ultimately owned by NV,
for &euro;3 348 000
(&#163;2 270 000). The full Boards, acting on the recommendation of the Remuneration
Committee and without the participation of Mr Cescau, gave their prior approvals
to the purchase, which was made at full market value based on two independent
valuations of the property.</font></P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p142a"></a></B>33&nbsp;&nbsp;&nbsp;Key
management personnel</FONT></B><br>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For 2004 key management personnel included the Executive Directors, Non-Executive Directors and Business Presidents described on pages 68 and 69 of the 2004 Report and Accounts.
Following a change in the management structure which took place in 2005 key management for 2005 for reporting purposes became the members of the UEx together with the Non-Executive Directors described on page 49.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Key management compensation</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Salaries and short-term employee benefits</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-Executive Directors&#146; fees</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Post-employment benefits</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other long-term benefits (all share-based)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Termination payments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">20</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of which:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Executive Directors</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-Executive Directors</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">20</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Details of the remuneration of Directors are given in the auditable part of the report of the Remuneration Committee as defined on page 69. See also note 32 above for information on
related party transactions.</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>142</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT><BR>
</font></p>
<p><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33&nbsp;&nbsp;&nbsp;Key
management personnel </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following tables give aggregate information regarding share awards for key management personnel in 2005. Further details of the Executive share plans are shown in the report of the
Remuneration Committee and in note 31 on pages 132 to 141. For those members of UEx who were appointed during the year, the opening balances are as at the date of appointment.</FONT></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>Conditional
awards under the TSR Long-Term Incentive Plan</B></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional shares</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional awards</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional shares</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">made in 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">vested/lapsed in 2005</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">124 269</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17 752</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="11%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(26 908</FONT></B>
        </TD>
        <TD width="2%" align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD width="11%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">115 113</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">842 734</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">123 664</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(190 439</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">775 959</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV NY</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 471</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 471</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC (held as ADRs)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">63 820</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">63 820</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p>  <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Share options</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of options</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of options at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Granted</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exercised/lapsed</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">666 130</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 829</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(150</FONT></B>
        </TD>
        <TD width="2%" align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD width="12%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">677 809</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 701 468</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">85 033</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11 917</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 774 584</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV NY</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">121 500</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">820</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">122 320</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC (held as ADRs)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">810 860</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 400</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">816 260</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Global
Performance Share Plan</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional grants</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional shares at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">made 2005</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13 000</FONT></B></TD>
        <TD width="12%" align=right>&nbsp;</TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="12%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13 000</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">87 500</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">87 500</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV NY</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 825</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 825</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC (held as ADRs)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">65 400</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">65 400</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
<p> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Share Matching
Plan</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares vested</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional shares at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">made in 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2005</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28 291</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 479</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11 120</FONT></B>
        </TD>
        <TD width="2%" align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD width="12%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18 650</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">192 947</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 309</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(80 620</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">122 636</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV NY</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 433</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(204</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 229</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC (held as ADRs)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">23 604</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 508</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22 096</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p>  <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">North America
Performance Share Plan</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares vested</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional shares at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">made in 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD height="20" align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV NY</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19 650</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 700</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="12%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24 350</FONT></B></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC (held as ADRs)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">146 400</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">32 080</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">178 480</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p>  <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">North America
Restricted Stock Plan</FONT></B></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance of</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conditional awards</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares vested</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">conditional shares at</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share type</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">at 1 January 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">made in 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">in 2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD></TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV NY</FONT></TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 963</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">241</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="12%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 204</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p143"></a>34&nbsp;&nbsp;&nbsp;Events
after the balance sheet date</B></font></p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 9 February 2006, Unilever announced that it would be putting the majority of the frozen foods businesses in Europe up for sale. The intended sale includes the frozen food portfolio
under the </FONT><font size="2"><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Iglo </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Birds Eye </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">brands in Austria, Belgium, France, Germany, Greece, Ireland, the Netherlands, Portugal, Spain and the
United Kingdom. As at 28 February 2006, it was not possible to quantify the financial impact of this announcement.</FONT></font></P>
<P>&nbsp;</P>

<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>143</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
to the consolidated accounts</FONT></B><br>
<font color="#0070FF" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</font></P>

<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B><a name="p144"></a>35&nbsp;&nbsp;&nbsp;First
      time adoption of International Financial Reporting Standards</B></font></p>
<div style="float: left; width: 48%">
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever has adopted International Financial Reporting Standards (IFRSs) as adopted by the EU with effect from 1 January 2005, with a transition date of 1 January 2004. IAS 32 and IAS
  39 in respect of financial instruments and IFRS 5 in respect of non-current assets and asset groups held for disposal have been applied with effect from 1 January 2005.</FONT></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Goodwill and indefinite-lived intangible assets</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs, from 1 January 2004 onwards, we no longer apply systematic amortisation
to goodwill and intangible assets with an indefinite life, but instead review
these assets for impairment on at least an annual basis. The amortisation charge
under previous GAAP for all goodwill and indefinite lived intangible assets in
2004 was &euro;1 040 million. On disposal, goodwill acquired and written off
on acquisition prior to 1 January 1998 are no longer reinstated as part of the
profit or loss on disposal.</font></P>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We have applied the exemption in IFRS 1 relating to business combinations and therefore the carrying value under previous GAAP as at 31 December 2003 of &euro;13 457 million for
goodwill is its deemed cost at the date of transition to IFRSs. Under IFRSs, the deemed cost of indefinite lived intangibles at the date of transition to IFRSs is the original cost at which these assets were initially recognised on the balance
sheet, which amounted to &euro;4 516 million. The write-back of accumulated amortisation on these assets results in a deemed cost which is &euro;749 million higher than their carrying value as at 31 December 2003. These changes resulted in an
additional impairment charge for </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">amounting to &euro;200 million in the year to 31 December 2004.</FONT></font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Software</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs we capitalise the costs of purchased and internally developed software
that meet the criteria for capitalisation established by IAS 38. This software
is amortised over its useful life, typically a period of five years. The net
book value of purchased and internally developed software as at 1 January 2004
and at 31 December 2004 amounted to &euro;103 million and &euro;166 million respectively;
the amortisation
charge for the year ended 31 December 2004 amounted to &euro;21 million.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Development costs</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The IFRS standard on intangible assets, IAS 38, requires development costs to
be capitalised where certain specific criteria are met. Costs may only be capitalised
once the flow of economic benefits is assured. For Unilever this is evident only
shortly before a product is launched into the market and the level of costs incurred
after these criteria have been met is not significant.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Biological assets</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under IFRSs we recognise biological assets, being tea bushes and oil palm trees,
at fair value less estimated point-of-sale costs. Any changes in the fair value
of such biological assets are recognised in the income statement. Point-of-sale
costs include all costs that would be necessary to sell the assets, excluding
costs necessary to get them to market.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The fair value of tea bushes and oil palm trees as at 1 January 2004 and 31 December
2004 was &euro;29 million and &euro;33 million respectively. The net effect on
the income
statement for the year ended 31 December 2004 was a credit of &euro;5 million.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Pensions and similar obligations</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs Unilever&#146;s accounting policy for pensions is substantially unchanged,
since we apply the option allowed under IAS 19 to take actuarial gains and losses
directly to equity through the Statement of Recognised Income and Expense (SORIE).
There are, however, a number of minor differences under IAS 19 that give rise
to small variations in the figures previously reported. The most significant
of these changes are the use of the government bond rate as the discount rate
for calculating pension liabilities in countries where no AA corporate bond rate
exists and the required use of bid value to measure plan assets rather than mid-market
value.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In addition, deferred tax balances arising in respect of pension assets and liabilities
are no longer netted off against those pension balances, but under IFRSs are
classified together with other deferred tax balances. The deferred tax balance
relating to pensions under previous GAAP amounted to assets of &euro;1 445 million
and liabilities of &euro;252 million as at 1 January 2004 and assets of &euro;1
519 million and
liabilities of &euro;208 million as at 31 December 2004.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The impact of the change in the remeasurement of plan assets to a bid value basis
was a decrease of &euro;34 million as at 1 January 2004 and a decrease of &euro;36
million as at 31 December 2004. Pension liabilities did not change at 1 January
2004 and increased by &euro;15 million as at 31 December 2004. The impact on
the income statement for the year ended 31 December 2004 was a credit of &euro;1
million.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Deferred tax</B></font><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under IFRSs deferred tax is recognised in respect of all taxable temporary differences
arising between the tax base and the accounting base of balance sheet items.
This means that deferred tax is recognised on certain temporary differences that
would not have given rise to deferred tax under previous GAAP.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The additional deferred tax included in the balance sheet under IFRSs amounted
to a net movement excluding reclassifications of &euro;1 095 million as at 1
January 2004 and &euro;1 068 million as at 31 December 2004. Included in these
amounts is a deferred tax liability relating to intangible assets (trademarks
and unpatented technologies) which were recognised at the time of the Bestfoods
acquisition. As the Bestfoods acquisition was a share-based transaction, these
intangible assets have a zero tax base. IAS 12 requires that a deferred tax liability
amounting to &euro;1 144 million as at 1 January 2004 and &euro;1 071 million
as at 31 December 2004 is recognised in respect of these intangible assets. Normally,
recognition of this deferred tax liability would lead to a corresponding increase
in goodwill, but under the exemption applied under IFRS 1 relating to business
combinations Unilever is precluded from adjusting the carrying value of goodwill
in respect of acquisitions prior to the transition date. Recognition of this
new deferred tax liability under IFRSs therefore resulted in an equivalent reduction
in equity at the transition
date.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>144</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p145"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></P>
<P>&nbsp;</P>
<P><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">35 First time
adoption of International Financial<br>
Reporting Standards </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRSs also require separate disclosure of deferred tax assets and liabilities on the face of the balance sheet. The deferred tax assets previously included within current assets under
previous GAAP amounted to &euro;637 million as at the transition date and &euro;973 million as at 31 December 2004. Deferred tax balances arising in respect of pension assets and liabilities are no longer netted off against pension balances.
This has led to the overall reclassification of deferred tax balances within the balance sheet. The deferred tax assets in respect of pension liabilities under previous GAAP were &euro;1 445 million as at the transition date and &euro;1 519
million as at 31 December 2004. Deferred tax liabilities under previous GAAP in respect of pension liabilities were &euro;252 million as at the transition date and &euro;208 million as at 31 December 2004.</FONT></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Joint ventures and associates</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs we continue to account for joint ventures and associates using the equity
method. However, the presentation of the results of joint ventures and associates
has changed, as IAS 1 requires that the share of profit or loss after tax from
joint ventures and associates is presented as a separate item on the face of
the income statement as part of profit before tax, but below operating profit.
There is no impact on net profit as a result of this change. Our share of joint
venture turnover in 2004
amounted to &euro;197 million, and operating profit from joint ventures amounted
to &euro;44 million. Under IFRSs our turnover excludes the share of turnover
of joint
ventures.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Dividends</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs proposed dividends do not meet the definition of a liability until such
time as they have been approved by shareholders at the Annual General Meeting.
Therefore we no longer recognise a liability in any period for dividends that
have been proposed but will not be approved until after the balance sheet date.
The proposed final dividends for 2004 amounted to &euro;1 215 million. As at
1 January 2004 the proposed final
dividends for 2003 amounted to &euro;1 120 million. These amounts have been reclassified
from current liabilities to retained profit.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial instruments (including preference shares)</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From
1 January 2005 Unilever has applied IAS 32 and IAS 39. No restatements were made
to the income statement for the year ended 31 December 2004 and the balance sheets
as at 1 January 2004 and 31 December 2004. These standards have many detailed
consequences, of which the key areas of impact are described below:</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Classification of preference shares<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IAS 32, from 1 January 2005 onwards, the NV preference share capital is classified
as a liability rather than as part of equity. Also from 1 January 2005 onwards,
all of the dividends on these preference shares are recognised in the income
statement as part of interest expense. The carrying value of these preference
shares as at 31 December 2004 was &euro;1 502 million.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Non-derivative financial assets and liabilities<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IAS
39 requires certain non-derivative financial assets (those classified as     <br>&#145;available-for-sale&#146;)
to be held at fair value with unrealised movements in fair value recognised directly
within equity. Non-derivative financial liabilities will continue to be measured
at</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
amortised cost, unless they form part of a fair value hedge accounting relationship
when they are measured at amortised cost plus the fair value of the hedged risk.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Derivative financial instruments<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
use certain derivative financial instruments for the purposes of hedging foreign
exchange and interest rate risk. IAS 39 requires recognition of all derivative
financial instruments on the balance sheet and that they are measured at fair
value. Income statement volatility can be avoided by applying hedge accounting,
for which the standard prescribes detailed requirements. As a result, from 1
January 2005, we recognise all derivative financial instruments on balance sheet
at fair value and apply the new hedge accounting methodology to all significant
qualifying hedging relationships.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current assets and disposal groups held for sale</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">We
have applied the provisions of IFRS 5 with effect from 1 January 2005. Application
of this standard resulted in reclassifications of non-current assets and disposal
groups held for sale in the balance sheet as at 1 January 2005, but did not significantly
affect the asset values themselves.</font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Other</B></font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Foreign
      currency translation differences<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Applying
the exemption under IFRS 1, we measure and record all cumulative foreign currency
translation differences arising after the transition date of 1 January 2004.
These differences are classified as a separate component of equity. On disposal
of a foreign operation the cumulative translation differences are transferred
to the income statement as part of the gain or loss on disposal.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Leasehold land<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IAS 17 leases relating to land are generally classified as operating leases because
land has an indefinite economic life. Leasehold land usually requires a premium
to be paid in advance. Under previous GAAP we capitalised this payment within
fixed assets (as property, plant and equipment) and depreciated it over the length
of the lease. Under IFRSs this premium is classified as a prepayment within trade
and other receivables due after more than one year. As at 1 January 2004 the
capitalised
amount relating to leasehold land amounted to &euro;58 million.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Cash flow<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
transition from previous GAAP to IFRSs has no effect upon the cash flows generated
by Unilever. The IFRS cash flow statement is presented in a different format
from that required by previous GAAP, with cash flows split into three categories
of activities &#150; operating activities, investing activities and financing
activities. The reconciling items between the previous GAAP presentation and
the IFRSs presentation have no net
impact on the cash flows generated.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In preparing the cash flow statement under IFRSs, cash and cash equivalents include
cash at bank and in hand, highly liquid interest bearing securities with original
maturities of three months or less, and bank overdrafts. Under previous GAAP,
highly liquid interest bearing securities were not classified as cash equivalents.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>145</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p146"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the consolidated accounts</FONT></B><font color="#0070FF"><BR>
    <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">35 First time adoption of International Financial Reporting Standards </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
</FONT><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reconciliation
      of equity at the transition date of 1 January 2004</FONT></B></font><BR>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill and</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Previously</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">indefinite-</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reported</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">lived</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">under previous</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">intangible</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">GAAP</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">assets</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Software</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">assets</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current
    assets</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 457</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
        <TD width=2% align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=2% align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intangible assets</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 256</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">749</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">103</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 655</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(40</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological assets</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint ventures and associates</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other non-current investments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">143</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension asset for funded schemes in surplus</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">490</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade and other receivables due after more than one year</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">799</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred tax assets</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    non-current assets</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25 856</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">753</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">103</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Current
    assets</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 175</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade and other current receivables</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 082</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other financial assets</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 491</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash and cash equivalents</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 854</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    current assets</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 602</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current
    liabilities</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings due within one year</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7 434</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade payables and other current liabilities</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9 640</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current tax liabilities</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    current liabilities</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(17 074</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Net
    current assets/(liabilities)</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 472</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    assets less current liabilities</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 384</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">753</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">103</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Non-current
    liabilities</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings due after more than one year</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 466</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade payables and other liabilities due after more than one year</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">664</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-current tax liabilities</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension liability for funded schemes in deficit</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 629</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension liability for unfunded schemes</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 620</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring and other provisions</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">898</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred tax liabilities</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">747</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    non-current liabilities</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15 024</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc"></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Shareholders&#146; equity</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc">&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called up share capital</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">642</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share premium account</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 530</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other reserves</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 442</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained profit</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 190</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">753</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">69</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    shareholders&#146; equity</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 920</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">753</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">69</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority interests</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">440</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    equity</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 360</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">753</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    capital employed</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 384</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">753</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">103</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>146</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p147"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
      to the consolidated accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
Group</FONT></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc"><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc"><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred tax</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Tax</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total effect</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Restated</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and similar</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">restatement</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reclassifying</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ventures and</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of transition</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">under</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">obligations</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">effect</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">effect</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">associates</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="1">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to IFRSs</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">IFRSs</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=2% align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD width=2% align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
        </TD>
        <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 461</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
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        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">852</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 108</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(58</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(98</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
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        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 557</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

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</TR>
<TR valign="bottom">
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
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  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(23</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 095</FONT>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 120</FONT></TD>
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        </TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">815</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 175</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">133</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">770</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc">&nbsp;</TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 120</FONT></TD>
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        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 868</FONT>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24 252</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>147</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p148"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT></font> </p>
<p>&nbsp;</p>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">35
  First time adoption of International Financial Reporting Standards </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
  </FONT><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Reconciliation
  of profit for the year ended 31 December 2004</B></font>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="3%" align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro;
      million</b></FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Goodwill
      and</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Previously</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">indefinite</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">reported</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">lived</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pensions</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred
      tax</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">under
      previous</FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">intangible</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Biological</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">and
      similar</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">restatement</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">GAAP</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Software</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">obligations</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">effect</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Turnover</B></font></TD>
    <TD width=10% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40
      366</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=10% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width=10% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width=10% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width=10% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width=10% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover
      of joint ventures</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(197</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      costs</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(36
      758</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">815</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of operating profit of joint ventures</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Operating
      profit/(loss)</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      455</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">815</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">After
      charging:</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc"> <font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment
      of </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast</FONT></I>&nbsp;
      </font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(591</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(200</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc"> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provision
      for Brazilian sales tax</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(169</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of operating profit of associates</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance
      costs</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(628</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      finance income/(cost) &#150;</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left> <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">pensions
      and similar obligations</font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(61</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of net profit of joint ventures</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of net profit of associates</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      income from non-current investments</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Profit/(loss)
      before taxation</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      839</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">822</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">66</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(782</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(17</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Net
      profit/(loss) for the year</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      057</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">839</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      profit from discontinued operations</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD height="17" colspan="2" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD height="17" colspan="2" align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Net
      profit</b></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attributable
      to:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">181</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146;
      equity</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      876</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">837</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)
      See &#145;Turnover definition&#146; on page 20.</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>


<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>148</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual Report and Accounts 2005</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p149"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellpadding="0" cellspacing="0" dwcopytype="CopyTableRow">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>

<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font>
</p>
<p>&nbsp;</p>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro;
      million</b></FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro;
      million</b></FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Change</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Tax</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Joint</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      effect</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">relating
      to</FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Restated</FONT></B>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Adjustment
      for</FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">As
      reported</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">reclassifying</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">ventures
      and</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">of
      transition</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">turnover</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">under</FONT></B>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">discontinued</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">in
      Income</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">effect</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">associates</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Other</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">to
      IFRSs</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> definition
    </font></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><sup>(a)</sup></font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">IFRSs</FONT></B>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">operations</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Statement</FONT></B>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"> <hr size="1" noshade></TD>
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    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
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    <TD align=left bgcolor="#cccccc"> <hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=9% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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    <TD width=9% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(197</FONT>
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    <TD width=2% align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width=9% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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    <TD width=2% align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width=9% align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(197</FONT>
    </TD>
    <TD width=2% align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      061</FONT> </TD>
    <TD width=2% align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39
      108</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(542</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width=9% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38
      566</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">197</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
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    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">197</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
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    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
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    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">902</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
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    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(34
      795</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">468</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(34
      327</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
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    <TD align=right bgcolor="#cccccc">&nbsp;</TD>
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    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
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    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
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    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(44</FONT>
    </TD>
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    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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    </TD>
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    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(44</FONT>
    </TD>
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    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
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    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
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    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">858</FONT>
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    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      313</FONT> </TD>
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    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(74</FONT>
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    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
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    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
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  </TR>
</TABLE>


<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>149</b></font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p150"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes
  to the consolidated accounts</FONT></B><font color="#0070ff"><BR>
  <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT></font></p>
<p>&nbsp; </p>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">35
  First time adoption of International Financial Reporting Standards </FONT></B><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
  </FONT><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reconciliation
  of equity at 31 December 2004 and 1 January 2005</FONT></B><BR>
</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>&euro;
      million</b></FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Previously</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Goodwill
      and</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">reported</FONT>
    </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">indefinite-</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">under
      previous</FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">lived</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pensions</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred
      tax</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">GAAP
      at</FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">intangible</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Biological</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">and
      similar</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">restatement</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">31
      December 2004</FONT> </TD>
    <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Software</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">assets</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">obligations</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">effect</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Non-current
      assets</b></FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill</FONT></TD>
    <TD width="10%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11
      508</FONT> </TD>
    <TD width="2%" align=left><font size="2">&nbsp;</font> </TD>
    <TD width="10%" align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">575</FONT>
    </TD>
    <TD width="2%" align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width="10%" align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD width="2%" align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD width="10%" align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width="2%" align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width="10%" align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width="2%" align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD width="10%" align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width="2%" align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intangible
      assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      830</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">928</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">166</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
      plant and equipment</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      271</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(36</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological
      assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint
      ventures and associates</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current investments</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">148</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">174</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      asset for funded schemes in surplus</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">456</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(39</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other receivables due after more</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;than
      one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      198</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
      non-current assets</b></FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23
      465</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      503</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">166</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">135</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Assets
      held for sale</b></FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Current
      assets</b></FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      758</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other current receivables</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      505</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      financial assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      016</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      and cash equivalents</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      587</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
      current assets</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      866</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Current
      liabilities</b></font></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due after more than one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      155</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other current liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9
      415</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current
      tax liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      current liabilities</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14
      570</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      current assets/(liabilities)</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3
      704</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      assets less current liabilities</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19
      761</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      503</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">166</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">135</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Non-current
      liabilities</font></b></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due after more than one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      893</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other liabilities due after</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;more
      than one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">717</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-current
      tax liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for funded schemes in deficit</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      681</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">43</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for unfunded schemes</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      693</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">143</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      370</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">511</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(33</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(15</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      068</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      non-current liabilities</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13
      865</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(39</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">171</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      068</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities
      held for sale</font></b></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholders&#146; equity</font></b></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called
      up share capital</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">642</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      premium account</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      530</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      reserves</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      735</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained
      profit</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      097</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      540</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">115</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(36</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      068</FONT> </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
      shareholders&#146; equity</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      534</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      540</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">115</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(36</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      068</FONT> </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">362</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      equity</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      896</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      542</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">116</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(36</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      068</FONT> </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
    <TD align=left bgcolor="#cccccc">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      capital employed</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19
      761</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      503</FONT> </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">166</FONT></TD>
    <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">135</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
    <TD align=right bgcolor="#cccccc"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>150</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual Report and Accounts 2005</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p151"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the
consolidated accounts</FONT></B><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<TABLE width="100%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">under</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-current</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">under</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Tax</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total effect</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRSs at</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">instruments</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">assets and asset</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">IFRSs at</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reclassifying</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ventures and</FONT></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of transition</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(including</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">groups held</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 January</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">effect</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">associates</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to IFRSs</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">preference shares)</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for sale</FONT>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
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<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 215</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(32</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 733</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 629</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 114</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 515</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">726</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 215</FONT></TD>
        <TD align=right bgcolor="#cccccc"><font size="2">&nbsp;</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(831</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 911</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 672</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(795</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 891</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>151</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p152"></a><p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P><font color="#0070ff">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Historical information<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Selected financial data under IFRSs</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated income statement</FONT></b></TD>
        <TD align=right><b>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Continuing operations:</FONT></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turnover</font></TD>
        <TD width=10% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    39
    672</font></b></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38 566</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
            profit</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    5
    314</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 239</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profit
            before taxation</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    4
    751</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 704</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
            profit from continuing operations</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3
    502</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 894</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit from discontinued operations</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    473</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3
    975</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 941</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2"><b> <FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Combined
    earnings per share</FONT><SUP><FONT color="#000000" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP><font color="#000000">&nbsp; </font></b></font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>2005</b></FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
              operations</font></b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Basic earnings per share</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD width=10% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3.88</font></b></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.83</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro
            cents per 1.4p of ordinary capital</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    58.17</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42.46</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Diluted earnings per share</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3.76</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.72</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    56.40</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40.78</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    <b>Continuing
    operations</b></font></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Basic earnings per share</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>     </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    3.39</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.78</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">50.87</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41.72</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Diluted earnings per share</FONT></TD>
        <TD align=left><b><font size="2">&nbsp;</font>  </b></TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3.29</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.67</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro
    cents per 1.4p of ordinary capital</font></TD>
        <TD align=right><b>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">49.33</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40.08</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><b>    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    Consolidated
    balance sheet</font></b></TD>
        <TD width=10% align=right><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    2005</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total assets</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    39
    376</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36 858</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total assets less total liabilities</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    8
    765</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 629</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146; equity</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    8
    361</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 264</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated cash flow statement</FONT></b></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash flow from operating activities</FONT></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 924</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 925</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income tax paid</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 571</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 378</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net cash flow from/(used in) investing activities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">515</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(120</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net cash flow from/(used in) financing activities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4 821</FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    )</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5 938</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net increase/(decrease) in cash and cash equivalents</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(511</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><b><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Ratios and other metrics</FONT></b></TD>
        <TD align=right><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ungeared Free Cash Flow
(&euro; million)<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD width=10% align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    4
    011</font></B></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 346</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit margin (%)<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    9.5</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.1</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Return on invested capital (%)<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    12.5</font></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.7</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ratio of earnings to fixed charges (times)<SUP>(e)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    7.4</font></b></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.4</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
        <TD width="3%" >
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the basis of the calculations of combined earnings per share see note 8 on page 97.</FONT></TD>
</TR><TR align="left" valign="top">
        <TD >
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As defined on page 17.</FONT></TD>
</TR><TR align="left" valign="top">
        <TD >
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit margin is expressed as net profit attributable to shareholders&#146; equity as a percentage of turnover from continuing operations.</FONT></TD>
</TR><TR align="left" valign="top">
        <TD >
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</FONT></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As defined on page 18.</FONT></TD>
</TR><TR align="left" valign="top">
        <TD >
      <p><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(e)</FONT></p></TD>
        <TD>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In the ratio of earnings to fixed charges, earnings consist of net profit excluding net profit or loss of joint ventures and associates increased by fixed charges, income taxes and
dividends received from joint ventures and associates. Fixed charges consist of interest payable on debt and a portion of lease costs determined to be representative of interest. This ratio takes no account of interest receivable although
Unilever&#146;s treasury operations involve both borrowing and depositing funds.</FONT></TD>
</TR></TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>152</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<a name="p153"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Historical information </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p><font color="#0070ff"><BR>
</font></p>
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Historical information as reported under previous GAAP<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
adopted International Financial Reporting Standards as adopted by the EU with
effect from 1 January 2005, with a transition date of 1 January 2004. As required
by IFRS 1 &#145;First Time Adoption of International Financial Reporting Standards&#146;,
comparative information has been presented on an IFRSs basis for 2004. Profits
and balance sheets for years prior to 2004 have not been restated onto an IFRSs
basis. Apart from the information reported on page 155 on a US GAAP basis, we
therefore do not consider it appropriate to present historical information for
a five-year period. Information for the period from 2001 to 2004 as reported
under our previous accounting policies (which is not directly comparable with
IFRSs) is set out
below and on pages 154 and 155.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
For further information regarding the impact of the adoption of IFRSs on Unilever&#146;s
reported profit and equity, please refer to note 35 on pages 144 to 151.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The financial data below and on pages 154 and 155 show information derived from
the audited consolidated accounts of the Unilever Group for the years 2001 to
2004, and should be read in the context of those accounts and notes. Those accounts
were prepared under the accounting policies which the Group applied prior to
its adoption of IFRSs. These were based on United Kingdom accounting standards
and applicable Netherlands and UK
law. Further information can be found in the &#145;Accounting information and
policies&#146; sections of the </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Report
and Accounts for the years in question. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The adoption, in 2003, of UK Financial Reporting Standard 17 on pensions accounting
was reflected by restating the consolidated profit and loss accounts for the
years ended and the
balance sheets as at 31 December 2002 and 31 December 2001. </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=3% align=left>&nbsp;</TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><b><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Consolidated profit and loss account</FONT></b></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Group
    turnover</b></font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40 169</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42 693</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48 270</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51 514</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Group
    operating profit</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 411</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 483</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 007</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 946</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> After
            charging:</font></TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Exceptional
            items</font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 595</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(97</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(707</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(579</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
        <TD align=left bgcolor="#cccccc"><font size="2">  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amortisation
              of goodwill and intangible assets</FONT></font></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 086</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 139</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 245</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 387</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income from fixed investments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">117</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">68</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">111</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">96</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(689</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 013</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 065</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 604</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    Profit
    on ordinary activities before taxation</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 839</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 538</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 053</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 438</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
    on ordinary activities after taxation</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 057</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 011</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 448</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 919</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
    profit</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 876</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 762</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 136</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 680</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preference dividends</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(28</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(27</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(42</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(51</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends on ordinary capital</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 815</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 682</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 659</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 530</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Result
    for the year retained</b></font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 053</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">435</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">99</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#0070ff" size="2">
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Combined earnings per share</FONT></B><SUP><FONT color="#333333" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(c)</FONT></SUP><font color="#333333">&nbsp;
    </font>     </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros per &euro;0.51 of ordinary capital</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.92</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.82</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.14</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.66</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28.78</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42.33</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32.16</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24.86</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Ordinary
    dividends</font></b></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV &#150; euros per &euro;0.51 of ordinary capital</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.89</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.74</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.70</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.56</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC &#150; pence per 1.4p of ordinary capital</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19.15</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18.08</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16.04</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14.54</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Consolidated balance sheet</b></FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill and intangible assets</FONT></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15 338</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 713</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 274</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24 964</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other fixed assets and investments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 473</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 854</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 115</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 124</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Stocks</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 758</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 175</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 500</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 343</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debtors</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 703</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 881</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 571</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 024</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total cash and current investments</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 603</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 345</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 904</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 214</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
    assets</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33 875</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37 968</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42 364</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50 669</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Creditors due within one year</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14 570</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(17 074</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(19 955</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(23 125</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
    assets less current liabilities</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19 305</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 894</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 409</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27 544</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Creditors due after one year</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 610</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 130</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 574</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15 026</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions for liabilities and charges</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 799</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 404</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 514</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 411</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
    long-term liabilities</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 409</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14 534</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 088</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 437</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority interests</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">362</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">440</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">619</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">670</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital and reserves</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 534</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 920</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 702</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 437</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
    capital employed</font></b></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19 305</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 894</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 409</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27 544</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>153</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p154"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<p><font color="#0070ff"><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Historical
      information </b></FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
      Unilever
      Group</FONT></font></p>
<p>&nbsp;</p>
<P><font color="#0070ff" size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Historical information as reported under previous GAAP</b> </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    By
              geographical area</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Group turnover</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 314</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 208</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19 573</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 119</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Americas</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 120</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14 146</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 879</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 358</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia Africa</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 735</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 339</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 818</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 037</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40 169</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42 693</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48 270</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51 514</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group
        operating profit</font></b></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size="2">&nbsp;</font> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size="2">&nbsp;</font> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size="2">&nbsp;</font> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left><font size="2">&nbsp;</font> </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 827</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 563</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 598</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 412</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Americas</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">617</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 429</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 046</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 465</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia Africa</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">967</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 491</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 363</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 069</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 411</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 483</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 007</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 946</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Net operating assets</b></font></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9 748</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 306</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 301</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 243</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Americas</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 869</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 033</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 441</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 347</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia Africa</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 294</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 582</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 445</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 607</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 911</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24 921</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 187</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32 197</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Capital expenditure</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Europe</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">461</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">471</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">552</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">631</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The Americas</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">262</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">316</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">468</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">551</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Asia Africa</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">282</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">251</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">278</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">331</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 005</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 038</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 298</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 513</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    By operation</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Group turnover</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foods</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 530</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23 971</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26 937</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 155</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home and Personal Care</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 639</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18 722</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21 333</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23 359</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40 169</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42 693</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48 270</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51 514</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Group operating profit</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foods</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 267</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 648</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 083</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 136</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home and Personal Care</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 144</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 835</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 924</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 810</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 411</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 483</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 007</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 946</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Net operating assets</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foods</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19 014</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 469</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25 156</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 960</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home and Personal Care</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 897</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 452</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 031</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 237</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 911</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24 921</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 187</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32 197</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Capital expenditure</font></b></TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Foods</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">532</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">602</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">805</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">810</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Home and Personal Care</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">473</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">436</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">493</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">703</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 005</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 038</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 298</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 513</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">154</font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p155
"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></div>
    </td>
  </tr>
</table>
<P><font color="#0070ff"><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Historical
      information </b></FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
      Unilever
      Group</FONT></font></P>
<P>&nbsp;</P>
<P><font color="#0070ff" size="2">
<FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Historical information as reported under previous GAAP</b> </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Consolidated cash flow statement</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Cash flow from operating activities</font></b></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 853</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 780</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 883</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 497</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends from joint ventures</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">60</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">52</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">83</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">82</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Returns on investments and servicing of finance</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(807</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 180</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 386</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 887</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 378</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 423</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 817</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 205</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital expenditure and financial investment</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 044</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 024</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 706</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 358</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions and disposals</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">316</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">622</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 755</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 477</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends paid on ordinary share capital</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 720</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 715</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 580</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 420</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Cash flow before management of liquid resources and financing</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 280</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 112</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 232</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 186</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Management of liquid resources</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(31</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(41</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(592</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 106</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financing</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 921</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 917</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 078</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5 172</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    Increase/(decrease) in cash in the period</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(672</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(846</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(438</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">120</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <b>Ratios</b></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Return on invested capital (%)<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.8</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12.5</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.8</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8.7</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit margin (%)<SUP>(f)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.7</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.5</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.4</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.3</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ratio of earnings to fixed charges (times)<SUP>(f)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.3</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.6</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.6</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.6</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(d)</font></td>
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As defined
        on
page 18.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(f)</font></td>
    <td><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As defined
    on page 152.</font></td>
  </tr>
</table>
<p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><FONT color="#0070ff"><b>Selected
financial data and key ratios on a US GAAP
basis</b></FONT><SUP>(g)(h)</SUP></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b> &euro; million</b></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    2005</b></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Turnover (total operations)<SUP>(i)</SUP>&nbsp;
        </font></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    39 902</b></font></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39 108</FONT></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41 455</FONT></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">46 933</FONT></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50 235</FONT></TD>
    <TD width=2% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit attributable to shareholders&#146; equity (total operations)</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    2 646</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 686</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 807</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 210</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 446</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit (continuing operations)</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    2 629</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 820</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146; equity</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    14 992</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14 012</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 349</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 772</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 553</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total assets</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    45 172</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41 625</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44 145</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48 146</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56 546</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Combined net income per share (total operations)<SUP>(j)(k)</SUP>&nbsp;
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
    <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    2.71</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.76</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.90</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.27</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.42</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Euro cents per 1.4p of ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    40.71</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41.39</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58.52</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">64.01</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">21.29</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Diluted net income per share (total operations)</FONT></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
    <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Euros
    per &euro;0.51 of ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    2.63</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.65</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3.79</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.14</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.38</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &nbsp; &nbsp; &nbsp; &nbsp;Euro cents per 1.4p of ordinary capital</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    39.43</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39.70</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56.81</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">62.11</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20.72</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Return on invested capital (%)</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    10.0</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.5</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11.4</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11.3</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8.6</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Net profit margin (%)<SUP>(l)</SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    6.7</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.9</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.2</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.0</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.9</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ratio of earnings to fixed charges (times)<SUP>(f)</SUP>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
    5.8</b></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.0</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.2</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.8</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2.4</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR align="left" valign="top">
        <TD width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(f)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As defined on page 152.</FONT>  </TD>
</TR><TR align="left" valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(g)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During the year ended 31 December 2002, Unilever changed its method of calculating expected return on plan assets for US GAAP purposes, by adopting the actual fair market value at the
balance sheet date rather than a market-related value. Had this methodology been applied in previous years, it would have resulted in an increase in net income for the year ended 31 December 2001 of &euro;86 million.</FONT> </TD>
</TR><TR align="left" valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(h)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During the year ended 31 December 2002, Unilever recognised for US GAAP reporting purposes FAS 142 which ceased amortisation of goodwill and indefinite-lived intangible assets.
Amortisation expense on goodwill and indefinite-lived intangible assets on a US GAAP basis for the year ended 31 December 2001 was &euro;1 748 million.</FONT>  </TD>
</TR><TR align="left" valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(i)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover from continuing operations for the year was &euro;39 672 million (2004: &euro;38 566 million).</FONT>  </TD>
</TR><TR align="left" valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(j)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the basis of the calculation of combined earnings per share see note 8 on page 97.</FONT>   </TD>
</TR><TR align="left" valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(k)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For information on net income per share for continuing operations, please refer to page 157.</FONT>     </TD>
</TR><TR align="left" valign="top">
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(l)</font></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit margin is expressed as net profit attributable to shareholders&#146; equity as a percentage of turnover from total operations.</FONT>        </TD>
</TR></TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">155</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p156"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Historical information </FONT><font color="#0070ff"><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Exchange rates</b></font></p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The information in the following table is based on exchange rates between euros and US dollars and euros and sterling. These translation rates were used in preparation of the
accounts:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b> Year
        end</b></font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro;1
    = &#36;     </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.184</FONT></b></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.366</FONT></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.261</FONT></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.049</FONT></TD>
        <TD width=2% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.885</FONT></TD>
    <TD width=2% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;1
    = &#163;</font>     </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.686</FONT></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.707</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.708</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.651</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.611</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>
Annual average</b></font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
    <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    &euro;1
    = &#36;     </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.244</FONT></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.238</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.126</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.940</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.895</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> &euro;1
    = &#163;</font>     </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.684</FONT></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.678</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.691</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.628</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.622</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New
      York were
as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=right><b>
    <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT></TD>
    <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b> Year
        end</B> </font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1 = &#36;     </FONT></TD>
        <TD width=2% align=left><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>1.184</b></font></TD>
        <TD width=2% align=right><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.354</FONT></TD>
        <TD width=2% align=right><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.260</FONT></TD>
        <TD width=2% align=right><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.049</FONT></TD>
        <TD width=2% align=right><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD width=7% align=right>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.890</FONT></TD>
    <TD width=2% align=right><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
Annual average</b></font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>  </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
    <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro;1
    = &#36;     </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.245</FONT></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.239</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.132</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.945</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.895</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<b>High</b>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>  </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
    <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro;1
    = &#36;     </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.348</FONT></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.363</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.260</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.049</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.954</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>
Low</b></font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>  </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
    <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro;1
    = &#36;     </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right><b>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.167</FONT></b></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.180</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.036</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.859</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.837</FONT></TD>
    <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
</TR>
</TABLE>
<p> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">High and
low exchange rate values for each of the last six months:</font> </p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">September</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">October</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">November</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">December</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">January</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">February</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<b>High</b>
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1</FONT>
<font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">= &#36;</font>  </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.254</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.215</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.207</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.204</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.229</FONT></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.210</FONT></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<b>Low</b>
        </font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1</FONT>
<font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">= &#36;</font>  </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.201</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.191</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.167</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.170</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.198</FONT></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.186</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 28 February 2006, the exchange rates between euros and US dollars and euros and sterling were as follows: &euro;1.00 = US &#36;1.193 and &euro;1.00 = &#163;0.680.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">156</font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p157"></a><p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font>&nbsp;<img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information for US investors</FONT></B><BR>
<FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT>
<p>&nbsp;
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s consolidated accounts are prepared in accordance with accounting principles which differ in some respects from those applicable in the United States. The following is a
summary of the effect on the Group&#146;s net profit, combined earnings per share and equity of the application of United States generally accepted accounting principles (US GAAP).</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net profit </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as reported in the consolidated income statement</FONT></font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 975</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 941
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
US GAAP adjustments:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Impairment of goodwill and intangible assets</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(279</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(152
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring costs</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(224</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
275
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capitalised interest</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(36</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(34
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological assets</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(16</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(7
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sale and leaseback transactions</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(56</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial instruments</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(6</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(66
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preference dividends</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>11</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions and similar obligations</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(265</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(230
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit/(loss) on disposal of group companies</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(217</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(11
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Currency retranslation written back on disposals and capital transactions</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(102</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation effect of above adjustments including differences in deferred tax accounting</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>70</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
159
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Net increase/(decrease)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1 120</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(74
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Net income under US GAAP</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 855</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 867
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Attributable to:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Minority interests</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>209</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
181
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shareholders&#146; equity</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 646</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2 686
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Combined net income per share under US GAAP</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>From total operations</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Basic net income per share</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros per &euro;0.51 of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2.71</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2.76
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>40.71</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
41.39
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Diluted net income per share</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros per &euro;0.51 of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2.63</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2.65
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>39.43</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
39.70
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>From continuing operations</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Basic net income per share</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros per &euro;0.51 of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2.48</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2.71
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>37.22</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
40.65
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Diluted net income per share</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euros per &euro;0.51 of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2.40</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2.60
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Euro cents per 1.4p of ordinary capital</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>36.05</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
39.01
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total equity </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as reported in the consolidated balance sheet</FONT></font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>8 765</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 629
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
US GAAP adjustments:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>4 531</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
4 213
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Identifiable intangible assets</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 402</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 587
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring costs</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>153</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
356
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capitalised interest</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>238</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
275
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Biological assets</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(10</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sale and leaseback transactions</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(56</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial instruments</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>60</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions and similar obligations</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 085</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 126
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preference shares</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>124</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
n/a
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation effect of above adjustments including differences in deferred tax accounting</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(896</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(815
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Net increase/(decrease)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>6 631</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
6 745
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Equity under US GAAP</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>15 396</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
14 374
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Attributable to:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Minority interests</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>404</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
362
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Shareholders&#146; equity</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>14 992</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
14 012
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>157</b></font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p158"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information for US investors </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued) <br>
Unilever Group</FONT></P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The consolidated accounts of the Unilever Group have been prepared in accordance with accounting principles which differ in certain respects from those generally accepted in the United
States (US GAAP). The principal differences are set out below.</FONT></P>
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Goodwill and intangible assets<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs transitional rules, purchased goodwill and identifiable intangible assets
are recognised at the transition date to IFRSs at deemed cost. For goodwill,
the deemed cost at 1 January 2004 was the carrying value under previous GAAP
at 31 December 2003. Under previous GAAP, goodwill arising from acquisitions
after 1 January 1998 was capitalised and amortised over the period of its expected
useful life, up to a maximum of 20 years. For intangible assets with indefinite
lives, the deemed cost at the date of transition to IFRSs is the original cost
at which these costs were initially recognised on the balance sheet. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under US GAAP prior to 1 January 2002, purchased goodwill and identifiable intangible
assets were capitalised and amortised over their useful lives. From 1 January
2002, under FAS 142, the amortisation of goodwill and identifiable intangible
assets that have indefinite useful lives ceased. Intangible assets that have
finite useful lives continue to be amortised over their useful lives for both
IFRSs and US GAAP.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The differences between IFRSs and US GAAP on accounting for goodwill and intangible
assets are set out in the tables and footnotes below.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Impact of goodwill and intangible assets differences on equity: </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pre-1998 goodwill and intangible assets<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 536</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
3 617
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cessation of goodwill amortisation<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 631</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 502
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cessation of intangible assets amortisation<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(329</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(250
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Differences in calculation of goodwill on acquisition<SUP>(c)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 198</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 041
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Recognised impairments on goodwill and intangible assets<SUP>(d)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(128</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(131
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cessation of goodwill amortisation on joint ventures and associates<SUP>(b)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>25</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
21
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total adjustment to equity</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>5 933</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
5 800
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(a)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under previous GAAP, goodwill and intangible assets purchased prior to 1 January
1998 were written off in the year of acquisition as a movement in profits retained.
Under US GAAP, such goodwill and intangible assets were capitalised and, prior
to 1 January 2002, were amortised over their useful lives. These different accounting
treatments gave rise to differences in the calculation of equity under IFRSs
and US GAAP. Similar differences arise between net profit or loss on disposal
of a business or intangible asset under US GAAP.        </font></TD>
</TR><TR>
        <TD valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(b)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under US GAAP prior to 1 January 2002, purchased goodwill and identifiable intangible
assets were capitalised and amortised over their useful lives. From 1 January
2002, under FAS 142, the amortisation of goodwill and identifiable intangible
assets that have indefinite useful lives ceased. Intangible assets that have
finite useful lives continue to be amortised over their useful lives.   </font></TD>
</TR><TR>
        <TD valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(c)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The detailed rules for determining the fair value of assets and liabilities acquired
as part of the acquisition of a business differed between previous GAAP and US
GAAP. We have applied the exemption in IFRS 1 relating to business combinations
and therefore the carrying value under previous GAAP for goodwill as at 31 December
2003 is its deemed cost at the date of transition to IFRSs (see also note 35
on pages 144 to 151). These, previous differences therefore give rise to differing
figures for goodwill arising on acquisition as calculated under IFRSs and US
GAAP.   </font></TD>
</TR><TR>
        <TD valign=top><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(d)</font></TD>
        <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
As more fully disclosed below, the carrying values of goodwill and identifiable
intangible assets and the detailed rules for measuring and allocating an impairment
loss differ between IFRSs and US GAAP, resulting in divergences for impairment
charges recognised.     </font></TD>
</TR></TABLE>
<P><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under US GAAP the carrying values and detailed rules for measuring and allocating an impairment loss differ from those under IFRS. As a result, for the year ended 31 December 2005, the
evaluation of the </FONT><I><FONT face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast </FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">trademark resulted in an impairment charge under US GAAP of &euro;343 million, &euro;104 million more than
the charge recognised in respect of the trademark under IFRSs and &euro;20 million less than the total impairment charge recognised under IFRSs for the </FONT><I><FONT
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Slim&#8226;Fast
</FONT></I><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business. For US GAAP purposes, the fair value of the trademark asset was determined using a relief-from-royalty method that estimates the value of the implied royalty stream
that could be generated from the trademark, were it to be licensed.</FONT></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
There are a number of goodwill and intangible assets being carried for US GAAP
purposes for which no corresponding value exists under IFRSs. The annual impairment
testing conducted in 2005 identified certain goodwill and intangible assets for
which the carrying value was no longer fully recoverable. Accordingly, an impairment
charge was recognised solely for US GAAP purposes in respect of the following:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As
          a result of the global use of the Unilever brand on all product packaging
          we have discontinued the use of the </font><i><font
face="FrutigerLT-LightItalic,Arial,Helvetica,sans-serif">Faberg&eacute; </font></i><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">trade
          name</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">resulting
          in an
impairment charge of &euro;120 million; and</font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
        2005 review of our ice cream operations in Latin America indicated that
    an impairment charge of &euro;66 million was required.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In each
    of the above, fair value was determined by use of a relief-from-royalty valuation
    method for indefinite-lived trademarks and through a present value of discounted
    cash flows
methodology for the relevant reporting unit in respect of goodwill.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Other goodwill impairment charges recognised in 2005 include &euro;98 million
of write-downs in respect of planned business disposals in The Americas region
that will complete during
2006.</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>158</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p159"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070ff">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information for US investors </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued) <br>
Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Goodwill</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=8 align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    An analysis of goodwill of group companies, joint ventures and associates
    by reporting segment is given below:
        </font> </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD rowspan="3" align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD rowspan="3" align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD rowspan="3" align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD rowspan="3" align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD rowspan="3" align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    The
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Europe
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Americas
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Asia Africa
        </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Total
        </font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January 2004</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8 082
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7 652
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 101
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16 835
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Adjustment to prior year acquisitions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    309
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    811
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 120
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Acquisitions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    7
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Disposals</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (3
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (11
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Impairment charged to income statement</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (142
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (928
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (66
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 136
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (319
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (84
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (403
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8 241</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 220</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>951</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>16 412</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Acquisitions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>13</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Disposals</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(149</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(24</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(4</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(177</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Impairment charged to income statement</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(176</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(3</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(179</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Currency retranslation</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>56</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 366</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>138</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 560</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8 148</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>8 386</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1 095</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>17 629</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Indefinite-lived intangible assets</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=2 align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    An analysis of net book value of indefinite-lived intangible assets at cost
    less accumulated amortisation and impairment is given below:
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Cost</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>7 471</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    6 953
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Accumulated amortisation and impairment</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(1 619</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (1 055
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Net book value 31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>5 852</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    5 898
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Indefinite-lived intangible assets principally comprise trademarks.</FONT>
<P>
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Restructuring costs</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
Unilever&#146;s
  accounting policy, certain restructuring costs relating to employee terminations
  are recognised when a restructuring plan has been announced. Under US GAAP,
  liabilities relating to exit costs are recognised when incurred. Employee termination
  costs are generally considered to be incurred when the company has a liability
  to the employee, unless further service is required from the employee, in which
  case
costs are recognised as benefits are earned.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions related to excess lease costs for onerous contracts are reduced by assumed sub-lease income for the periods impacted.</FONT></P>
<P>
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Biological assets</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In accordance with IAS 41, biological assets are re-measured at fair value less estimated point-of-sale costs at each reporting period. Under US GAAP these assets are measured at
historical cost and depreciated over their useful life.</FONT></P>
<P>
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Interest</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever treats all interest costs as a charge to the income statement in the current period. Under US GAAP, interest incurred during the construction periods of tangible fixed assets
is capitalised and depreciated over the life of the assets.</FONT></P>
<P>
<B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Sale and leaseback</FONT></B><br>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
test for determining if an asset qualifies for treatment as a sale in a sale
and leaseback transaction
  is stricter under US GAAP than that under IFRSs, in particular where the lessee
  has continuing involvement. As a result, a sale and leaseback transaction entered
  into by Unilever was treated as a sale and operating lease of land and financing
  lease of a building under IFRSs but as a financing obligation for US GAAP.
  Accordingly, under US GAAP the gain on sale of &euro;37 million was reversed in the income statement, the property was reinstated and a financing obligation of &euro;114
million equivalent to the proceeds received for the sale was recognised.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The lease for this transaction is payable from 30 March 2007 until the lease expiry date of 29 September 2027.</FONT></P>
<P>
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Future commitments for the lease attached to this transaction are:</FONT></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B></font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    The commitments fall due as follows:</font></TD>
        <TD align=left>&nbsp;

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Within 1 year</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    After 1 year but within 2 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    After 2 years but within 3 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    After 3 years but within 4 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    After 4 years but within 5 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    15</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    After 5 years</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    312</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Future minimum lease payments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    372</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>159</b></font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p160"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information for US investors </FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued) <br>
Unilever Group</FONT></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial Instruments</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the rules governing the transition to IFRSs, Unilever has adopted IAS 32/39 on
financial instruments from 1 January 2005. Unilever&#146;s accounting policies
in respect of derivative financial instruments under IFRSs are described in note
1 on page 83. There are minor differences between these and the application of
US GAAP from 1 January 2005.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In particular, from 1 January 2005, Unilever recognises all derivative financial
instruments on balance sheet at fair value and applies hedge accounting to a
portion of its portfolio of derivative financial instruments, meaning that changes
in the fair value of derivative financial instruments that are designated and
effective as hedges of future cash flows are recognised directly in equity and
any ineffective portion is recognised
immediately in the income statement.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Prior to the adoption of IAS 32/39 on 1 January 2005, Unilever applied hedge
accounting to its portfolio of derivative financial instruments, meaning that
changes in the value of forward exchange contracts were recognised in the results
in the same period as changes in the values of the assets and liabilities they
were intended to hedge. Interest payments and receipts arising from interest
rate derivatives such as swaps and forward rate agreements were matched to those
arising from underlying debt and investment positions. Payments made or received
in respect of the early termination of derivative instruments were spread over
the original life of the instrument so long as the underlying exposure continues
to exist.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Prior to 1 January 2005, Unilever had not designated any of its derivative financial
instruments as qualifying hedge instruments under US FAS 133 and accordingly,
under US GAAP, all derivative financial instruments were valued at fair value
with changes in fair value reflected in the income statement.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Investments<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
adoption of IAS 32/39 eliminates any previous divergence between Unilever&#146;s
accounting for non-derivative financial instruments and US GAAP. A divergence
therefore only exists
in the 2004 comparative figures.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Prior to 1 January 2005 Unilever accounted for changes in the market value of
current investments as interest receivable in the income statement for the year.
Non-current investments, other than interests in joint ventures and associates,
are stated at cost less any amounts written off to reflect a permanent impairment.
Under US GAAP, such current asset investments are generally classified as &#145;available
for sale
securities&#146; and changes in market values, which represent unrealised gains
or losses, are excluded from earnings and taken to stockholders&#146; equity
unless such losses are deemed to be other than temporary at which time they are
recognised through the income statement. Unrealised gains and losses arising
from changes in the market values of securities available for sale are not material
at 31 December 2004.</font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Preference shares</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IAS 32, Unilever recognises preference shares that provide a fixed preference
dividend as borrowings with preference dividends recognised in the income statement.
Under US GAAP
such preference shares are classified in shareholders&#146; equity with dividends
treated as a deduction to shareholder&#146;s
equity.</font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Pensions</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IAS 19, the expected costs of providing retirement benefits are charged to the
income statement over the periods benefiting from the employees&#146; services.
Variations from the expected cost are recognised as they occur in the statement
of recognised income and expense . The assets and liabilities of pension plans
are included in the Group balance sheet at fair value. Under US GAAP, pensions
costs and liabilities are accounted for in accordance with the prescribed actuarial
method and measurement principles of FAS 87. The most significant difference
is that variations from the expected costs are recognised in the income statement
over the expected service
lives
of the employees.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under US GAAP, an additional minimum liability is recognised and a charge made
to other comprehensive income when the accumulated benefit obligation exceeds
the fair value of plan assets to the extent that this amount is not covered by
the net liability recognised in the balance sheet.</font></P>
<P><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Deferred tax</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs, a provision is made on unremitted earnings of controlled group companies
to the extent that the distributions are considered probable. US GAAP requires
full provision to be made assuming all earnings will be distributed, unless those
earnings can be recovered tax-free or will be permanently reinvested in the controlled
group company.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under IFRSs, deferred tax on share-based compensation is provided based on the
actual tax credit expected to be received using the fair market value of the
share price at the year end (the intrinsic value). The deferred tax is credited
to the income statement to the extent of the tax recognised on the share-based
compensation charge with the excess recognised directly in equity. Under US GAAP,
deferred tax on the share-based awards that ordinarily result in future tax deductions
is recognised to the extent of the cumulative amount of compensation cost recognised
through the income statement. Tax deductions inherent in the current fair value
of the entity&#146;s stock
are not taken into account.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit or loss on disposal of businesses</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
both IFRSs and US GAAP, Unilever calculates profit or loss on sale of businesses
net of goodwill included on the balance sheet and after the write-back of cumulative
currency retranslation differences. Under previous GAAP, goodwill and intangible
assets purchased prior to 1 January 1998 were written off in the year of acquisition
as a movement in profits retained. Under US GAAP, such goodwill and intangible
assets were capitalised and, prior to 1 January 2002, were amortised over their
useful lives. These different accounting treatments give rise to differences
between net profit or loss calculated under IFRSs and that calculated under US
GAAP. The additional goodwill and intangibles recorded under US GAAP for our
UCI business means that
the US GAAP profit on disposal of this business is &euro;217 million lower than
that reported under IFRSs. Under IFRSs, cumulative currency retranslation differences
arising from the transition date to IFRSs of 1 January 2004 are included in the
calculation whereas under US GAAP the profit or loss on disposal includes cumulative
currency retranslation differences which have arisen since the date that the
businesses were originally acquired.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Currency Recycling</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
IFRSs, the gain from cumulative translation differences arising from the partial
repayment of capital of a subsidiary is recognised within the income statement.
Under US GAAP, currency translation gains and losses are only recycled to the
income statement on the sale or upon the complete or substantially complete liquidation
of the investment.</font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>160</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p161"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information for US investors </FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">  (continued)</FONT><font color="#0070FF"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever Group</FONT></font></p>
<p>&nbsp;</p>
<p>    <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Classification differences between IFRSs and US GAAP</FONT></B></p>
<p><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash flow statement</FONT></B><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under US GAAP, various
  items would be reclassified within the consolidated cash flow statement. In
  particular, interest received and interest</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> paid
  would be part of net cash flow from operating activities. In addition, under
  US GAAP, cash and cash equivalents comprise cash balances</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> and
        cash equivalents with an original maturity at the date of investment
  of less than three months. Under Unilever&#146;s presentation, cash and cash</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> equivalents
  are net of bank overdrafts. Cash flows from movements in bank overdrafts would
  be classified as part of cash flows from financing </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">activities
        under US GAAP. Cash flows from movements in bank overdrafts were &euro;61
        million for the year ended 31 December 2005 (2004:</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> &euro;(134)
    million).</FONT></font></p>
<p><font size="2">
  <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Recent accounting developments</FONT></B><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In November 2004,
      the Financial Accounting Standards Board (FASB) issued FASB Statement No.
  151 &#145;Inventory Costs &#150; an amendment of </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ARB
      43&#146; (FAS 151). The standard clarifies that abnormal amounts of idle
      facility expense, freight, handling costs, and wasted materials (spoilage) </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">should
      be recognised as current-period charges. In addition, FAS 151 requires
      that the allocation of fixed production overheads to inventory</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> values
      be based on the normal capacity of the production facilities. The provisions
      of FAS 151 will be effective for inventory costs incurred </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">during
      reporting periods beginning after 15 June 2005. FAS 151 does not have an
      impact on the results of operations or financial position of </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
since the key elements are already applied in Unilever&#146;s financial statements.</FONT></font></p>
<p><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
        December 2004, the FASB issued a revision of FASB Statement No. 123 &#150; &#145;Share-Based
        Payments&#146; (FAS
        123(R)) which also supersedes APB</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Opinion
        No. 25 &#150; &#145;Accounting for Stock Issued to Employees&#146;. Generally
  the valuation methods contained in FAS 123(R) are similar to those in</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> FAS
  123, but FAS 123(R) requires all share-based payments to employees, including
  grants of employee share options, to be charged to the </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">statement
  of income. Pro forma disclosure is no longer an alternative. With limited exceptions,
  the amount charged to the statement of income </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
  share options will be measured based on the grant date fair value of the option
  amortised over the period to the date of vesting of the </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">award.
  FAS 123(R) is effective for annual reporting periods beginning after 15 June
  2005. The company is currently evaluating the provisions of</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> this
  Statement. The adoption of FAS 123(R) is not expected to have a significant
  impact on the consolidated results of operations or financial </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">position
  of Unilever as Unilever adopted the fair value measurement provisions of FAS
  123 in 2003.</FONT></font></p>
<p><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
          March 2005 the FASB issued Financial Interpretation No. 47 &#145;Accounting
          for Conditional Asset Retirement Obligations&#146; (FIN
    47), which </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">clarifies
    the term conditional asset retirement obligation used in FAS 143. Unilever
    will apply the standard to the financial year beginning on </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
    January 2006; this is not expected to have a material impact on the consolidated
    results of operations or financial position of Unilever.</FONT></font></p>
<p><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In
            May 2005 the FASB issued FASB Statement No. 154 &#145;Accounting
            changes and error corrections&#146; (FAS
            154) as a replacement of APB Opinion </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No.
            20 &#145;Accounting changes&#146; and FASB Statement No. 3 &#145;Reporting
            Accounting Changes in Interim Financial Statements&#146;,
      which has to be </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">applied
      for financial years beginning on or after 15 December 2005. It requires
      retrospective application, and Unilever will apply the standard to </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
      financial year beginning on 1 January 2006. The adoption is not expected
      to have a material effect on the consolidated results of operations</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> or
      financial position of Unilever.</FONT></font></p>
<p><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Documents on display in the United States</FONT></B><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever files and
  furnishes reports and information with the United States Securities and Exchange
  Commission (SEC). Such reports and </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">information
        can be inspected and copied at the SEC&#146;s public reference facilities
        in Washington DC, Chicago and New York. Certain of our </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">reports
        and other information that we file or furnish to the SEC are also available
to the public over the internet on the SEC&#146;s website at </FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">www.sec.gov.</FONT></font></p>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>161</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p162"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional information for US investors </FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued) <br>
Unilever Group</FONT></P>
<P>&nbsp;</P>
<P><B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Summarised presentation of the NV and PLC parts of the Group</FONT><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
and PLC and their group companies constitute a single reporting entity for the
purposes of presenting consolidated accounts. The following supplemental information
shows the consolidated income statement and balance sheet of the Group analysed
according to the relative legal ownership of individual entities by NV or PLC. </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Income statement </FONT></B><FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for the year ended 31 December</FONT></font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Continuing operations:</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover</FONT></B></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27 159</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26 078</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12 513</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12 488</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">39 672</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38 566</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating profit</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 682</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 814</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 632</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 425</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 314</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 239</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net finance costs</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(472</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(379</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(146</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(251</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(618</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(630</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share in net profit of joint ventures</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">35</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">30</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">47</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share in net profit of associates</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(12</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(13</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(25</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other income from non-current investments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">20</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">33</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit before taxation</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 253</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 508</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 498</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 196</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 751</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 704</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(814</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(520</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(435</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(290</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 249</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(810</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net profit from continuing operations</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 439</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 988</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 063</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">906</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 502</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 894</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net profit from discontinued operations</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">367</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">106</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">473</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net profit</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 806</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 024</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 169</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">917</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 975</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 941</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attributable to:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority interest</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">152</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">209</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">186</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146; equity</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 749</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 968</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 017</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">787</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 766</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 755</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
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  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">NV</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PLC</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Balance sheet </FONT></B><FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as at 31 December</FONT></font></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill and intangible assets</FONT></TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">14 152</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13 268</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 903</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 739</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18 055</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17 007</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property, plant and equipment</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 321</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 115</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 171</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 066</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 492</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 181</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension asset for funded schemes in surplus</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">966</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">558</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">70</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 036</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">625</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred tax assets</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">961</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">948</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">742</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">543</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 703</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 491</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other non-current assets</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">695</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">721</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">377</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">343</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 072</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 064</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total non-current assets</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">21 095</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19 610</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 263</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 758</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28 358</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26 368</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets held for sale</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">166</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">217</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 661</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 436</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 446</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 320</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 107</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 756</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade and other current receivables</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 628</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 026</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 202</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 105</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 830</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 131</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other financial assets</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">235</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">707</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">100</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">306</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">335</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 013</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash and cash equivalents</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">941</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 109</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">588</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">481</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 529</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 590</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total current assets</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 465</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 278</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 336</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 212</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10 801</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 490</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings due within one year</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5 506</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4 101</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(436</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 054</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(5 942</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5 155</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade payables and other current liabilities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(6 032</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5 720</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(2 626</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 512</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(8 658</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8 232</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring and other provisions</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(460</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(555</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(184</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(244</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(644</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(799</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total current liabilities</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(11 998</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10 376</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(3 246</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 810</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(15 244</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14 186</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net current assets/(liabilities)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4 533</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 098</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">90</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(598</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(4 443</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3 696</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total assets less current liabilities</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16 728</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 512</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 404</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 160</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24 132</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 672</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings due after one year</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5 484</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 969</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">973</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">924</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6 457</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 893</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension liability for funded schemes in deficit</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">757</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">698</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 658</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 641</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 415</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 339</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension liability for unfunded schemes</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 040</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 726</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 162</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 014</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 202</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 740</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring and other provisions</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">635</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">480</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">97</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">85</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">732</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">565</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred tax liabilities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">770</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">693</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">163</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">96</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">933</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">789</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other non-current liabilities</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">338</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">428</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">264</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">289</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">602</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">717</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total non-current liabilities</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 024</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10 994</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 317</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 049</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">15 341</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15 043</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities held for sale</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">10</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Intra-group &#150; NV/PLC</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 932</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2 779</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 932</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 779</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholders&#146; equity</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 571</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 243</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">790</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(979</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 361</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 264</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority interests</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">49</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">355</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">311</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">404</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total equity</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 620</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 297</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 145</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(668</FONT>
        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 765</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 629</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total capital employed</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">16 728</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 512</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7 404</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6 160</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24 132</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22 672</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The negative reserves shown for the PLC part of this analysis for 2004 arise largely because of an accounting policy of writing off goodwill in previous years. These write-offs do not
have an impact on distributable reserves. See also note 26 on page 126 in connection with the impact of the implementation of IAS 32 and IAS 39 in 2005.</FONT></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>162</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p163"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"> <div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<P> <font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional
  information for US investors </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)
  <br>
  Unilever Group</FONT></font></P>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Guarantor
  statements<br>
  </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On
   2 October 2000, NV and Unilever Capital Corporation (UCC) filed a US &#36;15
    billion Shelf registration, which is unconditionally and fully guaranteed,
   jointly
  and severally, by NV, PLC and Unilever United States, Inc. (UNUS). Of the US
  &#36;15 billion Shelf registration, US &#36;2.75 billion of Notes were outstanding
   at 31 December 2005 (2004: US &#36;4.25 billion) with coupons ranging from
   5.90%  to 7.125%. These Notes are repayable between 1 November 2010 and 15
   November
  2032.</FONT></P>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with the income statement, cash flow statement and
balance sheet of non-guarantor subsidiaries. These have been prepared under the historical cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects with
International Financial Reporting Standards. Divergences from US GAAP are disclosed on pages 157 to 161. We have not provided reconciliations from the accounting principles used by Unilever to US GAAP for the columns relating to the guarantor
entities, as such reconciliations would not materially affect an investor&#146;s understanding of the nature of this guarantee. The financial information in respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an
equity basis. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">N.V.</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporation</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      PLC</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States
      Inc.</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Income
      statement</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer/</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
      the year ended 31 December 2005</FONT></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiaries</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Eliminations</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Continuing
      operations:</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover</FONT></B></TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39
      672</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39
      672</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
      profit</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">87</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(61</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      291</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      314</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance
      income</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">61</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance
      costs</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(241</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(274</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(173</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(693</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions
      and similar obligations</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(61</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(55</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intercompany
      finance costs</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">256</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">509</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(40</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(714</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      043</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">856</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      899</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of net profit/(loss) of joint ventures</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of net profit/(loss) of associates</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(25</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(25</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      income from non-current investments</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
      before taxation</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      421</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">793</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(107</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      629</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      751</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(118</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">36</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">45</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      207</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      249</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      profit from continuing operations</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      303</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">829</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(62</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      422</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      502</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      profit from discontinued operations</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">473</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">473</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity
      earnings of subsidiaries</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      463</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      937</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">732</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6
      132</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      profit</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      766</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      766</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">670</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      895</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6
      132</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      975</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade> </TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attributable
      to:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interest</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">209</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">209</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146;
      equity</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      766</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      766</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">670</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      686</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6
      132</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      766</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade> </TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Income
      statement</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
      the year ended 31 December 2004</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade> </TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Continuing
      operations:</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turnover</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38
      566</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">38
      566</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
      profit</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      141</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      239</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left> <hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left> <hr size="1" noshade> </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance
      income</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">113</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">145</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance
      costs</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(282</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(160</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(270</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(717</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pensions
      and similar obligations</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(42</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(58</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intercompany
      finance costs</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">296</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">211</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(22</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(482</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      960</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">770</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      730</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of net profit/(loss) of joint ventures</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      of net profit/(loss) of associates</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      income from non-current investments</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
      before taxation</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      090</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">804</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(29</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">825</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      704</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(867</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(810</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      profit from continuing operations</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      125</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">820</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(18</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(42</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      894</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      profit from discontinued operations</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Equity
      earnings of subsidiaries</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">630</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      935</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(76</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      489</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade> </TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      profit</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      755</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      755</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(94</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      489</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      941</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Attributable
      to:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interest</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">186</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">186</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146;
      equity</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      755</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      755</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(94</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(181</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      489</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      755</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P>&nbsp; </P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>163</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p164"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P> <font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional
  information for US investors </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
  Unilever Group</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Guarantor
      statements </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">N.V.</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporation</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      PLC</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States
      Inc.</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer/</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Balance
      sheet </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as
      at 31 December 2005</FONT></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiaries</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Eliminations</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">54</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17
      969</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">18
      055</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
      plant and equipment</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      486</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      492</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      asset for funded schemes in surplus</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">969</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      036</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      012</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">691</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      703</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      045</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      072</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due from group companies after one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      512</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      628</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">102</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      281</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10
      523</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      assets of subsidiaries (equity accounted)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11
      176</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      823</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      234</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14
      593</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      640</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      non-current assets</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      512</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17
      852</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      979</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      611</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      044</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      640</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28
      358</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets
      held for sale</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">217</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">217</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      107</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      107</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due from group companies within one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19
      619</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">294</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(19
      913</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other current receivables</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">635</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      126</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      830</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      financial assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">335</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">335</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      and cash equivalents</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">163</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      334</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      529</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      current assets</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20
      417</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">329</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(10
      011</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      801</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due within one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      548</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      394</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      942</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due to group companies within one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(22
      027</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      871</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23
      898</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(623</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(644</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other current liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(31</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(534</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(64</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(57</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7
      972</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8
      658</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      current liabilities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(31</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(27
      125</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      935</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(62</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13
      909</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(15
      244</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      current assets/(liabilities)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6
      708</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      606</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(31</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      898</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      443</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      assets less current liabilities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      516</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11
      144</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      373</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      580</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      159</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      640</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24
      132</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due after one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      296</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      442</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      719</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      457</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due to group companies after one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for funded schemes in deficit</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">372</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      043</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      415</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for unfunded schemes</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">159</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      260</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      783</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      202</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">697</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">732</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">94</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">827</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">933</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">56</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">202</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">344</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">602</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      non-current liabilities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      296</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      783</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      837</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      413</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15
      341</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities
      held for sale</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders
      equity attributable to:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">790</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(790</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      571</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7
      571</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called
      up share capital</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">290</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">222</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">512</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      premium account</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">137</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">162</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      reserves</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      465</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(863</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(291</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(393</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">689</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      328</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained
      profit</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">225</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      721</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      294</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      034</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      291</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      968</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      015</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      shareholders&#146; equity</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">220</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      361</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      361</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      743</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      684</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      640</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      361</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">404</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">404</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      equity</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">220</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      361</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      361</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      743</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      280</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      640</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      765</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      capital employed</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      516</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11
      144</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      373</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      580</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      159</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(12
      640</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24
      132</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>164</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p165"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34">
      <div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional
    information for US investors </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
    Unilever Group</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left> <font color="#0070FF" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Guarantor
      statements </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;
      million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">N.V.</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporation</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      PLC</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States
      Inc.</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer/</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070FF" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Balance
      sheet </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as
      at 31 December 2004</FONT></font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiaries</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Eliminations</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Goodwill
      and intangible assets</FONT></TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16
      948</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=7% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17
      007</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
      plant and equipment</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      177</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      181</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      asset for funded schemes in surplus</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">555</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">625</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">585</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">906</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      491</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current assets</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(a)</SUP></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">445</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">564</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      064</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due from group companies after one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      811</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">710</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">678</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      264</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      assets of subsidiaries (equity accounted)</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><SUP>(a)</SUP></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      578</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      528</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      898</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14
      004</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11
      000</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      non-current assets</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      828</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      743</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      669</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      246</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      882</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11
      000</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">26
      368</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Assets
      held for sale</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Inventories</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      756</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      756</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due from group companies within one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17
      053</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">273</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(17
      326</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      and other current receivables</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">135</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">116</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      832</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      131</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      financial assets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      013</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      013</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      and cash equivalents</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">280</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      303</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      590</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      current assets</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17
      468</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">321</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">113</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7
      422</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      490</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due within one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      618</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      149</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(71</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      317</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      155</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due to group companies within one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14
      443</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      549</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15
      992</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(49</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(746</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(799</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trade
      payables and other current liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(40</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(203</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(93</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(58</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7
      838</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8
      232</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      current liabilities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      658</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16
      844</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      713</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(62</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      091</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14
      186</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      current assets/(liabilities)</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      648</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">624</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      392</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      331</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3
      696</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      assets less current liabilities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      180</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      367</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      277</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      297</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      551</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11
      000</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22
      672</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Borrowings
      due after one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      999</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      844</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      050</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      893</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      due to group companies after one year</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for funded schemes in deficit</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">245</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      094</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      339</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pension
      liability for unfunded schemes</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">156</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">356</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      228</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      740</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restructuring
      and other provisions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">565</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">565</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      tax liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">716</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">789</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      non-current liabilities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">184</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">489</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">717</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      non-current liabilities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      999</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      103</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">785</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      142</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15
      043</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Liabilities
      held for sale</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders
      equity attributable to:</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(982</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">982</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      242</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(8
      242</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called
      up share capital</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">421</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">222</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">642</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      premium account</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      399</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">133</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      530</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      reserves</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      905</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(650</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(448</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(643</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      091</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      555</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained
      profit</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">181</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      331</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(684</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      960</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      310</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      831</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      647</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      shareholders&#146; equity</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">181</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      264</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      263</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      512</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      956</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11
      000</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      264</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Minority
      interests</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      equity</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">181</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      264</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      263</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8
      512</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      591</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11
      000</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      629</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right>
<hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
      capital employed</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      180</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
      367</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      277</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9
      297</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      551</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11
      000</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22
      672</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=6 align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>
<hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="3%"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></td>
    <td> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Certain
      prior year balances have been reclassified to conform with current year
      presentation.</font> </td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>165</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p166"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P> <font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Additional
  information for US investors </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
  Unilever Group</FONT></font></P>
<P>&nbsp;</P>
<P><font color="#0070ff"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Guarantor
  statements </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=right> <B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B> </TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">N.V.</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Corporation</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      PLC</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States
      Inc.</FONT> </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Non-</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      flow statement</FONT></B></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer/</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">parent</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiary</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=left><font size="1">&nbsp; </font></TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
      the year ended 31 December 2005</FONT></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">issuer</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">guarantor</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">subsidiaries</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Eliminations</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
    <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group</FONT>
    </TD>
    <TD align=left><font size="1">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      flow from operating activities</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(156</FONT>
    </TD>
    <TD width=2% align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      052</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
    <TD width=8% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      924</FONT> </TD>
    <TD width=2% align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income
      tax paid</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(86</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(19</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(177</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      289</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      571</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      cash flow from operating activities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(91</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(175</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(144</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      763</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4
      353</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      received</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">253</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">285</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(106</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(312</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      capital expenditure</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(24</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(784</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(813</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions
      and disposals</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">784</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">784</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      investing activities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      796</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(689</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">189</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">443</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      325</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">414</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      cash flow from/(used in) investing activities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      049</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(428</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">187</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">337</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      637</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">515</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      paid on ordinary share capital</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">37</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      869</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      804</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      and preference dividends paid</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(253</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(181</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(7</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(43</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(471</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">312</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(643</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
      in borrowings and finance leases</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      774</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      623</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">309</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      363</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      325</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(880</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchase
      of treasury stock</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      068</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(171</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(37</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      276</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      finance activities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(218</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(218</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      cash flow from/(used in) financing activities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      027</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">402</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">168</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(43</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      958</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      637</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(4
      821</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
      Net increase/(decrease) in cash and cash equivalents</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(117</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">142</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">47</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      and cash equivalents at the beginning of the year</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">279</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      120</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      406</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of foreign exchange rate changes</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(191</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(188</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      and cash equivalents at the end of the year</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">35</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">162</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      071</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      265</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      flow statement</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">f</FONT><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">or
      the year ended 31 December 2004</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash
      flow from operating activities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">58</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">45</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(200</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7
      016</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      925</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income
      tax paid</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(96</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(126</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(145</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      011</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      378</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      cash flow from operating activities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(38</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(81</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(345</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      005</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      547</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      received</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">295</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">356</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">106</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(595</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">168</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net
      capital expenditure</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(9</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(17</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(842</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(869</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Acquisitions
      and disposals</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">316</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">316</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      investing activities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(311</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      375</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">372</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">288</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      459</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">265</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      cash flow from/(used in) investing activities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      722</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(11</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">371</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(132</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3
      054</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(120</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
      paid on ordinary share capital</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">971</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      691</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1
      720</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest
      and preference dividends paid</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(282</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(249</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(24</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(824</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">595</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(787</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
      in borrowings and finance leases</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">302</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3
      402</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">116</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      365</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      459</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      890</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchase
      of treasury stock</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(148</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(21</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(161</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(332</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      finance activities</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(209</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(209</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net
      cash flow from/(used in) financing activities</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(2
      828</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">92</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(26</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(6
      250</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      054</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(5
      938</FONT> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B> Net
      increase/(decrease) in cash and cash equivalents</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(144</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(377</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(511</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B> Cash
      and cash equivalents at the beginning of the year</B></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">423</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      007</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      428</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Effect
      of foreign exchange rate changes</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">490</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">489</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash
      and cash equivalents at the end of the year</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">279</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(3</FONT>
    </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      120</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT>
    </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      406</FONT> </TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>166</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p167"></a>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div></td>
  </tr>
</table>
<P> <font color="#0070ff"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Principal
  group companies and non-current investments<br>
  </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group </FONT></font><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as
  at 31 December 2005</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
      companies listed below and on page 168 are those which, in the opinion of
      the Directors, principally affect the amount of profit and assets shown
      in the Unilever Group accounts. The Directors consider that those companies
      not listed are not significant in relation to </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      as a whole.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Full
      information as required by Articles 379 and 414 of Book 2 of the Civil Code
      in the Netherlands has been filed by Unilever N.V. with the </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
      Registry in Rotterdam.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Particulars
      of PLC group companies and other significant holdings as required by the
      United Kingdom Companies Act 1985 will be </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">annexed
      to the next Annual Return of Unilever PLC.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unless
        otherwise indicated, the companies are incorporated and principally operate
        in the countries under which they are shown.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
        aggregate percentage of equity capital directly or indirectly held by
        NV or PLC is shown in the margin, except where it is 100%. All these </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">percentages
        are rounded down to the nearest whole number.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
        percentage of Unilever&#146;s shareholdings held either directly or </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">indirectly
        by NV and PLC are identified in the tables according to the following
        code:</FONT></TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      100%</FONT></TD>
    <TD width="5%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC
      100%</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      73%; PLC 27%</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">c</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      90%; PLC 10%</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      19%; PLC 81%</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">NV
      57%; PLC 43%</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">f</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Due to the inclusion of certain partnerships in the consolidated group accounts of Unilever, para 264(b) of the German trade law grants an exemption from the duty to prepare individual
statutory financial statements and management reports in accordance with the requirements for limited liability companies and to have these audited.</FONT></P>
</div>
<div style="float: right; width: 48%">

  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Principal
        group companies</FONT></B></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD width=3% align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Europe</FONT></B></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ownership</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Austria</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Austria GmbH</FONT></TD>
      <TD width=5% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Belgium</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Belgium BVBA/SPRL (Unibel)</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">France</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amora
        Maille Soci&eacute;t&eacute; Industrielle S.A.S</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cogesal-Miko
        S.A.S</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">99</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Lever
        Faberg&eacute; France S.A.S</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        France S.A.S</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Germany</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Maizena
        Grundst&uuml;cksverwaltungs</FONT></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">GmbH
        &amp; Co. OHG</FONT></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pfanni
        GmbH &amp; Co. OHG Stavenhagen</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pfanni
        Werke Grundst&uuml;cksverwaltungs</FONT></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">GmbH
        &amp; Co. OHG</FONT></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PW
        Vermietungs GmbH &amp; Co. KG</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">UBG
        Vermietungs GmbH &amp; Co. OHG</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Deutschland GmbH</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Deutschland Holding GmbH</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Deutschland Immobilien Leasing</FONT></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">GmbH
        &amp; Co. OHG</FONT></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Wizona
        IPR GmbH &amp; Co. OHG</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Wizona
        Verm&ouml;gensverwaltugs GmbH &amp; Co.</FONT></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">OHG</FONT></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Greece</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">67</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Elais-Unilever
        S.A.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Hellas A.E.B.E.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Italy</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Italia SrL</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The
        Netherlands</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Mixhold
        B.V.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        N.V.</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Nederland B.V.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Poland</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">99</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Polska S.A.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Spain</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Espa&ntilde;a S.A.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Foods Espa&ntilde;a S.A.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Sweden</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Sverige</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Switzerland</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Raw Materials AG</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Schweiz GmbH</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
        Kingdom</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Lever
        Faberg&eacute; Ltd.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Bestfoods UK Ltd.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        Ice Cream &amp; Frozen Food Ltd.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        PLC</FONT><font size="2"><SUP><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</FONT></SUP>&nbsp;
        </font></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        UK Holdings Ltd.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
        UK &amp; CN Holdings Ltd.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)
        See &#145;Basis of consolidation&#146; in note 1 on page 82</font></TD>
      <TD align=left>&nbsp;</TD>
    </TR>
  </TABLE>
<p> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition,
  we have operations in the following countries: Bulgaria,</FONT><font size="2"><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Croatia, Cyprus, Czech
  Republic, Denmark, Estonia, Finland, Hungary,</FONT><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ireland, Latvia, Lithuania,
  Norway, Portugal, Romania, Russia, Serbia,</FONT><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Slovakia, Slovenia
  and Ukraine.</FONT></font></p>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>167</B></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p168"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P> <B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Principal
  group companies and fixed investments<br>
  </FONT></B><FONT color="#0070ff" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
  Group</FONT><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  </FONT><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as at
  31 December 2005</FONT></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan=2 align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <font color="#0070ff"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Principal
      group companies </FONT></B><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The
      Americas</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ownership</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Argentina</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      de Argentina S.A.</FONT></TD>
    <TD width=15% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Brazil</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Brasil Ltda.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Canada</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Canada Inc.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Chile</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Chile Home and Personal Care Ltda.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Mexico</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      de M&eacute;xico S. de R.L. de C.V.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Holding M&eacute;xico, S. de R.L. de C.V.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
      States of America</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Conopco,
      Inc.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">c</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Capital Corporation</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">c</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      United States, Inc.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">c</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
  </TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition, we have operations in the following countries: Bolivia, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Netherlands Antilles,
Nicaragua, Panama, Paraguay, Peru, Trinidad &amp; Tobago, Uruguay and Venezuela.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Asia
      Africa</FONT></B></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ownership</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Australia</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Australia Ltd.</FONT></TD>
    <TD width=15% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">China</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      (China) Investing Company Ltd.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Services (Hefei) Limited</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">India</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Hindustan
      Lever Ltd.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Indonesia</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">85</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">P.T.
      Unilever Indonesia Tbk</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Japan</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Japan KK</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Thailand</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      Thai Trading Ltd.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">d</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">South
      Africa</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">59</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      South Africa Foods (Pty) Limited</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">f</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
      South Africa Home and</FONT></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Personal
      Care (Pty) Ltd.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Turkey</FONT></B></TD>
    <TD align=left><font size="2">&nbsp;</font> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><font size="2">&nbsp;</font> </TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
         Sanayi ve Ticaret T&uuml;rk A.S.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
  </TR>
</TABLE>

<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In addition,
  we have operations in the following countries: Abu Dhabi, Algeria, Bahrain,
  Bangladesh, Cambodia, Cameroon, C&ocirc;te d&#146;Ivoire, Democratic Republic
  of Congo, Dubai, Egypt, Ghana, Israel, Jordan, Kenya, Lebanon, Malawi, Malaysia,
  Morocco, Mozambique, Namibia, New Zealand, Niger, Nigeria, Oman, Pakistan, Palestine,
  Philippines, Saudi Arabia, Senegal, Singapore, South Korea, Sri Lanka, Syria,
  Taiwan, Tanzania, Tunisia, Uganda, United Arab Emirates, Vietnam, Zambia and
  Zimbabwe.</FONT></P></div>
<div style="float: right; width: 48%">

  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Principal
        non-current investments</FONT></B></TD>
      <TD align=left>&nbsp; </TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Joint
        ventures</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD width=5% align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Europe</FONT></B></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ownership</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Portugal</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">49</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">FIMA/VG-Distribui&ccedil;&atilde;o
        de Produtos</FONT></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <font size="2">&nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Alimentares,
        Lda.</FONT></font></TD>
      <TD width=15% align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
      <TD align=right><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The
        Americas</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
        States of America</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Pepsi/Lipton
        Partnership</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">c</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
      <TD align=right><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD colspan=2 align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Associates</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Europe</FONT></B></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ownership</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
        Kingdom</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Langholm
        Capital Partners L.P.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
      <TD align=right><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The
        Americas</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
        States of America</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">JohnsonDiversey
        Holdings, Inc.</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
      <TD align=right><hr size="2" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">%</FONT></B></TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Asia
        Africa</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade></TD>
      <TD align=left><hr size="1" noshade></TD>
      <TD align=right><hr size="1" noshade></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="2">&nbsp;</font> </TD>
      <TD align=left> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">C&ocirc;te
        d&#146;Ivoire</FONT></B></TD>
      <TD align=left><font size="2">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Palmci</FONT></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">b</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade></TD>
      <TD align=left><hr size="2" noshade></TD>
      <TD align=right><hr size="2" noshade></TD>
    </TR>
  </TABLE>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>168</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p169"></a><p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<P align="center">
<P align="center">
<P align="center"><font size="2" face="sans-serif">[THIS PAGE HAS BEEN DELIBERATELY LEFT BLANK]</font>
<P>
<P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>169</b></font></td>
  </tr>
</table>
<hr noshade width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p170"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Company accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V.</FONT></P>
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Balance sheet </FONT></B><FONT color="#0070FF" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as at 31 December</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;    </font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left><font size="1">&nbsp;    </font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;    </font></TD>
        <TD align=left><font size="1">&nbsp;    </font></TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</FONT>
        </TD>
        <TD align=left><font size="1">&nbsp;</font>     </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Fixed assets</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed investments</FONT></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 276</FONT></B>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 233</FONT>
        </TD>
        <TD width=2% align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Current assets</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debtors</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26 898</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 623</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Cash at bank and in hand</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">163</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">280</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total current assets</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27 061</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 903</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Creditors due within one year</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(27 109</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(16 863</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net current assets/(liabilities)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(48</FONT></B>
        </TD>
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">40</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total assets less current liabilities</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 228</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 273</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Creditors due after more than one year</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 503</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 885</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Provisions for liabilities and charges (excluding pensions and similar obligations)</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">115</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">102</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Net pension liability for unfunded schemes</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">157</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">152</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><font color="#0070FF">&nbsp;</font></TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Capital and reserves</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8 453</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 134</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called up share capital:</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preferential share capital</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">130</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ordinary share capital</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">291</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">291</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=right bgcolor="#cccccc"><hr size="1" noshade></TD>
  <TD align=left bgcolor="#cccccc">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">291</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">421</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share premium account</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">20</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 399</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other reserves</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 321</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></B></TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 379</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit retained</FONT></TD>
        <TD align=right bgcolor="#cccccc">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9 463</FONT></B>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
        <TD align=right bgcolor="#cccccc">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7 693</FONT>
        </TD>
        <TD align=left bgcolor="#cccccc"><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total capital employed</FONT></B></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11 228</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 273</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><font size="2"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
        and loss account </font></b><font color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
the year ended 31 December</font></font></p>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></td>
    <td align=right><font size="1">&nbsp;</font></td>
    <td align=right><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</font></td>
    <td align=right><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=right> <b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></td>
    <td align=right><font size="1">&nbsp;</font></td>
    <td align=right> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</font></td>
    <td align=right><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><font size="2">&nbsp;</font> </td>
    <td align=left><font size="1">&nbsp; </font></td>
    <td align=right><font size="1">&nbsp;</font></td>
    <td align=right> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</font></td>
    <td align=right><font size="1">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income
        from fixed investments after taxation</font></td>
    <td width=10% align=right> <b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
          347</font></b></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
    <td width=10% align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">618</font></td>
    <td width=2% align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
        income and expenses</font></td>
    <td align=right> <b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">289</font></b></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">158</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right><hr size="1" noshade></td>
    <td align=right>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left> <b><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
          for the year</font></b></td>
    <td align=right> <b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
          636</font></b></td>
    <td align=right><font size="2">&nbsp;</font></td>
    <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">776</font></td>
    <td align=right><font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=right><hr size="2" noshade></td>
    <td align=right>&nbsp;</td>
  </tr>
</table>
<p><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For the information required by Article 392 of Book 2 of the Civil Code in the Netherlands, refer to pages 169 and 173. Pages 167 and 168 are part of the notes to the Unilever N.V.
company accounts.</FONT></p>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The company accounts of Unilever N.V. are included in the consolidated accounts
of the Unilever Group. Therefore, and in accordance with Article 402 of Book
2 of the Civil Code in the Netherlands, the profit and loss account only reflects
the income from fixed investments after taxation and other income and expenses
after taxes. The company accounts of Unilever N.V. do not contain a cash flow
statement as this is not required by
book 2 of the Civil Code in the Netherlands. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The company accounts of Unilever N.V. comply in all material respects with legislation
in the Netherlands. As allowed by Article 362.1 of Book 2 of the Civil Code in
the Netherlands, the company accounts are prepared in accordance with United
Kingdom accounting standards, unless such standards conflict with the Civil Code
in the Netherlands which would in such case prevail.</font></P>
<p><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The Board of Directors</FONT></B><font size="2"><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 February 2006</FONT></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>170</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a name="p171"></a></p>
<p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>

<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the company accounts<br>
</FONT></B><FONT color="#0070FF" size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V.</FONT></P>
<div style="float: left; width: 48%">
<P>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Accounting information and policies</FONT></B></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Basis of preparation<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
accounts have been prepared in accordance with applicable United Kingdom accounting
standards as allowed by Article 362.1 of Book 2 of the Civil Code in the Netherlands.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The accounts are prepared under the historical cost convention as modified by
the revaluation of financial assets classified as 'available-for-sale investments',
'financial assets at fair value through profit or loss', and 'derivative financial
instruments' in accordance with the accounting policies set out below which have
been consistently applied
except as highlighted in the &#145;Prior year adjustment&#146; note
below.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Accounting policies<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
principal accounting policies are as follows:</font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed investments</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares
in group companies are stated at cost less any amounts written off to reflect
a permanent impairment. Any impairment is charged to the profit and loss account
as it arises. In accordance with Article 385.5 of Book 2 of the Civil Code in
the Netherlands, Unilever N.V. shares held by Unilever N.V. subsidiaries are
deducted from the carrying value of those subsidiaries. This differs from the
accounting treatment under UK GAAP (UITF 37) which would require these amounts
to be included within fixed investments.</font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial instruments and derivative financial instruments</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
company&#146;s accounting policies under United Kingdom generally accepted accounting
principles (UK GAAP) namely FRS 25 &#145;Financial Instruments: Disclosure and
Presentation&#146; and FRS 26 &#145;Financial Instruments: Measurement&#146; are
the same as the Unilever Group&#146;s accounting policies under International
Financial Reporting Standards (IFRSs) namely IAS 32 &#145;Financial Instruments:
Disclosure and Presentation&#146; and IAS 39 &#145;Financial Instruments: Recognition
and Measurement&#146;. These standards are effective from 1 January 2005 and
the policies are set out under the heading &#145;Financial instruments&#146; in
note 1 to the consolidated accounts on page 83. Unilever NV is taking the exemption
for not providing all the financial instruments disclosures, because IAS 32 disclosures
are given in note 19 to the consolidated accounts on pages 110 to 113. The changes
to preference share capital, share premium account and profit retained in this
regard are set out in the following notes and further described in the notes
to the consolidated accounts.</font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred taxation</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Full
provision is made for deferred taxation on all significant timing differences
arising from the recognition of items for taxation purposes in different periods
from those in which they are included in the company's accounts. Full provision
is made at the rates of tax prevailing at the year end unless future rates have
been enacted or substantively enacted. Deferred tax assets and liabilities have
not been discounted. </font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Own shares held</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Own
shares held by the company are accounted for in accordance with Netherlands law
and United Kingdom UITF 37. All differences between the purchase price of the
shares held to satisfy options granted and the proceeds received for the shares,
whether on exercise or lapse, are charged to reserves.</font></P>
<P><font size="2">
<FONT color="#0070FF" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retirement benefits</FONT><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
</FONT></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever
N.V. has accounted for pensions and similar benefits under the United Kingdom
Financial Reporting Standard 17 'Retirement benefits' (FRS 17). The operating
and financing costs of defined benefit plans are recognised separately in the
profit and loss account; service costs are systematically spread over the service
lives of employees, and financing costs are recognised in the periods in which</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
they arise. Variations from expected costs, arising from the experience of the
plans or changes in actuarial assumptions, are recognised immediately in the
statement of total recognised gains and losses. The costs of individual events
such as past service benefit enhancements, settlements and curtailments are recognised
immediately in the profit and loss account. The liabilities and, where applicable,
the assets of defined benefit plans are recognised at fair value in the balance
sheet. The charges to the profit and loss account for defined contribution plans
are the company contributions payable and the assets of such plans are not included
in the company balance
sheet.</font></P>
<P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Prior year adjustment<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial
Reporting Standard 21 (FRS 21) 'Events after the Balance Sheet Date' has been
adopted for the first time in the year ended 31 December 2005. Under FRS 21,
proposed dividends do not meet the definition of a liability until such time
as they have been approved by shareholders at the Annual General Meeting. Therefore,
Unilever N.V. no longer recognises a liability in any period for dividends that
have been proposed but will not be approved until after the balance sheet date.
This holds for external dividends as well as intra-group dividends paid to the
parent company.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The effect for the company of implementing FRS 21 has been to increase retained
profits by &euro;729 million in the current period (2004: decrease of &euro;646
million), decrease
dividend creditors due within one year by &euro;729 million (2004: decrease by &euro;696
million), decrease intergroup debtors due within one year by &euro; nil (2004: &euro;1
274 million) and increase inter-group creditors due within one
year by &euro; nil (2004: &euro;67 million). The impact of the FRS 21 implementation
on profits for the years 2004 and 2005 is explained in the notes under the heading &#145;Profit
retained&#146;.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The comparative amounts for the year ended 31 December 2004 have been restated
accordingly. </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Fixed investments</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>     </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Shares in group companies</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>11 082</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 024
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Book value of PLC shares held in</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">connection with share options</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>432</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    445
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Less NV shares held by group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(238</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (236
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>11 276</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 233
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Movements during the year:</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1 January</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>11 233</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 161
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Movement in PLC shares held in connection</font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp; with
            share options</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(13</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    64
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Movement in NV shares held by group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(2</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    (8
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    )</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Additions</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>89</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    16
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Decreases</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>(31</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    &#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>11 276</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    11 233
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Debtors</B></font></TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
      <B><FONT size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;

        </font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <FONT size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</FONT></TD>
  <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Loans to group companies</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>22 460</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 14
            056</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other amounts owed by group companies</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>3 771</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2
            433</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Amounts owed by undertakings in which</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=left>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the company has a participating interest</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>15</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 15</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Prepayments and accrued income</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>587</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 98</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Other</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>65</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 21</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>26 898</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 16
            623</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Of which due after more than one year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>6 645</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 710</font></TD>
        <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE></div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>171</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">



<div style="page-break-before:always"></div><page><a name="p172"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<P><font color="#0070FF">
<B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the company accounts </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
Unilever N.V. </FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Cash at bank and in hand</FONT></B></TD>
        <TD align=right> <b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>
        </TD>
        <TD align=right><b><font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<B><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</font></B></TD>
    <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left>
      <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">This includes
amounts for which repayment
notice is required
of:</font></TD>
        <TD width="10%" align=right><B><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">38</font></B></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="10%" align=right><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">80</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Creditors</FONT></B></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; million</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro; million</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</FONT></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due within one year:</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bank loans and overdrafts</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds and other loans</FONT></TD>
        <TD width=10% align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4 548</FONT></B></TD>
        <TD width=2% align=right><font size="2">&nbsp;</font></TD>
        <TD width=10% align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 148</FONT></TD>
    <TD width=2% align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Loans from group companies</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3 328</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">310</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other amounts owed to group companies</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18 699</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14 200</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation and social security</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">20</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">22</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accruals and deferred income</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">405</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">173</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">109</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">27 109</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16 863</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due after more than one year:</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left><font size="2">&nbsp;</font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
    <TD align=left><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accruals and deferred income</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Preference shares</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">124</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds and other loans</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 323</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 844</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 503</FONT></B></TD>
        <TD align=right><font size="2">&nbsp;</font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 885</FONT></TD>
    <TD align=right><font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">From 1 January 2005, Unilever N.V. has adopted FRS 25 &#145;Financial Instruments: Disclosure and Presentation&#146; which requires preference shares that provide for a fixed preference
dividend to be classified as borrowings. In accordance with the transitional rules for FRS 25, 2004 comparatives have not been restated. </FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Creditors due after 5 years amount to &euro;870 million (Article 375.2 of Book
2 of the Civil Code in the Netherlands).</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD colspan=2 align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Provisions for liabilities and charges (excluding pensions</B></font></TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>and similar obligations)</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Deferred taxation and other provisions</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>115</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
102
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Of which due within one year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>34</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
55
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=right><font size="1">&nbsp;</font></TD>
  <TD align=left><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Preference share capital</B></font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At 31 December 2004</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>130</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
FRS 25/26 adjustments</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(130</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At 1 January 2005 and 31 December 2005</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Ordinary share capital<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares
numbered 1 to 2 400 are held by a subsidiary of NV and a subsidiary of PLC, each
holding 50%. Additionally, 24 603 661 (2004: 24 898 145) &euro;0.51 ordinary
shares are held by NV and other group companies. Full details are given in note
24 to the consolidated accounts on page 124, and note 31 on page 141.</font></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Share premium account</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At 31 December 2004</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 399</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
FRS 25/26 adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1 379</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At 1 January 2005 and 31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>20</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
<P> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The share premium
    shown in the balance sheet is not available for the issue of bonus shares
    or for repayment without incurring withholding tax payable by the company.
    This is despite the change in the Netherlands tax law, as a result of which
    dividends received from 2001 onwards by individual shareholders who are Netherlands
    residents are no longer taxed.</FONT></P>
</font>
</div>
<div style="float: right; width: 48%">
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Other reserves</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>2005</b> </font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2004 </font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1 379</B>
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(1 243
        </font></TD>
        <TD width=2% align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Change in own shares held</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>58</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(136
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1 321</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(1 379
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<font size="2"><BR>
</font><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Profit retained</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Restated
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD></TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Balance brought forward</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>8 339</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 304
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
FRS 21 adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(646</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
638
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Balance brought forward &#150; restated</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>7 693</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 942
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
FRS 25/26 adjustments</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>412</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
n/a
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
1 January &#150; restated</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>8 105</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 942
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit for the year<SUP>(a)</SUP></FONT>&nbsp;
        </font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 636</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
776
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Preference dividends</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(28
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ordinary dividends &#150; final 2003</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(638
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ordinary dividends &#150; interim 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(346
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ordinary dividends &#150; final 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(716</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Ordinary dividends &#150; interim 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(367</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Conversion of preference shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(199</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Fair value adjustments for cash flow hedges</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>4</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&#150;
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Realised profit/(loss) on shares/certificates held</font></TD>
        <TD align=left></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">to meet employee share options</FONT></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(9
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Changes in present value of net pension liability</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
(4
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
)</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
31 December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>9 463</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
7 693
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%" valign="top"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a) </font></td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit
          for the year as reported in 2004 was &euro;2 118 million. This includes
          intra-group dividends of &euro;1 342 million which under FRS 21 are
          not recognised until they have been approved by shareholders at the
          Annual General Meeting.</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> This &euro;1
      342 million has now been added to the 2005 profit for the year.</font></font></td>
  </tr>
</table>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<P>Profit retained shown in the company accounts and the notes thereto differs
  from the amount shown in note 26 to the consolidated accounts on page 126 mainly
  because of certain inter-company transactions which are eliminated in the consolidated
  accounts.</P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Difference as at 31 December 2004 as previously reported</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 061</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Accounting policy change</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>214</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Difference as at 31 December 2004 as restated</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 275</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Changes in equity value
of the consolidated</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> participations</font></font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>(3
              580</b> </font>

        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>)</b></font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Change in the accumulated intercompany results</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 047</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Difference as at 31 December 2005</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>742</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left><font size="1">&nbsp;</font></TD>
  <TD width="10%" align=right><font size="1">&nbsp;</font></TD>
  <TD width="2%" align=right><font size="1">&nbsp;</font></TD>
  <TD width="10%" align=right><font size="1">&nbsp;</font></TD>
  <TD width="2%" align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Contingent liabilities</B></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B></font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
2004</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD></TR>
<TR valign="bottom">
        <TD align=left><hr size="1" noshade></TD>
        <TD align=left><hr size="1" noshade>

        </TD>
        <TD align=left><hr size="1" noshade></TD>
        <TD align=left><hr size="1" noshade>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><div style="margin-left:3%; text-indent:-3%"><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">These
              are not expected to give rise to any</font>&nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">material
              loss and include guarantees given</font>&nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
              group companies, under which amounts</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> outstanding
              at 31 December were:</font></font></div></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>5
      416</b></font> </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 6
            822</font>

        </TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Of the above, guaranteed also by PLC</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 705</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
5 010</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<font size="2">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The guarantees given to other companies were immaterial. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV has issued joint and several liability undertakings, as defined in Article
403 of Book 2 of the Civil Code in the Netherlands, for almost all Dutch group
companies. These written undertakings have been filed with the office of the
Company Registry in whose area of jurisdiction the group company concerned has
its registered office.</font></P>
</font></div><font size="2"><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>172</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p173"></a><p><a href="#contentse"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><font color="#0070FF"><B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Further statutory and other information<br>
</FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V.</FONT></font></p>
<p>&nbsp;</p>
<div style="float: left; width:50%">
<P><font color="#0070FF"><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The rules for profit appropriation in the Articles of Association<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(summary
of Article 38)</font></font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The profit for the year is applied firstly to the reserves required by law or
by the Equalisation Agreement, secondly to cover losses of previous years, if
any, and thirdly to the reserves deemed necessary by the Board of Directors.
Dividends due to the holders of the Cumulative Preference Shares, including any
arrears in such dividends, are then paid; if the profit is insufficient for this
purpose, the amount available is distributed to them in proportion to the dividend
percentages of their shares. Any profit remaining thereafter shall be distributed
to them in proportion to the dividend percentages of their shares. The General
Meeting can only decide to make distributions from reserves on the basis of a
proposal by the Board and in compliance with the law and the Equalisation Agreement.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&euro; million</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2005</B>
        </font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left></TD></TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Proposed profit appropriation</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Profit for the year</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 636</B>
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Of which already appropriated in 2004</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(1 342</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Available for distribution</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 294</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Interim dividend 2005 already paid</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>(367</B>
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
To profit retained</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>927</B>
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><font size="2"><BR>
      <B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Post balance sheet event</FONT></B><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The directors
      propose a final dividend of &euro;1.32 per share (totalling</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;729 million)
      out of the profits retained for the year ended </FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2005. The dividend will be submitted for formal</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">approval at the Annual General Meeting to be held on 8 May 2006.</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">In accordance with FRS 21, these financial statements do not reflect</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">this dividend
      payable, which will be accounted for in shareholders&#146;</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">equity as an appropriation of retained earnings in the year ended </FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 December 2006.
      During 2005, a final dividend of &euro;1.26 per share</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(totalling &euro;716
      million) was paid in respect of the dividend declared</FONT><BR>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for the year ended 31 December 2004.</FONT></font></p>
<p><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Special controlling rights under the Articles of Association</FONT></B><BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">See note 24 to the consolidated accounts on page 124.</FONT></font></p>
<p><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Auditors</FONT></B><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A resolution will be proposed at the Annual General Meeting on</FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 May 2006 for the re-appointment of PricewaterhouseCoopers</FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accountants N.V. as auditors of NV. The present appointment will </FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">end at the conclusion of the Annual General Meeting.</FONT><BR>
      </font></p>
<p><font size="2"><B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Corporate Centre</FONT></B><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever N.V.</FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weena 455</FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PO Box 760</FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3000 DK Rotterdam</FONT><BR>
  </font></p>
<p><font size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">J A A van der Bijl</FONT></B><BR>
    <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">S G Williams</FONT></B><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint Secretaries of Unilever N.V.</FONT><BR>
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 February 2006</FONT>
</font></p>
</div>
<div style="float: right; width:50%">
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>173</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p174"></a><p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P align="center">
<P align="center">
<P align="center"><font size="2" face="sans-serif">[THIS PAGE HAS BEEN DELIBERATELY LEFT BLANK]</font>
<P>
<P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>174</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p175"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"><div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Company accounts</FONT></B><font color="#0070ff"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever PLC</FONT></font></P>
<P>&nbsp;</P>
<P><font color="#0070ff" size="2"><B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Balance
          sheet </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">as
    at 31 December</FONT></font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; million</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Restated</FONT></TD>
        <TD align=left><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Fixed
    assets</B></font></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intangible assets</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">28</FONT></B></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</FONT></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31</FONT></TD>
        <TD width="2%" align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Fixed investments</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2 237</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 237</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Current
    assets</B></font></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debtors</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debtors due within one year</FONT></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">226</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">227</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debtors due after more than one year</FONT></FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">70</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    current assets</B></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">296</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">292</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Creditors
    due within one year</B></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 328</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 681</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Net
    current liabilities</B></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(1 032</FONT></B></TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(1 389</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Total
    assets less current liabilities</B></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 233</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">879</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Provision
    for liabilities and charges (excluding pensions and similar obligations)</B></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Capital
    and reserves</b></font></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 227</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">869</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called up share capital <font color="#0070ff">24</font></FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">41</FONT></B></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">41</FONT></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share premium account</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">94</FONT></B></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">94</FONT></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital redemption reserve</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">11</FONT></B></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11</FONT></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other reserves</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(385</FONT></B></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(268</FONT></TD>
        <TD align=left bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit retained</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 466</FONT></B></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
        <TD align=right bgcolor="#CCCCCC">
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">991</FONT></TD>
        <TD align=left bgcolor="#CCCCCC"><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Total
    capital employed</FONT></b></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 233</FONT></B></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">879</FONT></TD>
        <TD align=left><font size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As permitted
by Section 230 of the United Kingdom Companies Act 1985, an entity profit and
loss account is not included as part of the published company accounts for PLC.<br>
<br>
<br>
On
behalf of the Board of Directors</FONT></P>
<P>&nbsp;</P>
<P><font size="2">  <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">A Burgmans </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Chairman</FONT><BR>
  <B><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">P Cescau </FONT></B><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group Chief Executive</FONT><br>
  <BR>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">28 February 2006</FONT></font></P>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>175</b></FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p176"></a><p><a href="#contentse"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the company accounts</FONT></B><font color="#0070ff"><br>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever PLC</FONT></font></P>
<P>&nbsp;</P>
</font>
<div style="float: left; width: 48%">
  <P><font size="2">
  <B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Accounting information and policies</FONT></B></font></P>
  <P>
    <font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Basis of preparation</B></font><font size="2"><br>
    <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The accounts
  have been prepared in accordance with applicable United Kingdom accounting standards
  and the United Kingdom Companies Act 1985.</font></font></P>
  <P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  The accounts are prepared under the historical cost convention as modified by
  the revaluation of financial assets classified as 'available-for-sale investments',
  'financial assets at fair value through profit or loss', and 'derivative financial
  instruments' in accordance with the accounting policies set out below which have
  been consistently applied except as described below.</font></P>
  <P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
  <B>Accounting policies</B></font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The principal
  accounting policies are as follows:</font></font></P>
  <P><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  Intangible assets</font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Intangible
  assets comprise trademarks purchased after 1 January 1998 and are amortised in
  the profit and loss account over their expected useful lives of up to maximum
  of 20 years. They are subject to review for impairment in accordance with United
  Kingdom Financial Reporting Standard 11 'Impairment of Fixed Assets and Goodwill'
  (FRS 11). Any impairment is charged to the profit and loss account as it arises.</font></font></P>
  <P><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  Fixed investments</font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares in group
  companies are stated at cost less any amounts written off to reflect a permanent
  impairment. Any impairment is charged to the profit and loss account as it arises. </font></font></P>
  <P><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  Deferred taxation</font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Full provision
  is made for deferred taxation on all significant timing differences arising from
  the recognition of items for taxation purposes in different periods from those
  in which they are included in the company's accounts. Full provision is made
  at the rates of tax prevailing at the year end unless future rates have been
  enacted or substantively enacted. Deferred tax assets and liabilities have not
  been discounted. </font></font></P>
  <P><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  Shares held by employee share trusts</font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares held
  to satisfy options are accounted for in accordance with United Kingdom law and
  UITF 37 and UITF 38. All differences between the purchase price of the shares
  held to satisfy options granted and the proceeds received for the shares, whether
  on exercise or lapse, are charged to reserves. </font></font></P>
  <P><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
  <B>Prior year adjustment</B></font><font size="2"><br>
  <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial Reporting
  Standard 21 (FRS 21) 'Events after the Balance Sheet Date' has been adopted for
  the first time in the year ended 31 December 2005. Under FRS 21, proposed dividends
  do not meet the definition of a liability until such time as they have been approved
  by shareholders at the Annual General Meeting. Therefore, we no longer recognise
  a liability in any period for dividends that have been proposed but will not
  be approved until after the balance sheet date. This applies for external dividends
  as well as intra-group dividends paid to the parent company.</font></font></P>
  <P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> The effect
      for the company of implementing FRS 21 has been to increase retained profits
      by &#163;385 million in the current period (2004: decrease of &#163;103
  million), decrease
  dividends creditors due within one year by &#163;385 million (2004: decrease
  by &#163;367 million), and increase inter-group creditors due within one year
  by &#163;nil (2004: increase of &#163;470 million).</font></P>
  <P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  The comparative amounts for the year ended 31 December 2004 have been restated
  accordingly.</font></P>
</div>
<font size="2"><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>176</b></FONT></TD>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page><a name="p177"></a>
<p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="34"><div align="right"><b><font color="#0070ff" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><font color="#0070ff">
  <B><FONT size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Notes to the
  company accounts </FONT></B><FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)<br>
  Unilever
PLC</FONT></font></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
          <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Fixed
      investments</b></font></TD>
          <TD align=right valign="middle"><b><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD width="15%" align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</font></b></TD>
          <TD width="2%" align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD width="15%" align=right valign="middle"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD width="2%" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares in group companies</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
      237</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 237</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  </TABLE>
  <BR>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
          <TD align=left><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Debtors</b></font></TD>
          <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</font></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</font></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
      within one year:</font></b></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts owed by group companies</FONT></TD>
          <TD width="15%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">180</font></b></TD>
          <TD width="2%" align=right>&nbsp;</TD>
          <TD width="15%" align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">193</FONT></TD>
      <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">24</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts owed by undertakings in which</FONT></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the company has a participating interest</FONT></font></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">22</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">226</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">227</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left><hr size="1" noshade></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
      after more than one year:</font></b></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts owed by group companies</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    44</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">46</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    &#150;</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts
      owed by undertakings in which</FONT></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the company has a participating interest</FONT></font></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">26</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">70</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">65</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right><hr size="2" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  </TABLE>
  <br>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
          <TD align=left><FONT color="#0070ff" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Creditors</b></FONT></TD>
          <TD align=right valign="middle"><b><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD align=right valign="middle"><b><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD align=left valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Due
      within one year:</font></b></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Bonds and other loans</FONT></TD>
          <TD width="15%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    &#150;</font></b></TD>
          <TD width="2%" align=right>&nbsp;</TD>
          <TD width="15%" align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
      <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Amounts owed to group companies</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      285</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 565</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation and social security</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    41</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">64</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    1</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accruals and deferred income</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right><hr size="1" noshade></TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
      328</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1 681</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  </TABLE>

<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
  <B>Provisions
  for liabilities and charges (excluding pensions and similar
  obligations)</B></font></P>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</font></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD width="15%" align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</font></b></TD>
          <TD width="2%" align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD width="15%" align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD width="2%" align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred Taxation</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    6</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  </TABLE>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
      <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
          reserves</font></b></TD>
      <TD align=right valign="middle"><b> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></b></TD>
      <TD align=left valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
      <TD align=right valign="middle"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
      <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
      <TD align=right valign="middle"><b> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
      <TD align=left valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
      <TD align=right valign="middle"> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font> </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
        January</FONT></TD>
      <TD width="15%" align=right><b> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(268</FONT></b></TD>
      <TD width="2%" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>)</b></font></TD>
      <TD width="15%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(254</FONT></TD>
      <TD width="2%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Change
        in book value of shares</FONT></TD>
      <TD align=right><b> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(117</FONT></b></TD>
      <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>)</b></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(14</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
        December</FONT></TD>
      <TD align=right><b> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(385</FONT></b></TD>
      <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <B>)</b></font></TD>
      <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(268</FONT></TD>
      <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</FONT></TD>
    </TR>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade>
      </TD>
      <TD align=right><hr size="2" noshade>
      </TD>
      <TD align=right><hr size="2" noshade>
      </TD>
      <TD align=right><hr size="2" noshade>
      </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
  </TABLE>
  <br>
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
          <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Remuneration
      of auditors</font></b></TD>
          <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</font></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>

        </TD>
          <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2005</font></b></TD>
          <TD align=right valign="middle"><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
          <TD align=right valign="middle">
  <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
      <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right><hr size="1" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Parent company statutory audit fee</FONT></TD>
          <TD width="15%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.8</font></b></TD>
          <TD width="2%" align=right>&nbsp;</TD>
          <TD width="15%" align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.6</FONT></TD>
      <TD width="2%" align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other audit services</FONT></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">    &#150;</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other payments by the parent company for</FONT></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">non-audit services provided by</FONT></font></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PricewaterhouseCoopers LLP United Kingdom<SUP>(a)</SUP></FONT>&nbsp;
          </font></TD>
          <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
          <TD align=left>&nbsp;</TD>
          <TD align=left><font size="2">&nbsp;</font>

        </TD>
      <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Audit-related services</FONT></font></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.7</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.3</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other services</FONT></font></TD>
          <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.2</font></b></TD>
          <TD align=right>&nbsp;</TD>
          <TD align=right>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.5</FONT></TD>
      <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right><hr size="2" noshade>
    </TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
          <TD colspan="5" align=left>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)&nbsp;See also note
  4 on page 93.</FONT></TD>
    </TR>
  </TABLE>
</div>
<div style="float: right; width: 48%">

  <table width="100%" border=0 cellpadding=0 cellspacing=0>
    <tr valign="bottom">
      <td align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
            retained</font></b></td>
      <td align=right valign="middle"><b> <font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; million</font></b></td>
      <td align=left valign="middle"><font size="1">&nbsp;</font> </td>
      <td align=right valign="middle"> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=right valign="middle"><b> <font size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></td>
      <td align=left valign="middle"><font size="1">&nbsp;</font> </td>
      <td align=right valign="middle"> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left valign="middle"><b><font size="2">&nbsp;</font> </b></td>
      <td align=left valign="middle"><font size="2">&nbsp;</font> </td>
      <td align=right valign="middle"> <font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Restated</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <TR valign="bottom">
      <TD align=left><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right><hr size="1" noshade>
      </TD>
      <TD align=right>&nbsp;</TD>
    </TR>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Balance
          brought forward</font></td>
      <td width="15%" align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            094</font></b></td>
      <td width="2%" align=left><font size="2">&nbsp;</font> </td>
      <td width="15%" align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
          086</font></td>
      <td width="2%" align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td height="17" align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">FRS
          21 adjustments</font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(103</font></b></td>
      <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>)</b></font></td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(180</font></td>
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</font></td>
    </tr>
    <tr valign="bottom">
      <td align=left>&nbsp;</td>
      <td align=right><hr size="1" noshade></td>
      <td align=left><hr size="1" noshade></td>
      <td align=right><hr size="1" noshade></td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
          January &#150; restated</font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">991</font></b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">906</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit
            for the year<sup>(b)</sup></font>&nbsp; </font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            035</font></b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">607</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final
          dividend 2003 on ordinary and</font></td>
      <td align=left><b><font size="2">&nbsp;</font> </b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">deferred
            shares</font></font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(341</font></td>
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</font></td>
    </tr>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim
          dividend 2004 on ordinary and</font></td>
      <td align=left><b><font size="2">&nbsp;</font> </b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">deferred
            shares</font></font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#150;</font></b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(181</font></td>
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">)</font></td>
    </tr>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final
          dividend 2004 on ordinary and</font></td>
      <td align=left><b><font size="2">&nbsp;</font> </b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">deferred
            shares</font></font></td>
      <td align=right><b> <font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(367</font></b></td>
      <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>)</b></font></td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim
          dividend 2005 on ordinary and</font></td>
      <td align=left><b><font size="2">&nbsp;</font> </b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">deferred
            shares</font></font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(193</font></b></td>
      <td align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>)</b></font></td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#150;</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left>&nbsp;</td>
      <td align=right><hr size="1" noshade></td>
      <td align=left><hr size="1" noshade></td>
      <td align=right><hr size="1" noshade></td>
      <td align=left>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
          December</font></td>
      <td align=right><b><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1
            466</font></b></td>
      <td align=left><font size="2">&nbsp;</font> </td>
      <td align=right> <font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">991</font></td>
      <td align=left><font size="2">&nbsp;</font> </td>
    </tr>
    <TR valign="bottom">
      <TD align=left><hr size="2" noshade>
      </TD>
      <TD align=right><hr size="2" noshade>
      </TD>
      <TD align=right><hr size="2" noshade>
      </TD>
      <TD align=right><hr size="2" noshade></TD>
      <TD align=right>&nbsp;</TD>
    </TR>
  </table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
        <TD width="3%" valign=top>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(b)</FONT></TD>
        <TD>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit for the year as reported in 2004 was &#163;556 million. This includes intra-group dividends of &#163;470 million which under FRS 21 are not recognised until they have been
approved by shareholders at the Annual General Meeting. It also excludes the &#163;521 million of intra- group dividends that would have previously been recognised in 2003 but under FRS 21 are recognised in 2004 following Annual General Meeting
approval.</FONT></TD>
</TR>
<TR><TD colspan=2><font size="2">&nbsp;</font></TD>
</TR></TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Contingent
    liabilities</font></b></TD>
        <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; million</font></b></TD>
        <TD align=right valign="middle"><font size="1">&nbsp;</font></TD>
        <TD align=right valign="middle">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#163; million</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right valign="middle"><b><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</font></b></TD>
        <TD align=right valign="middle"><font size="1">&nbsp;</font></TD>
        <TD align=right valign="middle">
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Guarantees given for group companies</FONT></TD>
        <TD width="15%" align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5
    099</font></b></TD>
        <TD width="2%" align=right>&nbsp;</TD>
        <TD width="15%" align=right><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5 883</FONT></TD>
    <TD width="2%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of which guaranteed also by NV</FONT></TD>
        <TD align=right><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2
    544</font></b></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 542</FONT></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="5" align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Other
      contingent
liabilities are not expected to give rise to material loss.</FONT> </TD>
  </TR>
</TABLE>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><b><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Profit
    appropriation</font></b></TD>
        <TD align=right><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163; million</FONT></b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right><b><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The appropriation of the profit of PLC</FONT></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is as follows:</FONT></font></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit for the year</FONT></TD>
        <TD width="15%" align=right><b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1 035</FONT></b></TD>
        <TD width="2%" align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Of which already appropriated in 2004</FONT></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2"> &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(accounting policy change)</FONT></font></TD>
        <TD align=right><b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(470</FONT></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Available for distribution</FONT></TD>
        <TD align=right><b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">565</FONT></b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend 2005 already paid</FONT></TD>
        <TD align=right><b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">(193</FONT></b></TD>
        <TD align=left><b><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">)</font></b></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">To profit retained</FONT></TD>
        <TD align=right><b><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">372</FONT></b></TD>
        <TD align=left><b><font size="2">&nbsp;</font>

        </b></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Post balance sheet event</FONT></B><br>
<font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The directors
propose a final dividend of 13.54p per share (totalling &#163;385 million) for
the year ended 31 December 2005. The dividend will be submitted for formal approval
at the Annual General Meeting to be held on 9 May 2006. In accordance with FRS
21, these financial statements do not reflect this dividend payable, which will
be accounted for in shareholders&#146; equity as an appropriation of retained
earnings in the year ending 31 December 2006. During 2005, a final dividend of
12.82p per share (totalling &#163;367 million) was paid in respect of the dividend
declared for the year ended 31 December
2004.</font></P>
</div>
<br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></FONT></TD>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>177</b></FONT></TD>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<page><a name="p178"></a>
<p><a href="#contentse"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Back to Contents</font></a></p>
<P><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
  <B><FONT color="#0070ff" size=4>Further statutory and other information<br>
</FONT></B><FONT color="#0070ff" size=4>Unilever PLC</FONT></font></P>
<div style="float: left; width: 48%">
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Employee involvement and communication</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    Unilever&#8217;s UK companies maintain formal processes to inform, consult
    and involve employees and their representatives. Most of the United Kingdom
    sites are accredited to the Investors in People standard. Our sites also
    use tools such as Total Productive Maintenance which rely heavily on employee
    involvement,
  contribution and commitment.</font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A European
      Works Council, embracing employee and management representatives from 15
      countries of Western Europe, has been in existence for several years
  and provides a forum for discussing issues that extend across national boundaries.</font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The directors&#8217; reports
      of the United Kingdom group companies contain more details about how they
  have communicated with their employees during 2005.</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Equal opportunities and diversity</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    The heads of all operating companies and units in the UK have committed their
      businesses to achieving greater diversity. Every Unilever company in the
      United Kingdom has an equal opportunities policy and actively pursues equality
    of opportunity for all employees.</font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The company carries out an annual employee monitoring survey and has also
    conducted an equal pay audit. The company continues to review ways in which
  greater diversity can be achieved in recruitment and selection. </font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The company
      continues to put in place policies which promote the achievement of diversity
      in the business. We have policies on home working, flexible working,
    maternity and paternity leave, child care provision and career breaks, which
  help us to meet this objective.</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Charitable and other contributions</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    Unilever collates the cost of its community involvement activities using the
      London Benchmarking Group model. The model recommends the separation of charitable
      donations, community investment, commercial initiatives in the community
      and management costs relating to the programme of activity.</font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During 2005 UK group
      companies made a total contribution of &pound;7.4 million,
  analysed as follows:</font></p>
  <table width="100%" border="0" cellspacing="0" cellpadding="0">
    <tr align="left" valign="top">
      <td width="3%">&#8226;</td>
      <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Charitable
          donations: &pound;1.5
  million</font></td>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Community
          investment: &pound;1.3
  million</font></td>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Commercial
          initiatives
  in the community: &pound;3.9 million</font></td>
    </tr>
    <tr align="left" valign="top">
      <td>&#8226;</td>
      <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Management
          costs: &pound;0.7
  million</font></td>
    </tr>
  </table>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">No donation or contribution was made or expenditure incurred for political
  purposes.</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Supplier payment policies</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    Individual operating companies are responsible for agreeing the terms and conditions
      under which business transactions with their suppliers are conducted. The
      directors&#8217; reports of the United Kingdom operating companies give information
      about their supplier payment policies as required by the United Kingdom Companies
      Act 1985. PLC, as a holding company, does not itself make any relevant payments
    in this respect.</font></p>
</div>
<div style="float: right; width: 48%">
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Auditors</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    A resolution will be proposed at the Annual General Meeting on 9 May 2006
        for the re-appointment of PricewaterhouseCoopers LLP as auditors of PLC.
        The
    present appointment will end at the conclusion of the Annual General Meeting.</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Authority to purchase own shares</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    At the Annual General Meeting of PLC held on 11 May 2005, authority was given
      pursuant to Article 64 of the PLC Articles of Association to make market
      purchases of PLC ordinary shares of 1.4p each, to a maximum of 290 million
      shares. This authority will expire at the Annual General Meeting on 9 May
      2006, and a resolution will be proposed to renew it. On 9 December 2005,
      Unilever PLC announced that it had purchased 25 680 479 Unilever PLC ordinary
    shares under this authority.</font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Details of shares
      purchased by an employee share trust and Unilever group companies to satisfy
      options granted under PLC&#8217;s employee share schemes
    are given in the report of the Remuneration Committee on page 67 and in note
  31 to the consolidated accounts on pages 132 to 141.</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Directors&#8217; report
      of PLC</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    For the purposes of Section 234 of the Companies Act 1985, the Directors&#8217; Report
    of Unilever PLC for the year ended 31 December 2005 comprises this page and
    the information contained in the report of the Directors on pages 09 to 72,
    the report of the Remuneration Committee in respect of Directors&#8217; interests
    in shares or debentures of the Group on page 69, Dividends on page 187 and
  Principal group companies and fixed investments on pages 167 and 168.</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Corporate Centre</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    Unilever PLC<br>
    PO Box 68 Unilever House<br>
    Blackfriars<br>
  London EC4P 4BQ</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Unilever PLC Registered Office</b></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    Port Sunlight<br>
    Wirral<br>
  Merseyside CH62 4ZD</font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><br>
    <font color="#0070ff"><b>Unilever PLC Registrars</b></font><br>
    Computershare Investor Services PLC <br>
    PO Box 82 <br>
    The Pavilions <br>
    Bridgwater Road <br>
  Bristol BS99 7NH</font></p>
  <p><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>By
  Order of the Board</b></font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>J A A
    van der Bijl<br>
  S G Williams</b></font></p>
  <p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint Secretaries of Unilever PLC<br>
  28 February 2006</font></p>
</div>
<br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>178</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">



<div style="page-break-before:always"></div><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><page><a name="p179"></a><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
<p><a href="#contents">Back to Contents</a></p>
</font></font><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" size=1>Financial
            Statements</font><img src="tabgraphic.jpg" width="251" height="32"></b></font></div>
    </td>
  </tr>
</table>
<p>&nbsp;</p>
<P><font color="#0070ff" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> </FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a name="contentsg"></a></font><font color="#0070ff" size="4" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b>Shareholder
  information</b></FONT></P>

<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p180"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Analysis of shareholding</b> </font></a></td>
    <td width=5% align=left><a href="#p180"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      180</font></a></td>
    <td width=50% align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p182"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Information about exchange controls</b></font></a></td>
    <td align=left><a href="#p182"><font color="#0070ff" size="2">&nbsp;</font>
      </a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p182"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>&nbsp;&nbsp;&nbsp;&nbsp;affecting security holders</b></font></a></td>
    <td align=left><a href="#p182"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      182</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p183"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Nature of the trading market</b></font></a></td>
    <td align=left><a href="#p183"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">183
      </font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p185"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Taxation for US residents holding shares in NV</b>&nbsp; </font></a></td>
    <td align=left><a href="#p185"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      185</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p186"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Taxation for US residents holding shares in PLC</b></font></a></td>
    <td align=left><a href="#p186"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      186</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p187"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Dividends</b> </font></a></td>
    <td align=left><a href="#p187"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      187</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p188"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Glossary</b>&nbsp; </font></a></td>
    <td align=left><a href="#p188"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      188</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p189"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Financial calendar and addresses</b>&nbsp; </font></a></td>
    <td align=left><a href="#p189"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      189</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p190"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Website</b>&nbsp; </font></a></td>
    <td align=left><a href="#p190"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      190</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p190a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Publications</b>&nbsp; </font></a></td>
    <td align=left><a href="#p190a"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      190</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p190b"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Share registration</b>&nbsp; </font></a></td>
    <td align=left><a href="#p190b"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      190</font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="botto</FONT></TD>">
    <td align=left><a href="#p191"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <b>Cross reference to form 20-F</b></font></a></td>
    <td align=left><a href="#p191"><font color="#0070ff" size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      191 </font></a></td>
    <td align=left>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;</p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>179</b></font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div>
<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><page><a name="p180"></a>
<p><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><a href="#contentsg">Back
  to Contents</a></font></p>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Analysis
  of shareholding</FONT></B> </p>
</font>
<P> <B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Significant
  shareholders of NV</FONT></B><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">As far as we
  are aware the only holders of more than 5% (as referred to in the Disclosure
  of Major Holdings in Listed Companies Act 1996 in the Netherlands) of any class
  of NV shares (apart from Stichting Administratiekantoor Unilever N.V., see page
  43) are ING Verzekeringen N.V. and Aegon Levensverzekering N.V. The voting rights
  of such shareholders are the same as for other holders of the class of share
  indicated. We have to rely on the information we receive from the holders about
  the details of their holdings. The information we give below is the numbers
  we hold on 28 February 2006. This information was provided by ING Verzekeringen
  N.V. at various dates over the preceding six months and by Aegon Levensverzekering
  N.V. on 28 February 2006.</FONT> </P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ING Verzekeringen
  N.V.</FONT> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=3% align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 504
      215 (1.49%) ordinary shares (&#8364;4 322 130)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20 665
      (71.26%) 7% cumulative preference shares (&#8364;9 377 368)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">120 088
      (74.56%) 6% cumulative preference shares (&#8364;54 493 559)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">504 440
      (67.26%) 4% cumulative preference shares (&#8364;22 890 489)</FONT></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Aegon Levensverzekering
  N.V.</FONT> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD width=3% align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">461 548
      (0.08%) ordinary shares (&#8364;234 574)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 995
      (17.22%) 7% cumulative preference shares (&#8364;2 266 632)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29 540
      (18.34%) 6% cumulative preference shares (&#8364;13 404 668)</FONT></TD>
  </TR>
  <TR>
    <TD align="left" valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#149;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">157 106
      (20.95%) 4% cumulative preference shares (&#8364;7 129 159)</FONT></TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Some of the
  above holdings are in the form of depositary receipts against NV shares issued
  by Stichting Administratiekantoor Unilever N.V. (see page 43). There have been
  no material changes to the holdings of significant shareholders of NV during
  the three years up to and including 2005.</FONT> </P>
<P> <font size="2"><B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Significant
  shareholders of PLC</FONT></B><br>
  </font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following
  table gives details of shareholders who held more than 3% of PLC&#146;s shares
  or deferred stock (excluding treasury shares) on 28 February 2006. The voting
  rights of such shareholders are the same as for other holders of the class of
  share indicated. We take this information from the register we hold under section
  211 of the UK Companies Act 1985.</FONT> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font size="1">&nbsp;</font> </TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number
      of</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Approximate</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Title
      of class </font></TD>
    <TD align="left"><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Name
    of holder</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares
      held</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%
      held</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Deferred
      Stock </font></TD>
    <TD width=40% align="left"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Naamlooze
      Vennootschap Elma</FONT></TD>
    <TD width=10% align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50
      000 </FONT></TD>
    <TD width=2%><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;
      </FONT></TD>
    <TD width=10% align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
    <TD width=2%>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="left"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United
      Holdings Limited</font></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50
      000</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; </FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ordinary
      shares </font></TD>
    <TD align="left"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trustees
      of the Leverhulme Trust and the</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;
      </font></TD>
    <TD align="left"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;Leverhulme
      Trade Charities Trust</font></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">156
      815 034</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></TD>
    <TD align="left"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Legal &amp; General
      Group plc</font></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">116
      106 618</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;</font></TD>
    <TD align="left"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
      Capital Group Companies, Inc.</font></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">115
      155 283</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">On 21 April
  2005, Barclays PLC became a significant shareholder with over 3% (87 704 743),
  however, on 8 June 2005 their holding fell back below 3%. On 30 June 2005, Legal
  &amp; General Group plc became a significant shareholder with over 3% (116 470
  237), this dropped to 116 106 618 on 5 July 2005 but still remained above 3%.
  The holding by The Capital Group Companies, Inc. is on behalf of affiliated
  investment management companies and was first notified to PLC in November 2000.
  On 13 December 2005, The Capital Group Companies holding fell from 144 557 853
  to 115 155 283. There have been no material changes to the holdings of significant
  shareholders of PLC during the three years up to and including 2005.</FONT>
</P>
<P> <font size="2"><B><FONT color="#0070ff" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Analysis
  of PLC registered holdings</FONT></B><br>
  </font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">At 31
  December 2005 PLC had 73 356 ordinary shareholdings.</FONT> </P>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following
  table analyses the registered holdings of PLC&#146;s 1.4p ordinary shares at
  31 December 2005:</FONT> </P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><font size="1">&nbsp;</font> </TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Total</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Number
      of shares </FONT></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      holdings</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares
      held</FONT></TD>
    <TD align="center"><font size="1">&nbsp;</font></TD>
    <TD align="right"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1
      000</FONT></TD>
    <TD width=10% align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">29
      056</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=10% align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39.61</FONT></TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=10% align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15
      564 071</FONT></TD>
    <TD width=2% align="right">&nbsp;</TD>
    <TD width=10% align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.53</FONT></TD>
    <TD width=2%>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      001 &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2
      500</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20
      300</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">27.67</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">33
      628 187</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.16</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
           501 &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5
            000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11
      800</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16.09</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">42
      260 752</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.45</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5
      001 &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10
      000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6
      832</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.31</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">48
      023 527</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.65</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10
           001 &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25
            000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3
      407</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">51
      089 523</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.76</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25
           001 &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">707</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.96</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24
      372 847</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.84</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">50
           001 &#150; </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; &nbsp;&nbsp;100
            000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">365</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.50</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25
      694 543</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.88</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100
        001 &#150; </font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;1
            000 000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">593</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.81</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">206
      247 609</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7.08</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Over
      </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1
      000 000</FONT></TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">296</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      464 577 521</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">84.65</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">73
      356</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100.00</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2
      911 458 580</FONT></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">100.00</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD><HR noshade size=2></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>180</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">


<div style="page-break-before:always"></div><page><a name="p181"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholder
            information</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Analysis of shareholding</FONT></B><font color="#0070ff"><BR>
      <FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<P>
<B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Share purchases during 2005<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Between
October and December we purchased 4 934 960 NV and 25 680 479 PLC shares under
the share buy-back programme amounting to &euro;500 million in total, which was
announced on 3
October 2005 and completed on 9 December 2005.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD colspan="2" align=right><font size="1">&nbsp;</font>          <font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
&euro; million</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total number of</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD colspan=2 align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Maximum value that</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
shares purchased</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD colspan=2 align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
may yet be purchased</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total number of</font></TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Average price</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
as part of publicly</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD colspan=2 align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
as part of publicly</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1">
<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">shares purchased</FONT>&nbsp;
        </font></TD>
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><sup>(a)</sup></font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
paid per share</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
announced plans</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD colspan=2 align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
announced plans</font><font size="1">&nbsp;</font></TD>
    <TD align=right><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD colspan=2 align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
January</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=left>

        </TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD width=10% align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD width=6% rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font> </TD>
        <TD width=6% rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD width=2% align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=2% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD colspan=2 align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
February</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>777 844</B></font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">50.60</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font></TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>692 568</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.30</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
March</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 066 014</B></font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">51.58</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;  </font> </TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 744 432</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.38</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
April</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
May</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>606 878</B></font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">53.08</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 076 912</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.56</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
June</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 900 000</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">54.30</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
July</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 413 557</B></font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro; </font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">54.93</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
August</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>4 217 999</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">56.12</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>734 996</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.63</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
September</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 031 319</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57.10</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>500</B></font>  </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=left>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
October</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 876 698</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">58.55</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>1 876 698</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>318</B></font>       </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>8 434 294</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.81</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>8 434 294</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
November</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 575 481</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57.05</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>2 429 193</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>69</B></font>        </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>14 182 645</B></font></TD>
        <TD align=right><font size="2">&nbsp;
</font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.67</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>13 362 293</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
December</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>629 069</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">57.89</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>629 069</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font>   </TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 883 892</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.73</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>3 883 892</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Total</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>20 094 859</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&euro;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">55.47</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>4 934 960</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD rowspan="2" align=right valign="middle"><font size="6" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">}</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;</font></TD>
        <TD rowspan="2" align=right valign="middle"><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>&#150;</B></font>    </TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
PLC shares</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>31 749 739</B></font></TD>
        <TD align=right><font size="2">&nbsp;
        </font></TD>
        <TD align=right><font size="2">
<B><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#163;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5.67</FONT></B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>25 680 479</B></font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="3%"><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(a)</font></td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <p>When under a North American plan, in the form of NV New York shares
        or PLC ADRs.</p>
    </font></td>
  </tr>
</table>
<font size="2">
<P>
  <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">During the year, 15 159 899 NV and 6 069 260 PLC shares at a total cost of &euro;879 million were purchased to maintain our hedging of share-based plan commitments in line with our
hedging practice (see also page 87). </FONT></P>
<P>&nbsp;</P>
</font>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>181</B></font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p182"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Information about exchange controls affecting security holders</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><B><FONT color="#0070ff" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever N.V.<br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the Dutch External Financial Relations Act of </font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25
March 1994 the Minister of Finance is authorised to issue regulations relating
to financial transactions concerning the movement of capital to or from third
countries with respect to direct investments, establishment, the performing of
financial services, the admission of negotiable instruments or goods with respect
to which regulations have been issued under the Import and Export Act in the
interest of the international legal system or an arrangement relevant thereto.
These regulations may contain a prohibition to perform any of the actions indicated
in those regulations without a licence. To date no regulations of this type have
been issued which are applicable to
Unilever N.V.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The Central Bank of the Netherlands is authorised to issue regulations with respect
to reporting obligations. Pursuant to this authorisation it has issued the Reporting
Obligations
Balance of Payments 2003 (the &#145;RR 2003&#146;). Unilever N.V. has been appointed
by the Central Bank as an institution subject to the reporting obligations and
Unilever N.V. complies with such obligations.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font color="#0070ff" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
<B>Unilever PLC<br>
</B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">None.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>182</B></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p183"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholder
            information</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070ff" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Nature of the trading market</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The principal trading markets upon which Unilever shares are listed are Euronext Amsterdam for NV ordinary shares and the London Stock Exchange for PLC ordinary shares. NV ordinary
shares mainly trade in the form of depositary receipts for shares and almost all the shares and depositary receipts thereof are in bearer form. PLC ordinary shares are all in registered form.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
In the United States, NV ordinary shares in registered form and PLC American
Depositary Receipts, each representing four PLC ordinary shares, are traded on
the New York Stock Exchange. Citibank, NA acts for NV and PLC as issuer, transfer
agent and, in respect of the American Depositary Receipts, depositary.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The NV depositary receipts for ordinary shares are also listed on the stock exchanges
in Frankfurt and Z&uuml;rich.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
There have not been any significant trading suspensions in the past three years.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
At 28 February 2006 there were 7 060 registered holders of NV ordinary shares
and 1 176 registered holders of PLC American Depositary Receipts in the United
States. We estimate that
approximately 28% of NV&#146;s ordinary shares were held in the United States
(approximately 27% in 2004), based on the distribution of the 2005 interim dividend
payments, while most holders of PLC ordinary shares are registered in the United
Kingdom &#150; approximately 99% in both 2005 and 2004.</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The high and low trading prices for the separate stock exchange listings are
shown in the tables on the following page.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
NV and PLC are separate companies with separate stock exchange listings and different
shareholders. Shareholders cannot convert or exchange the shares of one for shares
of the other and the relative share prices on the various markets can, and do,
fluctuate. This happens for various reasons, including changes in exchange rates.
However, over time the prices of NV and PLC shares do stay in close relation
to each other, in particular
because of our equalisation arrangements.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
If you are a shareholder of NV, you have an interest in a Netherlands legal entity,
your dividends will be paid in euros (converted into US dollars if you have shares
registered in the United States) and you will be subject to Netherlands tax.
If you are a shareholder of PLC, your interest is in a United Kingdom legal entity,
your dividends will be paid in sterling (converted into US dollars if you have
American Depositary Receipts) and you will be subject to United Kingdom tax.
Nevertheless, the Equalisation Agreement means that as a shareholder of either
company you effectively have an interest in the whole of Unilever. You have largely
equal rights over our combined net profit and capital reserves as shown in the
consolidated accounts. See Taxation for US residents on pages 184 and 185 and
Equalisation Agreement on pages 41 and 42.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp; </FONT><B><FONT size=1
face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">183</FONT></B><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p184"></a><p><a href="#contents"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Nature of the trading market</FONT></B><font color="#0070FF"><BR>
<FONT size=4 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(continued)</FONT></font></p>
<p>&nbsp;</p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><B>Share
      prices at 31 December 2005</B></font><B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The
share price of the
ordinary shares at the end of the year was for NV &euro;57.85 and &#36;68.65
and for PLC 576.5p and &#36;40.12.</font></p>
<p><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Monthly
high and low prices for the most recent six months:</b></font></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    September</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    October</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    November</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    December</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    January</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    February</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in Amsterdam (in &euro;)</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    61</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    59</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    59</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    58</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    59</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    56</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    57</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    57</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    57</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    56</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    58</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    72</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    72</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    71</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    71</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    70</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    72</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    70</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    69</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    67</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    68</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    68</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    70</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per 1.4p ordinary share in London (in pence)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    597</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    603</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    581</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    583</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    592</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    610</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    556</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    564</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    560</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    566</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    574</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    588</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per American Depositary Receipt in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    43</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    42</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    41</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    41</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    42</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    43</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    41</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    42</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<p><font size="2"><BR>
  <b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Quarterly
  high and low prices for 2005 and 2004</font></b>  </font>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2005</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    1st
        </font></TD>
        <TD align=left><font size="1">&nbsp;
    </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2nd
        </font></TD>
        <TD align=left><font size="1">&nbsp;
    </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3rd
        </font></TD>
        <TD align=left><font size="1">&nbsp;
    </font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4th
        </font></TD>
        <TD align=left><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in Amsterdam (in &euro;)</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    53
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    55
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    61
        </font></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    48
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    50
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    53
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    57
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    69
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    69
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    72
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    72
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    63
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    64
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    64
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    67
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per 1.4p ordinary share in London (in pence)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    527
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    554
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    597
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    603
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    488
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    496
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    538
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    560
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per American Depositary Receipt in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    41
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    43
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    42
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    37
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2004</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1st</FONT>        </TD>
        <TD align=left><font size="1">&nbsp;</font> </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2nd</FONT>        </TD>
        <TD align=left><font size="1">&nbsp;</font> </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3rd</FONT>        </TD>
        <TD align=left><font size="1">&nbsp;</font> </TD>
        <TD align=right>
      <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4th</FONT>        </TD>
        <TD align=left><font size="2">&nbsp;
    </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in Amsterdam (in &euro;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    59
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    56
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    49
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    52
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    52
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    46
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    44
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    74
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    71
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    68
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    67
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    65
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    62
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    58
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    57
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per 1.4p ordinary share in London (in pence)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    576
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    573
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    534
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    513
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    518
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    501
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    450
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    443
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per American Depositary Receipt in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    44
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    41
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    40
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    38
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    37
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    33
        </font></TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<p><font size="2"><BR>
  <b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Annual
  high and low prices for 2003, 2002 and 2001</font></b>  </font>
</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2003</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2002</font></TD>
        <TD align=right><font size="1">&nbsp;</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    2001</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in Amsterdam (in &euro;)</font></TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right>&nbsp;</TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    60</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    72</font></TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=7% align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    71</font></TD>
    <TD width=2% align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    46</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    50</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    55</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV per &euro;0.51 ordinary share in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    65</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    67</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    65</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    53</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    50</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    50</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per 1.4p ordinary share in London (in pence)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    628</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    659</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    610</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    475</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    473</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    478</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC per American Depositary Receipt in New York (in &#36;)</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    High</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    39</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    35</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Low</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    31</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    30</font></TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    28</font></TD>
    <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>184</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p185"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholder information</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Taxation for US residents holding shares in NV</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following notes are provided for guidance. US residents should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal,
lifetime gift or bequest of their shares.</FONT></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Netherlands taxation on dividends</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
of companies in the Netherlands are in principle subject to dividend withholding
tax of 25%. Where a shareholder is entitled to the benefits of the current Income
Tax Convention
(&#145;the Convention&#146;) concluded on 18 December 1992 between the United
States and the Netherlands, when dividends are paid by NV to:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a United
      States resident;</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a
          corporation organised under the laws of the United States</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(or
          any territory of it) having no permanent
establishment in the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Netherlands
of which such shares form a part of the business</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">property;
or</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">any
          other legal person subject to United States Federal income</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">tax
          with respect to its worldwide income, having no
permanent</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">establishment
in the Netherlands of which such shares form a</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">part
of the business
property;</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">these dividends
    qualify for a reduction of Netherlands withholding tax on dividends from
    25% to 15% (to 5% if the beneficial owner is a company which directly holds
    at least 10% of the voting power of NV shares and to 0% if the beneficial
    owner is a qualified &#145;Exempt Organisation&#146; as defined in Article
  36 of the Convention).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Where a United States resident or corporation has a permanent establishment in
the Netherlands, which has shares in NV forming part of its business property,
dividends it receives
on
those shares are included in that establishment&#146;s profit. They are subject
to the Netherlands income tax or corporation tax, as appropriate, and the Netherlands
tax on dividends will generally be applied at the full rate of 25%. This tax
will
be treated as foreign income tax eligible for credit against the shareholder&#146;s
United States income taxes.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Under the Convention, qualifying United States organisations that are generally
exempt from United States taxes and that are constituted and operated exclusively
to administer or provide pension, retirement or other employee benefits may be
exempt at source from withholding tax on dividends received from a Netherlands
corporation. An agreement published by the US Internal Revenue Service on 20
April 2000 in release IR-INT-2000-9 between the United States and the Netherlands
tax authorities describes the eligibility of these US organisations for benefits
under the Convention.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
A United States trust, company or organisation that is operated exclusively for
religious, charitable, scientific, educational or public purposes, is now subject
to an initial 25% withholding tax rate. Such an exempt organisation is entitled
to reclaim from the Netherlands Tax Authorities a refund of the Netherlands dividend
tax, if and to the extent that it is exempt from United States Federal Income
Tax and it would be exempt from tax in the Netherlands if it were organised and
carried on all its activities there.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
If you are an NV shareholder resident in any country other than the United States
or the Netherlands, any exemption from, or reduction or refund of, the Netherlands
dividend withholding
tax</font></P>
</div>
<div style="float: right; width: 48%">
<P><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">may
be governed by the &#145;Tax Regulation for the Kingdom of the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Netherlands&#146; or
by the tax convention, if any, between the</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Netherlands
and your country of residence.</font></font></P>
<P><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United
      States taxation on dividends<br>
 </font></b><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">If
 you are a United States shareholder, the dividend (including the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">withheld
 amount) up to the amount of our earnings and profits</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
 United States Federal income tax purposes will be ordinary</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">dividend
 income. Dividends received by an individual during</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">taxable
 years before 2009 will be taxed at a maximum rate of</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">15%,
 provided the individual has held the shares for more than</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">60
 days during the 121-day period beginning 60 days before the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">ex-dividend
 date, that NV is a qualified foreign corporation and</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">that
 certain other conditions are satisfied. NV is a qualified foreign</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">corporation
 for this purpose. Dividends received by an individual</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
 taxable years after 2008 will be subject to tax at ordinary</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">income
 rates. The dividends are not eligible for the dividends</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> received
 deduction allowed to corporations.</font></font></P>
<P><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">For
US foreign tax credit purposes, the dividend is foreign source</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">income,
and the Netherlands withholding tax is a foreign income</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">tax
that is eligible for credit against the shareholder&#146;s United</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States
income taxes. However, the rules governing the US foreign</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">tax
credit are complex, and additional limitations on the credit</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">apply
to individuals receiving dividends eligible for the 15%</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> maximum
tax rate on dividends described above.</font></font></P>
<P><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Any
portion of the dividend that exceeds our United States</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">earnings
and profits is subject to different rules. This portion is a</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">tax
free return of capital to the extent of your basis in our shares,</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> and
thereafter is treated as a gain on a disposition of the shares.</font></font></P>
<P><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
      a provision of the Netherlands Dividend Tax Act, NV</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is
      entitled to a credit (up to a maximum of 3% of the gross</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">dividend
      from which dividend tax is withheld) against the amount</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">of
      dividend tax withheld before remittance to the Netherlands tax</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">authorities.
      For dividends paid on or after 1 January 1995, the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United
      States tax authority may take the position that the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Netherlands
      withholding tax eligible for credit should be</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> limited
  accordingly.</font></font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Netherlands
      taxation on capital gains</b></font><br>
<font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the Convention, if you are a United States resident or</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">corporation
and you have capital gains on the sale of shares of a</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Netherlands
company, these are generally not subject to taxation</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">by
the Netherlands. An exception to this rule generally applies if</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">you
have a permanent establishment in the Netherlands and the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">capital
gain is derived from the sale of shares which form part of</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> that
permanent establishment&#146;s business property.</font></font></P>
<P><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Netherlands
      succession duty and gift taxes</b></font><br>
<font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the Estate and Inheritance Tax Convention between the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United
States and the Netherlands of 15 July 1969, United States</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">individual
residents who are not Dutch citizens who have shares</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">will
generally not be subject to succession duty in the Netherlands</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">on
the individual&#146;s death, unless the shares are part of the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">business
property of a permanent establishment situated in</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> the
Netherlands.</font></font></P>
<P><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A
gift of shares of a Netherlands company by a person who is not</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a
resident or a deemed resident of the Netherlands is generally</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">not
subject to Netherlands gift tax. A non-resident Netherlands</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">citizen,
however, is still treated as a resident of the Netherlands</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">for
gift tax purposes for ten years and any other non-resident</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> person
for one year after leaving the Netherlands.</font></font></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>185</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p186"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>


<P>
<B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Taxation for US residents holding shares in PLC</FONT></B></P>
<P>&nbsp;</P>
<div style="float: left; width: 48%">

<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following notes are provided for guidance. US residents should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal,
lifetime gift or bequest of their shares.</FONT></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United Kingdom taxation on dividends</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
United Kingdom law, income tax is not withheld from dividends paid by United
Kingdom companies. Shareholders, whether resident in the United Kingdom or not,
receive the full
amount of the dividend actually declared.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">United States taxation on dividends</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">If
you are a shareholder resident in the US, the dividend up to the amount of our
earnings and profits for United States Federal income tax purposes will be ordinary
dividend income. Dividends received by an individual during taxable years before
2009 will be taxed at a maximum rate of 15%, provided the individual has held
the shares for more than 60 days during the 121-day period beginning 60 days
before the ex-dividend date, that PLC is a qualified foreign corporation and
certain other conditions are satisfied. PLC is a qualified foreign corporation
for this purpose. Dividends received by an individual for taxable years after
2008 will be subject to tax at ordinary income rates. The dividend is not eligible
for the dividends received deduction allowable to corporations. The dividend
is foreign source income for US foreign tax credit purposes.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Any portion of the dividend that exceeds our United States earnings and profits
is subject to different rules. This portion is a tax free return of capital to
the extent of your basis in our shares, and thereafter is treated as a gain on
a disposition of the shares.</font></P>
</div>
<div style="float: right; width: 48%">

<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">UK taxation on capital gains</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
United Kingdom law, when you sell shares you may be liable to pay capital gains
tax. However, if you are either:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">an
          individual who is neither resident nor ordinarily resident in</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
    United Kingdom; or</font></font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a company
    which is not resident in the United Kingdom;</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">you will
    not be liable to United Kingdom tax on any capital gains made on disposal
of your shares.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The exception is if the shares are held in connection with a trade or business
which is conducted in the United Kingdom through a branch or an agency.</font></P>
<P><font size="2">
<B><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">UK inheritance tax</FONT><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><br>
</FONT></B></font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Under
the current estate and gift tax convention between the United States and the
United Kingdom, ordinary shares held by an individual shareholder who is:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">domiciled
          for the purposes of the convention in the United</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">States;
    and</font></font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2"><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">is
          not for the purposes of the convention a national of the</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">United
    Kingdom;</font></font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">will not
be subject to United Kingdom inheritance tax on:</font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td width="3%">&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the
    individual&#146;s death; or</font></td>
  </tr>
  <tr valign="top">
    <td>&#8226;</td>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">on
    a gift of the shares during the individual&#146;s lifetime.</font></td>
  </tr>
</table>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The exception
    is if the shares are part of the business property of a permanent establishment
    of the individual in the United Kingdom or, in the case of a shareholder
    who performs independent personal services, pertain to a fixed base situated
in the United Kingdom.</font></P>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>186</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p187"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholder information</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Dividends</FONT></B></p>
<p>&nbsp;</p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Our interim ordinary dividends are normally announced in November and paid in December. Final ordinary dividends are normally proposed in February and, if approved by shareholders at
the Annual General Meetings, paid in June.</FONT></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The following tables show the dividends paid by NV and PLC for the last five
years. NV dividends are per &euro;0.51 ordinary share and PLC dividends are per
1.4p ordinary share and per depositary receipt of 5.6p. Dividends for NV have
been translated into US dollars at the exchange rates prevailing on the dates
of declaration. The PLC interim dividend for 2001 was translated into US dollars
at the exchange rates prevailing on the date of payment of the sterling dividend.
Following a change in practice, starting with the final dividend for 2001, PLC
dividends have been translated into US dollars at the rate prevailing on the
date of declaration of the dividend. </font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The interim dividend is normally 35% of the previous year&#146;s total normal
dividend per share, based on the stronger of our two parent currencies over the
first nine months of the year. Equalisation of the interim dividend in the other
currency takes place at the average exchange rate of the third quarter. Equalisation
of the final dividend takes place at the average exchange rate for the full year.</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
Final dividends for 2005 are payable on 12 June 2006, subject to approval at
the AGMs. For purposes of illustration, the amounts payable in respect of NV
New York shares and PLC ADRs have been translated in the table below at rates
of exchange on 9 February 2006, which is the date on which the proposed dividends
were announced. The actual amounts payable in US dollars will be calculated by
reference to the exchange rates on the day on which the dividends are approved
(8 May 2006 in the case of NV and 9 May 2006 in the case of PLC).</font></P>
<P><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
The dividend timetable for 2006 is shown on page 189.</font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>NV
    Dividends</b></font><font color="#0070FF" size="2">&nbsp;</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp; </TD>
        <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT></TD>
        <TD align=left>

        </TD>
        <TD align=right> <FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend per &euro;0.51</FONT></TD>
        <TD width="8%" align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro;0.66</B></font></TD>
        <TD width="2%" align=right>&nbsp;
        </TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;0.63</FONT></TD>
        <TD width="2%" align=right>&nbsp;
</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.59</FONT></TD>
        <TD width="2%" align=right>&nbsp;
</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.55</FONT></TD>
        <TD width="2%" align=right>&nbsp;
</TD>
        <TD width="8%" align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.50</FONT></TD>
        <TD width="2%" align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exchange rate &#36; to &euro;1</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.1992</B></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.2784</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.1673</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.9820</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.9097</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend per &euro;0.51 (US registry)</FONT></TD>
        <TD align=right><font size="2">
    <B><font size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;</font><FONT face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">0.791472</FONT></B></font></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.805392</FONT></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.688707</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.540100</FONT></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.454850</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividend per &euro;0.51</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&euro;1.32</B></font></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1.26</FONT></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.15</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;1.15</FONT></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&euro;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.06</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final exchange rate &#36; to &euro;1</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>1.1948</B></font></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.2854</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.1857</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.1427</FONT></TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.9088</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividend per &euro;0.51 (US registry)</FONT></TD>
        <TD align=right><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>&#36;1.577136</B></font></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;1.619604</FONT></TD>
        <TD align=right>&nbsp;
</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.363555</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;1.314105</FONT></TD>
        <TD align=right>&nbsp;
        </TD>
        <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.963328</FONT></TD>
        <TD align=right>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>PLC Dividends</b></FONT></TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<B><FONT size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2005</FONT></B>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2004</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2003</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2002</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2001</FONT>
        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right><hr size="1" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend per 1.4p</FONT></TD>
        <TD width="8%" align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6.77<B>p</B></FONT></B>
        </TD>
        <TD width="2%" align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.33p</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6.16p</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5.21p</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
        <TD width="8%" align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4.65p</FONT>
        </TD>
        <TD width="2%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exchange rate &#36; to &#163;1</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.7648</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.8382</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.6910</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.5580</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.4527</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interim dividend per 5.6p</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;0.4779</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.4654</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">0.4167</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.3247</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.2702</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividend per 1.4p</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">13.54<B>p</B></FONT></B>
        </TD>
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&nbsp;
    </font></TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12.82p</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11.92p</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10.83p</FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9.89<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">p</FONT></FONT>
        </TD>
        <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final exchange rate &#36; to &#163;1</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">1.7427</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.8835</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.7722</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.6065</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1.4591</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final dividend per 5.6p</FONT></TD>
        <TD align=right>
<B><FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">&#36;0.9438</FONT></B>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.9658</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.8449</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.6959</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=right>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&#36;0.5772</FONT>
        </TD>
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right><hr size="2" noshade>
  </TD>
  <TD align=right>&nbsp;</TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>187</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p188"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>


<p><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Glossary</FONT></B></p>
<p><BR>
</p>
<P>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The following is intended to provide a general guide, particularly for United States readers, as to the meanings of various terms which may be used in this report. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=35% align=left><b><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Term used in this report</FONT></b></TD>
        <TD align=left>
<B><FONT color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">US equivalent or brief description</FONT></B></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounts</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Financial statements</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Associate</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A business which is not a subsidiary or a joint venture, but in which the Group has</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">a shareholding and exercises significant influence</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Called up share capital</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ordinary shares, issued and fully paid</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Creditors</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounts payable/Payables</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Creditors: amounts due after more than one year</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Long-term accounts payable</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Creditors: amounts due within one year</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Current accounts payable</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Debtors</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Accounts receivable/Receivables</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance lease</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital lease</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Freehold</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ownership with absolute rights in perpetuity</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Gearing</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Leverage</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Group, or consolidated, accounts</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Consolidated financial statements</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance cost</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest expense</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Finance income</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interest income</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Joint venture</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A business which is jointly controlled by the Group and one or more</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">external partners</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Nominal value</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Par value</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating margin</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating profit expressed as a percentage of turnover</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating profit</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net operating income</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income (or earnings)</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit and loss account</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Income statement</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit attributable to ordinary shareholders</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Net income attributable to ordinary stockholders</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Profit retained</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Retained earnings</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Provisions</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liabilities other than debt and specific accounts payable</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reserves</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Stockholders&#146; equity other than paid-up capital</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share capital</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capital stock or common stock</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share option</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Stock option</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share premium account</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Additional paid-in capital relating to proceeds of sale of stock in excess of par value</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">or paid-in surplus</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders&#146; equity</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Stockholders&#146; equity</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares in issue</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shares outstanding</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Statement of recognised income and expense</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Statement of comprehensive income</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Turnover</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Sales revenues</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Weighted average cost of capital</FONT></TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">The cost of equity multiplied by the market capitalisation, plus the after taxation</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">interest cost of debt multiplied by the market value of the net debt, divided by the</FONT></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">&nbsp;</font>

        </TD>
        <TD align=left>
<FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">sum of the market values of debt and equity</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>188</b></font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font></b> Annual
        Report and Accounts 2005</font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p189"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><div align="right"><b><font color="#0070FF" size=1 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Shareholder
            information</font><img src="tabgraphic.jpg" width="251" height="32"></b></div>
    </td>
  </tr>
</table>
<P><B><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial calendar and addresses</FONT></B></P>
<P>&nbsp;</P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Annual General Meetings</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width="40%" align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>NV</B></font></TD>
        <TD align=left><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">09:30 am Monday
    8 May 2006</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> Rotterdam</font></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade>
  </TD>
  <TD align=left><hr size="1" noshade>
  </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>PLC</B></font></TD>
        <TD align=left><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11:00 am Tuesday
    9 May 2006</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> London</font></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade>
  </TD>
  <TD align=left><hr size="2" noshade>
  </TD>
</TR>
</TABLE>
<font size="2"><BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Announcements of results</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    First Quarter</font></TD>
        <TD width="15%" align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    4 May 2006</font></TD>
        <TD width="10%" align=left><font size="2">&nbsp; </font></TD>
        <TD width="30%" align=left><font size="2"> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Third
    Quarter</font> &nbsp; &nbsp;</font></TD>
        <TD width="15%" align=right><font size="2">
    &nbsp;<font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 </font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">November
    2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    First Half Year</font></TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3 August 2006</font></TD>
        <TD align=left><font size="2">&nbsp; </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Final
            for Year</font>

        </TD>
        <TD align=right><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    8 February 2007</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
</font>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Dividends
    on ordinary capital</b></font></td>
  </tr>
  <tr>
    <td><hr size="1" noshade></td>
  </tr>
  <tr>
    <td><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Final
    for 2005</b></font></td>
  </tr>
  <tr>
    <td><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      <p>Announced 9 February 2006 and to be declared 8 May 2006 (NV) and 9 May
        2006 (PLC).</p>
    </font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Ex-dividend</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Record</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Payment</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> 2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">June</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">June</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV &#150; New York Shares</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">June</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC &#150; American Depositary Receipts</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">17</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">19</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">May</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">12</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">June</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Interim for 2006</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    To be announced 02 November 2006.</font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Ex-dividend</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Record</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Payment</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV</font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NV &#150; New York Shares</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3 November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PLC &#150; American Depositary Receipts</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">November</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Preferential
    dividends - NV</b></font></TD>
  <TD align=left>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Ex-dividend</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Record</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Payment</font></TD>
</TR>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left><font size="1">&nbsp;</font>

        </TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Announced</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
        <TD align=right><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    date</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
  <TD align=right><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD width="3%" align=left><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Cumulative Preference</font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 December</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD width="15%" align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 January</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2007</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Cumulative Preference</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 September</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 September</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 September</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 October</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</font><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">%</FONT></font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Cumulative Preference</font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 September</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">11 September</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8 September</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
        <TD align=right><font size="2">
    <font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2 October</font> <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2006</FONT></font></TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
  <TD align=right><hr size="2" noshade></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">
    <B>Contact details</B></font></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

        </TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Rotterdam</font></TD>
        <TD width="30%" align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    London</font></TD>
        <TD width="30%" align=left><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    New York</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
  <TD align=left><hr size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unilever N.V.</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unilever PLC
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Unilever United States, Inc.
        </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Corporate Relations Department</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Corporate Relations Department
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Investor Relations Department
        </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Weena 455, PO Box 760</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    PO Box 68, Unilever House
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    700 Sylvan Avenue, Englewood Cliffs
        </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    3000 DK Rotterdam</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Blackfriars, London EC4P 4BQ
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    NJ 07632
        </font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Telephone +31 (0)10 217 4000</font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Telephone +44 (0)20 7822 5252
        </font></TD>
        <TD align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
    Telephone +1 (0)201 894 2806
        </font></TD>
  </TR>
<TR valign="bottom">
        <TD align=left><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telefax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">+31
    (0)10 217 4798</font></font></TD>
        <TD align=left><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telefax</FONT><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ </font><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0)20
    7822 6191</font></font></TD>
        <TD align=left><font size="2">
    <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telefax</FONT><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+</font> <font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">1</font><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"> (0)201
    894 2222</font></font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font size="2" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Any
      queries
can also be sent to us electronically via www.unilever.com/resources/contactus.asp.</font></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
  <TD align=left><hr size="2" noshade></TD>
</TR>
</TABLE>
<P>&nbsp;</P>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
          Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>189</b></font></td>
  </tr>
</table>
<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page>
<p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>
<div style="float: left; width: 48%">
<p><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p190"></a><b>Website</b></FONT></p>
<p>&nbsp;</p>
<P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Shareholders
    are encouraged to visit our website <font color="#0070FF">www.unilever.com</font>, which has a wealth of
    information about Unilever.</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">There is
    a section designed specifically for investors at <font color="#0070FF">www.unilever.com/investorcentre</font>.
    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 conference and investor/analyst
    presentations.</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">You can
    also view this year&#146;s and prior years&#146; Annual Review and Annual
    Report and Accounts documents at <font color="#0070FF">www.unilever.com/investorcentre</font>.</FONT></P>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">PLC shareholders
    can elect not to receive paper copies of the Annual Review, the Annual Report
    and Accounts and other shareholder documents by registering at <font color="#0070FF">www.unilever.com/shareholderservices</font>    if they prefer to view these on our website.</FONT></P>
  <FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p190a"></a><b>Publications</b></FONT><BR>
  <P> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Copies of
    the following publications can be accessed directly or ordered through <font color="#0070FF">www.unilever.com/investorcentre</font><font color="#000000"> or </font><font color="#0070FF">www.unilever.nl/onsbedrijf/beleggers</FONT>.</FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Unilever
        Annual Review 2005</b></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Including
    Summary Financial Statement. Available in English or Dutch, with financial
  information in euros, pounds sterling and US dollars.</FONT></P>
  <P> <font size="2"><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Unilever
    Annual Report and Accounts 2005</b></FONT></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Available
    in English or Dutch, with figures in euros. It forms the basis for the Form
    20-F that is filed with the United States Securities and Exchange Commission.
  </FONT></P>
  <P> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Quarterly
      Results Announcements</b></font><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Available
    in English or Dutch, with figures in euros; supplements in English, with pounds
  sterling or US dollar figures, are also available.</FONT></P>
</div>
<div style="float: right; width: 48%">
  <P> <FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><a name="p190b"></a><b>Share
    registration</b></FONT></P>
  <P>&nbsp;</P>
  <P> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>The
    Netherlands</b></FONT><br>
  <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">N.V. Algemeen
  Nederlands Trustkantoor ANT<br>
  PO Box 11063<br>
  1001 GB Amsterdam</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="20%" align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telephone</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">+</FONT><font size="2">&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31
      </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0)</FONT><font size="2">&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">20
      </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">522
      2555 </FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telefax</FONT></TD>
    <TD align=left> <font size="2"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">+</FONT>
      <FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31 </FONT></font><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0)
      </FONT><font size="2"><FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
      20 </FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">522
      2500</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">e-mail</FONT></TD>
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">registers@ant-trust.nl</FONT><font size="2">&nbsp;</FONT></TD>
  </TR>
</TABLE>
<BR>
<P>
<FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>UK</b><br>
</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Computershare
    Investor Services PLC<br>
    PO Box 82<br>
    The Pavilions <br>
    Bridgwater Road<br>
  Bristol BS99 7NH</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=20% align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telephone</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">+</FONT>
      <font size="2">&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT></font>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0)</FONT>
      <font size="2">&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">870</FONT></font>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">600</FONT>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3977</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Telefax</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">+</FONT>
      <font size="2">&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44</FONT></font>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0)</FONT>
      <font size="2">&nbsp;<FONT face="FrutigerLT-Light,Arial,Helvetica,sans-serif">870</FONT></font>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">703</FONT>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6119</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Website</FONT></TD>
      <TD align=left><FONT color="#000000" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">www.unilever.com/shareholderservices</FONT></TD>
  </TR>
</TABLE>
<BR>
  <P> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>USA</b></FONT><br>
    <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Citibank Shareholder
  Services<br>
  PO Box 43077<br>
  Providence &nbsp;&nbsp;RI 02940-3077</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=205 align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Toll
      free phone (inside US)</FONT></TD>
    <TD align=left><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">888
      502 6356</FONT> <font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Toll
      phone (outside US)</FONT></TD>
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">+1</FONT>
      <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">(0)816 843
      4281</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Website</FONT></TD>
      <TD align=left><FONT color="#000000" size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">www.citibank.com/adr</FONT><font color="#000000">
        <font size="2">&nbsp;</FONT></font></TD>
  </TR>
</TABLE>
</div><br clear="all">
<P>&nbsp;</P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">190</font></td>
    <td><font size="1" face="FrutigerLT-Light,Arial,Helvetica,sans-serif"><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever</font>
      Annual Report and Accounts 2005</font></td>
  </tr>
</table>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"></div><page><a name="p191"></a><p><a href="#contentsg"><font size="2">Back to Contents</font></a></p>


<p><FONT color="#0070FF" size=4 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Cross
  reference to Form 20-F</b></FONT></p>
<p>&nbsp;</p>
<div style="float: left; width: 48%">
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="top">
    <TD colspan=2> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>PART
      I</b></font></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
      <TD width=8%> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>1</b></FONT><b>
        </b><font size="2">&nbsp;</FONT><font size="2">&nbsp;</FONT></TD>
    <TD><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Identity
      of directors, senior management</b></font><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b> and
      advisers</b></font></TD>
    <TD width="32%" align=right valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b><FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">2</FONT></b></TD>
    <TD><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Offer
      statistics and expected timetable</b></font></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">3</FONT></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Key
      information</font></b></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Selected
      financial data</FONT></TD>
    <TD align=right><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">124,
      152-156, 188</font></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Capitalization
      and indebtedness</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">C</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Reasons
      for the offer and use of proceeds</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">3</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">D</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Risk
      factors</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">31-32</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b><font color="#0070FF"> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">4</FONT>
          <font size="2">&nbsp;</FONT></font></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Information
      on the company</font></b></TD>
    <TD align=left><font color="#0070FF" size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">History
      and development of</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4,
      10-14, 34, 188</FONT></TD>
  </TR>
  <TR valign="top">
    <TD><font size="2">&nbsp;</font> <font size="2">&nbsp;</FONT></TD>
    <TD><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">the company</FONT></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Business
      overview</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10-14,
      26-30</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">C</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Organisational
      structure</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34-40,
      167-168</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">D</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Property,
      plant and equipment</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">14</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif" color="#0070FF"><b>4A</b></FONT></TD>
    <TD><b><font size="2" color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unresolved
      staff comments</font></b></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b><font color="#0070FF"> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">5</FONT>
          <font size="2">&nbsp;</FONT></font></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Operating
      and financial review and prospects</font></b></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Operating
      results</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16-30</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Liquidity
      and capital resources</FONT></TD>
    <TD align=right><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16-25,
      74, 105-114</font></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">C</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Research
      and development, patents and</FONT></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD><font size="2">&nbsp;</font> <font size="2">&nbsp;</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">licences,
      etc.</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10-14,
      26-30, 93</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">D</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Trend
      information</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5-7,
      16-30</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">E</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Off balance
      sheet arrangements</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">24,
      110-113</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">F</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Tabular
      disclosure of contractual obligations</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">23-24</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">5</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">G</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Safe
      harbour</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">4</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b><font color="#0070FF"> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">6</FONT>
          <font size="2">&nbsp;</FONT></font></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Directors,
      senior management and employees</font></b></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Directors
      and senior management</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34-50</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Compensation</FONT></TD>
    <TD align=right><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">53-69,
      114-122, 132-143</font></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">C</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Board
      practices</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34-50,
      52-69</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">D</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Employees</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10-11</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">6</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">E</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Share
      ownership</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">53-69,
      132-141</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">7</FONT>
        <font size="2">&nbsp;</FONT></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Major
      shareholders and related party transactions</font></b></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Major
      shareholders</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">44,
      180</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Related
      party transactions</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">13,
      142</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">7</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">C</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Interests
      of experts and counsel</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
      <TD><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">8</FONT><font color="#0070FF">&nbsp;</font>
          <font size="2">&nbsp;</FONT></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
      information</font></b></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Consolidated
      statements</FONT></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD><font size="2">&nbsp;</font> <font size="2">&nbsp;</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">and other
      financial information</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">78-166,
      186</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">8</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Significant
      changes</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">25,
      143</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><b><font color="#0070FF"> <FONT size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">9</FONT>
          <font size="2">&nbsp;</FONT></font></b></TD>
    <TD><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">The
      offer and listing</font></b></TD>
    <TD align=left><font size="2">&nbsp;</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">A</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Offer
      and listing details</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">182-183</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Plan
      of distribution</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">C</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Markets</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">2,
      182-183</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">D</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Selling
      shareholders</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">E</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dilution</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
  <TR valign="top">
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">9</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">F</FONT></TD>
    <TD> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Expenses
      of the issue</FONT></TD>
    <TD align=right> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
  </TR>
</TABLE>
</div>
<div style="float: right; width: 48%">
  <TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
    <TR>
      <TD width=8% align=left valign="top"> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>10</b></FONT></TD>
      <TD align=left valign="top"><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Additional
        information</b></font></TD>
      <TD align=left valign="top"><font size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10A</FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">
        Share capital</font></TD>
      <TD width="32%" align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Memorandum
           and articles of association</FONT></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34-44,
        124-125, 173</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10C
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Material
        contracts</font></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34,
        41-43</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10D
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exchange
        controls</font></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">182</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">E</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Taxation</FONT></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">184-185</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">F</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Dividends
        and paying agents</FONT></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10G
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Statement
        by experts</font></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10H
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Documents
        on display</font></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">161</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">10</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">I</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Subsidiary
        information</FONT></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>11</b></FONT><font size="2">&nbsp;</font> <font size="2">&nbsp;</FONT></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Quantitative
        and qualitative disclosures about </font></b><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">market
        risk</font></b></TD>
      <TD align=right valign="bottom"><font size="2">&nbsp;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">32,
      86-87, 105-113</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=right valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">12</FONT></b></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Description
        of securities other than equity securities</font></b></TD>
      <TD align=right valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD colspan=2 align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan=2 align=left valign="bottom"><b> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PART
        II</font></b></TD>
      <TD align=left valign="top"><font size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=right valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>13</b></FONT></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Defaults,
        dividend arrearages and delinquencies</font></b></TD>
      <TD align=right valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>14</b></FONT><font size="2">&nbsp;</font> <font size="2">&nbsp;</FONT></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Material
        modifications to the rights of security </font></b><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">holders
        and use of proceeds</font></b></TD>
      <TD align=right valign="bottom"><font size="2">&nbsp;</FONT> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=right valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>15</b></font></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Controls
        and procedures</font></b></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">74</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"> <b>16</b></font></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Reserved</font></b></TD>
      <TD align=left valign="top"><font size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16A
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Audit
        Committee financial expert</font></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">39</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">B</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Code
        of Ethics</FONT></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">34,
        47-48</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16C
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Principal
        accountant fees and services</font></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">70-71,
        93</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16D
        </FONT></TD>
      <TD align=left valign="top"><font size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Exemptions
        from the Listing Standards for</font></TD>
      <TD align=left valign="top"><font size="2">&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><font size="2">&nbsp;</font> <font size="2">&nbsp;</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Audit
        Committees</FONT></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD valign="top"><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">16</FONT><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">E</FONT></TD>
      <TD align=left valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Purchases
          of equity securities by the issuer and affiliated
        purchasers</FONT></TD>
      <TD align=right valign="bottom"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">181</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD colspan="3" align=left valign="bottom"><b> <font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">PART
        III</font><font size="2">&nbsp;</FONT></b></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=right valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="bottom"><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">17</FONT></b></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        statements</font></b></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">n/a</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=right valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">18</FONT></b></TD>
      <TD align=left valign="top"><b><font color="#0070FF" size="2" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Financial
        statements</font></b></TD>
      <TD align=right valign="top"> <FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">78-151,
        157-166</FONT></TD>
    </TR>
    <TR>
      <TD align=left valign="bottom">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
      <TD align=left valign="top">&nbsp;</TD>
    </TR>
    <TR>
      <TD align=left valign="top"><b> <FONT color="#0070FF" size=2 face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">19</FONT></b></TD>
      <TD align=left valign="top"> <font size="2"><FONT color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif"><b>Exhibits</b></FONT><font color="#000000" face="FrutigerLT-Light,Arial,Helvetica,sans-serif">*</font></font></TD>
      <TD align=left valign="top"><font size="2">&nbsp;</FONT></TD>
    </TR>
  </TABLE>
<P>&nbsp;</P>
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">*Filed with the United States Securities and Exchange Commission.</FONT></P>
<P><FONT size=2 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Unilever&#146;s
    agent in the United States is Mr R Soiefer, Senior Vice-President, General
    Counsel and Secretary, Unilever United States, Inc., 700 Sylvan Avenue, Englewood
    Cliffs, NJ 07632.</FONT></P>
</div><br clear="all">
<p>&nbsp;</p>
<table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr align="right">
    <td><font size="1"><b><font color="#0070FF" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">Unilever
      </font></b><font face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Annual
      Report and Accounts 2005</font></font></td>
    <td width="5%"><font size="1" face="FrutigerLT-Bold,Arial,Helvetica,sans-serif">191</font></td>
  </tr>
</table>
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    <td width="10%">&nbsp;</td>
    <td><font size=1 face="FrutigerLT-Light,Arial,Helvetica,sans-serif">Designed
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Photography by Igor Emmerich<br>
Typeset by Pauffley, London<br>
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<p>&nbsp;</p>
<div style="float: left; width: 48%">
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
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  <p><font color="#0070FF" size="2" face="Frutiger-Bold,Arial,Helvetica,sans-serif"><b>Unilever
       N.</b></font><b> <FONT color="#0070FF" size=2 face="Frutiger-Bold,Arial,Helvetica,sans-serif">V.</FONT></b><FONT color="#0070FF" size=2 face="Frutiger-Bold,Arial,Helvetica,sans-serif"><br>
    </FONT><font color="#0070FF" size="2"><font color="#0070FF" size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">Weena
    455, PO Box 760</font><br>
    <FONT face="Frutiger-Light,Arial,Helvetica,sans-serif">3000
    DK Rotterdam<br>
    The Netherlands<br>
    </FONT></font><FONT color="#0070FF" size=2 face="Frutiger-Bold,Arial,Helvetica,sans-serif">
    </FONT><font color="#0070FF" size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">T&nbsp;&nbsp;+31
    (0)10 217 4000<br>
F&nbsp;&nbsp;+31 (0)10 217 4798</font></p>
  <p><FONT color="#0070FF" size=2 face="Frutiger-Light,Arial,Helvetica,sans-serif"><b>Unilever
      PLC</b><br>
PO Box 68, Unilever House<br>
Blackfriars, London EC4P 4BQ<br>
</FONT><font color="#0070FF" size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">United
Kingdom<br>
T&nbsp;&nbsp;+44 (0)20 7822 5252<br>
F&nbsp;&nbsp;+44 (0)20 7822 5951</font></p>
  <p><FONT color="#0070FF" size=2 face="Frutiger-Bold,Arial,Helvetica,sans-serif"><b>Unilever
    PLC registered office</b><br>
    Unilever PLC<br>
    <FONT face="Frutiger-Light,Arial,Helvetica,sans-serif">Port Sunlight</FONT><br>
    </FONT><FONT color="#0070FF" size=2 face="Frutiger-Light,Arial,Helvetica,sans-serif">Wirral
    <br>
    </FONT><font color="#0070FF" size="2" face="Frutiger-Light,Arial,Helvetica,sans-serif">Merseyside
    CH62 4ZD<br>
United Kingdom </font></p>
  <p>&nbsp;</p>
  <p><FONT color="#0070FF" size=4 face="Frutiger-Bold,Arial,Helvetica,sans-serif"><b>www.unilever.com</b></FONT></p>
</div>
<div style="float: right; width: 48%">
  <p><img src="b823372x196x1.jpg" width="100%" border=0></p>
</div><br clear="all">
<hr noshade align="center" width="100%" size="2">




<font face="serif"><a name="p??"></a> </font>
<p><font size="2" face="serif"><a href="#contents">Back to Contents</a></font></p>
<P><font size="2" face="serif"> <B>SIGNATURES</B></font></P>
<P><font size="2" face="serif"> 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. </font></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2" face="serif">Unilever N.V.</font></td>
  </tr>
  <tr>
    <td><hr align="left" width="80" size="1" noshade>
    </td>
  </tr>
  <tr>
    <td><font size="2" face="serif">(Registrant)</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="serif">/s/ J A A van der Bijl</font></td>
  </tr>
  <tr>
    <td><hr align="left" width="200" size="1" noshade>
    </td>
  </tr>
  <tr>
    <td><font size="2" face="serif">(Signature)</font></td>
  </tr>
  <tr>
    <td><font size="2" face="serif">J A A van der Bijl, Joint Secretary</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2" face="serif"> Date: 29 March 2006 </font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
  </tr>
</table>
<HR noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<font face="serif"><a name="exhibits"></a>
<p><font size="2" face="serif"><a href="#contents">Back to Contents</a></font></p>
<P><font size="2" face="serif">
Item 19. Exhibits </font></P>
<P><font size="2" face="serif">
Exhibit Number Description of Exhibit </font></P>
</font>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="4%" valign=top><a href="b823372ex1-1.htm"><font size="2" face="serif">
    1.1	</font></a></TD>
	<TD><a href="b823372ex1-1.htm"><font size="2" face="serif">
    Articles of Association of Unilever NV, as amended	</font></a></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><font size="2" face="serif">
    2.1	</font></TD>
	<TD><font size="2" face="serif">
    Indenture dated as of August 1, 2000, among Unilever Capital Corporation,
    Unilever N.V., Unilever PLC, Unilever United States, Inc. and The Bank of
    New York, as Trustee, relating to Guaranteed Debt Securities <SUP>1</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><font size="2" face="serif">
    2.2	</font></TD>
	<TD><font size="2" face="serif">
    Trust Deed dated as of July 22, 1994, among Unilever N.V., Unilever PLC,
    Unilever Capital Corporation, Unilever United States, Inc. and The Law Debenture
    Trust Corporation p.l.c., relating to Guaranteed Debt Securities <SUP>2</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=bottom><font size="2" face="serif">
    4.1	</font></TD>
	<TD><font size="2" face="serif">
    Equalisation Agreement between Unilever N.V. and Unilever PLC <SUP>3</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><a href="b823372ex4-2.htm#ex4.2"><font size="2" face="serif">
    4.2	</font></a></TD>
	<TD><a href="b823372ex4-2.htm#ex4.2"><font size="2" face="serif">
    Service Contracts of the Executive Directors of Unilever NV	</font></a></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><a href="b823372ex4-3.htm"><font size="2" face="serif">
    4.3	</font></a></TD>
	<TD><a href="b823372ex4-3.htm"><font size="2" face="serif">
    Letters regarding compensation of Executive Directors of Unilever NV	</font></a></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=bottom><font size="2" face="serif">
    4.4	</font></TD>
	<TD><font size="2" face="serif">
    Unilever North America 2002 Omnibus Equity Compensation Plan <SUP>4</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=bottom><font size="2" face="serif">
    4.5	</font></TD>
	<TD><font size="2" face="serif">
    The Unilever NV International 1997 Executive Share Option Scheme <SUP>5</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=bottom><font size="2" face="serif">
    4.6	</font></TD>
	<TD><font size="2" face="serif">
    The Unilever Long Term Incentive Plan <SUP>6</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=bottom><font size="2" face="serif">
    7.1	</font></TD>
	<TD><font size="2" face="serif">
    Computation of Ratio of earnings to fixed charges and Return on invested
    capital <SUP>7</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=bottom><font size="2" face="serif">
    8.1	</font></TD>
	<TD><font size="2" face="serif">
    List of Subsidiaries <SUP>8</SUP>	</font></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><a href="b823372ex10-1.htm#ex10.1"><font size="2" face="serif">
    10.1	</font></a></TD>
	<TD><a href="b823372ex10-1.htm#ex10.1"><font size="2" face="serif">
    Consent of PricewaterhouseCoopers Accountants N.V. and PricewaterhouseCoopers
    LLP	</font></a></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><a href="b823372ex12-1.htm"><font size="2" face="serif">
    12.1	</font></a></TD>
	<TD><a href="b823372ex12-1.htm"><font size="2" face="serif">
    Certifications of the Group Chief Executive and Financial Director/Chief
    Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></a></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD valign=top><a href="b823372ex13-1.htm"><font size="2" face="serif">
    13.1	</font></a></TD>
	<TD><a href="b823372ex13-1.htm"><font size="2" face="serif">
    Certifications of the Group Chief Executive and Financial Director/Chief
    Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></a></TD>
</TR></TABLE>
<P><font size="2" face="serif">
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. </font></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="3%" valign=top><font size="2" face="serif">
    1	</font></TD>
	<TD><font size="2" face="serif">
    Incorporated by reference to the Form 6-K furnished to the SEC on October
    23, 2000.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    2	</font></TD>
	<TD><font size="2" face="serif">
    Incorporated by reference to Exhibit 2.2 of Form 20-F filed with the SEC
    on March 28, 2002.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    3	</font></TD>
	<TD><font size="2" face="serif">
    Incorporated by reference to Exhibit 4.1 of Form 20-F filed with the SEC
    on March 27, 2003.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    4	</font></TD>
	<TD><font size="2" face="serif">
    Incorporated by reference to Exhibit 99.1 of Form S-8 filed with the SEC
    on February 27, 2003.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    5	</font></TD>
	<TD><font size="2" face="serif">
    Incorporated by reference to Exhibit 4.5 of Form 20-F filed with the SEC
    on March 28, 2002.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    6	</font></TD>
	<TD><font size="2" face="serif">
    Incorporated by reference to Exhibit 4.7 of Form 20-F filed with the SEC
    on March 28, 2002.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    7	</font></TD>
	<TD><font size="2" face="serif">
    The required information is set forth on page 152 of the Annual Report and
    Accounts on Form 20-F.	</font></TD>
</TR>
<TR>
	<TD valign=top><font size="2" face="serif">
    8	</font></TD>
	<TD><font size="2" face="serif">
    The required information is set forth on pages 167-168 of the Annual Report
    and Accounts on Form 20-F.	</font></TD>
</TR>
</TABLE>

<HR noshade align="center" width="100%" size="2">

</body>

</html>
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{"company-data": {"conformed-name": "UNILEVER N V", "cik": "0000110390", "assigned-sic": "2000", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-04547", "film-number": "06717599"}, "business-address": {"street1": "WEENA 455", "street2": "3013 AL ROTTERDAM", "city": "THE NETHERLANDS", "state": "P7", "zip": "NONE", "phone": "201-894-2790"}, "mail-address": {"street1": "C/O UNILEVER UNITED STATES INC", "street2": "700 SYLVAN AVENUE (ATTN.:  M MONTAGNINO)", "city": "ENGLEWOOD CLIFFS", "state": "NJ", "zip": "07632"}}
Prepared and filed by St Ives Financial
As
filed with the Securities and Exchange Commission on March 29, 2006
UNITED
          STATES
SECURITIES
          AND EXCHANGE COMMISSION
WASHINGTON,
          D.C. 20549
FORM
          20-F
(Mark
          One)
REGISTRATION
          STATEMENT PURSUANT TO SECTION 12(b)
OR 12(g)
          OF THE SECURITIES EXCHANGE ACT OF 1934
OR
ANNUAL
          REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
          SECURITIES EXCHANGE ACT OF 1934
For
        the fiscal year ended 31 DECEMBER 2005
OR
TRANSITION
          REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
          SECURITIES EXCHANGE ACT OF 1934
For
        the transition period from ______________ to ______________
Commission file
    number 1-4547
UNILEVER N.V.
(Exact name
    of Registrant as specified in its charter)
THE NETHERLANDS
(Jurisdiction
    of incorporation or organization)
WEENA 455, 3013
      AL, ROTTERDAM, THE NETHERLANDS
(Address
        of principal executive offices)
Securities
        registered or to be registered pursuant to Section 12(b) of the Act:
Title
        of each class
Name
        of each exchange on which
registered
Ordinary
        shares of the nominal amount of 0.51 euro (€0.51) each*
New
          York Stock Exchange
Securities
    registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title
      of class)
Securities
    for which there is a reporting obligation pursuant to Section 15(d) of the
    Act:
None
(Title
      of class)
The
        total number of outstanding shares of the Registrant's capital at
        the close of the period covered by
the
        Annual Report was 571 575 900 ordinary shares
Indicate
        by check mark whether the Registrant (1) has filed all reports required
        to be filed by Section 13
of
        15(d) of the Securities Exchange Act of 1934 during the preceding 12
        months (or 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 which financial statement item the Registrant has elected
        to follow.
Item
          17
Item
        18
* For
        Unilever N.V. share capital, the euro amounts shown above and in the
        Unilever Annual Report and Accounts 2005 on Form 20-F and other official
        documents are representations in euros on the basis of Article 67c of
        Book 2 of the Civil Code in the Netherlands, rounded to two decimal places,
        of underlying share capital in Dutch guilders, which have not been converted
        into euros in Unilever N.V.'s Articles of Association. Until conversion
        formally takes place by amendment of the Articles of Association the
        entitlements to dividends and voting rights are based on the underlying
        Dutch guilder amounts.
Back to Contents
Back to Contents
Our corporate purpose
Unilever's mission is to add vitality to life. We meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of
life.
Our deep roots in local cultures and markets around the world give us our strong relationship with consumers and are the foundation for our future growth. We will bring our wealth of
knowledge and international expertise to the service of local consumers – a truly multi-local multinational.
Our long-term success requires a total commitment to exceptional standards of performance and productivity, to working together effectively, and to a willingness to embrace new ideas
and learn continuously.
To succeed also requires, we believe, the highest standards of corporate behaviour towards everyone we work with, the communities we touch, and the environment on which we have an
impact.
This is our road to sustainable, profitable growth, creating long-term value for our shareholders, our people, and our business partners.
Back to Contents
Contents
Report
    of the Directors
03
Financial statements
73
Shareholder
    information
179
Unilever
Annual
          Report and Accounts 2005
01
Back to Contents
At a glance
Turnover
(€ million)
Continuing
operations
Operating
            profit
(€ million)
Continuing
operations
Europe
The
        Americas
Asia
        Africa
Europe
The
        Americas
Asia
    Africa
Earnings
per share and dividends
(a)
2005
2004
Per
          Ordinary €0.51
share of
Unilever N.V. (€)
(b)
Per
          Ordinary 1.4p share
of
Unilever PLC
(€ cents)
Per
          Ordinary 1.4p share
of
Unilever PLC
(pence)
Per €0.51
        New York share of
Unilever N.V.
($)
(b)
Per 5.6p American
        Depositary Receipt of
Unilever PLC
($)
(a)
Earnings per
share are stated on a total operations basis. Dividend figures for each year
comprise dividends declared or proposed for that year. Under International Financial
Reporting Standards (IFRSs), dividends are only recorded against the year in
which they become payable. For further information please refer to note 35 on
page 145.
(b)
For Unilever N.V. share capital, the euro amounts shown above and elsewhere in this document are representations in euros on the basis of Article 67c of Book 2 of the Civil Code in the
Netherlands, rounded to two decimal places, of underlying share capital in Dutch guilders, which have not been converted into euros in Unilever N.V.'s Articles of Association. Until conversion formally takes place by amendment of the Articles
of Association, the entitlements to dividends and voting rights are based on the euro equivalent of the underlying Dutch guilder according to the official euro exchange rate. The term 'shares' as used in this document should, with respect
to shares issued by Unilever N.V., be construed to include depositary receipts for shares issued by Stichting Administratiekantoor Unilever N.V., unless the context otherwise requires or unless it is clear from the nature of the notification that
this is not the case. For further information please refer to page 44.
(c)
Rounded to two decimal places.
(d)
Actual dividends payable for 2005 on Unilever N.V. New York shares and American Depositary Receipts of Unilever PLC may differ from those shown above, which include final dividend
values calculated using the rates of exchange ruling on 8 February 2006 (€1.00 = $1.1948, £1.00 = $1.7427).
02
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report of the Directors
General information
04
Chairman's foreword
05
Group Chief Executive
06
About Unilever
09
Financial and operating reviews
15
Risk management
31
Corporate governance
33
Reports of Board committees
51
Unilever
Annual
          Report and Accounts 2005
03
Back to Contents
General information
The Unilever Group
Unilever
N.V. (NV) is a public limited company registered in the Netherlands, which has
listings of shares or certificates (depositary receipts) of NV on the stock exchanges
in
Amsterdam, New York, Frankfurt and Zürich.
Unilever PLC (PLC) is a public limited company registered in England which has
shares listed on the London Stock Exchange and, as American Depositary Receipts,
on the New York Stock
Exchange.
The two parent companies, NV and PLC, together with their group companies, operate
as a single economic entity (the Unilever Group, also referred to as Unilever
or the Group). NV and PLC and their group companies constitute a single reporting
entity for the purposes of presenting consolidated accounts. Accordingly, the
accounts of the Unilever Group are presented by both NV and PLC as their respective
consolidated
accounts.
Publications
This
publication is produced in both Dutch and English and comprises the full Annual
Report and Accounts for 2005 of the Unilever Group. This document complies with
Netherlands and United Kingdom regulations. It also forms the basis of the NV
and PLC Annual Reports on Form 20-F to the Securities and Exchange Commission
in the United States for the year ended 31 December 2005, and cross references
to Form 20-F are set out on page 191. It is made available to all shareholders
who request or elect to receive it, and on our website at
www.unilever.com/investorcentre.
The separate publication, 'Unilever
Annual Review 2005', containing a Summary Financial Statement with figures
expressed in euros, with translations into pounds sterling and US dollars, is
also published in Dutch and English. It is a short form document that is prepared
in accordance with the United Kingdom regulations for Summary Financial Statements.
The Unilever Annual Review 2005 is mailed to all registered shareholders and
to other shareholders who are either entitled or have asked to receive it, and
is also made available on the website at
www.unilever.com/investorcentre.
Accounting standards
With
effect from 1 January 2005, Unilever adopted International Financial Reporting
Standards (IFRSs) as adopted by the EU, with a transition date of 1 January 2004.
For further details of this change please refer to note 35 on page 144. For Unilever,
there are currently no differences between IFRSs as issued by the International
Accounting Standards Board (IASB) and IFRSs as adopted by the EU, and therefore
no reconciliation is
presented.
Reporting currency and exchange rates
Details
of key exchange rates used in preparation of these accounts are given on page
156, together with Noon Buying Rates in New York for the equivalent dates.
Basis of discussion and analysis
In
parts of this document, notably the Group Chief Executive's discussion on
pages 6 and 7 and the review of operations by region on pages 26 to 28, discussion
of performance is based on constant rates of exchange. This removes the impact
of currency movements on translation into euros, and more clearly portrays the
underlying performance of the operations themselves. The constant rate used is
the annual average rate for the prior year. The year-on-year trend in euros is
the same as that which would arise if the results were shown in sterling or US
dollars at constant exchange
rates.
€
is used in this report to denote amounts in euros.
£
and
p
are used in this report to denote amounts in pounds sterling and pence respectively.
Fl.
is used in this report to denote amounts in Dutch guilders.
$
is used in this report to denote amounts in United States dollars, except where specifically stated
otherwise.
The brand names shown in
italics
in this report are trademarks owned by or licensed to companies within the Unilever Group.
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. Words such as 'expects', 'anticipates', 'intends' 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. These forward-looking statements are based upon current expectations
and assumptions regarding anticipated developments and other factors affecting
the Group. They are not historical facts, nor are they guarantees of future performance.
Because these forward-looking statements involve risks and uncertainties, there
are important factors that could cause actual results to differ materially from
those expressed or implied by these forward-looking statements, including, among
others, competitive pricing and activities, consumption levels, costs, the ability
to maintain and manage key customer relationships and supply chain sources, currency
values, interest rates, the ability to integrate acquisitions and complete planned
divestitures, physical risks, environmental risks, the ability to manage regulatory,
tax and legal matters and resolve pending matters within current estimates, legislative,
fiscal and regulatory developments, political, economic and social conditions
in the geographic markets where the Group operates and new or changed priorities
of the Boards. Further details of potential risks and uncertainties affecting
the Group are described in the Group's filings with the London Stock Exchange,
Euronext Amsterdam and the US Securities and Exchange Commission, including the
Annual Report and Accounts on Form 20-F. These 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.
04
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Chairman's foreword
2005 was the first year when Patrick and I worked together as respectively Group Chief Executive and Chairman. I've been delighted with how successfully our combination has
developed.
I'd like to congratulate Patrick and his Executive, as well as all the staff
at Unilever, for the progress made during the year. Although there is still work
to do to release the full growth potential of our powerful portfolio of brands,
the business has stabilised its aggregate market share, a key objective in 2005.
To ensure the business has the best structure and governance processes to deliver
long-term shareholder value in the top third of our peer group, I set myself
three objectives at the
start of last year. These were reviewing Unilever's dual NV/PLC structure,
evaluating its corporate governance procedures and preparing for a series of
Board departures over the next couple of years.
Dual structure strengths
The
review of Unilever's structure, which I led with the support of two Non-Executive
Directors, as well as a team of leading independent financial and legal advisers,
involved
over six months of hard work. As one independent adviser commented: "It
was one of the most exhaustive and thorough reviews that I have seen undertaken".
Three important principles guided the review. First, Unilever's commercial
operations should be advanced and not prejudiced by any change. Second, any change
should have tangible benefits for shareholders. Lastly, any change should improve
transparency and flexibility. These principles were designed to ensure that any
resulting structure serves the best interests of both the business and our shareholders.
Based on these criteria and an in-depth analysis, the Boards unanimously concluded
that Unilever's current dual structure, with some important changes, meets
the needs of the business for the foreseeable future. While this conclusion might
seem somewhat unexpected in an age of constant change, it is totally consistent
with the review's three guiding principles. The current structure has been
and still serves as a framework by which we can benefit from the best of many
cultures and influences.
Moving to a unitary structure would not only be costly and disruptive to the
business but in our case would not yield the material advantages to justify it.
As a result of changes made to our Boards and leadership structures at the beginning
of 2005, Unilever already has operational and governance unity, with a single
Chairman, a single Board with a majority of Non-Executive Directors, a single
Group Chief Executive and one Executive team. The current structure does not
hinder the operation of the business, its decision-making ability or organisational
efficiency. Unilever might also in moving to a unitary structure lose some of
the fiscal flexibility that it has under
its dual structure.
Changes
This
does not mean, of course, that we cannot improve our existing arrangements. The
Boards will be proposing to shareholders at the May 2006 AGMs three changes to
enhance balance sheet and capital structure flexibility, as well as strengthen
elements of its corporate governance.
These include adapting Unilever's constitutional arrangements to allow greater
flexibility for allocating assets between both parent companies. This will ensure
that the Group continues to be able to return capital to shareholders and pay
dividends in the most efficient manner. To simplify the relationship between
our NV and PLC shares, and provide greater transparency, we also propose establishing
a one-to-one
equivalence in their underlying value by
splitting the NV shares and consolidating the PLC shares. Finally, we intend
to allow shareholders the right to nominate candidates to the Boards, taking
into account the need to ensure the unity of management. Details of all these
changes are set out in the Notices convening the AGMs.
Board succession
As
I mentioned earlier, one of my objectives was to prepare for Board succession.
Three Non-Executive Directors will be retiring in 2006 – Bertrand Collomb,
Oscar Fanjul and Hilmar Kopper. I would like to thank them for their enormous
contribution over the years. This presents us with both a challenge and an opportunity
to re-populate the Boards with new members who can build on our retiring members' strengths
and help take Unilever forward.
After a thorough search I am pleased to announce the nomination of four new Non-Executive
Directors, all with extensive financial and business experience, to take over
from the Board members retiring this year and Claudio Gonzalez who retired at
the 2005 AGMs. These are Charles Golden, Executive Vice-President and CFO of
Eli Lilly and Company, Byron Grote, CFO of BP p.l.c., Jean-Cyril Spinetta, Chairman/CEO
of Air France-KLM S.A. and Kornelis (Kees) Storm, former Chairman of the Executive
Board of AEGON N.V.
We engaged the services of two highly reputable independent search firms to help
us in this task and they are also leading the evaluation of potential candidates
to succeed me as
Chairman in 2007.
Governance study
During
2005, we also commissioned a review of Unilever's governance arrangements
to ensure that these were best in class.
The review was conducted by independent consultants who concluded that our arrangements
stood comparison with our peers. A full report was made to the Boards in the
first quarter of 2006, and a range of minor changes in terms of the day-to-day
operation of the Boards will be introduced during the balance of the year.
A particular pleasure for me this year has been to work with our social and environmental
partners, for example with UNICEF's Child Nutrition programme and the World
Business Council for Sustainable Development. Ensuring the vitality of the societies
and environments in which we operate is essential for Unilever to sustain its
long-term growth.
It is good to see that the many changes that were initiated over the last 12
months have not impeded the progress of Unilever in the market place. All this
progress would not be possible without the commitment and the hard work of all
our 206 000 employees. Without their dedication we could not add vitality to
the lives of our consumers across the globe. On behalf of the Boards I would
like to convey my thanks to all of
them.
Antony Burgmans
Chairman
Unilever
Annual
          Report and Accounts 2005
05
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Group Chief Executive
Here Patrick Cescau, Group Chief Executive, talks about performance in 2005 and looks ahead to what needs to be achieved over the next 12 months.
What was the key challenge for 2005?
At
the start of 2005 it was clear what we had to do. We had to restore our competitiveness
in the market and get the business growing again.
But we had to do it in a way that we can sustain for the long term, creating
value and unlocking our full potential.
How did you set about tackling this challenge?
Our
approach was simple – to focus on three things that matter.
First, to
    make our portfolio work harder for us, with sharper priorities and resource
    allocation. Secondly, better execution, especially in the areas of marketing
    and customer management. And, finally, create a more agile 'One Unilever' organisation,
    aligned behind a single strategy, with the right people in the right jobs,
  delivering quality and speed of execution.
What were the priorities and why did you focus on these areas?
We
focused on building on our strengths in developing and emerging (D&E) markets,
vitality and Personal Care. They are areas of strength for Unilever where we
have performed well,
with good growth and profitability.
Regaining momentum in Europe was an equally important priority.
Overall, what results have been achieved by following this approach?
We
have made real progress. In 2005 underlying sales growth was 3.1%, significantly
ahead of a flat 2004, and in line with our markets. Growth momentum has improved
steadily throughout
the year and has been driven by volume.
I'm also pleased to report that our growth rates improved across most of
our major markets and in most categories. These figures are a real testament
to the hard work of our people, the strength of our brands and the resilience
of our business.
Restoring growth required a step up in investment behind our brands. In 2005,
we invested an extra €500 million in advertising and promotions. We also
invested significantly to reduce prices, especially in Europe, and offer better
value to the consumer in selected categories and markets.
Our savings programmes generated more than €700 million in 2005 and helped
fund the additional investment in our brands and absorb the impact of higher
input costs.
Why has Personal Care played a key role in the strategy?
Personal
Care is one of our traditional strengths and accounts for around a quarter of
sales, so it was vital we delivered real growth.
Over the
    last year or so, Personal Care has been achieving growth levels that are
    up with the best at more than 6%. And we have delivered broad-based share
    gain across most of our biggest markets and strong profitability.
Key to this success are our brands. The big global brands such as
Axe
,
Dove
,
Lux
,
Rexona
and
Sunsilk
all performed and delivered
growth. Smaller, more local brands such as
Clear
and
Lifebuoy
also pulled their weight.
What role has vitality played in the progress that's been achieved?
Vitality
unites us as a mission and resonates with our customers and consumers.
Our mission is to help people feel good, look good and get more out of life and
this underpins everything we do.
It is the inspiration for innovations that are driving growth across the entire product portfolio.
Lipton
and
AdeS
–
healthy and refreshing beverages;
Dove
– the Campaign for Real Beauty; and healthier
choices in ice cream.
In Foods, for instance, our
Knorr Vie
mini shots, which help you on your way towards your daily fruit and vegetable needs, have done extremely well in Europe. We have revitalised
Lipton
in the US by stressing its natural health benefits with its 'AOX' antioxidant seal, and this has
produced good share gain especially in the ready-to-drink market.
In Home and Personal Care our
Dove
Campaign for Real Beauty, which offers consumers a broader, healthier view of female beauty, has played a central role in the brand's continued growth, while programmes to encourage hygienic
handwashing in India have improved sales of
Lifebuoy
.
You mentioned developing and emerging markets. Why are these so important
to Unilever?
D&E
are rapidly growing markets – the forecast is that they will account for
90% of the world's population by 2010. We have long-established local roots
in these markets, which gives us a competitive advantage, and we need to capitalise
on this opportunity.
In 2005 we delivered a strong performance in all major D&E markets in Foods,
Home Care and Personal Care. And for the first time, our D&E sales, at 38%,
exceeded our sales in
Western Europe.
The reason for our success here is partly due to our well-established distribution strength in both the traditional and modern trade and also to our ability to adapt excellent global
brand concepts, such as the
Omo
'Dirt is Good' campaign, to local markets. In
Turkey, for instance, this enabled us to regain market leadership with double-digit growth.
But what has been achieved in Europe and North America?
Our
sustained recovery in the US is great news for us. In one of the world's
most competitive markets we grew by 3.2% with strong performances from both Foods
and Home and Personal
Care.
Europe has been an area that needed our attention. A healthy European business
matters to Unilever. It delivers a large proportion of our sales – 41% in
2005 – and is an
important source of profit.
Looking at our performance, Central and Eastern Europe performed strongly in
2005 with Russia, for example, delivering around 20% growth. So the challenge
is Western Europe. And the
issue here is growth, not profitability.
Western Europe is an extremely tough competitive environment and to turn the
business around we are having to do things differently. We have addressed pricing
in selected markets and categories and by doing so are now offering consumers
better value.
06
Unilever
Annual
        Report and Accounts 2005
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Report
            of the Directors
Group Chief Executive
(continued)
We are also
    increasing choice by extending our product portfolio – ice cream value ranges, for example – and by moving into a wider range of channels. And we are delivering
  innovation – new heart health ranges and
Sunsilk
styling are just two examples, which are
  being backed by increased marketing investment.
What are you doing to build capabilities across the business?
This is another
area we are investing in. Customer management is a strategic priority and our
team is implementing an improvement programme market by market, with outstanding
results.
An important element of this programme is combining our Foods and HPC sales teams
so that we can present a single, integrated face to our customers and leverage
our scale. The programme developed in the USA has been rolled out in France,
Germany and the Netherlands and will be extended to other markets in 2006.
By working
    closely with our customers such as Carrefour, Tesco and Wal-Mart we are increasing
    the value that we can gain by doing business together.
We are also improving our marketing capabilities. For example, we will craft
more of our global brand mixes to the standards set by the best of our brands.
And we intend to get more out of the investment in our brands whether it be in
advertising or in R&D.
In 2004 you announced 'One Unilever' as a way of simplifying the
business and generating savings. Has it achieved this?
Our 'One
Unilever' programme is all about making us fit to compete. It has achieved
a great deal in simplifying
our business and leveraging our scale more effectively.
We have merged our operations in countries so that, at the end of 2005, almost
80% of our turnover is managed through 'One Unilever' organisations.
We will continue with its implementation in 2006 with our priorities being to
put in place a single management team in all markets. Most of our top 20 markets
report directly to UEx. There will be a further reduction in the management headcount
and simplified, standardised business services up and running, with a substantial
proportion outsourced.
By the end of 2006, 'One Unilever' will deliver €700 million savings
and €1 billion by the end of 2007. But the biggest benefit for us is that
we now have 'one face' for our customers and consumers, as well as
being faster and more disciplined. In other words we are fit to compete.
What is driving the decisions you are making relating to the portfolio?
In 2005 we
reviewed and sharpened our portfolio strategy. It is an essential building block
that gives us clarity – it identifies the best opportunities for sustainable
long-term
growth, enables us
to make choices and to allocate resources according to those choices. It then
allows us to drive disciplined execution.
We had to
    take decisive action on parts of our portfolio where we had reached a strategic
    cross-roads.
The sale of UCI (Unilever Cosmetics International) and the recent announcement
of our intention to sell the majority of our European frozen foods business were
tough decisions. We made them because it was clear we would not be able to grow
these businesses in the long term which is fundamental to future value creation.
We felt we had better opportunities to invest in and that these businesses would
perform better in the hands of
owners to whom they were a top priority.
As we move forward we will continue to invest behind our best growth opportunities,
channelling more of our resources into building leading positions in high growth
areas.
Continuing to look forward, what are your priorities for 2006 and beyond?
Our priorities
will not change. We will continue to build on the stronger focus we now have.
UEx believes that the portfolio is in good shape; all parts of our business have
an
important role to play in delivering growth, but it's not always the same
role.
Obviously
    I can't disclose all our intentions in detail. But I would like to give
  you some insight into our priorities for 2006.
You will not be surprised to hear that our plans include capitalising on the
high-growth potential of D&E markets such as China, India and Russia. Or
that in Personal Care, we will be building on our leading market positions in
deodorants and personal wash. And that vitality will continue to be at the heart
of our innovation programme.
Unilever is now in better shape, with increased competitiveness and growth.
What's your summary of 2005?
We have achieved
a tremendous amount in 2005 – organisational change, improved capabilities
and restored growth. Our people have much to make them proud.
The Unilever team has worked together to create a momentum that will help us
rise to the challenges of the year ahead. There is still a great deal to do,
but we know the categories, segments, brands and countries that will drive growth.
And we are now rigorously deploying our funds and resources behind our best opportunities.
We have the right structure to deliver and the processes in place to make sure
that we execute against our priorities. Our people are clear about what they
need to do.
We will build on what we achieved in 2005 and deliver the results we have promised
for 2006. This will unlock more of the unique potential of Unilever. I passionately
believe that we
can now compete to win.
Unilever
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          Report and Accounts 2005
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        Report and Accounts 2005
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Report of the Directors
About Unilever
General information
04
Chairman's foreword
05
Group Chief Executive
06
About Unilever
10
Description of business
10
Regions
10
Categories
10
Functions
10
Brands
10
People
10
Environment
      and corporate responsibility
11
Information
      technology
12
Corporate
      venture activities
13
Competition
13
Distribution
      and selling
13
Exports
13
Seasonality
13
Related
      party transactions
13
Intellectual
      property
13
Description
      of our properties
14
Legal
      and arbitration proceedings and regulatory matters
14
Government
      regulation
14
Financial and operating reviews
15
Risk management
31
Corporate governance
33
Reports of Board Committees
51
Unilever
Annual
          Report and Accounts 2005
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About Unilever
Description of business
Unilever
is one of the world's leading suppliers of fast moving consumer goods across
foods, home and personal product categories. Unilever's portfolio includes
some of the
world's best known and most loved brands.
Regions
Three
regional teams are responsible for managing Unilever's business in the regions,
and for market operations. They are primarily responsible for winning with customers
and deploying brand events and innovations effectively. The regions are fully
accountable for the profit performance of our business, as well as growth, cash
flows and the in-year development of market shares.
The Europe region includes our operations in Western Europe and in Central and
Eastern Europe, and in 2005 accounted for approximately 41% of our business on
a turnover basis.
The
Americas region includes our operations in North America and Latin America and
represented around 33% of our business. Our Asia Africa region accounted for
26% of our business, and includes our operations in the Middle East, Turkey,
Africa, Asia and Australasia.
Categories
Two
category teams cover Foods and Home and Personal Care, and are responsible for
each category and the brands therein. They are fully responsible for brand development
and innovation, as well as brand and category management. Categories also lead
some elements of the supply chain and are accountable for long-term value creation
in the business, as measured by market share development, category growth, innovation
metrics and brand
health.
For more
    information about our two categories and their innovation activities during
  2005 please refer to pages 29 and 30.
Functions
Our
five support functions (Finance, HR, IT, Communications and Legal) provide value-adding
business partnership, strategic support and competitive services to the whole
business (especially the regional and category organisations). They are organised
around the model of business partners, shared services and expertise teams.
Brands
Our
Foods category manages brands in four groups:
Savoury
and dressings
includes sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings and olive oil. Among the leading brands are
Knorr
,
Hellmann's
,
Calvé
,
Wishbone
,
Amora
and
Bertolli
.
Spreads
and cooking products
includes sales of margarines, spreads and cooking products such as liquid margarines. Our most important brands in this group are our healthy heart
Becel
and
Flora
ranges, together with our family brands including
Rama
,
Blue Band
and
Country Crock
.
Beverages
includes sales of tea, where our brands include
Lipton
and
Brooke Bond
, weight management
products, principally
Slim•Fast
, and nutritionally enhanced staples sold in developing markets, including our
Annapurna
and
AdeS
ranges.
Ice
cream and frozen foods
includes our sales of ice cream under the international
Heart
brand, including
Cornetto
,
Magnum
,
Carte
d'Or
and
Solero
,
and also
Ben &
Jerry's
,
Breyers
,
Klondike
and
Popsicle
.
Our frozen foods brands include
Iglo
,
Birds
Eye
and
Findus
.
In addition to these groups, our Unilever
Foodsolutions
business is a global food service business providing solutions for professional chefs and caterers. Its results are reported within those for the groups above.
Our Home and Personal Care category manages brands in two main groups:
In
Personal
Care
, six global brands are the core of our business in the deodorants, skin cleansing, daily hair care and mass-market skin care categories –
Axe
,
Dove
,
Lux
,
Pond's
,
Rexona
and
Sunsilk
. Other important brands
include
Suave
,
Clear
,
Lifebuoy
and
Vaseline
, together with
Signal
and
Close Up
in oral care.
Our
Home
Care
ranges include a series of laundry products, including tablets as well as traditional powders and liquids for washing by hand or machine. Tailored products including soap
bars are available for lower-income consumers. Our brands include
Comfort
,
Omo
,
Radiant
,
Skip
,
Snuggle
and
Surf
. Our household care products are led by our
Cif
and
Domestos
brands.
People
Number of employees
Year end in thousands
2005
2004
2003
2002
2001
Europe
49
52
55
60
71
The Americas
47
47
50
53
60
Asia Africa
110
124
129
134
134
Total
206
223
234
247
265
At Unilever our people are at the centre of everything we do. We give priority to their professional fulfilment, their work-life balance and their ability to contribute equally as part
of a diverse workforce.
Our people's creativity, energy and passion drive our business. One of our
ongoing goals is to help our business leaders connect to our people around the
world and achieve a shared understanding of our business objectives and future
challenges. In January 2006 at Unilever's leadership forum Group Chief Executive
Patrick Cescau presented Unilever's change agenda, a set of common initiatives
which will be adopted
throughout Unilever.
We want to attract innovative individuals who relish real-life challenges. Questions
like "Can you think of 101 new things to do with egg yolks and oil?",
which appeared in one of our recent recruitment ads, lie at the heart of a new
and competitively different strategy to win the battle for the world's top
talent.
10
Unilever
Annual Report and Accounts 2005
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Report
    of the Directors
About Unilever
(continued)
As 'One Unilever' we can now take a holistic view of our global marketing capability and manage and deploy our talent more strategically. Overseen by the new post of Chief
Marketing Officer we have developed Group-wide programmes to improve our skills, tools and career paths, with an unprecedented focus on brand building and development to support our new structure. Via our Marketing Academy we have also adopted a
more applied, business-led approach to training, underpinned by common toolsets and data.
Unilever's mission is to add vitality to life. That includes encouraging greater
vitality among our staff in a programme that encompassed the broad concepts of 'fitness
of
body' and 'fitness of heart, mind and spirit'. Designed to help
them manage their personal energy and resilience in the face of change, as well
as striking a good work-life balance, among other objectives, the first step
of the programme was an Enjoy Nutrition campaign. This provided staff with important
nutritional information, such as advice on how to reduce consumption of sugar,
salt and unhealthy fats. We also piloted nutritional training for our chefs and
external suppliers so that our canteens and restaurants could offer healthier
options.
In today's global markets, Unilever's international heritage helps us compete.
Our deep roots in over 100 countries worldwide give us a powerful competitive
advantage, enabling us to
adapt our global brands to local consumers' needs. To help us understand
their needs more fully we've introduced a diversity programme so that our
staff reflect our consumers' diversity more closely in gender, ethnicity
and many other
ways.
Diversity is already very evident. For example, our top 1 000 managers span 45
nationalities. With new initiatives, including local Diversity Boards and toolkits,
we hope to encourage
diversity deeper into our organisation.
In Unilever, by embracing our differences, we create an environment that inspires
people to contribute to our business. We encourage people to be themselves within
a framework of shared values and goals. This means giving full and fair consideration
to all applicants and continuing development to all employees, regardless of
gender, nationality, race, creed, disability, style or sexuality.
Unilever's success depends on the economic health of the countries in which
it operates. In an extensive research project with Oxfam GB and Novib (Oxfam
Netherlands) 'Exploring the links between business and poverty reduction:
A case study on Indonesia', we examined the impact our local business has
on the country's economic well-being. Unilever Indonesia employs about 5
000 direct employees and contract workers. The research found that indirectly
this manufacturing activity supports around 300 000 full-time equivalent jobs
in our 'value chain' – the chain that stretches from raw materials
suppliers through manufacturing to distribution and retailing to consumers. Such
employment and the wealth that it spreads around can make a significant contribution
to reducing poverty.
Environment and corporate responsibility
We
seek to manage and grow our business around the world in a responsible and sustainable
fashion. The values and standards by which we expect to be judged are set out
in our Code of
Business Principles.
We aim to share these standards and values with our suppliers and contractors
through our Business Partner Code which, in turn, is based on our Code of Business
Principles. It sets out standards on ten key points of business integrity, labour
standards, consumer safety and the environment.
The long-term success of our business is intimately linked with the vitality
of the environment and the communities in which we operate. More than two-thirds
of our raw materials come from agriculture, while water and other natural resources
play an equally critical role in our business. To ensure we protect these key
resources, we have clear, long-term eco-efficiency objectives and targets for
our manufacturing operations, as well as three sustainability initiatives on
water, agriculture and fish. Over the last ten years, we have continued to improve
our eco-efficiency performance across all of our seven key environmental parameters
which we use to measure the emissions from our factories and set future reduction
targets. In 2004 (the latest year for which figures are available) we continued
to improve on our 2003 performance but did not meet all our targets.
The strength of our commitment to sustainability is reflected in the fact that
we remain the leading food company in the Dow Jones Sustainability World Index.
In 2005 we spent around €79 million on our voluntary initiatives in communities
around the world. This increase on our 2004 contribution of €65 million
is partly due to the overwhelming response of our business to the plight of the
December 2004 Asian tsunami victims.
Our
Close Up
toothpaste brand
launched Project Smile to bring much-needed oral health care products and advice to people in rural Nigeria where only around 60% of the population use toothpaste. The campaign involved retailers of all sizes, including the very smallest, as
partners. We created branded kiosks – tiny shops – to promote
Close Up,
and these
gave an opportunity to unemployed young people to make a living by creating new long-term outlets, as well as offering existing retailers a way to showcase their wares. The success of the campaign meant it was quickly extended into towns and cities
and over the year sales rose by 35%.
With its global supply chain, Unilever has a major role to play in caring for
the environment. We believe that acting responsibly creates advantages for our
business, as well as helping to address environmental concerns. For example,
ensuring a sustainable supply of raw materials, such as palm oil, is essential
for the long-term wealth of our business. Of course, due to the scale and complexity
of this issue, we cannot do this alone. A multi-stakeholder approach is required,
which is why we co-founded the Roundtable on Sustainable Palm Oil (RSPO) in 2004.
Unilever
Annual
          Report and Accounts 2005
11
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About Unilever
(continued)
The RSPO, which includes palm oil growers and processors, consumer goods manufacturers, retailers, investors and a number of social and environmental non-governmental organisations, now
has over 100 members. As the largest consumer goods company on the RSPO Board, we have gained significant insights. Key developments during 2005 included the adoption of the principles and criteria for Sustainable Palm Oil Production – elements
of sustainability ensuring that production is economically viable, environmentally appropriate and socially beneficial.
The widely discussed
Dove
Campaign for Real Beauty has played a key role in highlighting the need for a broader, more inclusive definition of beauty, beyond the stereotypical super-model image. With our
Dove
Self-Esteem Fund, which is a cornerstone of the brand's long-term growth strategy, we're going
even further. Together with partners such as the Girl Scouts in the US and the UK's Eating Disorder Association, we're funding educational 'Body Talk' programmes in schools to help young people develop stronger body-related
self-esteem. By 2008 our aim is to have reached 1 million children.
In Brazil, a recycling project has created jobs and brought commercial advantages. An exclusive recycling partnership with a major Brazilian retailer, Pao de Acucar, has not only given
Unilever's brands greater in-store prominence at no extra cost but also provided employment to more than 300 local people. Under the award-winning scheme, a co-operative of local people collects, recycles and sells used packaging deposited at
recycling stations outside the retailer's supermarkets. In addition to having Unilever's logo on the stations, our participating brands,
Hellmann's
,
AdeS
,
Omo
and
Rexona
, appear on point-of-sale information and educational materials, raising their profile.
By reducing waste, Unilever has also succeeded in reducing its costs. Using the
same methodology employed in our highly successful Medusa water conservation
programme, we expect to reduce waste levels for disposal by 30% from our manufacturing
sites in the Asia Africa region between 2005 and 2006. Under our new Triple 'R' (Reduce,
Re-use, Recycle) programme, the sites are collaborating to share best practice
and
setting targets to reduce waste levels and disposal costs. In 2006 we'll
launch a similar initiative, Electra, to reduce energy consumption in Latin America.
The health of our staff is a priority for Unilever worldwide. In some regions
HIV/AIDS poses a serious risk to our employees and communities. Using the experience
gained from dealing with AIDS in our own workplace over the last 25 years, we
have worked in partnership to share our learning with international bodies such
as the Global Business Coalition on HIV/AIDS. More locally, we work with groups
such as the South African Business Coalition on HIV/AIDS, with whom we co-developed
a well-respected toolkit to help businesses tackle the disease effectively. In
Kenya we have formed a partnership with the German aid agency GTZ to share good
practice with the wider
community, including schools and smallholder tea growers.
In 2005 we launched a searchable database where consumers can find out exactly
what ingredients are used in our Home and Personal Care products in Europe. Access
to the database is
through Unilever's website at
www.unilever.com/ourvalues
.
Visitors
select their country and preferred language before choosing a brand and product.
A single click then reveals the full
list of ingredients. Allergy sufferers can check the presence of ingredients
to which they could be sensitive. Further help is available through the brand
carelines (telephone numbers are listed on the website) and there is additional
information on our website about the chemicals Unilever uses in its products.
Millions of people suffer from heart disease every year. The World Heart Federation (WHF) is committed to helping the prevention and control of heart disease and stroke and is made up
of over 150 medical societies and heart charities from 100 low and middle-income countries. We are a key sponsor of World Heart Day each September and our
Becel/Flora
brand's partnership with the WHF means that we work together to increase public awareness of heart disease and its risk factors. For example in Greece our
Becel pro•activ
brand teamed up with the Cardiologists Foundation to bring free cholesterol testing, heart checks and health
advice direct to people's homes and school halls on the remote Greek islands of the eastern Mediterranean. In Sweden we ran a lecture tour on cholesterol, while in Finland our
Foodsolutions
business worked with the Finnish Heart Foundation to support national Heart Week with healthy food and
recipes.
Information technology
We
are driving towards regional convergence of systems, processes and organisation
to support the operation of the new Unilever business model.
In Europe, we have continued to progress the project to implement the single European Enterprise system. Successful 2005 implementations were performed in France, Germany, the
Netherlands and Russia. We have also delivered a further nine countries onto the European customer relationship management system, covering primary sales force support and tele-business for Foodsolutions. An artwork management system commenced
deployment in HPC and
Foodsolutions
; this system is now used by 2 200 users across Europe.
With increasing dependence upon regional applications, resilience and recovery become even more critical. In mitigation we have constructed and commissioned an additional world class data centre to ensure full European backup and recovery
capability.
In Latin America, we have made significant progress towards the goal to operate
as one business. This will be fully complete in July 2006, delivering a single
system, process and information system for all operating companies in Latin America.
In North America, we reached a regional agreement with Dell Computer Corp. to
provide and manage PC equipment and support, including a technology update. A
new regional supply chain planning solution was developed and implemented in
the HPC business; Foods will go live by the end of the first quarter of 2006.
In Asia Africa, the focus has been to deepen the penetration of the regional
standard application portfolio. By the year end we had implemented the demand
and supply network planning tool in thirteen countries and the Unilever standard
data warehouse in fourteen countries, and twelve countries now use the regional
eCommerce hub. In India, a system to manage pricing / promotions into our dealers,
with a capability for e-Claims settlement and self-service was successfully rolled
out to 1 500 stockists. This is planned for completion at all 6 000 stockists
by
12
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        Report and Accounts 2005
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Report
            of the Directors
About Unilever
(continued)
March 2006. We have completed the implementation of an SAP based system, which simplifies and harmonises processes across Arabia, Israel and Turkey – a project successfully
delivered in an extremely challenging environment.
An initiative to standardise operational IT processes and procedures globally
started in 2005 and has delivered on plan. We have set world-class objectives
for this programme and the
implementations in 2005 won the 'best project of the year' in the 2005
ITsmf awards. To support the innovation agenda, the internal management system
had a significant upgrade and has been deployed to 16 000 users world-wide.
Corporate
          venture activities
Unilever
has allocated €250 million to its venturing activities in order to create
business opportunities that will help build our core business interests in Foods
and Home and
Personal Care. These activities include:
•
Unilever
          Technology Ventures, which invests in technology
funds
          and start up companies. Investments have been made
in
haplotyping
genomics technology, systems biology, radio
frequency
identification, water purification and
surface
chemistry.
•
Unilever
          Ventures, which is an early-stage business development
fund
          for businesses from both inside and outside
Unilever. Investments include
Persil Services in the UK, Pond's Institute
Beauty
Centre in Spain and the Biotechnology
Application
Centre
in the Netherlands.
•
Langholm
          Capital, which is an independent fund investing in
private
          European companies with above-average
longer-term
growth
prospects. Investments include Physcience, a
supplements
business in France, Lumene, a
natural personal
care
business in Finland, Dorset Cereals in the UK and Just
Retirement,
a financial
services business in the UK.
Competition
We
have a wide and diverse set of competitors in our consumer goods businesses.
Many of our competitors also operate on an international scale, but others have
a narrower regional or
local focus.
Competition
        is a normal part of business. We aim to compete and give value to our
      consumers, customers and shareholders in three ways:
•
by
      continually developing new and improved products;
•
by
          sharing our innovations and concepts with our businesses
all
    around the world; and
•
by
          striving to lower the cost of our sourcing, manufacturing
and
          distribution processes while still maintaining,
and
improving,
the quality of our products.
We support efforts to create a more open competitive environment through the
liberalisation of international trade. We support the full implementation of
the Single European Market and inclusion of other European countries in the European
Union.
Distribution and selling
Unilever's
products are generally sold through its sales force and through independent brokers,
agents and distributors to chain, wholesale, co-operative and independent grocery
accounts, food service distributors and institutions. Products are distributed
through distribution centres, satellite warehouses, company-operated and public
storage facilities, depots and other facilities.
Exports
We
sell our products in nearly all countries throughout the world and manufacture
in many of them. We export a wide range of products to countries where we do
not make them. For example, inside the European Union we make many of our products
in only a few member countries, for sale in all of them. The chosen manufacturing
configuration is generally determined by an optimised regional sourcing strategy
which takes account of requirements for innovation, quality, service, cost and
flexibility.
Seasonality
Certain
of our businesses, such as ice creams, are subject to significant seasonal fluctuations
in sales. However, Unilever operates globally in many different markets and product
categories. No individual element of seasonality is likely to be material to
the results of the Group as a whole.
Related party transactions
Transactions
with related parties are conducted in accordance with the transfer pricing policies
described in note 1 on page 85 and consist primarily of sales to joint ventures
and associates. Other than those disclosed in this report, 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 2005 or the preceding year.
In approximately 40 countries, our associated company, JohnsonDiversey Inc.,
    acts
as Unilever's sole and exclusive sales agent for professional channels,
in respect of cleaning products, in return for which it receives an agency fee.
In 2004 Patrick Cescau, Group Chief Executive, purchased a house from a group
company ultimately owned by NV. The full Boards, acting on the recommendation
of the Remuneration Committee and without participation of Mr Cescau, gave their
prior approvals to the purchase, which was made at full market value based on
two independent
valuations of the property.
Further information is given in note 32 on page 142.
Intellectual property
We
have a large portfolio of patents and trademarks, and we conduct some of our
operations under licences which 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
our best efforts to protect our brands and technology.
Unilever
Annual Report and Accounts 2005
13
Back to Contents
About Unilever
(continued)
Description of our properties
We
have interests in properties in most of the countries where there are Unilever
operations. However, none is 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. There are no environmental issues affecting the properties which 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. Please refer to the schedule of principal group companies and
non-current investments on page 167 and 168 and details of property, plant and
equipment in note 11 on page 100.
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.
Legal and arbitration proceedings and regulatory matters
We
are not involved in any legal or arbitration proceedings and do not have any
obligations under environmental legislation which might lead to material loss
or expenditure in the context of the Group results. None of our Directors or
Officers are involved in any such material legal proceedings.
In 1999, NV issued 211 473 785 €0.05 (Fl.0.10) cumulative preference shares,
with a notional value of €6.58 (Fl.14.50), as an alternative to a cash dividend.
In March
2004, NV announced its intention to convert part (€6.53 – equivalent
to Fl.14.40) of the notional value of the preference shares, in accordance with
its Articles of Association, into NV ordinary shares in the first quarter of
2005. A number of holders of preference shares raised objections to the conversion,
claiming that NV is obliged to buy the preference shares back for an amount of €6.58,
the amount of the cash dividend in 1999. A group of holders of preference shares
requested the Enterprise Chamber of the Amsterdam Court of Appeal to conduct
an inquiry into the course of affairs surrounding the preference shares. On 21
December 2004, the Enterprise Chamber decided to order an inquiry; an additional
request to forbid NV to convert the preference shares was rejected. NV lodged
an appeal with the Dutch Supreme Court against the decision of the Enterprise
Chamber, which was dismissed. As at the date of this Report, the inquiry is ongoing.
On 15 February 2005, after close of trading, NV converted part of the notional
value of the preference shares into NV ordinary shares. The value, which the
holders of the preference
shares received upon conversion, was €4.55 for each preference share.
As a consequence of the conversion, the notional value of the preference shares
was reduced to €0.05 (Fl.0.10) and pursuant to the Articles of Association
of NV the preference shares could be cancelled upon repayment of this remaining
notional value. On 4 May 2005, the Enterprise Chamber of the Amsterdam Court
of Appeal rejected another request of a group of holders of preference shares
which was aimed to prohibit NV from
cancelling
the preference shares. This group lodged an appeal to the Dutch Supreme Court
on 4 August 2005 against the decision given on 4 May 2005. The Dutch Supreme
Court has not yet decided on
this case. On 10 May 2005, NV's Annual General Meeting decided to cancel
the preference shares. Cancellation took effect as of midnight on 13 July 2005.
Both groups of former preference shareholders have requested the Rotterdam District
Court to nullify the NV Board's decision to convert the preference shares,
claiming that this
decision was unreasonable.
Unilever has businesses in many countries and from time to time these are subject
to investigation by competition and other regulatory authorities. One such matter
concerns ice cream distribution in Europe, notably the issues of outlet and cabinet
exclusivity. In October 2003, the Court of First Instance in Luxembourg ruled
in favour of the European Commission's decision banning Unilever's
Irish ice cream business, HB Ice Cream, from seeking freezer cabinet exclusivity
for their products in the Irish market. HB Ice Cream has submitted an appeal
against the decision of the Court of First Instance in Luxembourg. If unsuccessful,
then freezer exclusivity in Ireland will be unenforceable in outlets which only
have HB freezers. Similar consequences may apply in specific European markets
with equivalent structures to those described in the decision.
During 2004 the Federal Supreme Court in Brazil (local acronym STF) announced
a review of certain cases that it had previously decided in favour of taxpayers.
Because of this action we
established a provision in 2004 of €169 million for the potential repayment
of sales tax credits in the event that the cases establishing precedents in our
favour are reversed.
Also during 2004 in Brazil, and in common with many other businesses operating
in that country, one of our Brazilian subsidiaries received a notice of infringement
from the Federal Revenue Service. The notice alleges that a 2001 reorganisation
of our local corporate structure was undertaken without valid business purpose.
If upheld, the notice could result in a tax claim in respect of prior years.
The 2001 reorganisation was comparable with that used by many companies in Brazil
and we believe that the likelihood of a successful challenge by the tax authorities
is remote. This view is supported by the opinion of outside counsel.
Government regulation
Unilever
businesses are governed, in particular, by laws and regulations designed to ensure
that their products may be safely used for their intended purpose and that their
labelling and advertising are truthful and not misleading. Unilever businesses
are further regulated by data protection and anti-trust legislation. Important
regulatory bodies in respect of our businesses include the European Commission
and the US Food and
Drug Administration.
We have processes in place to ensure that products, ingredients, manufacturing processes, marketing materials and activities comply with the above-mentioned laws and
regulations
.
14
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report of the Directors
Financial and operating reviews
General
      information
04
Chairman's
      foreword
05
Group
      Chief Executive
06
About
      Unilever
09
Financial
      review
15
Non-GAAP
      measures
16
Basis
      of reporting and discussion
20
International
      Financial Reporting Standards
20
Turnover
      definition
20
Critical
      accounting policies
20
Reporting
      currency and exchange rates
21
Results
      for 2005 compared with 2004
22
Acquisitions
      and disposals
22
Dividends
      and market capitalisation
23
Balance
      sheet
23
Off-balance
      sheet arrangements
24
Cash
      flow
24
Share
      buy-back
24
Finance
              and liquidity
24
Treasury
24
Pensions
              investment strategy
25
Total
              Shareholder Return
25
Significant
              changes after the balance sheet date
25
Operating review by region
26
Europe
26
The
              Americas
27
Asia
              Africa
28
Operating review by category
29
Foods
29
Home
              and Personal Care
30
Risk management
31
Corporate governance
33
Reports of Board committees
51
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Annual
          Report and Accounts 2005
15
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Financial Review
Non-GAAP measures
Certain discussions and analyses set out in this Annual Report and Accounts include measures which are not defined by generally accepted accounting principles (GAAP) such as IFRSs or US
GAAP. We believe this information, along with comparable GAAP measurements, is useful to investors because it provides a basis for measuring our operating performance, 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. Non-GAAP financial measures as reported by us may not be comparable to similarly titled amounts reported by other companies. Definitions of non-GAAP measures and reconciliations to GAAP
measures are provided on pages 17 to 19.
Measures of long term value creation
Unilever's
ambition for the creation of value for shareholders is measured by Total Shareholder
Return over a rolling three year period compared with a peer group of 20 other
companies. Unilever believes that the contribution of the business to this objective
can
best be measured and communicated to investors through the following measures:
•
The
          delivery, over time, of Ungeared Free Cash Flow (UFCF),
which
          expresses the translation of profit into cash,
and thus
longer
term economic value; and
•
The
          development, over time, of Return on Invested Capital
(ROIC),
          which expresses the returns generated on
capital
invested
in the company.
Unilever
    communicates progress against these measures annually, and management remuneration
    is aligned with these objectives. The UFCF over a three year period is incorporated
    as a
performance element of Unilever's management incentive scheme.
UFCF and ROIC are non-GAAP measures under IFRSs and US GAAP. We include them
in this respect since they are the way in which we communicate our ambition and
monitor progress towards our
longer-term value creation goals and in order to:
•
Improve
      transparency for investors;
•
Assist
      investors in their assessment of the long-term value of
Unilever;
•
Ensure
          that the measures are fully understood in light of how
Unilever
          reviews long-term value creation for
shareholders;
•
Properly
      define the metrics used and confirm their calculation;
•
Share
      the metrics with all investors at the same time; and
•
Disclose
          UFCF as it is one of the drivers of management
remuneration
          and therefore management
behaviour.
As investor measures, we believe that there are no GAAP measures directly comparable
with UFCF and ROIC. However, in the tables on pages 17 and 18, we reconcile each
as follows: UFCF to cash flow from operating activities and also to net profit;
ROIC to net profit.
Unilever cautions that, while UFCF and ROIC are widely used as tools for investment
analysis, they are not defined terms under IFRSs or US GAAP and therefore their
definition should be carefully reviewed and understood by investors. Investors
should be aware that their application may vary in practice and therefore these
measures may not be fully comparable between companies. In particular:
•
Unilever
          recognises that the usefulness of UFCF and ROIC as
indicators
          of investment value is limited, as such
measures are
based
on historical cost information;
•
UFCF
          and ROIC measures are not intended to be a substitute
for,
          or superior to, GAAP measures in the financial
statements;
•
The
          fact that ROIC is a ratio inherently limits its use, and
management
          uses ROIC only for the purposes discussed
above. The relevance and use
of net profit for the year (being the most
relevant
comparable GAAP measure) is clearly more
pervasive;
and
•
UFCF
          is not the residual cash available to pay dividends. It is
broadly
          available to cover the servicing of debt
along with other
non-discretionary
expenditures that have not been deducted
from
this measure.
16
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Annual
        Report and Accounts 2005
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Report
            of the Directors
Financial Review
Non-GAAP measures (continued)
Ungeared free cash flow
UFCF
expresses the generation of profit by the business and how this is translated
into cash, and thus economic value. It is therefore not used as a liquidity measure
within Unilever. The movement in UFCF is used by Unilever to measure progress
against our longer-term value creation goals as outlined to investors.
UFCF is cash flow from group operating activities, less capital expenditure,
less charges to operating profit for share-based compensation and pensions, and
less tax (adjusted to reflect an ungeared position), but before the financing
of pensions.
The reconciliation
    of UFCF to the GAAP measures net profit and cash flow from operating activities
  is as follows:
€ million
€ million
2005
2004
Net profit
3 975
2 941
Taxation
1 301
836
Share of net profit of joint ventures/associates and other income from non-current investments
(55
)
(95
)
Net finance costs
618
631
Depreciation, amortisation and impairment
1 274
2 063
Changes in working capital
193
547
Pensions charges in operating profit less payments
(532
)
(472
)
Movements in provisions less payments
(230
)
574
Elimination of profits on disposals
(789
)
(308
)
Non-cash charge for share-based compensation
192
218
Other adjustments
(23
)
(10
)
Cash flow from operating activities
5 924
6 925
Less charge for share-based compensation
(192
)
(218
)
Add back pension payments less pension charges in operating profit
532
472
Less net capital expenditure
(813
)
(869
)
Less tax charge adjusted to reflect an ungeared position
(1 440
)
(964
)
Taxation on profit
(1 301
)
(836
)
Tax relief on net interest expense
(139
)
(128
)
Ungeared free cash flow
4 011
5 346
The tax charge used in determining UFCF can be either the income statement tax charge or the actual cash taxes paid. Our consistently applied definition uses the income statement tax
charge in order to eliminate the impact of volatility due to the variable timing of payments around the year end. For 2005 and 2004 the income statement tax charge on this basis is materially impacted by the tax effect of non-cash charges for the
impairment of
Slim•Fast
and certain other non-cash items. UFCF based on actual cash tax paid would be €3.7 billion (2004:
€4.8 billion).
UFCF reported in the 2004 Annual Report and Accounts was based on cash flow from
group operating activities, less capital expenditure and financial investment
less a tax charge adjusted to reflect an ungeared position. This measure is the
same as defined above in all respects except for the non-cash charge for share-based
compensation less payments of €545 million (2004: €(114) million),
the non-cash charge for
pensions less payments of €(532) million (2004: €(472) million) and
net financial investment of €33 million (2004: €43 million), resulting
in UFCF on this basis of €4 057 million (2004: €4 803
million).
Unilever
Annual
          Report and Accounts 2005
17
Back to Contents
Financial Review
Non-GAAP measures (continued)
Return on invested capital
Return
on invested capital (ROIC) expresses the returns generated on capital invested
in the company. The progression of ROIC is used by Unilever to measure progress
against our
longer-term value creation goals outlined to investors.
ROIC is profit after tax but excluding net interest on net debt and impairment
(a)
of
goodwill and indefinite-lived intangible assets both net of tax, divided by average
invested capital for the year. Invested capital is the sum of property, plant
and equipment and other non-current investments, software and finite-lived intangible
assets, working capital, goodwill and indefinite-lived intangible assets at gross
book value and cumulative goodwill written off directly to reserves under an
earlier accounting
policy.
The reconciliation
of ROIC to the GAAP measure net profit is as follows:
€ million
€ million
2005
2004
Net profit
3
975
2
941
Add back net interest expense net of tax
424
431
Add back impairment charges net of tax
(a)
245
536
Profit after tax, before interest and impairment of goodwill and indefinite-lived
    intangible assets
4
644
3
908
Year-end positions for invested capital:
Property, plant and equipment and other non-current investments
7
333
6
966
Software and finite-lived intangible assets
642
623
Inventories
4
107
3
756
Trade and other receivables
5
061
4
    410
Trade payables and other creditors due within one year
(8
658
)
(8
232
)
Elements of invested capital included in assets and liabilities held for
    sale
200
–
Goodwill and indefinite-lived intangible assets at gross book value
21
621
19
854
Total
30
306
27
377
Add back cumulative goodwill written off directly to reserves
6
870
7
246
Year-end invested capital
37
176
34
623
Average invested capital for the year
37
012
36
444
Return on average invested capital
12.5
%
10.7
%
(a)
Excluding
        write-downs of goodwill and indefinite-lived intangible assets taken
    in connection with business disposals.
18
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        Report and Accounts 2005
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Report
            of the Directors
Financial Review
Non-GAAP measures (continued)
Underlying sales growth
USG
  reflects the change in revenue at constant rates of exchange, excluding the
  effects of acquisitions and disposals. It is a measure that provides valuable
  additional information on the underlying performance of the business. In particular,
  it presents the organic growth of our business year on year and is used internally
  as a core measure of sales performance.
The reconciliation
of USG to the GAAP measure turnover is as follows:
2005
vs 2004
Underlying sales growth (%)
3.1
Effect of acquisitions (%)
0.1
Effect of disposals (%)
(1.6
)
Effect of exchange rates (%)
1.3
Turnover growth (%)
2.9
Net debt
Net
debt is defined as the excess of total borrowings, bank overdrafts, relevant
derivatives and
  finance leases over, cash, cash equivalents and financial assets, excluding
  amounts held for sale. It 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.
The reconciliation of
  net debt to the GAAP measure total borrowings is as follows:
€
million
€ million
€ million
€ million
IAS 32/39
31 December
1 January
and IFRS 5
31 December
2005
2005
adjustments
2004
Total borrowings
(12 399
)
(13 669
)
(1 621
)
(12 048
)
Borrowings due within one year
(5 942
)
(6 448
)
(1 293
)
(5 155
)
Borrowings due after one year
(6 457
)
(7 221
)
(328
)
(6 893
)
Cash and cash equivalents as per balance sheet
1 529
1 582
(8
)
1 590
Cash and cash equivalents as per cash flow statement
1 265
1 406
–
1 406
Add bank overdrafts deducted therein
265
184
–
184
Less cash and cash equivalents in assets/liabilities held for sale
(1
)
(8
)
(8
)
n/a
Other financial assets
335
533
(480
)
1 013
Derivatives and finance leases included in other receivables and other liabilities
33
369
587
(218
)
Net debt
(10 502
)
(11 185
)
(1 522
)
(9 663
)
Unilever
Annual
          Report and Accounts 2005
19
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Financial review
Basis of reporting and discussion
Our
accounting policies are based on International Financial Reporting Standards
(IFRSs) and UK and Netherlands law. These differ in certain respects from United
States GAAP. The principal differences are described on pages 158 to 161. We
have shown reconciliations to net income and equity under US GAAP on page 157.
International Financial Reporting Standards
Unilever
has adopted International Financial Reporting Standards (IFRSs) as adopted by
the EU with effect from 1 January 2005, with a transition date of 1 January 2004.
Unilever has applied the exemption in IFRS 1 relating to business combinations,
as explained in note 35 on page 144. IAS 32 and IAS 39 in respect of financial
instruments and IFRS 5 in respect of non-current assets and asset groups held
for sale have been
applied with effect from 1 January 2005.
The most significant impacts of the transition to IFRS on Unilever's restated
consolidated financial statements relate to the timing of the recognition of
items in the income statement. Reported net assets are impacted as a result of
these timing changes, but there is no impact on the underlying cash flows generated
by Unilever.
The key changes in our accounting policies as a result of our adoption of IFRSs
are described in note 35 on pages 144 and 145. These changes, unless otherwise
stated, have been applied retrospectively in arriving at the opening balance
sheet under IFRSs as at 1 January 2004.
Reconciliations of our
equity as at the transition date and
31
December 2004 and the profit for the year then ended are given in note 35 on
pages 146 to 151. For further details of these and other changes in Unilever's
reporting please
refer to our website at
www.unilever.com/investorcentre.
Turnover definition
Until
31 December 2004, promotional couponing and trade communication costs were included
in the cost of advertising and promotions. From 1 January 2005, these costs are
deducted from turnover and treated as part of the price element in the variance
analysis of sales growth, together with other trade promotion costs which are
already deducted from turnover. Comparatives have been restated to reflect this
change.
The effect of this change in presentation is a reclassification from advertising
and promotions expenditure to a deduction from turnover for the year ended 31
December 2004 amounting to €1 061 million. This change in accounting policy
does not have any impact on operating profit or net profit.
Critical accounting policies
Unilever
complies with IAS 1, which requires that the most appropriate accounting policies
are selected in all circumstances. The accounts comply in all material respects
with IFRS and UK and Netherlands law. To prepare these accounts, we are required
to make estimates and assumptions, using judgement based on available information,
including historical experience. These estimates and assumptions are reasonable
and are re-evaluated on an ongoing basis. However, actual amounts and results
could differ. Critical accounting policies are those which are most important
to the portrayal
of Unilever's financial position and results of operations. Some of these
policies require difficult, subjective or complex judgements from management,
the most important being:
Goodwill, intangible assets and property, plant and equipment
Impairment
reviews in respect of goodwill and indefinite-lived intangible assets are performed
at least annually. More regular reviews, and impairment reviews in respect of
other assets, are performed if events indicate that this is necessary. Examples
of such triggering events would include a significant planned restructuring,
a major change in market conditions or technology, expectations of future operating
losses, or
negative cash flows.
Impairment reviews are performed following the guidance in IAS 36. Such reviews
are performed by comparing the carrying value of the asset concerned to that
asset's recoverable amount (being the higher of value in use and fair value
less costs to sell). Value in use is a valuation derived from discounted future
cash flows. Significant assumptions, such as long-term growth rates and discount
rates, are made in preparing these forecast cash flows; although these are believed
to be appropriate, changes in these assumptions could change the outcomes of
the impairment reviews.
The most significant balances of goodwill and intangible assets relate to the
global savoury and dressings product group. We have reviewed the carrying value
of this cash generating unit by considering expected future cash flows based
on actual and planned growth rates and margins for this product group. No impairment
loss has been identified.
We have reviewed the carrying value of the
Slim•Fast
business in light of
the continued decline in the weight management market segment throughout 2005. Over the last few years, consumer tastes in this group have changed frequently, featuring low-calorie, low-carbohydrate, low-salt, low-sugar and other products. The
business declined in 2005 but maintained leadership of the market segment by refreshing its product range and offering a more personalised diet plan. The impairment review of the business resulted in an impairment loss of €363 million (2004:
€791 million) reflected in operating profit for the Americas region. The impairment review was based on determining the value in use of the global
Slim•Fast
business incorporating a number of important assumptions regarding the future performance of the
Slim•Fast
business. For further details, refer to note 10 on page 99.
20
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Annual
        Report and Accounts 2005
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Report
            of the Directors
Financial
  review
(continued)
Financial instruments
From
1 January 2005, we account for financial instruments in accordance with IAS 32
and 39. Financial instruments are classified according to the purpose for which
the instruments were acquired. This gives rise to the following categories: held-to-maturity
investments, loans and receivables, available-for-sale financial assets and financial
assets at fair value through profit or loss. Please refer to note 1 on page 83
for a
description of each of these categories.
Based on IAS 32 and 39, we report derivative financial instruments at fair value.
Changes in fair values are booked through profit or loss unless the derivatives
are designated and effective as hedge of future cash flows, in which case the
changes are recognised directly in equity. At the time the hedged cash flow results
in the recognition of an asset or a liability, the associated gains or losses
on the derivative that had previously been recognised in equity are included
in the initial measurement of the asset or liability. For hedged items that do
not result in the recognition of an asset or liability, amounts deferred in equity
are recognised in the income statement in the same period in which the hedged
item affects net profit or loss.
Changes in fair value of net investment hedges in relation to foreign subsidiaries
are recognised directly in equity.
The most important change associated with the implementation of IAS 32 relates
to the treatment of our preference share capital. Under the new accounting rules
we treat the preference shares as third-party borrowings and the dividends are
reported as interest costs through profit or loss.
Retirement benefits
We
account for pensions and similar obligations in accordance with IAS 19 'Employee
Benefits'. Under this standard, the assets and liabilities of the plans
are recognised at
fair values in the balance sheet.
Pension accounting requires certain assumptions to be made in order to value
our obligations and to determine the charges to be made to the income statement.
These figures are particularly sensitive to assumptions for discount rates, inflation
rates and expected long-term rates of return on assets. The following table sets
out these assumptions, as at 31 December 2005, in respect of the four largest
Unilever pension plans. Further details of assumptions made are given in note
22 on pages 115 and 116.
%
%
%
%
Nether-
United
UK
lands
States
Germany
Discount rate
4.7
4.0
5.5
4.0
Inflation
2.7
1.8
2.4
1.8
Expected long-term rate of return:
Equities
7.6
7.0
8.0
7.0
Bonds
4.5
3.7
4.8
3.7
Property
6.1
5.5
6.5
5.5
Others
6.7
3.7
4.2
3.7
These assumptions are set by reference to market conditions at the valuation date. Actual experience may differ from the assumptions made. The effects of such differences are recognised
through the statement of recognised income and expense.
Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy, plan experience and other relevant data. The assumptions are reviewed
and updated as necessary as part of the periodic actuarial valuation of the pension plans. Mortality assumptions for the four largest plans are given in more detail in note 22 on page 116.
Share-based compensation
In accordance with IFRS 2 we include a non-cash charge against operating profit to reflect the fair value to the employee of share options and awards granted. In determining the
additional charge, we apply a valuation based on modified Black-Scholes or multinomial models spread over the vesting period. The fair value so calculated depends on certain assumptions which are described in note 31 on page 132. The assumptions
made in respect of share price volatility and expected dividend yields are particularly subjective. Unilever considers these and all other assumptions to be appropriate, but significant changes in assumptions could materially affect the charge
recorded.
Provisions
Provision is made, among other reasons, for environmental and legal matters and for employee termination costs where a legal or constructive obligation exists at the balance sheet date
and a reliable estimate can be made of the likely outcome.
Advertising and promotion costs
Expenditure on items such as consumer promotions and trade advertising is charged against profit in the year in which it is incurred. At each balance sheet date, we are required to
estimate the part of expenditure incurred but not yet invoiced based on our knowledge of customer, consumer and promotional activity.
Deferred tax
Full provision
is made for deferred taxation, as required under IAS 12, at the rates of tax
prevailing at the year end unless future rates have been enacted, as detailed
in note 1 on
page 84.
Deferred tax assets are regularly reviewed for recoverability, and a valuation allowance is established to the extent that recoverability is not considered likely.
Reporting currency and exchange rates
Foreign
currency amounts for results and cash flows are translated from underlying local
currencies into euros using annual average exchange rates; balance sheet amounts
are translated at year-end rates except for the ordinary capital of the two parent
companies. These are translated at the rate prescribed by the Equalisation Agreement
of £1 = Fl.12, and then to euros at the official rate of €1.00 = Fl.2.20371
(see
Corporate Governance on page 41).
Unilever
Annual
          Report and Accounts 2005
21
Back to Content
Financial
  review
(continued)
The figures quoted in the following discussion are in euros, at current rates of exchange, ie. the average or year-end rates of each period, unless otherwise stated. Information about
exchange rates between the euro, pound sterling and the US dollar is given on page 156.
Results
  for 2005 compared with 2004
The
  results reflected in the consolidated income statement and supporting notes
  arise from the continuing operations of the Group. During July 2005, we completed
  the sale of Unilever Cosmetics International (UCI) to Coty Inc., United States.
  The results of UCI have been presented separately as discontinued operations
  for the 2004 year and, in 2005, for the period up to the date of sale.
Reported turnover grew by 2.9% in the year to €39 672 million. This increase includes a favourable effect from movements of the average euro exchange rate against the basket of
Unilever currencies, which amounted to 1.3% of turnover. The net impact of disposals less acquisitions was a decline in turnover of 1.5% . This arose principally from the sale of European olive oil and other foods businesses. Underlying sales growth
in the year of 3.1% was the result of volume increases.
Operating profit
increased by 25% in the year to €5 314 million with operating margin increasing
to 13.4% (2004: 11.0%) . Before the impact of net costs of restructuring,  business
disposals and impairments, the operating margin for 2005 would have been 0.8
percentage points lower than the previous year.
Advertising
and promotions were 1.1 percentage points of sales higher than last year. Cost
savings and an improved mix more than offset the effect of an increase of nearly €600
million in input costs. Operating charges for restructuring, business disposals
and impairments include the impairment of the
Slim•Fast
business
in both 2005 and 2004 amounting to €363 million and €791 million
  respectively. An overview of performance by region is included in the operating
reviews on pages 26 to 28.
Net finance costs were 2% lower in the year at €618 million, through lower levels of borrowings. This also reflects a reduction in the finance costs associated with pensions
which were €55 million.
A reduced contribution was generated from our shares in joint ventures and associates, most significantly from our associate JohnsonDiversey. Profit from discontinued operations
includes the gain of €458 million arising from the sale of UCI.
The Group's effective tax rate of profit for the year was 26%, compared with 22% in 2004, which reflected resolution of a higher level of outstanding prior year tax
issues.
Net profit and earnings per share from continuing operations increased by 21% and 22% respectively in the year. Including the profits of the discontinued operations, total earnings per
share increased by 37% in the year.
Return on invested capital (ROIC) for the year was 12.5%, up from 10.7% in 2004. This reflects the lower restructuring costs and higher profits on business disposals included in net
profit. ROIC retains all goodwill and intangibles in invested capital, regardless of impairment.
Acquisitions
  and disposals
There
  were no material acquisitions during 2004 or 2005.
In March 2005 Unilever completed the restructuring of its Portuguese foods business. Before the restructuring Unilever Portugal held an interest in FIMA/VG –
Distribuição de Produtos Alimentares, Lda. (FIMA) foods business, a joint venture with Jerónimo Martins Group, in addition to its wholly owned Bestfoods business acquired in 2000. As a result of the transaction the two foods
businesses – FIMA and Unilever Bestfoods Portugal – were unified and the joint venture stakes were re-balanced so that Unilever now holds 49% of the combined foods business and Jerónimo Martins Group 51%.
On 11 July 2005, we announced the completion of the sale of our Prestige fragrance business, UCI, to Coty Inc. of the United States. Unilever received US $800 million in cash, with
the opportunity for further deferred payments contingent upon future sales.
On 20 December 2005, Unilever announced its intention to sell its Mora business to Ad van Geloven in the Netherlands, for an undisclosed sum. The agreement is subject to approval by
competition authorities and advice from work councils. The proposed transaction relates to the Mora brand and to factories in Maastricht and Mol (Belgium).
Other business disposals in 2005 included Stanton Oil in the UK and Ireland, Dextro in various countries in Europe, Opal in Peru, Karo and Knax in Mexico, spreads and cooking products
in Australia and New Zealand, Crispa, Mentadent, Marmite, Bovril and Maizena in South Africa, frozen pizza in Austria, Biopon in Hungary and tea plantations in India. The combined annual turnover of these businesses was approximately €200
million.
In 2004 we disposed of more than 20 businesses with total turnover in excess of €700 million. Significant disposals included the sale of certain household care brands in North
America, our edible oils business under the Capullo, Inca and Mazola brands in Mexico, the Dalda brand in Pakistan and the sale of our European frozen pizza and baguette business. Our chemicals business in India (Hindustan Lever Chemicals) was
merged with Tata Chemicals.
22
Unilever
Annual Report and Accounts 2005
Back to Contents
Report
        of the Directors
Financial
  review
(continued)
On 9 February
  2006 Unilever announced its intention to sell the majority of its frozen foods
  businesses in Europe. The intended sale includes the frozen food portfolio under
  the
Iglo
and
Birds
  Eye
brands
  in Austria, Belgium, France, Germany, Greece, Ireland, the Netherlands, Portugal,
  Spain and the United Kingdom.
For further information on the impact of acquisitions and disposals refer also to the cash flow section of this review on page 24 and to note 28 on page 128.
Dividends
      and market capitalisation
The
  proposed final dividend of €1.32 per €0.51 share brings the dividends
  paid and proposed on the NV ordinary capital to €1.98 per €0.51
  share (2004: €1.89), an increase of 5% per share. The proposed final
  dividend of 13.54p per 1.4p share brings the dividends paid and proposed on
  the PLC ordinary capital to 20.31p per 1.4p share (2004: 19.15p), an increase
  of 6% per share. The 2005 final proposed and interim paid dividends of €1
  905 million (2004: €1 832 million) represented 51% (2004: 66%) of net
  profit attributable to shareholders' equity for the year.
Unilever's combined market capitalisation at 31 December 2005 was €57.5 billion (2004: €49.3 billion).
Balance
      sheet
Goodwill
  and intangible assets at 31 December 2005 were €1 048 million higher
  than in 2004. Currency movements added €1 575 million, offset by
Slim•Fast
impairment,
  disposals and the reclassification of assets held for sale. Inventories and
  current trade receivables were €1 050 million higher, reflecting currency
  movements and the low position achieved at the end of 2004.
Total equity has increased by €2 250 million since 1 January. Net profit added €3 975 million and currency retranslation and fair value gains €540 million. Treasury
stock, which is deducted from equity, was used for the conversion of the €0.05 preference shares. This reduced borrowings by €1 380 million and increased equity by €930 million. Subsequent purchases of treasury stock and parent
company dividends reduced equity by €1 262 million and €1 867 million respectively.
The net debt position (see page 19) at 31 December 2004 was €9 663 million which increased on 1 January
2005 to €11 185 million as a result of the application of IAS 32/39 and IFRS 5 from this date. Closing net debt was €10 502 million, a decrease of €683
million since 1 January. Purchases of treasury stock were €1 276 million (including the share buy-back program of €500 million) and proceeds of business disposals were €804 million. The €1 380 million net debt reduction
on conversion of the €0.05 preference shares was largely offset by currency movements.
At 31 December 2005, cash and cash equivalents and financial assets (including the positive fair value of derivatives relating to borrowings amounting to €250 million) amounted
to €2 114 million (2004: €2 603 million); borrowings, including finance leases, amounted to €12 616 million (2004: €12 266 million). The net of these cash and borrowing positions, being the net debt, amounted to
€10 502 million (2004: € 9 663 million).
Unilever manages the related interest rate and currency exposures based on this net debt position. Taking into account the various cross currency swaps and other derivatives, 60% of
Unilever's net debt was in US dollars (2004: 96%) and 17% in euros (2004: (28)% financial assets), with the remainder spread over a large number of other currencies. The currency distribution of total borrowings was as follows: 51% in US dollars
(2004: 58%) and 20% in euros (2004: 15%) with the remainder spread over a large number of other currencies. Further details of the currency analyses are given in note 17 on page 106 and note 18 on page 109.
Unilever has committed credit facilities in place to support its commercial paper programmes and for general corporate purposes. The undrawn committed credit facilities in place at the
end of 2005 were: bilateral committed credit facilities totalling US $4 292 million, bilateral notes commitments totalling US $200 million and bilateral money market commitments totalling US $1 725 million. Further details regarding
these facilities are given in note 18 on page 109.
In September, a total of €750 million of term financing was raised through issuance of a 10 year Eurobond.
Unilever is satisfied that its financing arrangements are adequate to meet its working capital needs for the foreseeable future.
Unilever's contractual obligations at the end of 2005 included capital expenditure commitments, borrowings, lease commitments and other commitments. A summary of certain
contractual obligations at 31 December 2005 is provided in the table below. Further details are set out in the following notes to the accounts: note 11 on page 100, note 18 on page 108, note 19 on pages 110 to 112 and note 27 on page 127.
Contractual
obligations at 31 December 2005
€ million
€ million
€ million
€ million
€ million
Due
Due
          in
within
Due
          in
Due
          in
over
Total
one
          year
1-3
          years
3-5
          years
5
          years
Long-term
        debt
8
        447
1
        990
2
        229
1
        884
2
        344
Operating
        lease
obligations
1
        931
339
564
431
597
Purchase
        obligations
(a)
240
165
55
20
–
Finance
        leases
330
75
116
27
112
Other
        long-term
commitments
591
200
330
43
18
(a)
Raw
        and packaging materials and finished goods.
Unilever
Annual
      Report and Accounts 2005
23
Back to Contents
Financial
  review
(continued)
In 2005, pension liabilities less plan assets amounted to €5 581 million (2004: €5 454 million).
In November
    2001, NV entered into a forward purchase contract with a counterparty bank
    to buy 10 000 000 PLC shares at 559p per share in November 2006 to meet the
    obligation to employees under share option plans. Depending on the market
    value of this forward purchase contract, a cash collateral must be placed
    with the counterparty bank at a minimum of €8 million. At
31
    December 2005, €16 million of collateral had been placed with the counterparty.
Off-balance
      sheet arrangements
IFRSs
  interpretation SIC 12 and US GAAP FIN 46R require that entities with which we
  have relationships are considered for consolidation in the consolidated accounts
  based on relative sharing of economic risks and rewards rather than based solely
  on share ownership and voting rights. We periodically review our contractual
  arrangements with potential special purpose entities (SPEs) or variable interest
  entities (VIEs) as defined by SIC 12 and FIN 46R respectively. The most recent
  review has concluded that there are no significant SPE or VIE relationships
  which are not already appropriately reflected in the accounts. Information concerning
  guarantees given by the Group is stated in note 27 on page 127.
Cash
      flow
Cash
  and cash equivalents at 31 December 2005 were at a similar level to the end
  of 2004. Net cash flow from operating activities, at €4 353 million, was
  €1 194 million lower than in the previous year. This includes the effects
  of additional marketing investment, a lower inflow from working capital compared
  with last year, and higher cash costs of restructuring, pensions and tax.
Net cash flow from investing activities was €635 million higher than last year, reflecting higher disposal receipts (including €623 million from the sale of UCI) and net
movements in investments with maturity greater than three months. Net cash flow used in financing activities fell by €1 117 million, reflecting borrowing activity offset by increased purchases of own shares.
Share
      buy-back
In
  2005 we completed a share buy-back program of €500 million. This was in
  addition to the purchase of €776 million of shares to partially replenish
  treasury stock used for the conversion of the €0.05 NV preference shares.
Finance
      and liquidity
Unilever
  aims to be in the top third of a reference group of 21 international consumer
  goods companies for Total Shareholder Return, as explained on page 25. The Group's
  financial strategy supports this objective and provides the financial flexibility
  to meet its strategic and day-to-day needs. The key elements of the financial
  strategy are:
•
Appropriate
        access to equity and debt capital;
•
Sufficient
        flexibility for tactical acquisitions;
•
A1/P1
        short-term credit rating;
•
Sufficient
        resilience against economic turmoil; and
•
Optimal
        weighted average cost of capital, given the constraints
above.
Unilever aims to concentrate cash in the parent and finance companies in order to ensure maximum flexibility in meeting changing business needs. Operating subsidiaries are financed
through the mix of retained earnings, third-party borrowings and loans from parent and group financing companies that is most appropriate to the particular country and business concerned. Unilever maintains access to global debt markets through an
infrastructure of short-term debt programmes (principally US domestic and euro commercial paper programmes) and long-term debt programmes (principally a US Shelf registration and euromarket Debt Issuance Programme). Debt in the international markets
is, in general, issued in the name of NV, PLC or Unilever Capital Corporation. NV and PLC will normally guarantee such debt where they are not the issuer.
Treasury
Unilever
  Treasury's role is to ensure that appropriate financing is available for
  all value-creating investments. Additionally, Treasury delivers financial services
  to allow operating companies to manage their financial transactions and exposures
  in an efficient, timely and low-cost manner.
Unilever Treasury operates as a service centre and is governed by policies and plans approved by the Boards. In addition to policies, guidelines and exposure limits, a system of
authorities and extensive independent reporting covers all major areas of activity. Performance is monitored closely. Reviews are undertaken by the corporate internal audit function.
The key financial instruments used by Unilever are short- and long-term borrowings, cash and cash equivalents and certain straightforward derivative instruments, principally comprising
interest rate swaps and foreign exchange contracts. The accounting for derivative instruments is discussed in note 1 on page 83. The use of leveraged instruments is not permitted.
Other relevant disclosures are given in note 2 on pages 86 to 87, and notes 17, 18 and 19 on pages 105 to 113.
Unilever Treasury
  manages a variety of market risks, including the effects of changes in foreign
  exchange rates, interest rates and liquidity. Further details of the management
  of these risks are given in note 2 on pages 86 and 87.
24
Unilever
Annual Report and Accounts 2005
Back to Contents
Report
        of the Directors
Financial
  review
(continued)
Pensions
  investment strategy
The
  Group's investment strategy in respect of its funded pension 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 company of the benefits provided. To achieve
  this, investments are well diversified, such that the failure of any single
  investment would not have a material impact on the overall level of assets.
  The plans invest the largest proportion of the assets in equities, which the
  Group believes offer the best returns over the long term commensurate with an
  acceptable level of risk. The Group also keeps a proportion of assets invested
  in property, bonds and cash. Most assets are managed by a number of external
  fund managers with a small proportion managed in-house. In December 2005, Unilever
  launched a pooled investment vehicle (Univest) which will offer its pension
  plans around the world a simplified investment solution to implement their strategic
  asset allocation models initially for equities. The aim is to provide a high
  quality, well diversified risk controlled solution.
Total
      Shareholder Return
Total
  Shareholder Return (TSR) measures the returns received by a shareholder, capturing
  both the increase in share price and the value of dividend income (assuming
  dividends are re-invested). Unilever's TSR performance is compared with
  a peer group of competitors over a three-year rolling performance period. This
  period is sensitive enough to reflect changes but long enough to smooth out
  short-term volatility. The return is expressed in US dollars, based on the equivalent
  US dollar share price for NV and PLC. US dollars were chosen to facilitate comparison
  with companies in Unilever's chosen reference group. The choice of currency
  affects the absolute TSR but not the relative ranking.
Unilever's TSR target is to be in the top third of a reference group including 20 other international consumer goods companies on a three-year rolling basis. At the end of 2004 we
were positioned 13th, and at the end of 2005 the ranking was 14th. In 2005, the following companies formed the peer group of comparative companies:
Altria
Kao
Avon
Lion
Beiersdorf
L'Oréal
Cadbury
      Schweppes
Nestlé
Clorox
Orkla
Coca-Cola
Pepsico
Colgate
Procter
      & Gamble
Danone
Reckitt
      Benckiser
Gillette
Sara
      Lee
Heinz
Shiseido
From 2006, Kraft will replace Altria and Kimberly-Clark will replace Gillette in the peer group.
Unilever's
position relative to the TSR reference group
The reference group, including Unilever, consists of 21 companies. Unilever's position is based on TSR over a three-year rolling period.
Significant
  changes after the balance sheet date
We
  announced on 9 February 2006 our decision to put the majority of the frozen
  foods businesses in Europe up for sale. The intended sale includes the frozen
  food portfolio under the
Iglo
and
Birds
  Eye
brands
  in Austria, Belgium, France, Germany, Greece, Ireland, the Netherlands, Portugal,
  Spain and the United Kingdom.
Unilever
Annual
      Report and Accounts 2005
25
Back to Contents
Operating
  review by region
Europe
2005
          results compared with 2004
€ million
€ million
€ million
€ million
%
%
(continuing
        operations)
Exchange
Change
        at
Change
        at
2005
          at
rate
2005
          at
2004
        at
actual
constant
2005
          rates
effects
2004
          rates
2004
        rates
current
        rates
2004
        rates
Turnover
16
      211
(56
)
16
      155
16
      650
(2.6)%
(3.0)%
Operating
      profit
2
      304
(4
)
2
      300
2
      303
(0.0)%
(0.2)%
Operating
      margin
14.2%
14.2%
13.8%
Restructuring,
        business disposals and impairment charges included in operating margin
(0.8)%
(0.8)%
(2.3)%
Turnover
      and underlying sales growth
2005
(at
      constant 2004 rates)
vs
      2004
Underlying
      sales growth (%)
(0.8
)
Effect
      of acquisitions (%)
0.2
Effect
      of disposals (%)
(2.3
)
Turnover
      growth (%)
(3.0
)
Turnover at current rates of exchange fell by 2.6%, mainly due to disposals, and including a positive impact from currency movements of 0.4% . Operating profit at current rates of
exchange was at the same level as in 2004, after including a favourable effect of currency movements of 0.2% . The underlying performance of the business after eliminating these exchange translation effects and the impact of acquisitions and
disposals is discussed below at constant exchange rates.
Our priority in Europe is to regain momentum and improve competitiveness. The focus has been on enhancing the value to consumers of our products through keener pricing, improved quality
and more and better innovation.
Marketing support has been raised to a more competitive level with additional spend deployed against our best opportunities. The organisation is being streamlined and we are building up
stronger capabilities in customer management.
We have made progress over the last year. Volume has been slightly positive (compared with a 2% decline in 2004), but investment in pricing meant that underlying sales declined by 0.8%
in the year.
Central and Eastern Europe performed well in buoyant markets, notably in Russia which was ahead by nearly 20%.
Western Europe was challenging, with continued weak consumer demand. Our businesses grew in the Netherlands and Spain, but declined by around 2% in France and Germany and by nearly 4%
in the UK.
In Foods, we have held overall market share through the course of the year, with growth across all key categories apart from frozen foods. On 9 February 2006 we announced that we were
putting up for sale the majority of our frozen foods business in Europe.
In Home and Personal Care we had a disappointing year and we have lost market share, particularly in the UK.
Overall, there was some pick-up in the fourth quarter, but we are not yet where we want to be.
New product launches this year have included
Knorr Vie
mini shots, extensions of the
Becel/Flora pro•activ
heart health range,
soups fortified with vitamins and low-fat soups.
We have introduced a
Rexona Sport
variant in deodorants,
Axe
shower gel and
Sunsilk
hair styling products. We have further improved our Home Care product range with
launches that address specific consumer needs, such as 'no-need-to-pre-treat' laundry detergents,
Sun
4-in-1 dishwash and
Domestos
sink and drain
unblocker.
The operating margin, at 14.2%, was 0.4 percentage points higher than last year. Increased advertising and promotions and pricing investment together with higher input costs were partly
offset by productivity gains. Net restructuring, disposal and impairment costs, at 0.8% were 1.5 percentage points lower than in 2004.
26
Unilever
Annual Report and Accounts 2005
Back to Contents
Report
        of the Directors
Operating
  review by region
The
  Americas
2005
      results compared with 2004
€
      million
€
      million
€
      million
€
      million
%
%
(continuing
      operations)
Exchange
Change
      at
Change
      at
2005
          at
rate
2005
          at
2004
        at
actual
constant
2005
      rates
effects
2004
      rates
2004
      rates
current
      rates
2004
      rates
Turnover
13
      179
(464
)
12
      715
12
      296
7.2%
3.4%
Operating
      profit
1
      719
(75
)
1
      644
896
91.9%
83.6%
After
      charging:
Impairment
      of
Slim•Fast
(363
)
(12
)
(375
)
(791
)
Provision
      for Brazilian sales tax
–
–
(169
)
Operating
      margin
13.0%
12.9%
7.3%
Restructuring,
      business disposals and impairment
charges
      included in operating margin
(3.4)%
(3.4)%
(9.2)%
Turnover
          and underlying sales growth
2005
(at
        constant 2004 rates)
vs
          2004
Underlying
      sales growth (%)
4.1
Effect
      of acquisitions (%)
0.0
Effect
      of disposals (%)
(0.7
)
Turnover
      growth (%)
3.4
Turnover at current rates of exchange rose by 7.2%, including a positive impact from currency movements of 3.8% . Operating profit at current rates of exchange was 92% higher than in
2004, including a favourable impact from currency movements of 8.3% . The underlying performance of the business after eliminating these exchange translation effects and the impact of disposals is discussed below at constant exchange
rates.
Underlying sales grew by 4%, all coming from volume gains, broadly based across the region, underpinned by a successful innovation programme.
Consumer demand in the US showed a sustained recovery. Our sales in the US grew by 3.2%, accelerating through the year, and we gained market share in aggregate.
In Brazil and Mexico, a strong first half was followed by relatively weaker demand in the second half of the year. We grew in line with our markets in Home and Personal Care, but saw
some share loss in Foods.
Growth in Personal Care across the region has been driven by good consumer response to our initiatives, including vitality innovation and consistent support. This has been particularly
evident in the deodorants and personal wash categories, with strong double-digit growth for
Axe
, now the number one deodorant in the US, and for the
Dove
and
Rexona
brands.
Another strong Foods performance in the US was driven by further share gains in ice cream, continued good results from the extension of the
Country Crock
and
Bertolli
brands into new categories, and from
Lipton
ready-to-drink and speciality teas.
Slim•Fast
continued to regain share, but in a much contracted weight management market and
sales were well below the previous year.
New launches in the US included the well received
Dove Cool Moisture
range and the extension of
Axe
into male
shower gels. In Latin America our brands have also been very successful in connecting with younger consumers through
Rexona 'teens'
and innovative communication for
Axe
.
In the US we introduced
all Small & Mighty
laundry detergent, offering the convenience of the same cleaning power in a smaller bottle. We have invested in communication of our
Omo
laundry brands, under the 'Dirt is Good' campaign in southern Latin America.
In Foods, we strengthened the vitality credentials of our brands in the US with
Promise
heart health spread,
Ragú
organic and support for the anti-oxidant properties of
Lipton
teas.
AdeS
continued to build across Latin
America with the distinctive nutrition benefits of 'soy with fruit'.
The operating margin at current rates of exchange was 13.0%, 5.7 percentage points higher than in 2004. Net charges for restructuring, disposal and impairment were 3.4%, which was 5.8
percentage points lower than in the prior year. Cost savings offset a higher level of advertising and promotions and increased input costs. There were also gains from the sale of an office in the US, in US healthcare plans and from currency effects
on capital reductions.
Unilever
Annual
      Report and Accounts 2005
27
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Operating
  review by region
Asia
  Africa
2005
          results compared with 2004
(continuing
      operations)
€ million
€ million
€ million
€ million
%
%
Exchange
Change
        at
Change
        at
2005
at
rate
2005
at
2004
at
actual
constant
2005
      rates
effects
2004
      rates
2004
      rates
current
      rates
2004
      rates
Turnover
10
      282
(1
)
10
      281
9
      620
6.9%
6.9
%
Operating
      profit
1
      291
6
1
      297
1
      040
24.1%
24.7
%
Operating
      margin
12.6%
12.6
%
10.8%
Restructuring,
      business disposals and impairment
charges
      included in operating margin
(0.0
)%
(0.0
)%
(2.9)%
Turnover
    and underlying sales growth
2005
vs
    2004
(at
    constant 2004 rates)
Underlying
      sales growth (%)
8.7
Effect
      of acquisitions (%)
0.0
Effect
      of disposals (%)
(1.6
)
Turnover
      growth (%)
6.9
Turnover at current rates of exchange rose by 6.9%, with no net impact from currency movements. Operating profit at current rates of exchange was 24% higher than in 2004, after allowing
for an adverse impact from currency movements of 0.6% . The underlying performance of the business after eliminating these exchange translation effects and the impact of disposals is discussed below at constant exchange rates.
We have capitalised on our leading positions and buoyant consumer demand across most of the region, growing underlying sales by nearly 9%, in a competitive environment, and increasing
market share in key battlegrounds.
The growth was broad-based in terms of both categories and geographies. There were notable performances in all major developing and emerging countries, including a strong recovery in
India with market share gains, and significant contributions from China, which was up by over 20%, and from South East Asia, South Africa, Turkey and Arabia. Japan returned to growth. After a weak first half, Australia improved in the second half of
the year.
Most of the increase came from volume, but price growth gained momentum through the year, as we moved to selectively recover increased commodity costs, especially in Home
Care.
Growth was underpinned by a range of innovations. In skin care in India,
Lux
has been strengthened with new soap bars from the global range and the introduction of limited editions. Innovations in
Pond's
included a new 'mud' range in China.
In hair care we launched
Dove
in Indonesia, a
Sunsilk
summer range across
South East Asia, a new variant for
Lux Super Rich
in China and a strengthened
Sunsilk
range across several key markets in Africa and the Middle East.
New formulations for our laundry products include improved whiteness delivery for
Surf
in Indonesia and
Omo
for sensitive
skin in Turkey.
In tea, we have substantially strengthened the
Brooke Bond
brand in India, while
Lipton
is benefiting
from strong regional innovations, including Earl Grey and Green Tea variants in markets such as Turkey and Arabia.
The operating margin was 12.6%, 1.8 percentage points higher than in 2004. Increased investment in advertising and promotions was partly offset by productivity gains. The remaining
difference was due to net restructuring, disposal and impairment charges which were insignificant in 2005 compared with a net charge of 2.9% in 2004.
28
Unilever
Annual Report and Accounts 2005
Back to Contents
Report
        of the Directors
Operating
  review by category
Foods
Highlights
    in 2005 included:
•
The
          growth of healthier innovations, such as
Becel/Flora
pro•activ
and
Knorr
          Vie
,
      is a direct result of our vitality strategy.
•
We
        completed our nutritional enhancement programme. Over
16
        000 products have been assessed for levels of trans fats,
saturated
        fats, sodium and sugars, and, where necessary, action
has
        been taken to reduce them.
•
Our
        R&D has been restructured to operate as a single,
integrated
        organisation, enabling us to leverage our global
scale
        and allocate resources more productively.
We are
      embracing vitality at the core of our Foods brands, ensuring they deliver
      the nutritional and health benefits that consumers are increasingly demanding,
  as well as that essential ingredient for success – great taste.
Becel/Flora
          pro•activ
is a case in point. Originally launched as a spread to help people reduce their cholesterol,
Becel/Flora pro•activ
has extended rapidly into a range that includes milk drinks, yoghurt products and minidrinks. This no longer
  relates only to cholesterol, as there is now a mini-drink to help people control blood pressure. In fact, the brand has proved so effective in improving heart health, as part of a balanced diet, that the Netherlands' largest health insurer,
  VGZ, is rewarding its policy holders financially when they buy
Becel/Flora pro•activ
products.
To help consumers meet their daily nutritional requirements, we also launched
Knorr Vie
mini shots in Europe. Free of preservatives and other additives, these convenient natural drinks help consumers on their way towards their daily fruit and vegetable needs. Other advances
included new fruit variants of our nutritionally rich, soy-based drink,
AdeS
, in Latin
America. Like so many of our brands that have embraced vitality,
AdeS
has proved a success and
will be extended to other markets. Our dedicated new vitality platforms group are actively creating numerous future opportunities such as the ones mentioned above.
In all cases, whether we're communicating the health benefits of
Lipton
tea or the vitality credentials of
Hellmann's
, we only make health and nutrition claims for our brands that are supported by robust, scientifically-validated evidence. This approach is underpinned by a strict claims guidance framework, as well
as a commitment to make nutritional information available to consumers.
Improved quality has been another theme of our innovations, reflected in the launch of our gourmet-standard
Bertolli
Dinner for Two frozen range, a major success in the US.
Knorr
has also produced exceptional results in the Netherlands and other European countries with its new, high
quality wet soups in pouches (also sold as
Unox
), as has our ice cream business with its new
and intensely flavoured
Magnum Five Senses
.
For developing and emerging markets, we have continued to make our products more affordable through packaging and price-per-serving with pioneering products such as
Knorr Cubitos
seasoning cubes.
While consumers increasingly look for ways to eat healthily out of home, they are not willing to sacrifice taste and convenience. This often challenges foodservice operators to offer
food that meets all the needs of their customers. Our Unilever
Foodsolutions
business gives
foodservice professionals products that deliver delicious taste, consistent quality, convenience and healthier menu options.
In 2005 we
  launched
Knorr
Coulis, a new innovative range
  of pure sauces made from freshly mashed vegetables. To be used as a warm or
  cold sauce or as a natural ingredient,
Knorr
Coulis
  creatively refines and decorates all types of dishes. With its pure, high quality
  ingredients, its fresh authentic taste and exciting colours, it is a solution
  that brings chefmanship and vitality naturally together.
Unilever
Annual
      Report and Accounts 2005
29
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Operating
  review by category
Home
  and Personal Care
Highlights
    in 2005 included:
•
The
        success of
all
        Small & Mighty
liquid detergent has
underlined
        the power of stronger relationships with our
customers.
•
Dove
and
Rexona
extended
        their leadership with launches such
as
Dove Cool Moisture
and
Rexona
        '
teens'.
•
Technological
        breakthroughs have spearheaded the recovery of
our
        Home Care business, as well as hair in Asia.
•
To make
        greater inroads in the US skin market, we opened a
new
        $23 million R&D facility in Connecticut.
Vitality
    is now central to our Home and Personal Care business. The
Dove
Campaign for Real Beauty, the
Omo
Dirt is
    Good campaign and the
Lifebuoy
Handwashing
    campaigns in Asia are tangible programmes that bring Unilever's vitality
    mission to life in our Home and Personal Care brands.
The success of
Lifebuoy
in
India and Indonesia contributed to the performance of our skin business in Asia, as did the launch of
Pond's
whitening platform, which underlines Unilever's strength in the face care sector across Asia.
The new
Dove
Cool Moisture
range was launched in North
America
while the
Dove
firming

range was rolled out globally. We also extended the
Dove
Campaign
for Real Beauty with the
creation of the
Dove
Self-Esteem
Fund for young women to educate and inspire girls on a wider
definition of beauty.
In South Africa we relaunched
Vaseline
with a range of lotions and creams aligned with the new global packaging. We also launched South Africa's first mass-market male lotion, new
Vaseline
'For Men'.
To grow our share of the male grooming market, we launched
Axe
shower gel in North America. Within just three years,
Axe
has become the leading deodorant brand in the US. We also launched
Rexona Sport for Men
with an award-winning advertising campaign called 'Stunt City'.
Rexona
is now the number one male deodorant brand in Russia and Ukraine.
In hair, the new
Sunsilk
colour enhancement range in Europe has been designed to increase the brand's appeal among young consumers. In oral care, the world's first centre-filled gel toothpaste was introduced in
Vietnam.
Innovation has reinvigorated our laundry business. The
Omo
Dirt is Good campaign was rolled out across most of Asia after its launch in Latin America and Europe, giving us near global coverage. In Europe, we introduced a new gel-layered detergent tablet
that helped make
Skip
the fastest growing HPC brand in France by the end of 2005. A new
whiteness shading technology in Latin America gave consumers more appealing whites with
Radiant
. The proprietary technology behind the innovation is ensuring we keep ahead of our key competitors. In North America,
all Small & Mighty
is leading the concentrated liquid detergent market. Its success illustrates how great mixes,
which have both a consumer-winning innovation and a strong customer benefit, can be successful. In China, we continued to develop the fabric conditioners market where
Comfort
is the market leader.
The level of innovation in household care has been equally creative.
Cif
, for example, rolled out pioneering power cream sprays for the bathroom and kitchen. The traditional offer to the consumer of cream from
Cif
has now been enhanced with an attractive new proposition with the same power of the
Cif
cream in a spray.
Domestos
, meanwhile, extended its 'kill germ' power into a new territory with the sink and drain unblocker
that now clears blockages up to twice as fast as the market leader.
30
Unilever
Annual Report and Accounts 2005
Back to Contents
Report
    of the Directors
Risk management
The following
    discussion about risk management activities includes 'forward-looking' statements that involve risk and uncertainties. The actual results could differ materially
  from those projected. See the 'Cautionary Statement' on page 04.
Unilever's system of risk management is outlined on page 74. Responsibility
for establishing a coherent framework for the Group to manage risk resides with
the Boards. The remit of
the Boards is outlined on page 35.
Particular risks and uncertainties that could cause actual results to vary from
those described in forward-looking statements within this document, or which
could impact on our ability to meet our published targets, have been identified.
In this context the following specific risks have been identified as areas of
focus in 2006.
Sales and profit growth
The increasingly
competitive environment, the further consolidation in the marketplace and continued
growth of discounters could adversely impact our rate of sales growth. In light
of this, we will continue to invest in selected brands and high growth market
areas to ensure that we deliver profitable sales growth. Our continued sales
and profit growth depends in large part on our ability to generate and implement
a stream of consumer-relevant improvements to our products. The contribution
of innovation is affected by the level of funding that can be made available,
the technical capability of the research and development functions, and the success
of operating management in rolling out quickly the resulting improvements. Our
focus will continue to be on developing our brands in ways that are distinctive
and are relevant for our customers.
We have a number of large global brands, including 12 with an annual turnover
of greater than €1 billion which often depend on global or regional development
and supply chains. Any adverse event affecting consumer confidence or continuity
of supply of such a brand could have an impact in many markets. The carrying
value of intangible assets associated with many of our brands is significant,
and depends on the future success of those brands. There remains a risk that
events affecting one or more of our global brands could potentially impair the
value of those brands.
As the retail market place through which our products are distributed continues
to evolve, our growth and profitability can be threatened if we do not adapt
our strategies and enhance our operational capabilities. It is important that
we continue to build and deepen relationships with our customers. Plans to raise
our effectiveness in the trade, where necessary, receive increasing attention
at all levels.
Change initiatives
The further
restructuring of the business (including the outsourcing of back office support
operations and convergence of regional processes and systems through the One
Unilever initiative) require continuing close management attention in 2006. We
have experience of managing such risks and have clear action plans to mitigate
them, including the establishment and maintenance of project management processes
to monitor progress against milestones and targets together with appropriate
communication programmes.
People
Unilever's
performance targets require it to have the right calibre of people at all levels.
We must compete to obtain capable recruits for the business, and then train them
in the skills and competencies that we need to deliver profitable growth. At
a time of substantial change in the business there is a particular focus on creating
alignment and energetic leadership.
Corporate reputation
Unilever has
created a strong corporate reputation over many years and many of our businesses
have a high local profile. This reputation is underpinned by ensuring that all
employees
embrace the principles prescribed in our Code of Business Principles.
Unilever
products carrying our well-known brand names are sold in over 150 countries.
Should we fail to meet high product safety, social, environmental and ethical
standards in all our
operations and activities, Unilever's corporate reputation could be damaged,
leading to the rejection of our products by consumers, damage to our brands and
diversion of management time into rebuilding our reputation. Examples of initiatives
to
manage key social and environmental risks are mentioned on pages 11 and 12.
Potential economic instability
More than a
third of Unilever's turnover comes from the developing and emerging economies.
We have long experience in these markets, which are also an important source
of our growth. These economies are typically more volatile than those in the
developed world, and there is a risk of downturns in consumer demand that would
reduce the sales of our products. We will continue to closely monitor performance
in the most volatile markets and respond quickly to protect our business. In
cases of extreme
social disruption, protecting our people is always the priority.
Unilever
Annual
          Report and Accounts 2005
31
Back to Contents
Risk management
(continued)
Price and supply of raw materials and commodities contracts
Where appropriate,
  we purchase forward contracts for raw materials and commodities, almost always
  for physical delivery. We may also use futures contracts to hedge future price
  movements; however, the amounts are not material. With the adoption of IFRSs
  from 1 January 2005, we are required to recognise financial derivatives (which
  include forward contracts) at their fair value on the balance sheet.
Insurance risks
As a multinational
group with diverse product offerings and operations in more than 100 countries,
Unilever is subject to varying degrees of risk and uncertainty. It does not take
out insurance against all risks and retains a significant element of exposure
to those risks against which it does insure. However, it insures its business
assets in each country against insurable risks as it deems appropriate.
Financial risks
In addition
to the above, Unilever is exposed to various specific risks in connection with
its financial operations and results. These include the following:
•
The
          impact of movement in equity markets, interest rates and
life
          expectancy on net pension
liabilities;
•
Maintenance
      of group cash flows at an appropriate level;
•
Exposure
      of debt and cash positions to changes in interest rates;
•
Potential
          impact of changes in exchange rates on the group's
earnings
          and on the translation of its
underlying net assets;
•
Liquidity
      and counterparty risks; and
•
Risks
          associated with the holding of our own shares in
connection
          with share-based remuneration
schemes.
Further information about these, including sensitivity analysis to changes in
certain of the key measures, is given in note 2 on pages 86 and 87 and note 22
on page 114.
Other risks
Unilever's
businesses are exposed to varying degrees of risk and uncertainty related to
other factors including competitive pricing, commodity, raw and packaging material
pricing, consumption levels, physical risks, legislative, fiscal, tax and regulatory
developments, terrorism and economic, political, and social conditions in the
environments where we operate. All of these risks could materially affect the
Group's business, our turnover, operating profit, net profit, net assets
and liquidity. There may be risks which are unknown to Unilever or which are
currently believed
to be immaterial.
32
Unilever
Annual
        Report and Accounts 2005
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Report of the Directors
Corporate governance
General information
04
Chairman's
    foreword
05
Group Chief Executive
06
About Unilever
09
Financial and operating reviews
15
Risk management
31
Corporate governance
33
Introduction
34
Developments in corporate governance
34
The Boards
35
Chairman and Group Chief Executive
37
Executive Directors
37
Non-Executive Directors
37
Board committees
39
Directors – Various
    formal matters
40
Directors – Indemnification
40
Directors – Conflicts
    of interest
40
Shareholder matters
40
Equalisation Agreement
41
Combined earnings per share
43
Share capital
43
Stichting Administratiekantoor Unilever N.V.
43
Leverhulme Trust
44
Requirements
    and compliance – general
45
Requirements – The
    Netherlands
45
Requirements – The
    United Kingdom
47
Requirements – The
    United States
47
Biographical details
49
Executive Directors
49
Non-Executive Directors
49
Unilever Executive (UEx)
50
Reports of Board committees
51
Unilever
Annual
          Report and Accounts 2005
33
Back to Contents
Corporate
  governance
Introduction
The
        Unilever Group
Unilever N.V.
    and Unilever PLC are the two parent companies of the Unilever Group. NV was
    incorporated under the name Naamlooze Vennootschap Margarine Unie in the Netherlands
    in 1927. PLC was incorporated under the name Lever Brothers Limited in Great
    Britain in 1894. The two companies have different shareholder constituencies
    and shareholders cannot convert or exchange the shares of one company for
    shares of the other. NV is listed in Amsterdam, New York, Frankfurt and Zürich.
  PLC is listed in London and New York.
NV and PLC together with their group companies operate effectively as a single economic entity. This is achieved by a series of agreements between NV and PLC (the Foundation Agreements,
see below), together with special provisions in the Articles of Association of NV and PLC. NV and PLC have the same directors and adopt the same accounting principles. Shareholders of both companies receive dividends on an equalised basis. NV and
PLC and their group companies constitute a single reporting entity for the purposes of presenting consolidated accounts. Accordingly, the accounts of the Unilever Group are presented by both NV and PLC as their respective consolidated
accounts.
NV and PLC have agreed to co-operate in all areas and to ensure that all group companies act accordingly. NV and PLC are holding and service companies, and the business activity of
Unilever is carried out by their subsidiaries around the world. Shares in group companies may ultimately be held wholly by either NV or PLC, or jointly by the two companies, in varying proportions.
The
        Equalisation Agreement
The Equalisation
    Agreement regulates the mutual rights of the shareholders of NV and PLC. Its
    objective is to ensure that the position of these shareholders is, as far
    as possible, the same as if they held shares in a single company. Under the
    Equalisation Agreement, NV and PLC must adopt the same financial periods and
    accounting policies. Further information on the Equalisation Agreement is
  given on page 41.
The
        Deed of Mutual Covenants
The Deed of
    Mutual Covenants provides that NV and PLC and their respective subsidiary
    companies shall co-operate in every way for the purpose of maintaining a common
    operating policy. In addition, they shall exchange all relevant information
    about their respective businesses – the intention being to create and
    maintain a common operating platform for the Unilever Group throughout the
    world. The Deed of Mutual Covenants illustrates some of the information which
    makes up this common platform, such as the mutual exchange and free use of
    know-how, patents, trade marks and all other commercially valuable information.
    The Deed contains provisions which indicate, without laying down any rigid
    constraints, which operation according to geography shall be held ultimately
    by either NV or PLC. These arrangements were designed to create a balance
    between the two parent companies and the funds generated by them, for the
  benefit of their respective sets of shareholders.
The
        Agreement for Mutual Guarantees of Borrowing
Under the
    Agreement for Mutual Guarantees of Borrowing between NV and PLC, each company
    will, if asked by the other, guarantee the borrowings of the other. The two
    companies can also agree jointly to guarantee the borrowings of their subsidiaries.
    These arrangements are used, as a matter of financial policy, for certain
    significant public borrowings. They enable lenders to rely on our combined
  financial strength.
Corporate
        Policies
Unilever policies
    are characterised by being universally applicable within the Unilever Group.
    They are mandatory in effect and have been developed to ensure consistency
    in key areas within our world-wide operations. They cover operational and
    functional matters, and govern how we run our business, in order to comply
  with applicable laws and regulations.
Unilever corporate
policies include: the Code of Business
Principles;
policies on positive assurance and risk management; policies on environmental
strategy and reporting, social and ethical matters, including in respect of human
rights;  corporate social responsibility; the Unilever share dealing code; and
a procedures manual for the timely release of price sensitive information.
The Code
    of Business Principles sets out the standards of behaviour we require from
    all of our employees. We also have a Code of Ethics that applies to the senior
    executive, financial and accounting officers and comprises the standards prescribed
    by the US Securities and Exchange Commission (SEC). The Code of Ethics comprises
    an extract of the relevant provisions of Unilever's Code of Business
    Principles and the more detailed rules of conduct that implement it. Copies
    of the Code of Business Principles and the Code of Ethics are posted on
    our website at
www.unilever.com/investorcentre/corpgovernance
.
Our internal risk management and control systems are described on page 31.
Developments
        in corporate governance
Unilever constantly
    keeps its corporate governance arrangements under review. NV and PLC are subject
    to different corporate governance requirements and best practice codes, the
    most relevant being those in the Netherlands, the United Kingdom and the United
    States. It is Unilever's practice to comply, where practicable, with the highest
  level of these codes, and respond to developments appropriately.
Developments
        in 2004
Following
    a review of our governance arrangements in 2004, the NV and PLC shareholders
    adopted proposals to create a one-tier board with a majority of independent
  Non-Executive Directors.
34
Unilever
Annual Report and Accounts 2005
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Report
        of the Directors
Corporate
  governance
(continued)
Developments
  in 2005
In 2005 the
  Boards announced a series of further changes to streamline management and leadership.
  These were approved by our shareholders at the Annual General Meetings (AGMs)
  in 2005. A separate Non-Executive Chairman and Group Chief Executive were appointed.
  The Group Chief Executive established the Unilever Executive (UEx) which comprises
  three Regional Presidents (for Europe, The Americas, Asia Africa), two Category
  Presidents (for Foods and Home and personal care) the Chief Financial Officer
  and the Chief HR Officer. The regions are responsible for performance, implementing
  proven brand mixes in their region and focusing on building capabilities with
  customers. The categories are responsible for the entire brand development process
  including innovation, brand positioning and communication and category strategies.
  The interdependence between the regions and categories allows us to exploit
  our global scale, while building on our deep roots in local markets. Our HR
  and Finance functions concentrate on excellence in human capabilities and cost-efficiencies
  across the Group.
In 2005, we also announced that we would undertake a thorough review of our corporate structure to see if any change should be made. The review team was led by the Chairman, Antony
Burgmans, and included Non-Executive Directors David Simon and Jeroen van der Veer. On 19 December 2005, the conclusions of the structure review were announced. The Boards decided that Unilever would retain its current structure with some important
changes (see below). Reference is made to the announcement text on our website at
www.unilever.com/ourcompany/investorcentre
.
Proposed
        Developments for 2006
The changes
    in our structure that the Boards wish to propose to our shareholders at the
  AGMs in 2006 are:
•
to adapt
        Unilever's constitutional arrangements to allow
greater
        flexibility to allocate assets between both parent
companies;
•
to
        simplify the relationship between our NV and PLC shares by
establishing
        a one-to-one equivalence in their economic interest
in
        the Unilever Group; this will be achieved by a split of the NV
shares
        and a consolidation of the PLC shares; and
•
to
        allow shareholders the right to nominate candidates to the
Boards,
        taking into account the need to ensure the unity of
management.
The above
    proposals will require changes to the Articles of Association of NV and PLC,
    to the Deed of Mutual Covenants, and to the Equalisation Agreement.
More information
       on these proposals can be found in the notices to these AGMs, which can
      be
    found at
www.unilever.com/investorcentre/agms
.
The text
    that follows describes the corporate governance arrangements since the 2005
    AGMs. More information on our corporate governance arrangements is set out
    in The Governance of Unilever, the Boards' statement of their internal
    arrangements, which can be found at
www.unilever.com/investorcentre/corpgovernance
.
The
        Boards
The Boards
    of NV and PLC comprise the same Directors. The Chairman and all of the Directors
    are Directors of both NV and PLC. This ensures unity of governance and management.
    In order to operate as nearly as practicable as a single entity it is important
    for the Boards of NV and PLC to operate as far as possible as one Board. This
    ensures that all matters are considered by the Boards as a single intellect,
  reaching the same conclusions on the same set of facts.
The Boards are one-tier boards, comprising Executive Directors and, in a majority, Non-Executive Directors. The Boards have ultimate responsibility for the management, general affairs,
direction and performance of the business as a whole. The responsibility of the Directors is collective, taking into account their respective roles as Executive Directors and Non-Executive Directors. The Executive Directors have additional
responsibilities for the operation of our business as determined by the Group Chief Executive.
Our Directors have set out a number of areas of responsibility which are reserved to themselves and other areas for which matters are delegated to the Group Chief Executive and
committees whose actions are regularly reported to and monitored by the Boards. These are described on pages 37 to 39.
Further details
    of how our Boards effectively operate as one board, govern themselves and
    delegate their authorities are set out in The Governance of Unilever, which
    can be found at
www.unilever.com/investorcentre/corpgovernance
.
Appointment
        of Directors
In order to
    try to ensure that NV and PLC have the same Directors, the Articles of Association
    of NV and PLC contain provisions which ensure that both NV and PLC shareholders
    are presented with the same candidates for election as Directors. This is
    achieved through a nomination procedure operated by the Boards of NV and PLC
  through Unilever's Nomination Committee.
As mentioned above, proposals will be made to the AGMs in 2006 to allow shareholders the right to nominate directors. Below, we describe our current system used in 2005.
Unilever
Annual
      Report and Accounts 2005
35
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Corporate
  governance
(continued)
Currently,
    in the case of NV, the Articles of Association grant to the holders of the
    special ordinary shares numbered 1-2 400 inclusive the right to draw up a
    nomination list for shareholders to vote upon at the General Meeting. In the
    case of PLC, this right of nomination is given by the Articles of Association
    to the holders of PLC's deferred stock. The joint holders of both the NV special
    ordinary shares and the PLC deferred stock are N.V. Elma and United Holdings
    Limited, which are joint subsidiaries of NV and PLC. The boards of N.V. Elma
    and United Holdings Limited comprise the members of the Nomination Committee.
    Only persons who have offered themselves for election to the Boards of both
    NV and PLC are eligible to be elected as Directors of NV and PLC.
The interests of our shareholders are protected because all the Directors submit themselves for election every year and shareholders can remove any of them by a simple majority vote.
Thus, as a practical matter, the Boards cannot perpetuate themselves contrary to the will of the shareholders.
In addition, shareholders can overrule Director nominations. In the case of NV, this can be done by a resolution adopted by at least a two-thirds majority of the votes cast, which
majority must represent more than one half of NV's issued share capital. If this happens, a new meeting can be held and a new Director can be appointed with an absolute majority of the votes cast. In the case of PLC, shareholders can overrule
nominations with resolutions passed at General Meetings to alter the nomination rights attached to the Deferred Shares and to alter the Articles of Association. The former resolution would require a two-thirds majority of those voting, so long as
that majority comprises not less than half of the issued PLC shares. The latter resolution would require a three-quarters majority of those voting.
Board
        meetings
Our Boards
    meet at least seven times a year to consider important corporate events and
  actions, such as:
•
approval
        of corporate strategy;
•
approval
        of the corporate Annual Plan;
•
review
        of risks and controls;
•
authorisation
        of major transactions;
•
review
        of the functioning of the Boards and their Committees;
•
preparation
        of the Annual Report and Accounts;
•
declaration
        of dividends;
•
agreement
        of quarterly results announcements;
•
convening
        of shareholders' meetings;
•
nominations
        for Board appointments; and
•
approval
        of Board remuneration policy.
In 2005 the
  Boards of NV and PLC met ten times. All our Executive Directors attended all
  meetings. All the Non-Executive Directors attended all meetings, except for
  Hilmar Kopper and David Simon who each missed one meeting and Jeroen van der
  Veer and Oscar Fanjul who each missed two meetings.
Board meetings are held either in London or Rotterdam and chaired by the Chairman. The Chairman is assisted by the Joint Secretaries, who ensure the Boards are supplied with all the
information necessary for their deliberations. The Chairman and the Joint Secretaries involve the Senior Independent Director (see page 38) in the arrangements for Board Meetings.
Board
        induction and training
Upon election,
    Directors receive a comprehensive Directors' Manual and are briefed thoroughly
    on their responsibilities. Updates on corporate governance developments and
    investor relations matters are frequent items at Board meetings. They receive
    presentations, either as Directors of the Boards or as a member of a Board
    Committee, on relevant aspects of the Unilever business. In addition, during
    2005 the Boards received two separate teach-ins, one on the new market abuse
    regime in the Netherlands and the UK and the other on Directors' indemnification
  (see page 40) and Directors' and Officers' insurance cover.
Board
        evaluation
The terms
    of reference of each Board Committee provide that the Committees conduct an
    annual self-assessment of their performance, which includes taking the views
    of the Boards on the performance of the Committee. The Chairman of the Committee
  reports to the Boards on the results of the process.
2005 was the first year of our new Boards' operation. To ensure optimal functioning of the Board and the individual Directors and compliance with the most recent developments in
best practice, the Nomination Committee commissioned Spencer Stuart to carry out a full review of the functioning of the Boards and of its governance arrangements. This review concluded that our arrangements stood comparison with our peers. A full
report was made to the Boards in February 2006 and a range of minor changes in terms of the day-to-day operations of the Boards will be introduced during the balance of the year. A Board evaluation and Chairman and individual director appraisal
process is scheduled for the second quarter of 2006. Thus, the changes following the said review can be taken into account in the evaluations.
Board
        support
The Joint
    Secretaries are available to advise all Directors and ensure that Board procedures
  are complied with. They are appointed and can be removed by the Boards.
A procedure is in place to enable Directors, if they so wish, to seek independent professional advice at Unilever's expense.
Board
        changes
The current
    Directors, with their biographies, are shown on page 49. All the Executive
    Directors held office throughout the year, with the exception of Ralph Kugler,
  who was elected as a Director at the 2005 AGMs.
Antony Burgmans
    took up the role of Non-Executive Chairman of NV and PLC at the 2005 AGMs
    and Patrick Cescau became Group Chief Executive in April 2005.
36
Unilever
Annual Report and Accounts 2005
Back to Contents
Report
            of the Directors
Corporate governance
(continued)
Leon Brittan, Lynda Chalker, Bertrand Collomb, Wim Dik, Oscar Fanjul, Hilmar Kopper, David Simon and Jeroen van der Veer were nominated for re-election as Non-Executive Directors of NV
and PLC at the 2005 AGMs. Their biographies are set out on page 49.
In 2005, Bertrand Collomb, our Senior Independent Director, became Vice-Chairman
of NV and PLC, Wim Dik joined the Audit Committee, and Antony Burgmans joined
the External Affairs and
Corporate Relations Committee.
At the 2005 AGMs, Clive Butler, Keki Dadiseth and André van Heemstra retired
as Executive Directors and Claudio Gonzalez retired as Non-Executive Director.
At the 2006 AGMs, all of the Executive Directors and the
Non-Executive
Directors, with the exception of Bertrand Collomb, Oscar Fanjul and Hilmar Kopper,
will be nominated for re-election.
Bertrand Collomb, Oscar Fanjul and Hilmar Kopper will retire as Non-Executive
Directors at the 2006 AGMs and their colleagues wish to thank them for their
advice during the period of
their appointments.
In addition at the 2006 AGMs, Charles Golden, Executive Vice-President and CFO
of Eli Lilly and Company, Byron Grote, CFO of BP p.l.c., Jean-Cyril Spinetta,
Chairman/CEO of Air France-KLM S.A., and Kornelis (Kees) Storm, former Chairman
of the Executive Board of AEGON N.V. will be nominated as Non-Executive Directors.
Biographical details for the new Non-Executive Directors are contained in the
2006 AGM Notice's of
Meeting, and on our website at
www.unilever.com/ourcompany/investorcentre
.
Chairman and Group Chief Executive
Since the 2005
AGMs Unilever has had a separate Non-Executive Chairman and Group Chief Executive.
There is a clear division of responsibilities between their roles. The Chairman
is primarily responsible for leadership of the Boards, ensuring their effectiveness
and setting their agendas. He is also responsible for ensuring that the Boards
receive accurate, timely and clear information.
The Group Chief Executive has been entrusted, within the parameters set out in
the Articles of Association of NV and PLC and The Governance of Unilever, with
all the Boards' powers, authorities and discretions in relation to the operational
management of Unilever. The Group Chief Executive has the authority to determine
which duties regarding the operational management of the companies and their
business enterprises will be carried out under his responsibility by one or more
Executive Directors or by one or more other persons. This provides a basis to
the Unilever Executive team (UEx) that reports to the Group Chief Executive.
For UEx members' biographies see page 50. For our business structure, please
refer to 'About Unilever' on page 10.
Executive Directors
All four Executive Directors are members of the UEx: the Group Chief Executive, the Chief Financial Officer, the President Europe and the President Home and personal care. Details on
their responsibilities can be found in The Governance of Unilever at
www.unilever.com/investorcentre/corpgovernance
.
The Executive Directors are full-time employees of Unilever. Information about
their remuneration can be found in the report of the Remuneration Committee and
on our website at
www.unilever.com/investorcentre/corpgovernance
.
The current Executive Directors are long-serving Unilever executives who can
reasonably expect, subject to satisfactory performance, to be employed by Unilever
until retirement. The Remuneration Committee takes the view that the entitlement
of the Executive Directors to the security of twelve months' notice of termination
of employment is in line both with the practice of many comparable companies
and the entitlement of
other senior executives within Unilever.
The Remuneration Committee's aim is always to deal fairly with cases of
termination while taking a robust line in minimising any compensation.
The Executive Directors submit themselves for re-election at the AGMs each year.
The Nomination Committee carefully considers each nomination for reappointment.
The Directors stop holding
executive office on ceasing to be
Directors.
Those appointed prior to 2004 retire at the latest by the age of 62. Appointees
from 2004 onwards retire at an age between 60 and 65, as decided by either them
or
Unilever.
At the AGMs of 2001 our shareholders adopted the remuneration policy for Executive
Directors. Further changes were made at the AGMs in 2005. We do not grant our
Executive Directors any
personal loans and guarantees.
There are no family relationships between any of our Executive Directors, other
key management personnel or Non-Executive Directors. None of our Executive Directors
are elected or
appointed under any arrangement or understanding.
Executive Directors are to obtain approval from the Chairman for all outside
Board appointments. Normally not more than one such appointment should be accepted.
For Executive
Directors' biographies see page 49.
Non-Executive Directors
The
Non-Executive Directors share responsibility for the execution of the Board's
duties, taking into account their specific responsibilities, which are essentially
supervisory. In particular, they comprise the principal external presence in
the governance of Unilever, and provide a strong independent element. See page
49 for their biographies.
Unilever
Annual
          Report and Accounts 2005
37
Back to Contents
Corporate
      governance
(continued)
Role and Responsibility
The
key elements of the role and responsibilities of our Non-Executive Directors
are:
•
supervision
      of and advice to the Group Chief Executive;
•
developing
      strategy with the Group Chief Executive;
•
scrutiny
      of performance;
•
controls;
•
reporting
      of performance;
•
remuneration
          of and succession planning for Executive
Directors;
    and
•
governance
      and compliance.
Our Non-Executive
    Directors are chosen for their broad and relevant experience and international
    outlook, as well as their independence. They form the Audit Committee, the
    Nomination Committee, the Remuneration Committee and the External Affairs
    and Corporate Relations Committee. The roles and membership of these key
    Board committees are described on page 39. The profile set by the Boards
    for the Non-Executive Directors and the chart used for orderly succession
    planning can be seen on our website at
www.unilever.com/investorcentre/corpgovernance
.
Meetings
The
Non-Executive Directors meet regularly as a group, without the Executive Directors
present, under the chairmanship of the Senior Independent Director. In 2005 they
met three times as a group. In addition, the Non-Executive Directors usually
meet before each Board meeting with the Chairman, the Group Chief Executive and
the Joint Secretaries.
Senior Independent Director
Our
Non-Executive Directors have appointed Bertrand Collomb as Senior Independent
Director. He acts as their spokesman. The Senior Independent Director is consulted
by the Chairman on the agenda and arrangements for Board Meetings. He is also,
in appropriate cases, a point of contact for shareholders and other stakeholders.
In 2005 Bertrand Collomb was appointed Vice-Chairman of NV and PLC. Mr Collomb
will be retiring at the AGMs
in 2006.
Tenure
Our
Non-Executive Directors submit themselves for re-election each year. Their nomination
for re-election is subject to continued good performance which is evaluated by
the Boards, based on the recommendations of the Nomination Committee. The Nomination
Committee carefully considers each nomination for reappointment. The Non-Executive
Directors normally serve for a maximum of nine years.
Remuneration
The
remuneration of the Non-Executive Directors is determined by the Boards, within
the overall limit set by the shareholders at the AGMs in 2004, and it is reported
on page 68. Details of the engagement of our Non-Executive Directors can be seen
on the Unilever website at
www.unilever.com/investorcentre/corpgovernance
.
Independence
Taking
into account the role of Non-Executive Directors, which is essentially supervisory,
and the fact that they make up the key committees of the Board, it is important
that our
Non-Executive Directors can be considered to be independent.
Our definition of 'independence' for Directors is set out in The Governance
of Unilever. It is derived from the applicable definitions in use in the Netherlands,
UK and US. Our current Non-Executive Directors are considered to be independent
of Unilever, with the exception of Antony Burgmans. Our Boards reached this conclusion
after conducting a thorough review of all relevant relationships of the Non-Executive
Directors, and their related or connected persons.
A number of relationships, such as non-executive directorships, exist between
several of our Non-Executive Directors and companies that provide banking, insurance
or financial advisory services to Unilever. Our Boards considered in each case
the number of other companies that also provide or could readily provide such
services to Unilever, the significance to those companies of the services they
provide to Unilever, the roles of the Non-Executive Directors within those companies
and the significance of that role to our Non-Executive Directors. It concluded
that none of these relationships threaten the independence of the Non-Executive
Directors concerned.
For example, the Boards have satisfied themselves that Leon Brittan's position
at UBS Investment Bank does not involve him in any way in its broking relationship
with Unilever.
They have noted that Lynda Chalker's involvement in consultancy services
for Unilever had been terminated before she was elected a Non-Executive Director
in May 2004. The Boards have formed the view that the fact that Antony Burgmans
is a member of the Supervisory Board of ABN AMRO, and David Simon is Senior Advisor
of Morgan Stanley Dean Witter, was not material. The Board considers that the
Chairmanship of Bertrand Collomb and the Non-Executive Directorship of Oscar
Fanjul, and Lynda Chalker's membership of the International Advisory Board, of
Lafarge, do not affect their status as independent in relation to their Non-Executive
Directorships of Unilever.
Antony Burgmans, who before May 2005 was an Executive Director, is not considered
to be independent. The Nomination Committee and the Boards nominated him for
election as a Non-Executive Director in 2005 because of his thorough knowledge
of Unilever and its operations. In addition to his role as Chairman, the Boards
considered his knowledge of the business to be essential to see through the changes
resulting from the structure review. We expect Antony Burgmans to be succeeded
by an independent Chairman in 2007.
None of our Non-Executive Directors are elected or appointed under any arrangement
or understanding.
38
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Corporate
      governance
(continued)
Board committees
The
Boards have established the following committees, all formally set up by Board
resolution with carefully defined remits. They are comprised of Non-Executive
Directors and report regularly to the Boards. The remits can be found on our
website at
www.unilever.com/investorcentre/corpgovernance
.
Audit Committee
The
Audit Committee comprises a minimum of three independent Non-Executive Directors.
It is chaired by Hilmar Kopper, and its other members are Oscar Fanjul and Wim
Dik, who replaced Claudio Gonzalez at the AGMs in 2005. The Committee met five
times in 2005, and the members attended all meetings. Hilmar Kopper and Oscar
Fanjul will retire at the AGMs in 2006. The Boards have satisfied themselves
that all the current and intended members of the Committee are competent in financial
matters and have recent and relevant experience and that, for the purposes of
the US Sarbanes-Oxley Act of
2002, Hilmar Kopper is the Audit Committee's financial expert. The Committee's
meetings are attended, by invitation, by the Chief Financial Officer, the General
Counsel, the Deputy Chief Financial Officer, the Chief Auditor and our external
auditors.
The Audit Committee assists the Boards in fulfilling their oversight responsibilities
in respect of the integrity of Unilever's financial statements; risk management
and internal control arrangements; compliance with legal and regulatory requirements;
the performance, qualifications and independence of the external auditors; and
the performance of the internal audit function. The Committee is directly responsible,
subject to local laws regarding shareholder approval, for the nomination, compensation
and oversight of the external auditors.
The Audit Committee is fully compliant with the rules regarding audit committees
that are applicable in the Netherlands, UK and US. The Committee's responsibilities
and powers are
fully aligned with all requirements in the UK, US and the Netherlands.
The Audit Committee is supplied with all information necessary for the performance
of its duties by the Chief Auditor, Chief Financial Officer, and Deputy Chief
Financial Officer. Both the Chief Auditor and the external auditors have direct
access to the Audit Committee separately from management.
See page 70 for the Report of the Audit Committee to the shareholders.
Nomination Committee
Our
Nomination Committee comprises a minimum of three independent Non-Executive Directors.
It is chaired by Bertrand Collomb and its other members are David Simon, Jeroen
van der Veer and Antony Burgmans. It met six times in 2005 and the members attended
all meetings except that Jeroen van der Veer was absent for one meeting. The
Committee recommends to the Boards candidates for the positions of Director.
It also has
responsibilities for succession planning and oversight of corporate governance
matters. It is supplied with information by the Joint Secretaries.
See page 52 for the Report of the Nomination Committee to the shareholders.
Remuneration Committee
Our
Remuneration Committee comprises three independent Non-Executive Directors. It
is chaired by Bertrand Collomb and its other members are David Simon and Jeroen
van der Veer. It met six times in 2005 and the members attended all meetings
except that David Simon and Jeroen van der Veer were absent for one meeting.
The Committee reviews Directors' remuneration and is responsible for the
executive share-based incentive plans. It determines, within the parameters set
by our shareholders, specific remuneration arrangements for each of the Executive
Directors, the remuneration scales and arrangements for Non-Executive Directors
and the remuneration of the tier of management directly below the Board. The
Committee is supplied with information by Jan van der Bijl, Joint Secretary of
Unilever.
The detailed report to shareholders on Directors' remuneration is on pages
53 to 69.
External Affairs and Corporate Relations Committee
The
External Affairs and Corporate Relations Committee currently comprises four Non-Executive
Directors. It is chaired by Lynda Chalker and its other members are Leon Brittan,
Wim Dik and Antony Burgmans. The Committee oversees our Code of Business Principles,
which sets out the standards of behaviour we require from all of our employees.
It also advises on external matters of relevance to the business, including issues
of
corporate social responsibility, and reviews our corporate relations strategy.
Routine business committees
Committees
are also set up to conduct routine business as and when they are necessary. They
comprise any two of the Directors and certain senior executives and officers.
They administer certain matters previously agreed by our Boards or the UEx. The
Joint Secretaries are responsible for the operation of these committees.
Disclosures Committee
The
Board has set up a Disclosures Committee which is responsible for helping the
Boards ensure that financial and other information that ought to be disclosed
publicly is disclosed in a timely manner and that the information that is disclosed
is complete and accurate. The Committee comprises the Deputy Chief Financial
Officer, the Joint Secretaries and the Group Treasurer.
Unilever
Annual
          Report and Accounts 2005
39
Back to Contents
Corporate governance
(continued)
Directors – Various formal matters
The
borrowing powers of NV Directors on behalf of NV are not limited by the Articles
of Association of NV. PLC Directors have the power to borrow on behalf of PLC
up to three times the adjusted capital and reserves of PLC, as defined in its
Articles of Association, without the approval of shareholders by ordinary resolution.
The Articles of Association of NV and PLC do not require Directors of NV or Directors
of PLC to hold shares in NV or PLC. However, the remuneration arrangements applicable
to our Executive Directors require our Executive Directors to build and retain
a personal shareholding in Unilever equal to at least 150% of their annual base
pay.
Directors – Indemnification
Directors' indemnification,
including the terms thereof, is provided for in article 19 of NV's Articles
of Association.
The power to indemnify directors is provided for in PLC's Articles of Association.
Deeds of indemnity were issued to all PLC
Directors
during 2005.
Appropriate Directors' and Officers' liability insurance is in place
for all Unilever Directors.
Directors – Conflicts of interest
We
attach special importance to avoiding conflicts of interest between NV and PLC
and their Directors. In the case of a conflict of interest between NV and PLC
and any of our Directors, all applicable laws, regulations and corporate governance
codes are complied with. Conflicts of interest are not understood to include
transactions and other activities involving companies in the Unilever Group.
Directors are not permitted to take part in any discussion or decision-making
that involves a subject or transaction in relation to which they have a conflict
of interest with the company. All transactions in which there are conflicts of
interest with Directors must be agreed on terms that are customary in the sector
concerned.
As a formal matter, under Dutch law Directors are able to vote on transactions
in which they are materially interested so long as they are acting in good faith.
In general, PLC Directors cannot vote in respect of contracts in which they know
they are materially interested, unless, for example, their interest is shared
with other shareholders and employees. In 2005 no conflict of interests transactions
took place between
the Directors and NV and PLC.
Shareholder
matters
Relations with shareholders and other investors
We believe it is important both to explain our business developments and financial results to investors and to understand their objectives.
The Chief Financial Officer has lead responsibility for investor relations, with the active involvement of the Group Chief Executive. They are supported by our Investor Relations
department which organises presentations for analysts and investors. Such presentations are generally made available on our website. Briefings on quarterly results are given via teleconference and are accessible by telephone or via our website. For
further information visit our website at
www.unilever.com/investorcentre.
The Boards are regularly briefed on reactions to the quarterly results announcements. They, or the relevant Board Committee, are briefed on any issues raised by shareholders that are
relevant to their responsibilities.
Our shareholders can, and do, raise issues directly with the relevant Executive Director or the Chairman and, if appropriate, a relevant Non-Executive Director or the Senior Independent
Director.
Both NV and PLC communicate with their respective shareholders through the AGMs as well as responding to their questions and enquiries during the course of the year. We take the views
of our shareholders into account and, in accordance with all applicable legislation and regulations, may consult them in an appropriate way before putting major new proposals at our AGMs.
General Meetings of shareholders
The business to be conducted at the AGMs of NV and PLC is set out in the separate Notices of AGM for NV and PLC. It includes appointment of Directors, declaration/approval of final
dividend, appointment of external auditors, approval of changes to the Articles of Association, and authorisation for the Boards to allot and repurchase shares, and to restrict pre-emptive rights of shareholders.
General Meetings of shareholders of NV and PLC are held at times and places decided by our Boards. NV meetings are held in Rotterdam and PLC meetings are held in London on consecutive
days. The notices calling the meeting normally go out more than thirty days prior to the meetings and include further information on how to gain access to the AGMs and how to vote by proxy.
At the AGMs, a full account is given of the progress of the business over the last year and there is a review of current issues. Shareholders are encouraged to attend the meetings and
ask questions, and the question-and-answer sessions form an important part of the meetings in both Rotterdam and London. We welcome our external auditors to the AGMs and they are entitled to address the meetings.
40
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Corporate governance
(continued)
We are committed
to efforts to establish more effective ways of communication with our shareholders
around the AGMs.
Electronic
communication is becoming an important medium for shareholders, providing ready
access to shareholder information and reports, and for voting purposes.
NV was one of the founders
of the Dutch Shareholders'
Communication
Channel. NV shareholders participating in the Dutch Shareholders' Communication
Channel are able to appoint electronically a proxy to vote on their behalf at
the NV AGM and NV shareholders who wish to participate should contact their bank
or broker. Shareholders of PLC in the United Kingdom can choose to receive electronic
notification that the Annual Review, Annual Report and Accounts and Notice of
AGMs have been published on our website, instead of receiving printed copies,
and can also electronically appoint a proxy to vote on their behalf at the AGM.
Registration for electronic communication by shareholders of PLC can be made
at
www.unilever.com/shareholderservices.
Voting rights
To
be entitled to attend and vote at NV General Meetings shareholders must hold
their NV shares on the record date, which is set by the Directors and is not
more than seven days before the meeting. Shareholders do not need to block their
shares.
Shareholders can vote in person or by proxy, and can cast one vote for each €0.51
(Fl. 1.12) nominal amount of NV ordinary shares, NV preference shares or NV New
York shares. Similar arrangements apply to holders of depositary receipts issued
for NV shares (see pages 43 and 44).
PLC shareholders can cast one vote for each PLC ordinary 1.4p share they hold.
Shareholders can vote in person at the meeting or by proxy. Proxies should be
submitted to the Registrars, Computershare Investor Services PLC, whose details
can be found on page 190, at least 48 hours before the AGM.
More information on the exercise of voting rights can be found in NV's and
PLC's Articles of Association and in the respective notices of meetings.
Holders of NV New York shares or PLC American Depository Receipts of shares will
receive a proxy form enabling them to authorise and instruct ABN AMRO N.V. or
Citibank N.A. respectively
to vote on their behalf at the shareholders' meeting of NV or PLC.
N.V. Elma and United Holdings Limited (the holders of NV's special shares),
other group companies of NV which hold ordinary or preference shares, and United
Holdings Limited, which
owns half of PLC's deferred stock, are not permitted to vote at General
Meetings.
The proxy vote is published at the meetings and the outcome of the votes, including
the proxy votes, is put on Unilever's website.
Shareholder proposed resolutions
Shareholders
of NV may propose resolutions if they individually or together hold 1% of NV's
issued capital in the form of shares or depositary receipts for shares, or if
they
individually or together hold shares or depositary receipts worth at least €50
million. They must submit these requests at least 60 days before the date of
the General Meeting, and the request will be honoured unless, in the opinion
of the Board, it is against a substantive interest of the Company. Shareholders
who together represent at least 10% of the issued capital of NV can also requisition
Extraordinary General Meetings to deal with specific resolutions.
Shareholders who together hold shares representing at least 5% of the total voting
rights of PLC, or 100 shareholders who hold on average £100 each in nominal
value of PLC capital, can require PLC to propose a resolution at a General Meeting.
PLC shareholders holding in aggregate one tenth of the issued ordinary shares
of PLC are able to convene a general meeting of PLC.
Required majorities
Resolutions
are usually adopted at NV and PLC shareholder meetings by an absolute majority
of votes cast, unless there are other requirements under the applicable laws
or NV's or
PLC's Articles of Association. For example, there are special requirements
for resolutions relating to the alteration of the Articles of Association, the
liquidation of NV or PLC and the alteration of the Equalisation Agreement (see
below).
Right to hold shares
There
are no limitations on the right to hold NV and PLC shares.
Equalisation Agreement
The
Equalisation Agreement makes the position of the shareholders of NV and PLC,
as far as possible, the same as if they held shares in a single company. The
Agreement regulates the mutual rights of the shareholders of NV and PLC. Under
the Equalisation Agreement, NV and PLC must adopt the same financial periods
and accounting policies. Dividends are paid in accordance with a formula relating
to the nominal values of NV's
and PLC's issued share capital.
The Equalisation Agreement sets out the rights and benefits accruing to each
unit of ownership in NV in relation to each unit of ownership in PLC. Under the
Equalisation Agreement we compare the ordinary share capital of the two companies
in units: a unit made up of €5.445 nominal of NV's ordinary capital
carries the same weight as a unit made up of £1 nominal of PLC's ordinary
capital. For every unit
(€5.445) you have of NV you have the same rights and benefits as the owner
of a unit (£1) of PLC. NV's ordinary shares currently each have a nominal
value of €0.51, and PLC's share capital is divided into ordinary shares
of 1.4p each. This means that a €5.445 unit of NV is made up of approximately
10.7 NV ordinary shares of €0.51 each and a £1 unit of PLC is made
up of approximately 71.4 PLC ordinary shares of 1.4p each. Consequently, one
NV
ordinary share equates to about 6.67 ordinary shares of PLC.
Unilever
Annual
          Report and Accounts 2005
41
Back to Contents
Corporate governance
(continued)
When we pay ordinary dividends we use this formula. On the same day, NV and PLC allocate funds for the dividend from their parts of our current profits and free reserves. We pay the
same amount on each NV share as on 6.67 PLC shares calculated at the relevant exchange rate. For interim dividends this exchange rate is the average rate for the quarter before we declare the dividend. For final dividends it is the average rate for
the year. In arriving at the equalised amount we include any tax payable by the Company in respect of the dividend, but calculate it before any tax deductible by the Company from the dividend.
The Equalisation Agreement provides that if one company had losses, or was unable
to pay its preference dividends, the loss or shortfall would be made up out of:
•
the
          current profits of the other company (after it has paid its
own
      preference shareholders);
•
then
      its own free reserves; and
•
then
      the free reserves of the other company.
If either company could not pay its ordinary dividends, we would follow the same
procedure, except that the current profits of the other company would only be
used after it had paid its own ordinary shareholders and if the Directors thought
this more appropriate than, for example, using its own free reserves.
So far, NV and PLC have always been able to pay their own dividends, so we have
never had to follow this procedure. If we did, the payment from one company to
the other would be subject to any United Kingdom and Netherlands tax and exchange
control laws applicable at that time.
Under the Equalisation Agreement, the two companies are permitted to pay different
dividends in the following exceptional circumstances:
•
If
          the average annual sterling/euro exchange rate changed so
substantially
          from one year to the next that to pay
equal
dividends
at the current exchange rates, either NV or PLC
would
have to pay a dividend that was
unreasonable (ie.
substantially
larger or smaller in its own currency than the
dividend
it paid in the
previous year); or
•
The
          governments of the Netherlands or the United Kingdom
could
          in some circumstances place restrictions on
the
proportion
of a company's profits which can be paid out as
dividends.
This could mean that in
order to pay equal dividends
one
company would have to pay out an amount which would
breach
the limitations
in place at the time, or that the other
company
would have to pay a smaller dividend.
In either of these rare cases, NV and PLC could pay different amounts of dividend
if the Boards thought it appropriate. The company paying less than the equalised
dividend would put the difference between the dividends into a reserve: an equalisation
reserve in the case of exchange rate fluctuations, or a dividend reserve in the
case of a government restriction. The reserves would be paid out to its shareholders
when it became possible or reasonable to do so, which would ensure that the shareholders
of both companies would ultimately be treated the same.
If both companies were to go into liquidation, NV and PLC would each use any
funds available for shareholders to pay the prior claims of their own preference
shareholders. Then they
would use any surplus to pay each other's preference shareholders, if necessary.
After these claims had been met, they would pay out any equalisation or dividend
reserve to their own shareholders before pooling the remaining surplus. This
would be distributed to the ordinary shareholders of both companies, once again
on the basis that the owner of €5.445 nominal NV ordinary share capital
would get the same as the owner of £1 nominal PLC ordinary share capital.
If one company were to go into liquidation, we would apply the same principles
as if both had gone into liquidation simultaneously.
In principle, issues of bonus shares and rights offerings can only be made in
ordinary shares. Again we would ensure that shareholders of NV and PLC received
shares in equal
proportions, using the ratio of €5.445 NV nominal share capital to £1
PLC nominal share capital. The subscription price for one new NV share would
have to be the same, at the prevailing exchange rate, as the price for 6.67 new
PLC
shares.
Neither company can issue or reduce capital without the consent of the other.
The Articles of Association of NV establish that any payment under the Equalisation
Agreement will be credited or debited to the income statement for the financial
year in
question.
Under Article 2 of the Articles of Association of NV and Clause 3 of the Memorandum
of Association of PLC, each company is required to carry out the Equalisation
Agreement with the other. Both documents state that the Agreement cannot be changed
or terminated without the approval of shareholders. For NV, the General Meeting
can decide to alter or terminate the Equalisation Agreement at the proposal of
the Board. The necessary approval of the General Meeting is then that at least
one half of the total issued ordinary capital must be represented at an ordinary
shareholders' meeting, where the majority must vote in favour; and (if they
would be disadvantaged or the agreement is to be terminated), at least two-thirds
of the total issued preference share capital must be represented at a preference
shareholders' meeting, where at least three-quarters of them must vote in
favour. For PLC, the necessary approval must be given by the holders of a majority
of all issued shares voting at a General Meeting and the holders of the ordinary
shares, either by three-quarters in writing, or by three-quarters voting at a
General Meeting where the majority of
the ordinary shares in issue are represented.
In addition, Article 3 of the PLC Articles of Association states that PLC's
Board must carry out the Equalisation Agreement and that the other provisions
of the Articles of Association are subject to it. We are advised by counsel that
these provisions oblige our Boards to carry out the Equalisation Agreement, unless
it is amended or terminated with the approval of the shareholders of both companies.
If the Boards fail to enforce the Agreement, shareholders can compel them to
do so under Netherlands and United Kingdom law.
42
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Report
            of the Directors
Corporate governance
(continued)
As mentioned on page 35, a proposal to amend the Equalisation Agreement will be put to shareholders at the 2006 AGMs. More information on this proposal can be found in the notices to
these AGMs which can be found at
www.unilever.com/investorcentre/agms
.
Combined earnings per share
Because
of the Equalisation Agreement and the other arrangements between NV and PLC,
we calculate earnings per share on a combined basis. The calculation is based
on the average amount
of NV's and PLC's ordinary share capital in issue during the year.
In the calculation, we apply the formula contained in the Equalisation Agreement
to arrive at the appropriate total number of shares in issue for the combined
business,
expressed separately in terms of NV shares of €0.51 shares and PLC shares
of 1.4p. The net profit attributable to ordinary shares is divided by each of
these combined share numbers to arrive at an earnings per share figure expressed
in terms
of each of the two share types.
Further information about these calculations, and about the calculation of earnings
per share on a diluted basis, can be found in note 8 on page 97.
Despite the Equalisation Agreement, NV and PLC are separate companies, and are
subject to different laws and regulations governing dividend payments in the
Netherlands and the United Kingdom. In our combined earnings per share calculation,
we assume that both companies will be able to pay their dividends out of their
part of our profits. This has always been the case in the past, but if we did
have to make a payment from one to the other it could result in additional taxes,
and reduce our combined earnings per share.
Share capital
NV's
issued share capital on 31 December 2005 was made up of:
•
€291
    503 709 split into 571 575 900 ordinary shares of €0.51
each;
•
€1
          089 072 split into 2 400 ordinary shares numbered 1 to
2
    400, known as special shares; and
•
€120
    280 425 split into several classes of cumulative preference
shares.
PLC's
  issued share capital on 31 December 2005 was made up of:
•
£40
          760 420 split into 2 911 458 580 ordinary shares of 1.4p
each;
    and
•
£100
      000 of deferred stock.
For NV share
    capital, the euro amounts quoted in this document are representations in
    euros on the basis of Article 67c of Book 2 of the Civil Code in the Netherlands,
    rounded to two decimal places, of underlying share capital in Dutch guilders,
    which have not been converted into euros in NV's Articles of Association
    or in the Equalisation Agreement. Until conversion formally takes place by
    amendment of the Articles of Association, the entitlements to dividends and
    voting rights are based on the euro equivalent of the underlying Dutch guilder
  according to the official euro exchange rate.
As mentioned on page 35, proposals to simplify the relationship between the NV
and PLC shares by establishing a one-to-one equivalence in their underlying economic
value will be put to shareholders at the 2006 AGMs. More information on this
proposal can be found in the notices to these AGMs and these can be found at
www.unilever.com/investorcentre/agms
.
Stichting Administratiekantoor Unilever N.V. (Foundation NV Trust Office)
N.V.
Nederlandsch Administratie- en Trustkantoor (Nedamtrust), an independent trust
company under the Netherlands law, had an agreement with NV to issue depositary
receipts against NV shares. As part of its corporate objects Nedamtrust was able
to:
•
issue
      depositary receipts;
•
carry
          out administration for the shares which underlie the
depositary
    receipts it has issued; and
•
exercise
      voting rights for these underlying shares.
The depositary
    receipts issued by Nedamtrust against NV shares were known as Nedamtrust
    certificates. They were traded and quoted on Euronext Amsterdam and other
    European stock exchanges. Nedamtrust had issued certificates for NV's
    ordinary and NV 7% cumulative preference shares, and almost all the NV shares
    traded and quoted in Europe were in the form of these certificates. The exception
    is that there are no
certificates for NV's 4% and 6% cumulative preference shares.
In October 2005, Nedamtrust held a meeting of the holders of Nedamtrust certificates
to approve the transfer of the administration of the underlying shares to a new
trust office, Stichting Administratiekantoor Unilever N.V. (Foundation NV Trust
Office). These proposals were made in order for the trust office to be fully
compliant with the Dutch Corporate Governance Code. The holders of the Nedamtrust
certificates approved the transfer of the administration of the NV shares held
by Nedamtrust to the new Foundation NV Trust Office with a majority of 99.6%
of the votes cast; approximately 23% of all outstanding Nedamtrust certificates
were represented. The meeting furthermore expressed its confidence in the board
of the Foundation.
The Foundation NV Trust Office was incorporated on 31 October 2005. The transfer
of the administration of the NV shares from Nedamtrust to the Foundation took
place on 13 January 2006. The Foundation NV Trust Office and its arrangements
are fully compliant with the Dutch Corporate Governance Code.
The text that follows describes the arrangements of the new Foundation NV Trust
Office following acceptance by the certificate holders of the transfer of the
administration of the
underlying NV shares.
Unilever
Annual
          Report and Accounts 2005
43
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Corporate
      governance
(continued)
Depositary receipts for shares
As
at 28 February 2006, the majority (around 71%) of NV's ordinary shares and
around 34% of NV's 7% cumulative preference shares are held by the Foundation
NV Trust Office. As part of its corporate objects, the Foundation issues depositary
receipts in exchange for these shares. The depositary receipts of NV ordinary
shares are listed on Euronext Amsterdam, as are the NV ordinary shares themselves,
and on the stock
exchanges in Frankfurt and Zürich. The depositary receipts for the NV 7%
preference shares are listed on Euronext Amsterdam, as are the NV 7% preference
shares.
Holders of depositary receipts can under all circumstances exchange their depositary
receipts for the underlying shares (or vice versa).
Holders of depositary receipts are entitled to dividends that are paid on the
underlying shares held by the Foundation.
Voting by holders of depositary receipts
Although
the depositary receipts themselves do not formally have voting rights, holders
of depositary receipts are in practice equated with shareholders. Holders of
depositary receipts
can attend NV's General Meetings, either personally or by proxy, and will
then automatically, without limitation and under all circumstances receive a
voting proxy on behalf of the Foundation NV Trust Office to vote on the underlying
shares.
Holders of depositary receipts not attending a shareholders' meeting and
who participate in the Dutch Shareholders' Communication Channel can also
issue binding voting instructions to the Foundation. The Foundation is obliged
to follow these instructions. The same applies to holders of depositary receipts
that instruct the Foundation NV Trust Office outside the Shareholders Communication
Channel.
Voting by the Foundation NV Trust Office
Shares for which the Foundation NV Trust Office has not granted voting proxies or for which it has not received voting instructions, are voted on by the Foundation in such a way as it
deems to be in the interests of the holders of the depositary receipts. This voting policy is laid down in the Conditions of Administration that apply to the depositary receipts. Both the Articles of Association and the Conditions of Administration
can be found on
www.unilever.com/ourcompany/investorcentre
. Specific provisions apply in the event that a meeting of holders of NV preference shares is convened.
If a change to shareholders' rights is proposed, Foundation NV Trust Office
will let shareholders know if it intends to vote, at least 14 days in advance
if possible. It will do
this by advertising in the press.
Hitherto the majority of votes cast by ordinary shareholders at NV meetings have
been cast by the trust office. Unilever and the Foundation NV Trust Office have
a policy of actively encouraging holders of depositary receipts to exercise their
voting rights in NV meetings.
Foundation NV Trust Office's Board
The
Foundation NV Trust Office is an independent trust office with a board independent
from Unilever. The members of the board are Mr J H Schraven (Chairman), Mr P
P de Koning, Prof Dr
L Koopmans and Mr A A Olijslager.
The trust office shall report periodically, but at least once a year, on its
activities.
Foundation NV Trust Office's shareholding
Foundation
NV Trust Office's shareholding fluctuates daily – its holdings on 28
February 2006 were:
•
NV
      ordinary shares of €0.51: 408 312 848 (71.44%)
•
NV
      7% cumulative preference shares of €453.78: 9 821 (33.87%)
•
NV
      6% cumulative preference shares of €453.78: 5 (0.00%)
•
NV
      4% cumulative preference shares of €45.38: 23 (0.00%)
Further
    information on Foundation NV Trust Office, its arrangements and its activities
  can be found on
www.unilever.com/ourcompany/investorcentre
.
Leverhulme Trust
The
first Viscount Leverhulme was the founder of the company which became PLC. When
he died in 1925, he left in his will a large number of PLC shares in various
trusts.
When the will trusts were varied in 1983, the interests of the beneficiaries
of his will were also preserved. Four classes of special shares were created
in Margarine Union (1930) Limited, a subsidiary of PLC. One of these classes
can be converted at the end of the year 2038 into 157 500 000 PLC ordinary shares
of 1.4p each. These convertible shares replicate the rights which the descendants
of the first Viscount would have had under his will. This class of the special
shares only has a right to dividends in specified circumstances, and no dividends
have yet been paid. PLC guarantees the dividend and conversion rights of the
special shares.
The first Viscount wanted the trustees of the trusts he established to be Directors
of PLC. On 28 February 2006 the trustees of the charitable trusts were:
•
Sir
        Michael Angus – former
Chairman
•
Sir
      Michael Perry – former Chairman
•
Mr
      N W A FitzGerald – former Chairman
•
Dr
      J I W Anderson – former Director
•
Dr
      A S Ganguly – former Director
On 28 February
    2006, in their capacity as trustees of the two charitable trusts, they held
  approximately 5% of PLC's issued ordinary capital.
44
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Report
            of the Directors
Corporate
      governance
(continued)
Requirements
and compliance – general
Unilever
is subject to corporate governance requirements in the Netherlands, the UK and
the US as a Foreign private issuer. In the following section we set out areas
of non-compliance with the corporate governance regulations and best practice
codes applicable in the Netherlands, the UK and we also describe compliance with
corporate governance regulations in the US.
The preceding description of our governance arrangements and the text on compliance
that follows reflect Unilever's governance arrangements following the changes
adopted at the
Shareholder Meetings in May 2005. They also reflect our Boards' intentions
for 2006 and 2007. The Boards reserve the right, in cases where they decide such
to be conducive to the interests of the companies and the enterprise connected
therewith, to depart from that which is set out in the present and previous sections
in relation to our corporate governance. Further changes will be reported in
future Annual Reports and Accounts and, when necessary, through changes to the
relevant documents published on our website. As appropriate, proposals for change
will be put to our shareholders for approval.
Further information
can be found in The Governance of Unilever, the Boards' own constitutional
document, on our website at
www.unilever.com/investorcentre/corpgovernance
.
This describes the terms of reference of our Board Committees, including their
full responsibilities. It will be kept up to date with changes in our internal
constitutional
arrangements that our Boards may make from time to time.
Requirements – the Netherlands
General
NV
is required to state in its Annual Report and Accounts whether it complies or
will comply with the Principles ('P') and best practice provisions
('bpp') of the
Dutch Corporate Governance Code ('the Dutch Code') and, if it does
not comply, to explain the reasons for this. As will be clear from the preceding
description of our governance arrangements, NV complies with almost all of the
principles and best practice provisions of the Dutch Code. The text that follows
sets out areas of non-compliance and certain statements that the Dutch Code invites
us to give our shareholders that are not included elsewhere in this Annual Report
and
Accounts.
Board and Committee structures
As
already indicated, NV has a one-tier board, consisting of both Executive and,
as a majority, Non-Executive Directors. We achieve compliance of our board arrangements
with the Dutch Code, which is for the most part based on the customary two-tier
structure in the Netherlands, by, as far as is possible and practicable, applying
the provisions of the Dutch Code relating to members of a management board to
our Executive Directors and the provisions relating to members of a supervisory
board to our Non-Executive Directors. Management tasks not capable of delegation
are performed collectively by the Board. Reference is made to Ps II and III and
corresponding bpps. Our compliance with the Dutch Code in these respects should
be seen in the light of our one-tier board structure. Reference is also made
to the UK Combined Code on Corporate Governance, which is fully tailored to the
one-tier board model (see page
35).
Board evaluation, and Chairman and individual Director appraisals
2005
was the first year of our new Boards' operation. To ensure optimal functioning
of the Board and the individual Directors and compliance with the most recent
developments in best practice, the Nomination Committee commissioned Spencer
Stuart to carry out a full review of the functioning of the Boards and of its
governance arrangements. This review concluded that our arrangements stood comparison
with our peers. A full report was made to the Boards in February 2006 and a range
of minor changes in terms of the day-to-day operations of the Boards will be
introduced during the balance of the year. A Board evaluation and Chairman and
individual director appraisal process is scheduled for the second quarter of
2006. Thus, the changes following the said review can be taken into account in
the evaluations (bpp III.1.7).
Role of the Chairman
The
Dutch Code recommends that in a one-tier board the chairman should neither be,
nor have been, responsible for the day-to-day conduct of the business (bpp III.8.1).
Before his appointment as Chairman, Antony Burgmans was jointly responsible for
the daily operations of NV and PLC. Thus he is not independent from Unilever.
He was nominated as Non-Executive Chairman in 2005 because of his thorough knowledge
of Unilever and its operations. In addition to his role as Chairman, the Board
considered his knowledge of the business to be essential to see through the changes
resulting from the structure review. The Nomination Committee has commenced the
search for a new independent Chairman to succeed Antony Burgmans who is due to
retire in 2007. A well-reputed search firm has been commissioned by the Nomination
Committee to assist them in this process. In addition to the Chairman, the Boards
of NV and PLC have a Senior Independent Director who is appointed by the Non-Executive
Directors and acts as their spokesperson. Our Senior Independent Director was
elected Vice-Chairman by the Boards in 2005.
Nomination of Directors
The
Dutch Code recommends that shareholders may resolve by an absolute majority of
votes to cancel the binding nature of a nomination for the appointment of a director
(bpp IV.1.1). In
2004, NV's shareholders approved an alteration of the Articles of Association
to align the arrangements for NV and PLC. This makes it possible for the meeting
of shareholders to cancel binding nominations by a majority of two-thirds of
the votes cast representing more than one-half of the issued capital. This arrangement
is in place in order for NV and PLC to have a unified Board (see page 35). The
interests of our shareholders are protected because all the Directors submit
themselves for election every year and shareholders can remove any of them by
a simple majority vote. Thus, as a practical matter, the Boards cannot perpetuate
themselves contrary
to the will of the shareholders.
Unilever
Annual
          Report and Accounts 2005
45
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Corporate governance
(continued)
Following the review of our corporate structure in 2005, proposals will be put to the NV and PLC AGMs in May 2006 to substantially alter these arrangements and bring them fully in line
with the Dutch Code (see page 35).
Risk management and control
Reference
is made to page 74 where Unilever's control framework is described. This
incorporates risk management, internal control procedures and disclosure controls
and procedures. Our procedures cover financial, operational, social, and environmental
risks and regulatory matters. They are in line with the recommendations of 'Internal
Control – Guidance for Directors on the Combined Code' published by
the Internal Control Working Party of the Institute of Chartered Accountants
in England and Wales in September 1999 ('The Turnbull Guidance'). On
pages 31 and 32 we have identified certain specific risks that are areas of focus
in 2006. Our internal risk management and control systems cannot provide certainty
as to the realisation of all business objectives and they can not always prevent
misstatements, inaccuracies, errors, frauds and non compliances with rules and
regulations.
The Board considers that the internal risk management and control systems are
appropriate for our business and in compliance with bpp II.1.3.
In bpp II.1.4 the Dutch Code invites our Board to make a statement on our internal
risk management and control systems. In its report, published on 20 December
2005, the Corporate Governance Code Monitoring Committee has made recommendations
concerning the application of this best practice provision. In accordance with
its recommendation and in light of the above, the Board believes that, as regards
financial reporting
risks:
•
the
          risk management and control systems provide reasonable
assurance
          that this Annual Report does not contain
any
material
inaccuracies;
•
the
          risk management and control systems have worked
properly
    in 2005;
•
there
          are no indications that the risk management and control
systems
    will not work properly in 2006;
•
no
          material weaknesses in the risk management and control
systems
          were discovered in the year under review or the
current
year
until the signing of these accounts;
and,
      as regards operational, strategic, legislative and regulatory risks:
•
no
          important failings in the risk management and control
systems
          were discovered in the year under
review.
This statement
    is not a statement in accordance with the requirements of Section 404 of
  the US Sarbanes Oxley Act.
Share options
In
line with bpp II.2.2, the awards and grants of shares and options to our Directors
are in the material cases subject to performance criteria, as referred to on
page 55 and 56 of the Report of the Remuneration Committee. The exception is
the options over 50 NV shares granted each year to our Executive Directors under
the all employee share option plan in the Netherlands, as described on pages
132 and 133. The Directors' participation in this plan is seen as a stimulus
for all employees to participate. All other awards to our Directors under share
based incentive schemes are subject to performance criteria.
Retention period of shares
The
Dutch Code recommends that shares granted to executive directors without a financial
consideration must be retained for a period of at least five years (bpp II.2.3).
In 2001 we introduced a new remuneration policy with shareholder approval which
requires our Executive Directors to build and retain a personal shareholding
in Unilever equal to at least 150% of their annual base pay. We believe that
this is in line with the
spirit of the Dutch Code.
Severance pay
It
is our policy to set the level of severance payments for Directors to no more
than one year's salary, unless the Board, at the proposal of the Remuneration
Committee, finds this manifestly unreasonable given circumstances or unless otherwise
dictated by applicable law (bpp II.2.7).
During 2005, Clive Butler, Keki Dadiseth and André van Heemstra ceased
to be Directors. For their severance arrangements see page 60.
Regulations for transactions in securities in other companies
The
Dutch Code recommends in bpp II.2.6 and bpp III.7.3 that a director shall give
periodic notice, but in any event at least once a quarter, of any changes in
his holding of securities in other Dutch listed companies to the compliance officer.
Our Share Dealing Code provides that Directors are required, upon request, to
disclose to the compliance officer their holdings and transactions in securities
in other listed companies. We believe this requirement constitutes an appropriate
arrangement.
Conflicts of interest
In
the event of a (potential) conflict of interest, the provisions of the Dutch
Code (P II.3 and III.6) are applied. Conflicts of interest are not understood
to include transactions and other activities involving other companies in the
Unilever Group.
Financing preference shares
NV
issued 4%, 6% and 7% cumulative preference shares between 1930 and 1970. Their
voting rights are based on their nominal value, as prescribed by Dutch law. The
Dutch Code recommends that the voting rights on financing preference shares should,
in any event when they are newly issued, be based on their economic value rather
than on their nominal value (bpp IV.1.2). NV cannot reduce these voting rights
unilaterally.
46
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        Report and Accounts 2005
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Report
            of the Directors
Corporate governance
(continued)
Anti-takeover constructions and control over the company
With
reference to bpp IV.3.9, NV has no anti-takeover constructions, in the sense
of constructions that are intended solely, or primarily, to block future hostile
public offers for its shares. Nor does it have any constructions whose specific
purpose is to prevent a bidder, after acquiring 75% of the capital, from appointing
or dismissing members of the Board and subsequently altering the Articles of
Association. The acquisition through a public offer of a majority of the shares
in a company does not under Dutch law preclude in all circumstances the continued
right of the board of the company to exercise its powers.
Meetings of analysts and presentations to investors
We
have extensive procedures for handling relations with and communicating with
shareholders, investors, analysts and the media (see description on page 40).
Whilst the important presentations and meetings are conducted in accordance with
bpp IV.3.1, due to the large number of such presentations and meetings and overlap
in information, some of the less important ones are not announced in advance,
made accessible to everyone
or put on our website.
Provision of information
We
consider it important to comply with all applicable statutory regulations on
the equal treatment of shareholders and provision of information and communication
with shareholders and other parties (P IV.2 and P IV.3). In the communications
between us and our shareholders and other parties, we comply with all applicable
legislation and regulations.
Requirements – the United Kingdom
PLC
is required, as a company that is incorporated in the United Kingdom and listed
on the London Stock Exchange, to state how it has applied the principles and
how far it has complied with the provisions set out in Section 1 of the Combined
Code issued in 1998, as revised in 2003 ('the Combined Code'), appended
to the United Kingdom Listing Rules.
In the preceding pages we have complied with the requirement to report on how
we apply the Principles and the provisions in the Combined Code.
2005 was the first year of our new Boards' operation. To ensure optimal
functioning of the Board and the individual Directors and compliance with the
most recent developments in best practice, the Nomination Committee commissioned
Spencer Stuart to carry out a full review of the functioning of the Boards and
of its governance arrangements. This review concluded that our arrangements stood
comparison with our peers. A full report was made to the Boards in February 2006
and a range of minor changes in terms of the day-to-day operations of the Boards
will be introduced during the balance of the year. A Board evaluation and Chairman
and individual director appraisal process is scheduled for the second quarter
of 2006. Thus, the changes following the said review can be taken into account
in the evaluations.
Antony Burgmans,
    who before May 2005 was an Executive Director, is not considered to be independent.
    The Nomination Committee and the Boards nominated him for election as a Non-Executive
    Director in 2005 because of his thorough knowledge of Unilever and its operations.
    In addition to his role as Chairman, the Board considered his knowledge of
    the business to be essential to see through the changes resulting from the
  structure review.
The Board considers that the Chairmanship of Bertrand Collomb and the Non-Executive
Directorship of Oscar Fanjul, and Lynda Chalker's membership of the International
Advisory Board, of Lafarge, do not affect their status as independent in relation
to their Non-Executive Directorships of Unilever.
Due to the requirement for Unilever to hold two AGMs for its respective companies
on consecutive days, it may not always be possible for all Directors and possibly
the Chairmen of the Audit, Remuneration and Nomination Committees to be present
at both meetings. The Chairman therefore ensures that a majority of Directors
attend both meetings and that at least one member of each Committee attends each
AGM.
Requirements – the United States
Both
NV and PLC are listed on the New York Stock Exchange and must therefore comply
with such of the requirements of US legislation, such as the Sarbanes-Oxley Act
of 2002, regulations enacted under US securities laws and the Listing Standards
of The New York Stock Exchange as are applicable to foreign private issuers.
In some cases the requirements are mandatory and in other cases the obligation
is to 'comply or
explain'.
We have complied with the requirements concerning corporate governance that were
in force during 2005. Attention is drawn in particular to the remit of the Audit
Committee on page 39
and the Report of the Audit Committee on page 70.
Actions already taken to ensure compliance that are not specifically disclosed
elsewhere or otherwise clear from reading this document include:
•
the
      issuance of a Code of Ethics for senior financial officers;
•
the
          issuance of instructions restricting the employment of
former
    employees of the audit firm; and
•
the
          establishment of a policy on reporting requirements under
the
          SEC relating to the standards of professional
conduct for US
attorneys.
In each
    of these cases, existing practices were revised and/or documented in such
  a way as to conform to the new requirements.
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          Report and Accounts 2005
47
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Corporate governance
(continued)
The Code of Ethics applies to the senior executive, financial and accounting officers and comprises the standards prescribed by the US Securities and Exchange Commission (SEC), and a
copy has been posted on our website at
www.unilever.com/investorcentre/corpgovernance
. The Code of Ethics comprises an extract of the relevant provisions of Unilever's Code of Business Principles and the more detailed rules of conduct that
implement it. The only amendment to these pre-existing provisions and rules that was made in preparing the Code of Ethics was made at the request of the Audit Committee and consisted of a strengthening of the explicit requirement to keep proper
accounting records. No waiver from any provision of the Code of Ethics was granted to any of the persons falling within the scope of the SEC requirement in 2005.
We are required by US securities laws and the Listing Standards of the New York
Stock Exchange, with effect from 1 August 2005, to have an Audit Committee that
satisfies Rule 10A-3 under the Exchange Act and the Listing Standards of the
New York Stock Exchange.
We are fully compliant with these requirements.
We
are also required to disclose any significant ways in which our corporate governance
practices differ from those typically followed by US listed companies. In addition
to the information we have given you in this document about our corporate governance
arrangements, further details are provided in The Governance of Unilever, which
is on our website at
www.unilever.com/investorcentre/corpgovernance.
We are fully compliant with the Listing Standards of the New York Stock Exchange
applicable to foreign issuers. Our corporate governance practices do not significantly
differ from those followed by US companies listed on the New York Stock Exchange.
However, the New York Stock Exchange listing standards for US issuers require
that all members of the Nomination Committee must (but not foreign issuers such
as Unilever) be independent. Our Chairman is not independent and he is a member
of the Nomination Committee.
The changes we have made in 2005, in particular with the appointment of a Group
Chief Executive on the Board and the creation of a Unilever Executive that is
immediately below Board level, have brought our arrangements closer to those
of a typical model for US issuers, where the most senior executives draw their
authority primarily from their corporate office rather than their appointment,
if any, as a director. However, the situation remains that the laws in the Netherlands
and the UK only give limited recognition to the existence of any corporate officer
other than that of a Director.
We would also confirm that it is our practice, in accordance with our home country
laws and practices, to give our shareholders the opportunity to vote on equity
compensation
plans.
48
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Corporate governance
Biographical
details
Executive Directors
Patrick Cescau
Group Chief Executive
Nationality:
    French. Aged 57. Group Chief Executive since April 2005. Joined Unilever 1973.
    Appointed
    Director 4 May 1999. Previous posts include: Chairman, Unilever PLC and Vice-Chairman,
    Unilever N.V. 2004-2005. Foods Director 2001. Financial Director 1999. Controller
    and Deputy Financial Director 1998-1999. President, Lipton USA 1997-1998. President
    and CEO, Van den Bergh Foods USA 1995-1997. Chairman, Indonesia
    1991-1995. External appointments include: Non-Executive Director, Pearson plc
  and Conseiller du Commerce Extérieur de la France in the Netherlands.
Kees van der Graaf
President Europe
Nationality: Dutch. Aged 55. President Europe since April 2005. Joined Unilever 1976. Appointed Director 12 May 2004. Previous posts include: Foods Director 2004, Business Group
  President, Ice Cream and Frozen Foods 2001. Executive Vice-President, Foods and Beverages Europe 1998. Senior Vice-President, Global Ice Cream category 1995. External appointments include: Board member, ECR (Efficient Consumer Response) and Member,
IAB (International Advisory Board of the City of Rotterdam).
Ralph Kugler
President Home and personal care
Nationality: British. Aged 50. President Home and personal care since 1 April 2005. Joined Unilever 1979. Appointed Director 11 May 2005. Previous posts include: President Home and
Personal Care Europe 2001. Business Group President, Latin America 1999. Chairman, Unilever Thai Holdings 1995. Chairman, Unilever Malaysia 1992. External appointments include: Non-Executive Director, InterContinental Hotels Group PLC.
Rudy Markham
Chief Financial Officer
Nationality:
British. Aged 59. Chief Financial Officer since April 2005. Joined Unilever 1968.
Appointed
  Director 6 May 1998. Previous posts include: Financial Director 2000. Strategy & Technology
  Director 1998. Business Group President, North East Asia 1996-1998. Chairman,
  Nippon Lever Japan 1992-1996. Chairman, Unilever Australasia 1989-1992. Group
  Treasurer 1986-1989. External appointments include: Non-Executive Director,
Standard Chartered PLC, Member, EAN
International Management Board.
Non-Executive Directors
Antony Burgmans
1,2
Chairman
Nationality:
Dutch. Aged 59. Appointed 2005. Joined Unilever 1972. Appointed Director 8 May
1991.
  Previous posts include: Chairman, Unilever N.V. and Vice-Chairman, Unilever
  PLC 1999-2005. Vice-Chairman, Unilever N.V. 1998. Business Group President,
  Ice Cream and Frozen Foods – Europe and Chairman, Unilever Europe Committee
  1996-1998. Responsible for South European Foods business 1994-1996. Personal
  Products Co-ordinator 1991-1994. External appointments include: Member, Supervisory
  Board of ABN AMRO Holding N.V., Non-Executive Director, BP p.l.c. and Member,
International Advisory Board of Allianz AG.
Bertrand Collomb
4,5,6
Vice-Chairman
Nationality:
French. Aged 63. Appointed 1994. Chairman, Lafarge S.A. Director, Total S.A.
and Atco. Member, Advisory Board of Banque de France.
The Rt Hon The Lord Brittan of Spennithorne QC, DL
2
Nationality: British. Aged 66. Appointed 2000. Vice-Chairman, UBS Investment Bank and Chairman, UBS Limited. Member, International Advisory Committee of Total. Member, European
Commission
and Vice-President 1989-1999. Member, UK Government 1979-1986. Home Secretary
1983-1985 and Secretary of State for Trade and Industry 1985-1986.
The Rt Hon The Baroness Chalker of Wallasey
3
Nationality:
British. Aged 63. Appointed 1998. Non-Executive Director, Freeplay Energy Group,
Group 5 (Pty) Ltd. and Equator Energy Limited. Member, International Advisory
Board
of
Lafarge S.A. and Merchant Bridge & Co Ltd. UK Minister of State at the Foreign
and Commonwealth Office 1986-1997.
Professor Wim Dik
2,7
Nationality:
Dutch. Aged 67. Appointed 2001. Professor at Delft University of Technology.
Chairman, Supervisory Boards of Tele Atlas N.V. and N.V. Casema. Non-Executive
Director, Aviva plc and LogicaCMG plc. Chairman and CEO, Koninklijke PTT Nederland
(KPN) 1988-1998 and Koninklijke KPN N.V. (Royal Dutch Telecom) 1998-2000. Minister
for Foreign Trade, Netherlands 1981-1982.
Oscar Fanjul
7
Nationality:
Spanish.
Aged 56. Appointed 1996. Vice-Chairman, Omega Capital. Director, Marsh & McLennan
Companies, the London Stock Exchange and Acerinox S.A. Non-Executive Director,
Lafarge. Member, Advisory Board of Sviluppo Italia S.p.A. and Senior Advisor
of the Carlyle Group. International Advisor to Goldman Sachs and Trustee of the
International Accounting Standards Committee Foundation.
Chairman
and CEO, Repsol 1986-1996.
Hilmar Kopper
8
Nationality: German. Aged 70. Appointed 1998. Chairman, Supervisory Board of DaimlerChrysler AG. Non-Executive Director, Xerox Corp. Chairman, German Advisory Board of Spencer Stuart. Member, Advisory Board of Sviluppo Italia S.p.A. Former
CEO and former Chairman, Supervisory Board of Deutsche Bank AG.
The Lord Simon of Highbury CBE
1,9
Nationality: British. Aged 66. Appointed 2000. Non-Executive Director, Suez Group. Senior Advisor, Morgan Stanley International. UK Government Minister 1997-1999. Group Chief Executive, BP p.l.c. 1992-1995 and Chairman 1995-1997.
Jeroen van der Veer
1,9
Nationality:
Dutch. Aged 58. Appointed 2002. Chief Executive Royal Dutch Shell plc. Former
Member, Supervisory Board of De Nederlandsche Bank 2000-2004.
1
Member Nomination Committee
6
Senior
    Independent Director
2
Member External Affairs and Corporate Relations Committee
7
Member
    Audit Committee
3
Chairman External Affairs and Corporate Relations Committee
8
Chairman
    Audit Committee
4
Chairman Nomination Committee
9
Member
    Remuneration Committee
5
Chairman Remuneration Committee
Unilever
Annual
          Report and Accounts 2005
49
Back to Contents
Corporate governance
Biographical details (continued)
Unilever Executive (UEx)
*
Patrick Cescau
Group Chief Executive
(see previous details on page 49)
Vindi Banga
President Foods
Nationality: Indian. Aged 51. Appointed President Foods April 2005. Joined Unilever 1977. Previous posts include: Business Group President Home and personal care Asia 2004 in addition
to Non-Executive Chairman, Hindustan Lever 2004-2005. Chairman and Managing Director Hindustan Lever 2000-2004.
Kees van der Graaf
President Europe
(see previous details on page 49)
Ralph Kugler
President Home and personal care
(see previous details on page 49)
Harish Manwani
President Asia Africa
Nationality: Indian. Aged 52. Appointed President Asia Africa April 2005. Joined Unilever 1976. He is also Non-Executive Chairman, Hindustan Lever. Previous posts include: Business
Group President, Home and Personal Care, North America 2004. Business Group President, Home and Personal Care, Latin America 2001 and Senior Vice President, Hair Care and Oral Care 2000.
Rudy Markham
Chief Financial Officer
(see previous details on page 49)
Sandy Ogg
Chief Human Resources Officer
Nationality: American. Aged 52. Appointed Chief HR Officer April 2005. Joined Unilever 2003. Previous posts include: SVP Human Resources, Foods 2003. Prior to joining Unilever he worked
for Motorola in Change Management/Organisation Effectiveness to assist in the transformation of all Communications businesses.
John Rice
President The Americas
Nationality: American. Aged 54. Appointed President The Americas April 2005. Joined Unilever 1981. Previous posts include: Business Group President, Unilever Foods, North America 2002
and Unilever Bestfoods Latin America 2000.
*
UEx members are treated as executive officers and senior management for US purposes and key management personnel for IFRS purposes. Although Unilever intends to offer service agreements
to members of UEx, the agreements are still under negotiation with these individuals. All members of the UEx have existing agreements with varying terms, some of which are from their prior roles.
All
agreements include a notice period of twelve months. Details of the remuneration
paid and share awards are shown in aggregate in note 33 on page 142.
50
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report of the Directors
Reports of Board committees
General information
04
Chairman's foreword
05
Group Chief Executive
06
About Unilever
09
Financial and operating reviews
15
Risk management
31
Corporate governance
33
Reports of Board committees
51
Report
      of the Nomination Committee
52
Report
      of the Remuneration Committee
53
Remuneration
      policy 2006 and beyond –
Executive Directors
54
Main
              principles
54
Unilever
      reward policy table
54
Base
      salary
55
Annual
      incentive
55
Long-term
      incentives
55
Executive
      Directors' pensions
56
Other
      benefits and allowances
56
Future
      developments
56
Commentary
          on Executive Directors' Remuneration paid in 2005
56
Base
      salary
56
Annual
      incentive
57
Long-term
      incentive arrangements
57
Pensions
57
Arrangements
      for former Executive Directors in 2005
57
Non-Executive
      Directors
57
Other
      items
58
Remuneration
      Committee
58
Aggregate
      remuneration for Executive Directors
59
Remuneration
      for individual Executive Directors
60
Executive
      Directors' Global Performance Share Plan
61
Executive
          Directors' conditional share awards under the TSR Long-Term Incentive
          Plan
62
Executive
      Directors' Share Matching Plan
63
Executive
      Directors' share options
64
Executive
      Directors' pensions
66
Executive
      Directors' interests – share capital
67
Non-Executive
      Directors' remuneration
68
Non-Executive
      Directors' interests – share capital
69
Definition
          of auditable part of the report of the Remuneration Committee
69
Report
      of the Audit Committee
70
Report
      of the External Affairs Committee
72
Unilever
Annual
          Report and Accounts 2005
51
Back to Contents
Report of the Nomination Committee
Composition
In
2005 the Nomination Committee comprised three Independent Non-Executive Directors
and the Chairman of the Boards. Bertrand Collomb chaired it throughout 2005. Other members throughout 2005 were
David Simon, Jeroen van der Veer and Antony Burgmans. The Joint Secretaries act
as secretaries to the
Committee.
The composition of the Committee, having a majority of
Independent
Non-Executive Directors, ensures that these Directors control the procedure for
nominating the candidates for election as Directors of NV and PLC. To ensure
that the candidates presented for election as Directors of NV and PLC are the
same, the members of the Nomination Committee are also the Directors of N.V.
Elma and United Holdings Limited. These two companies jointly own the Special
Shares of NV and the Deferred Shares of PLC which carry the right to nominate
persons for election as Directors of NV and PLC at general meetings. In December
2005 it was announced that we will propose to change this process to allow shareholders
the right to nominate candidates to the Board, taking into account the need for
the Boards of NV and PLC to be the same to ensure unity of management. Further
information on these proposals can be found in the notices to the 2006 AGMs.
The Boards are of the view that it is appropriate that the Chairman is included
as a member of the Committee on the express condition that he did not participate
in any discussion of
his own position.
Remit
The primary role of the Committee is the recommendation to the Boards of candidates for the positions of Director, both Executive and Non-Executive, and Chairman and Vice-Chairman, and
Senior Independent Director, and this includes a responsibility to concern itself with succession planning within the Boards. In addition it has a responsibility for the oversight of all matters relating to corporate governance, bringing any issues
to the attention of the Boards. Under its remit, the Committee is entitled to use the services of recruitment consultants and other external experts at the expense of Unilever. It is also to conduct a process of evaluation of its own performance
each year. The full remit is on the Unilever website at
www.unilever.com/investorcentre/corpgovernance
, as is the information used by the Committee for succession planning.
Also on that website is The Governance of Unilever, which, amongst other matters,
sets out the procedures for evaluating the Boards and individual Directors. These
are designed to enable the results of the evaluations to be provided to the Nomination
Committee when it discusses the nominations for election as Directors of NV and
PLC at the next Annual General Meeting.
Meetings of the Committee
The
Committee met six times in 2005. It agreed to the separation of the roles of
Chairman and Chief Executive and recommended to the Boards the appointment of
Antony Burgmans as Chairman, and Patrick Cescau as Group Chief Executive. It
also proposed the nomination of all those Directors offering themselves for re-election
at the 2005 AGMs and to the nomination of Ralph Kugler as an additional Executive
Director.
It carried out the Committee's annual review of its terms of reference and
performance of its responsibilities and commenced its evaluation of its performance
in 2004.
Succession planning for the Non-Executive Directors, one of whom retired at the
2005 AGMs and three of whom are retiring at the 2006 AGMs was also considered
by the Committee during 2005. Specialist recruitment firms have been commissioned
to assist in finding individuals with the appropriate skills and expertise who
will be nominated as Non-Executive Directors at the AGMs in 2006 and 2007.
During 2005, the Committee also commenced the search for a new Chairman to succeed
Antony Burgmans who is due to retire in 2007. A well-reputed search firm has
been commissioned by the Committee to assist them in this process. Further work
on this will be carried out during 2006.
2005 was the first year of our new Boards' operation. To ensure optimal
functioning of the Boards and the individual Directors and compliance with the
most recent developments in best practice, the Nomination Committee commissioned
Spencer Stuart to carry out a full review of the functioning of the Boards and
of their governance arrangements. This review concluded that our arrangements
stood comparison with our peers. A full report was made to the Boards in the
first quarter of 2006 and a range of minor changes in terms of the day-to-day
operations of the Boards will be introduced during the balance of the year. A
Board evaluation and Chairman and individual director appraisal process is scheduled
for 2006. Thus, the changes following the said review can be taken into account
in the evaluations.
The Committee also met early in 2006. It decided to nominate all those Directors
offering themselves for re-election at the 2006 AGMs and four new Directors to
be appointed as Non-Executive in place of Claudio Gonzalez who retired at the
2005 AGMs and of Bertrand Collomb, Oscar Fanjul and Hilmar Kopper who are retiring
at the 2006 AGMs. The new Non-Executive Directors were chosen specifically for
their financial and/or
general business expertise.
The Committee's annual Report to Shareholders was approved.
Bertrand Collomb
Chairman of the Nomination Committee
Antony
Burgmans
David Simon
Jeroen van der Veer
52
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Report of the Remuneration Committee
2005 was a year of far-reaching and important changes to the way Unilever is run. These changes have had an important impact on the work of the Remuneration Committee.
The most significant change was the ending of the dual chairmanship and the creation
of the single chief executive role. At the AGMs in May 2005 Antony Burgmans was
appointed to the new role of Non-Executive Chairman, and Patrick Cescau took
on the new role of Group Chief Executive. This change improved our governance
and organisational effectiveness.
At the AGMs in May 2005, three Executive Directors retired after long and distinguished
careers with Unilever. Clive Butler, Keki Dadiseth and Andre van Heemstra all
agreed to retire to allow the creation of a new executive team. Each agreed to
retire at the age of 60. Unilever continued to pay their base salary and benefits,
in lieu of notice, for a maximum of one year, fulfilling its contractual obligations.
Antony Burgmans stepped down as Executive Director at the 2005 AGMs and assumed
the new role of Non-Executive Chairman. In fulfilment of contractual obligations
he continues to receive his salary and benefits until June 2006. However, he
is no longer entitled to any annual or long-term incentives. After June 2006,
he will receive a fee for his services as Chairman.
Given the new Board structure and Unilever's longer-term strategy, the Committee
reviewed the existing reward packages for each of the current Executive Directors
during the year. Base salaries have been adjusted to reflect the new roles and
responsibilities in line with the market. The revised salary levels are set out
on page 56.
Annual incentives criteria for 2005 were underlying sales growth, trading contribution
(Unilever's version of economic value added) and individual performance
targets. Taking into account the actual delivery of sales growth and trading
contribution in 2005, the annual incentive Executive Directors earned for 2005
were roughly half maximum levels. No awards vested in 2005 for Executive Directors
under the TSR plan as
Unilever's TSR performance over the period 2002-2004 fell short of requirements.
Following shareholder approval, we operated the Global Performance Share Plan
for the first time. Its clearly defined performance criteria focus management
on top-line growth and cash flow generation. For 2006, we retained the same criteria
as in 2005 for annual incentive, and we reviewed individual performance targets
to ensure these reflect, next to corporate performance, each Executive Director's
responsibility for delivering specific growth objectives.
All this was done to create the greatest possible alignment between the various
elements of the remuneration package and Unilever's longer-term strategy.
Finally, we have revised the Report of the Remuneration Committee to improve
its transparency in respect of the arrangements.
Bertrand Collomb
Chairman of the Remuneration Committee
David
  Simon
Jeroen
van der Veer
Unilever
Annual
          Report and Accounts 2005
53
Back to Contents
Report of the Remuneration Committee
(continued)
Remuneration
      policy 2006 and beyond – Executive Directors
Main principles
Unilever's
objective in its remuneration policy for Executive
Directors
is to drive performance and to set reward in support of the achievement of its
goals. Therefore it is important to recruit key executives who can drive the
business forward and achieve the highest results for shareholders. This is essential
to the successful leadership and effective management of Unilever as a major
global company. To meet this objective the Remuneration Committee follows three
key principles,
supported by shareholders:
•
A
          significant proportion
of the Executive Directors' total reward
is
linked to a number of key measures of
company performance
to
create alignment with the strategy and business priorities;
•
The
          reward policy is benchmarked regularly against
arrangements
          of other global companies based in
Europe.
This
          ensures that Executive Directors' reward levels remain
competitive;
    and
•
An
            internal comparison is made with the reward arrangements
for
            other senior executives within Unilever to support consistent
application
            of Unilever's executive reward policies.
Each element
    of the Executive Directors' reward package focuses on supporting different
    business objectives. The table below provides an overview of all the elements
    of reward (excluding pension), the key drivers, the resulting performance
    measures and indicative levels. In setting targets for the performance measures,
    the Committee is guided by what needs to happen to drive underlying performance
    and this is reflected in
both the short-term and long-term performance targets.
Unilever
reward policy table
Short-term
    (one year)
Indicative levels at face
Element
Payment method
value as % of base pay
Plan objectives/Key drivers
Performance measures
Base
    salary
Cash
Market competitive
Attraction and retention of
Individual performance
key executives
Annual
    incentive
Cash (75%)
Executive Director: 60%
Delivery of trading
Trading contribution
on target
contribution (Unilever's
(Executive Director: 40%,
Shares (25%)
(range of 0% – 100%)
primary internal measure of
Group Chief Executive: 50%)
economic value added) and
Group Chief Executive:
top-line growth targets
Underlying sales growth
90% on target
(Executive Director: 40%,
(range of 0 – 150%)
Individual responsibility for
Group Chief Executive: 50%)
key Unilever business
objectives
Individual contribution to
Unilever business strategy
(Executive Director 20%,
Group Chief Executive: 50%)
Long-term
(three year)
Global
Shares
Grant level: c. 25%
Ungeared Free Cash Flow
Ungeared Free Cash Flow (50%)
performance
as the basic driver of Unilever
share
    plan
Vesting level: 0 – 200%
shareholder returns
Underlying sales growth
of grant
(50
%)
Top-line growth as
essential to Unilever's
long-term value creation
TSR plan
Shares
Grant level: c. 60%
Shareholder return at upper
Relative total shareholder
half of peer group with
return
Vesting level: 0 – 200%
20 other companies
of grant
Share
    matching
Shares
25% of annual
Alignment with shareholders'
plan
incentive paid
interests
Depending on the level of performance the variable component could vary between
0 and around 80% of the total reward package (excluding pensions).
Some of the Executive Directors serve as a non-executive on the Board of another
company. Unilever requires that all remuneration and fees earned from outside
directorships are paid
directly to Unilever.
54
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Report of the Remuneration Committee
(continued)
Base salary
The
Remuneration Committee reviews base salary levels annually, taking into account
external benchmarks in the context of company and individual performance.
Annual incentive
The
annual incentive arrangement rewards Executive Directors for the delivery of
trading contribution (Unilever's primary internal measure of economic value
added) and top-line growth targets, as well as for their individual contribution
to Unilever's
business strategy.
In 2005, shareholders approved changes to the corporate performance criteria
for the annual incentive arrangement, to ensure continuing alignment with business
priorities, and a maximum opportunity for the Group Chief Executive of 150% of
base salary. The maximum level is only payable in the case of exceptional performance.
The annual incentive opportunity for other Executive Directors remains between
0 and 100%.
The performance criteria for the annual incentive are now:
•
Trading
          contribution (40%, for Chief Executive maximum 50%
of
          base salary). This is Unilever's primary
internal measure of
economic
value added. Increases reflect the combined impact
of
top-line growth, margin
improvement and capital efficiency
gains.
It is well aligned with our objective of a progressive
improvement in return on invested
capital and with shareholder
value
creation;
•
Underlying
          sales growth (40%, for Chief Executive maximum
50%
          of base salary). This focuses on the organic growth
of
Unilever's
turnover; and
•
Individual
          business targets (20%, for Chief Executive maximum
50%
          of base salary). The individual performance
targets are
tailored
to each individual's responsibilities to deliver certain
business
objectives
supporting the strategy. Individual
contributions
are subject to robust measures and targets to
ensure
objectivity of achievement.
The annual incentive is calculated at the end of each financial year and payable
in the following March. Part of the annual incentive (25%) is delivered to the
Executive Directors in the form of shares in NV and PLC, which are matched by
a conditional award of 'matching shares', as further described under
long-term incentives below.
Long-term incentives
In
2005 shareholders also approved the replacement of the
Executive
Option Plan with the Unilever Global Performance Share Plan (GPSP). The long-term
incentives for Executive Directors now consist of three elements, all of which
are delivered
in shares:
•
Global
      Performance Share Plan;
•
TSR
      Long-Term Incentive Plan; and
•
Share
      Matching Plan (linked to the annual incentive).
The policy in respect of each of the plans is described below, details for 2005
are set out on page 57 and in the tables on pages 61 to 64.
Executive Directors are required to demonstrate a significant personal shareholding
commitment to Unilever. Within five years of appointment, they are expected to
hold shares worth 150% of their annual base salary. This reinforces the link
between the executives and other shareholders.
Global Performance Share Plan (GPSP)
Under
the GPSP conditional rights over shares in NV and PLC are awarded annually to
Executive Directors. For Executive Directors the value of a grant of conditional
shares will not exceed 50% of base salary. The number of shares actually received
at the end of the performance periods of the three years depends on the satisfaction
of the performance targets.
The performance measures for vesting are underlying sales growth (for 50% of
the award) and ungeared free cash flow (for 50% of the award). These are key
performance measures in
Unilever's external reporting. Underlying sales growth focuses on the organic
growth of Unilever's turnover. Ungeared free cash flow expresses the translation
of profit into cash and thus longer term economic value.
In respect of performance targets, there is a minimum and a maximum performance
range for each of the two measures and associated vesting levels. Each year,
the Remuneration Committee reviews the performance targets by taking account
of market conditions and internal financial planning. The Remuneration Committee
will conduct a review of these targets at the start of 2006 and ensure that those
attached to awards to be made in
2006 are appropriate and challenging.
Total Shareholder Return (TSR) Long-Term Incentive Plan
This
plan rewards Executive Directors for creating more value for Unilever's
shareholders when compared with the investment returns generated by competitors.
Under this plan conditional rights over shares in NV and PLC are awarded annually
to Executive Directors.
The current level of conditional annual awards is as follows:
•
Group
          Chief Executive: Shares in NV and PLC to the combined
value
    of €800 000; and
•
Other
          Executive Directors: Shares in NV and PLC to the
combined
    value of €500 000.
Vesting is subject to Unilever's relative Total Shareholder Return (TSR)
performance. TSR measures the returns received by a shareholder, capturing both
the increase in share price and the value of dividend income (assuming dividends
are re-invested). Unilever's TSR performance is compared with a peer group
of competitors over a three-year performance period. The TSR results are compared
on a single reference currency
basis.
No shares will vest if Unilever is ranked below position 11 of the TSR ranking
table over the three-year period. Between 25% and 200% of the shares will vest
if Unilever is ranked in
the top half of the table as shown below:
Unilever
Annual
          Report and Accounts 2005
55
Back to Contents
Report of the Remuneration Committee
(continued)
Vested award
(% of original conditional
TSR peer group ranking
award that will vest)
12th to 21st
0
%
10th or 11th
25
%
8th or 9th
50
%
5th to 7th
100
%
3rd or 4th
150
%
1st or 2nd
200
%
Peer Group:
Altria
Kao
Avon
Lion
Beiersdorf
L'Oréal
Cadbury Schweppes
Nestlé
Clorox
Orkla
Coca-Cola
Pepsico
Colgate
Procter & Gamble
Danone
Reckitt Benckiser
Gillette
Sara Lee
Heinz
Shiseido
Kraft will replace Altria and Kimberly-Clark will replace Gillette in the peer group.
Share Matching Plan (linked to the annual incentive)
The Share Matching Plan enhances the alignment
  with shareholder's interests and supports the retention of key executives.
  In addition, the necessity to hold the shares for a minimum period of three
years supports the shareholding requirements set out on page 55.
As mentioned earlier, the Executive Directors receive 25% of their annual incentive
  in the form of NV and PLC shares. These are matched with an equivalent number
  of matching shares. The matching shares will vest after three years provided
  that the underlying shares have been retained during this period and the Executive
  Director has not resigned or been dismissed.
The Remuneration Committee considers that there is no need for further performance
  conditions on the vesting of the matching shares because the number of shares
  is directly linked to the annual bonus (which is itself subject to demanding
  performance conditions). In addition, during the three-year vesting period
  the share price of NV and PLC will be influenced by the performance of Unilever
  which, in turn, will affect the
ultimate value of the matching shares on vesting.
Executive Directors' pensions
Executive
Directors are provided with a defined benefit final salary pension, which is
consistent
  with the pension provision for other Unilever Netherlands and UK employees.
  The Executive Directors' arrangement provides a pension of a maximum of
two-thirds of final pensionable pay if they retire at age 60 or later.
As stated in last
  year's report, the Remuneration Committee decided that annual incentive
  would no longer be part of pensionable pay for new Executive Directors appointed
  as from 2005. For Executive Directors appointed prior to 2005, annual incentive
is pensionable up to a maximum of 20% of base salary.
Other benefits and allowances
Executive
Directors enjoy similar benefits to many other employees of Unilever. For example,
like
  other employees, Executive Directors are able to participate in the UK Employee
  ShareSave Plan, the UK Share Incentive Plan ('ShareBuy') and the
All Employee Option Plan, in the Netherlands.
Future developments
The
Remuneration Committee intends to continue monitoring trends and changes in the
market. It keeps a
  watching brief on the continuing alignment between Unilever's strategic
  objectives and the reward policy for Executive Directors. The Committee is
  continuing its review of the pension arrangements for Executive Directors during
2006.
Commentary
  on Executive
Directors' Remuneration paid in 2005
The
tables on pages 60 to 67 give details of the specific elements of the Executive
Directors' reward
  package in 2005. However, the following additional comments may be helpful
  in understanding the various tables. The first sections cover the arrangements
  for current Executive Directors, followed by an explanation of the arrangements
for former Executive Directors.
Base salary
Following the AGMs in May 2005, the number of Executive Directors and their responsibilities changed substantially. The Committee therefore reviewed base salary levels in light of these
  changes. The salary levels were benchmarked against those paid in other major global companies based in Europe, excluding companies in the financial sector. The increases for 2005 reflect the change in the composition and responsibilities of the
  Executive Directors, market levels as well as individual and company performance. The total salary figure compared with that for last year has reduced significantly as a consequence of the reduction in the number of Executive Directors. The current
annual base salary levels for the Executive Directors are set out below:
Executive Director
Current annual base salary levels
Based in the UK
Patrick Cescau
£
935 000
Ralph Kugler
£
570 000
Rudy Markham
£
645 000
Based in the Netherlands
Kees van der Graaf
€
760 000
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Report
            of the Directors
Report of the Remuneration Committee
(continued)
Annual incentive
The
annual incentive awards for 2005 were subject to achievement of underlying sales
growth and trading contribution targets in combination with individual key strategic
business targets. The Committee measured the results against the targets set
and determined the annual incentive amounts for 2005.
Long-term incentive arrangements
•
Global
      Performance Share Plan
The
          first award under this new plan was made to Executive
Directors
          in 2005. The performance period of this award
is
1 January
2005 to 31 December 2007 and therefore no award
vested
in 2005.
•
TSR
      Plan
Vesting
          of the conditional award made in 2002 was based on
the
          TSR performance of Unilever (when ranked against
its
defined peer
group with competitors) over the three-year
performance
period ended 31 December 2004. For
this period,
Unilever
was ranked 13 in this peer group and therefore no
vesting
occurred for this award in
March 2005. The conditional
shares
awarded in 2002 lapsed.
•
Share
      Matching Plan
The
          matching shares originally granted in 2000 and 2002 on a
conditional
          basis vested in 2005, subject to
fulfilment of the
retention
conditions.
•
Executive
      Share Options
The
          grants of executive share options made in 2002 became
exercisable
          as from 2005. As the size of the 2002 grants
was
based on
Unilever's EPS performance, the options at vesting
were
subject to no further
conditions.
Pensions
In
response to changes in the pension tax regimes in both the Netherlands and the
UK:
•
The
          projected value of the Netherlands-based Executive
Director's
          final benefit has been converted from a
reasonable
expectation
to a vested benefit, consistent with the treatment
adopted
for other Netherlands
senior executives with similar
expectations;
and
•
UK-based
          Executive Directors and other potentially affected
employees
          have been informed that the company will
offer
them the
option of capping their benefit provided by the
Unilever
UK Pension Fund at their personal
Lifetime Allowance
and
receiving the balance of their benefit directly from the
company.
For Executive Directors appointed since 2005, the annual incentive no longer
forms part of pensionable salary.
Arrangements for former Executive Directors in 2005
At
the AGMs in May 2005, Antony Burgmans stepped down as Executive Director of the
Boards of Unilever NV and PLC and was appointed in a new role as Chairman of
both Boards. In line with the provisions of his contract, Mr Burgmans is receiving
salary and benefits until June 2006. From June 2006 he will start to receive
a Chairmanship fee. While he has received a pro-rated annual incentive payment
for his service to the 2005 AGMs, he has no further annual incentive entitlements.
Equally, he received no long-term incentive awards after the AGMs in May 2005
and will receive no further new awards. His existing long-term incentives are
subject to relevant provisions in the plan
rules. Mr Burgmans' retirement date will be June 2006, then being 59, and
from this date he will receive a full pension as if he had retired at 60.
Clive Butler, Keki Dadiseth
and André Van Heemstra stepped down as Executive Directors at the AGMs
in May 2005. Each has received a pro-rated annual incentive payment for service
to the 2005 AGMs. None received any new long-term incentive awards for the period
after May 2005 and their existing long-term incentives are subject to relevant
provisions in the plan rules. The company is respecting its contractual obligations
and has provided for each director to be paid their base salary and benefits
for the maximum of one year. Clive Butler and Keki Dadiseth have received their
payments as lump sums. André Van Heemstra is receiving his payments on
a monthly basis. They receive their full pension benefits at 60 as if they had
retired on this date.
Non-Executive Directors
The
Non-Executive Directors receive fees and (where appropriate) an attendance allowance
from both NV and PLC. No other remuneration is given in respect of their Non-Executive
duties from either NV or PLC, such as annual incentives, share-based incentives
or pension benefits.
The level of their fees reflects their commitment and contribution to the companies.
The levels were last reviewed in 2004 against fees payable by comparable companies
in the UK
and
continental Europe, to ensure Unilever's levels reflected current market
practice and their increased responsibilities as Directors. The current fee levels
are set out below:
Non-Executive Role
Fees payable by NV
Fees payable by PLC
Senior Independent Director
€
48 000
£
36 000
Committee Chairman
€
38 000
£
29 000
Other Non-Executive Directors
€
32 000
£
24 000
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          Report and Accounts 2005
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Report of the Remuneration Committee
(continued)
Other items
Unilever's share
performance relative to broad-based equity indices
The
UK Companies Act 1985 (schedule 7A) requires us to show Unilever's relative share performance, based on Total Shareholder Return, against a holding of shares in a broad-based
  equity index for the last five years. The Remuneration Committee has decided to show Unilever's
  performance against two indices, namely the FTSE 100 Index, London, and the
  Euronext AEX Index, Amsterdam as these are the most generally used indices
  in the UK and the Netherlands, where we have our principal listings.
Five-Year Historical TSR Performance
Growth
in the value of a hypothetical £100 holding over five years FTSE 100 comparison
based on 30 trading day average values
Five-Year Historical TSR Performance
Growth in the
value of a hypothetical investment over five years AEX comparison based on 30
day average values
Remuneration committee
Tasks and responsibilities
The Committee is responsible for making proposals to the Boards on the reward policy for Executive Directors. It is also responsible for setting individual reward packages for Executive
Directors and for monitoring and approving all share-based incentive arrangements. The Committee meets at least three times a year and, during 2005, it met on 6 occasions.
Structure and role
The Chairman of the Committee is Bertrand Collomb. The other two Non-Executive Directors of the Committee are David Simon and Jeroen van der Veer.
The Non-Executive Directors are chosen for their broad experience and international outlook.
Advice and assistance
The Committee does not formally retain remuneration consultants. It seeks professional advice from external advisers as and when required. During 2005, the Committee sought advice from
Towers Perrin (an independent firm of human resources specialists) on market data, reward trends and performance-related pay. Towers Perrin also provides general consultancy advice to Unilever group companies on employee rewards, pension,
communications and other human resource matters.
The Committee is supplied with information by Jan van der Bijl, who is also one of the Joint Secretaries of Unilever.
The Group Chief Executive can be invited to attend Committee meetings to provide his own insights to the Committee on business objectives and the individual performance of his direct
reports. Naturally, he does not attend when his own remuneration is being discussed.
The Non-Executive Chairman can, in his role as Chairman of the Board, also attend the meetings.
58
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Report
            of the Directors
Report of the Remuneration Committee
(continued)
The following section contains detailed information on the Executive Directors' annual remuneration, long-term incentives, pension benefits and share interests in respect of
2005.
Aggregate remuneration for Executive Directors
The following table gives details of the aggregate remuneration (including long-term
incentives) received by Executive Directors as a group.
€ '000
€ '000
2005
2004
Annual emoluments
(1)
Base salary
5 219
7 927
Allowances and other payments:
Allowances
255
750
Other payments
(2)
2 586
1 806
Value of benefits in kind
264
665
Performance-related payments (annual incentive)
(3)
2 752
1 027
Sub-total of annual emoluments
11 076
12 175
Other income arising from long-term incentives
(4)
Gains on exercise of share options
10
4 267
Vesting of matching shares
1 149
782
Vesting of TSR Long-Term Incentive Plans
–
4 105
Total of annual emoluments and other income arising from long-term incentives
12 235
21 329
(1)
Annual emoluments include: base salary; allowances; other payments (see footnote 2); and the value of benefits in kind earned in respect of 2005. It also includes the annual incentive
(both the cash element and the element paid in shares) payable in March 2006 relating to the performance year 2005.
(2)
Other payments include payments to Antony Burgmans, Clive Butler, Keki Dadiseth and André van Heemstra following contractual obligations to provide salary and
benefits.
(3)
The value of matching shares awarded on a conditional basis in respect of 2005 is not included. This will be reported in 2009 when the shares vest.
(4)
Other income includes the gains realised in 2005 following the exercise of share options granted in earlier years and the value of matching shares vested in 2005. No value is attributed
to TSR Long-Term Incentive Plan as the shares which were conditionally granted in 2002 did not vest and lapsed in 2005.
Unilever
Annual
          Report and Accounts 2005
59
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Report of the Remuneration Committee
(continued)
Remuneration for individual Executive Directors
The following table gives details of the total remuneration (including long-term incentives) received by each Executive Director.
Other income arising from
Total of
Total of
Annual Emoluments 2005
(1)
long-term incentives
in 2005
(
2)
annual
annual
emoluments
emoluments
Vesting of
and other
and other
Gains on
TSR/LTIP
income
income
Total
Total
exercise
Vesting of
in 2005
arising from
arising from
Allowances
Value of
annual
annual
of share
matching
(performance
long-term
long-term
Base
and other
benefits
Annual
emoluments
emoluments
options
shares
period
incentives
incentives
salary
payments
(3)
in kind
(4)
incentive
(5)
2005
2004
in 2005
in 2005
2002-2004)
in 2005
in 2004
Name and Base Country
€ '000
€ '000
€ '000
€ '000
€ '000
€ '000
€ '000
€ '000
€ '000
€ '000
€ '000
Current Executive Directors
Patrick Cescau
(6)
(UK)
1 336
94
98
1 016
2 544
1 779
–
198
–
2 742
3 897
Kees van der Graaf (NL)
751
7
23
338
1 119
600
–
54
–
1 173
600
Ralph Kugler
(7)
(UK)
556
15
7
239
817
–
10
–
–
827
–
Rudy Markham (UK)
943
22
35
425
1 425
1 091
–
185
–
1 610
1 644
Position changed in 2005
Antony Burgmans
(8)
(NL)
592
913
31
266
1 802
1 732
–
241
–
2 043
2 573
Former Executive Directors (2005)
Clive Butler
(9)
(UK)
323
776
20
145
1 264
860
–
172
–
1 436
1 484
Keki Dadiseth
(10)
(UK)
414
583
38
186
1 221
1 144
–
137
–
1 358
1 659
André van Heemstra
(11)
(NL)
304
431
12
137
884
851
–
162
–
1 046
1 645
(1)
Annual emoluments includes base salary, allowances and other payments (see footnote 3) and the value of benefits in kind earned in respect of 2005. It also includes the annual incentive
(both the cash element and the element paid in shares) payable in March 2006 relating to the performance year 2005. The value of the matching shares conditionally awarded in 2006 in respect of the performance year 2005 is not included as these form
part of the long-term incentives and the value will be reported when they vest in 2009.
(2)
Other income includes the gains realised in 2005 following the exercise of
    share options granted in earlier years. It also includes the value of the
    matching shares vested in 2005, which were originally granted in 2000 and
    2002. No vesting occurred in 2005 with respect to the TSR
LTIP
    shares granted in 2002 (performance period 2002 to 2004) as Unilever was
    ranked 13 in the peer
group and therefore no value is reported here.
(3)
Allowances include the following payments: allowances in lieu of company car; entertaining allowance; 'blind trust fees'; and allowance to compensate for loss of net income
suffered because part of the income was paid in the Netherlands. All allowances are taxable in the country of residence of the Executive Director concerned apart from the entertaining allowance which is currently tax free in the Netherlands. For the
Former Executive Directors who stepped down at the AGMs in 2005 the allowance and other payments figures include the contractual provisions.
(4)
Includes the value of the following benefits in kind: benefits for company car; housing; medical insurance benefit; and private use chauffeur driven cars. Included are the taxable
benefits which are taxable in the country of residence of the Executive Director.
(5)
Part of the annual incentive is paid in the form of shares in NV and PLC. The value of these shares is included in the figures of the annual incentive shown above. In addition to these
shares, each Executive Director is awarded, on a conditional basis, an equivalent number of matching shares which are not included above. The value of these matching shares will be reported when they vest in 2009.
(6)
Group Chief Executive from AGMs 2005.
(7)
Appointed as an Executive Director on 11 May 2005. Remuneration shown above covers the period from date of appointment.
(8)
Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments and value of benefits in kind, following contractual
provisions, received base salary between June to December 2005 (€828 000); June to December benefits (€18 000); allowances (€16 000). From June 2006, he will receive a Chairmanship fee.
(9)
Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments the total amount received as a lump sum payment of €775
000 (comprising period June 2005 to June 2006) in accordance with contractual provisions.
(10)
Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments the total amount received as a lump sum payment of €557
000 (comprising period June to December 2005) in accordance with contractual provisions.
(11)
Executive Director until 11 May 2005. Base salary reflects payments up until May 2005. Under allowances and other payments and value of benefits in kind the total received as monthly
payments amounting to €426 000 comprising salary June to December 2005, also for June to December 2005 €7 000 benefits and allowances €3 000 in accordance with contractual provisions.
Figures have been translated into euros using the following exchange rate: €1 = £0.6837.
60
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Report
            of the Directors
Report of the
Remuneration Committee
(continued)
Executive Directors' Global
Performance Share Plan
The following conditional shares were outstanding, awarded or vested during 2005
under the Global Performance Share Plan:
Balance of conditional
Conditional grant made 18 May 2005
Balance of conditional
shares at 1 January 2005
(Performance period 2005 to 2007
(1)
)
shares at 31 December 2005
Share type
No. of shares
No. of shares
Price at award
No. of shares
Patrick Cescau
NV
–
3 000
€53.00
3 000
PLC
–
20 000
538.50
p
20 000
Kees van der Graaf
NV
–
2 000
€53.00
2 000
PLC
–
13 500
538.50
p
13 500
Ralph Kugler
NV
–
2 000
€53.00
2 000
PLC
–
13 500
538.50
p
13 500
Rudy Markham
NV
–
2 000
€53.00
2 000
PLC
–
13 500
538.50
p
13 500
(1)
Each award of performance shares is conditional and vests subject to certain conditions (ungeared free cash flow performance and top-line growth performance) three years after the date
of the award. The 2005 awards are subject to the performance period 1 January 2005 to 31 December 2007.
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Annual
          Report and Accounts 2005
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Report of the Remuneration Committee
(continued)
Executive Directors' conditional
share awards under the TSR Long-Term Incentive Plan
Conditional
rights to ordinary shares in NV and PLC were outstanding, granted or vested/lapsed
in 2005 as shown in the table below:
Conditional
    award
Conditional awards
Balance
            of
made
    21 March 2005
lapsed 21 March 2005
Balance
            of
conditional
(Performance
    period
(Performance period
conditional
shares
2005
    to 2007)
(1)
2002 to 2004)
(2)
shares
            at
at
      1 January
31 December
2005
Market
Original
2005
Share
No. of
No. of
Price at
No. of
price
price
No. of
Name
type
shares
shares
award
shares
at vesting
at award
shares
Current
    Executive Directors
Patrick Cescau
NV
12 895
7 890
€
50.70
(3 737
)
€
50.70
€
66.90
17 048
PLC
87 306
54 960
505
p
(26 450
)
505
p
583
p
115 816
Kees van der Graaf
NV
7 739
4 931
€
50.70
(2 243
)
€
50.70
€
66.90
10 427
PLC
52 376
34 352
505
p
(15 870
)
505
p
583
p
70 858
Ralph Kugler
(3)
NV
10 427
10 427
PLC
70 858
70 858
Rudy Markham
NV
12 895
4 931
€
50.70
(3 737
)
€
50.70
€
66.90
14 089
PLC
87 306
34 352
505
p
(26 450
)
505
p
583
p
95 208
Position
    changed in 2005
Antony Burgmans
NV
20 634
(5 980
)
€
50.70
€
66.90
14 654
(4)
PLC
139 680
(42 319
)
505
p
583
p
97 361
(4)
Former
    Executive Directors (2005)
Clive Butler
NV
12 895
(3 737
)
€
50.70
€
66.90
9 158
(4)
PLC
87 306
(26 450
)
505
p
583
p
60 856
(4)
Keki Dadiseth
NV
12 895
(3 737
)
€
50.70
€
66.90
9 158
(4)
PLC
87 306
(26 450
)
505
p
583
p
60 856
(4)
André van Heemstra
NV
12 895
(3 737
)
€
50.70
€
66.90
9 158
(4)
PLC
87 306
(26 450
)
505
p
583
p
60 856
(4)
(1)
The end date of the performance period in respect of the conditional award made in 2005 is 31 December 2007.
(2)
The conditional awards made in 2002, which vested in 2005 were based on the TSR performance of Unilever (when ranked against its defined peer group) over the three-year performance
period ending 31 December 2004. For this period, Unilever was ranked 13 out of its peer group and therefore no vesting occurred for this award in March 2005 and the awarded shares of the award 2002 lapsed.
(3)
Balance of conditional shares as from the date of appointment as Executive Director. Awards and vestings before are included in the balance.
(4)
Stepped down as Executive Director in May 2005. Balance is at May 2005.
TSR ranking of Unilever shares against its defined peer group of companies for period 2003 to 2005
The following
graph shows Unilever's position relative to the TSR peer group of companies
for each of the three performance periods ending 31 December 2003,
2004 and
2005.
Unilever's
    position relative to the TSR reference group
The reference
      group, including Unilever, consists of 21 companies. Unilever's position
    is
based on TSR over a three-year rolling period.
62
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        Report and Accounts 2005
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Report
            of the Directors
Report of the Remuneration Committee
(continued)
Executive
Directors' Share Matching Plan
The following conditional shares were outstanding, awarded or vested during 2005 under the share matching plan:
Balance of
Shares vested during 2005
Balance of
conditional
Conditional shares
conditional
shares
awarded in 2005
(1)
Shares vested on 21 March 2005
(2)
Shares vested on 21 March 2005
(3)
shares at
at 1 January
31 December
2005
Market
Original
Market
Original
2005
Share
No. of
No. of
Price at
No. of
price
price
No. of
price
price
No. of
Name
type
shares
shares
award
shares
at vesting
at award
shares
at vesting
at award
shares
Current
    Executive Directors
Patrick Cescau
NV
4 255
271
€50.70
(421
)
€50.70
€49.90
(1 461
)
€50.70
€66.90
2 644
PLC
29 042
1 896
505p
(3 327
)
505p
392.80p
(10 342
)
505p
583p
17 269
Kees van der Graaf
NV
1 715
238
€50.70
(97
)
(6
)
€50.70
€53.70
(425
)
€50.70
€66.90
1 431
PLC
11 940
1 664
505p
(726
)
(6
)
505p
432.75p
(3 008
)
505p
583p
9 870
Ralph Kugler
(4)
NV
1 453
1 453
PLC
9 567
9 567
Rudy Markham
NV
3 657
328
€50.70
(436
)
€50.70
€49.90
(1 324
)
€50.70
€66.90
2 225
PLC
25 095
2 282
505p
(3 445
)
505p
392.80p
(9 370
)
505p
583p
14 562
Position
    changed in 2005
Antony Burgmans
NV
5 259
337
€50.70
(525
)
€50.70
€49.90
(1 768
)
€50.70
€66.90
3 303
(5)
PLC
35 877
2 342
505p
(4 147
)
505p
392.80p
(12 516
)
505p
583p
21 556
(5)
Former
    Executive Directors (2005)
Clive Butler
NV
3 357
94
€50.70
(481
)
€50.70
€49.90
(1 151
)
€50.70
€66.90
1 819
(5)
PLC
23 120
657
505p
(3 802
)
505p
392.80p
(8 148
)
505p
583p
11 827
(5)
Keki Dadiseth
NV
3 462
121
€50.70
(1 318
)
€50.70
€66.90
2 265
(5)
PLC
23 220
841
505p
(9 327
)
505
583p
14 734
(5)
André van Heemstra
NV
3 044
90
€50.70
(588
)
€50.70
€49.90
(953
)
€50.70
€66.90
1 593
(5)
PLC
20 910
627
505p
(4 417
)
505p
392.80p
(6 745
)
505p
583p
10 375
(5)
(1)
Each award of matching shares is conditional and vests three years after the date of the award subject to certain conditions. The 2005 award was made on 21 March 2005 and will vest on
21 March 2008.
(2)
The conditional shares awarded on 21 March 2000 (relating to the 1999 performance period) vested on 21 March 2005.
(3)
The conditional shares awarded on 21 March 2002 (relating to the 2001 performance period) vested on 21 March 2005.
(4)
Balance of conditional shares as from the date of appointment as Executive Director.
(5)
Balance is at May 2005 when they stepped down as Executive Director.
(6)
Conditional shares awarded 15 May 2000.
The closing market prices of ordinary shares at 31 December 2005 were €57.85 (NV shares) and 576.5p (PLC shares). During 2005 the highest market prices were €60.80 and
602.5p respectively, and the lowest market prices were €48.39 and 487.5p respectively.
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          Report and Accounts 2005
63
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Report of the Remuneration Committee
(continued)
Executive
      Directors' share options
Details
of the option plans under which Executive Directors and employees are able to
acquire ordinary shares of NV and PLC are shown in note 31 on pages 132 to 141.
Options to acquire NV ordinary shares of €0.51 each and options to acquire
PLC ordinary shares of 1.4p each were granted, exercised, lapsed and held during
2005 as
follows:
Options
    outstanding
Options
    outstanding
below
    market price
above
    market price
at
    31 December 2005
at
    31 December 2005
Number
Balance of
Number
of options
Balance of
Weighted
Weighted
options at
of options
exercised/
options at
average
average
First
Final
Share
1 January
granted
lapsed
31 December
Number
exercise
Number
exercise
exercisable
expiry
Name
type
2005
in 2005
in 2005
2005
of shares
price
of shares
price
date
date
Current Executive Directors
Patrick Cescau
Executive Plan
NV
86 193
1 500
(1)
89 722
45 079
€
52.99
44 643
€
66.25
08/05/01
08/11/15
2 029
(2)
Executive Plan
PLC
581 666
10 000
(1)
606 591
364 551
499.4
p
242 040
607.74
p
08/05/01
08/11/15
14 925
(2)
NL All-Employee Plan
NV
200
50
(3)
250
150
€
52.60
100
€
66.28
12/06/02
17/05/10
Kees van der Graaf
Executive Plan
NV
43 950
600
(1)
45 150
27 750
€
54.90
17 400
€
65.81
24/03/02
08/11/15
600
(2)
Executive Plan
PLC
293 000
4 000
(1)
301 000
169 000
506.651
p
132 000
585.568
p
24/03/02
08/11/15
4 000
(2)
NL All-Employee Plan
NV
250
50
(3)
(50)
(4)
250
150
€
52.60
100
€
66.28
12/06/02
17/05/10
UK ShareSave Plan
PLC
–
3 054
(5)
3 054
3 054
541
p
–
–
01/10/10
31/03/11
Ralph Kugler
Executive Plan
NV
58 875
(8)
58 875
40 200
€
54.56
18 675
€
66.12
24/03/02
20/03/15
Executive Plan
PLC
392 500
(8)
392 500
232 000
481.065
p
160 500
584.729
p
24/03/02
20/03/15
NL All-Employee Plan
NV
–
(8)
50
(3)
50
50
€
53.00
–
–
18/05/05
17/05/10
UK ShareSave Plan
PLC
3 970
(8)
3 054
(5)
(3 970)
(6)
3 054
3 054
541
p
–
–
01/10/10
31/03/11
Rudy Markham
Executive Plan
NV
86 550
1 500
(1)
88 050
52 500
€
51.08
35 550
€
66.63
02/06/00
20/03/15
Executive Plan
PLC
609 292
10 000
(1)
619 292
367 292
460.49
p
252 000
610.43
p
06/12/99
20/03/15
NL All-Employee Plan
NV
250
50
(3)
(50)
(4)
250
150
€
52.60
100
€
66.28
12/06/02
17/05/10
UK ShareSave Plan
PLC
6 336
(3 283)
(7)
3 053
3 053
535.5
p
–
–
01/10/09
31/03/10
Position
    changed in 2005
Antony Burgmans
Executive Plan
NV
103 200
2 400
(1)
105 600
67 800
€
52.82
37 800
€
65.33
24/03/02
20/09/08
Executive Plan
PLC
688 000
16 000
(1)
704 000
440 000
486.02
p
264 000
585.57
p
24/03/02
20/09/08
NL All-Employee Plan
NV
250
(50)
(4)
200
100
€
52.40
100
€
66.28
12/06/02
12/05/09
Former
    Executive Directors (2005)
Clive Butler
Executive Plan
NV
89 252
1 500
(1)
90 752
(9)
54 752
€
50.74
36 000
€
66.64
02/06/00
20/09/08
Executive Plan
PLC
803 384
10 000
(1)
813
    384
(9)
558 384
408.682
p
255 000
610.588
p
11/12/98
20/09/08
NL All-Employee Plan
NV
250
250
(9)
150
€
52.62
100
€
66.28
12/06/02
12/05/09
Keki Dadiseth
Executive Plan
NV
63 150
1 500
(1)
64 650
(9)
43 800
€
52.10
20 850
€
66.71
02/06/00
20/09/08
Executive Plan
PLC
426 892
10 000
(1)
436
    892
(9)
246 892
461.551
p
190 000
597.853
p
29/05/99
20/09/08
NL All-Employee Plan
NV
100
100
(9)
100
€
52.40
–
–
02/06/03
12/05/09
UK ShareSave Plan
PLC
2 744
2 744
(9)
–
–
2 744
603
p
01/06/05
30/11/05
André van Heemstra
Executive Plan
NV
55 650
55 650
(9)
33 600
€
55.11
22 050
€
65.59
24/03/02
31/01/08
Executive Plan
PLC
371 000
371
    000
(9)
197 000
514.513
p
174 000
586.379
p
24/03/02
31/01/08
NL All-Employee Plan
NV
200
200
(9)
100
€
52.40
100
€
66.28
12/06/02
12/05/09
64
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Report of
      the Remuneration Committee
(continued)
Footnotes for table on preceding page:
(1)
Premium grants made under the Executive Plan on 21 March 2005 at an option price
of €50.70 (NV shares) and 505p (PLC shares).
(2)
Premium grants made under the Executive Plan on 9 November 2005 at an option
price of €56.85 (NV shares) and 563p (PLC shares).
(3)
Grants made under the Netherlands All-Employee Option Plan on 18 May 2005 at
an option price of €53.00 (NV shares).
(4)
Options exercised on 3 June 2005 at a market price of €54.70 (NV shares).
The options were originally granted in 2000 at an option price of €53.05.
(5)
Options granted on 7 June 2005 at an option price of 541p per share.
(6)
Options exercised on 5 October 2005 at a market price of 592.5p. The options
were originally granted on 9 June 2000 at an option price of 425p.
(7)
Options lapsed without value on 31 March 2005.
(8)
Newly appointed as an Executive Director in May 2005. Balances shown are as at
date of appointment.
(9)
Stepped down from the Boards in May 2005. Balances shown are as at date of retirement
from the Boards.
The value, calculated in accordance with an adjusted Black-Scholes pricing method
in respect of options granted in 2005 to the current Executive Directors was
as follows: Patrick Cescau €85 550; Kees van der Graaf €33 193; Rudy
Markham €32 157; and Ralph Kugler €5 507.
The term 'Executive Plan' refers to options granted under the PLC,
NV or North America Executive Option Plans.
The closing market prices of ordinary shares at 31 December 2005 were €57.85
(NV shares), 576.5p (PLC shares). During 2005 the highest market prices were €60.80
and 602.5p
respectively, and the lowest market prices were €48.39 and 487.5p respectively.
Unilever
Annual
          Report and Accounts 2005
65
Back to Contents
Report of the Remuneration Committee
(continued)
Executive
      Directors' pensions
(1)
Pension
values for the year ended 31 December 2005 are set out below.
Increase
Increase
Transfer value
in transfer value
Individual
Transfer value
Accrued
in accrued
Accrued
of accrued
during 2005
contributions
of accrued
Age at
pension at
pension
pension at
pension at
(less individual
made during
pension at
Name and
31/12/05
31/12/04
(2)
during 2005
(3)
31/12/05
(2)
31/12/04
(4)
contributions)
2005
31/12/05
(4)
base country
€ '
000pa
€ '
000pa
€ '
000
pa
€ '
000
€ '
000
€ '
000
€ '
000
Current
    Executive Directors
Patrick Cescau (UK)
57
873
60
933
14 459
2 239
72
16 770
Kees van der Graaf
(5)
(NL)
55
331
207
538
4 158
2 776
8
6 942
Ralph Kugler
(6)
(UK)
49
338
58
396
3 647
1 733
31
5 411
Rudy Markham (UK)
59
678
74
752
13 347
1 746
54
15 147
Position changed in 2005
Antony Burgmans
(7)
(NL)
58
959
155
1 114
14 151
3 738
16
17 905
Former Executive Directors (2005)
Clive Butler
(8)
(UK)
59
570
48
618
10 959
1 260
17
12 236
Keki Dadiseth
(8)
(UK)
60
750
43
793
15 156
1 058
23
16 237
André van Heemstra
(8)
(NL)
59
566
18
584
8 609
624
8
9 241
The increase in transfer value during 2005 includes the effect of salary increases, additional service, benefit enhancements and any changes in actuarial bases.
(1)
Figures have been translated into euros where necessary using the following exchange
rates: 31 December 2004 €1.00 = £0.7069; 31 December 2005 €1.00
= £0.6864;
and average for the year ended 31 December 2005 €1.00 = £0.6837.
(2)
Calculated on a deferred basis using the Executive Directors' service to
31 December 2004 and 31 December 2005 respectively on the basis that the Executive
Directors remain in service until at least age 60 and that the pension payment
commences at that time. It includes all pensions provided from Unilever pension
plans. In the event that an Executive Director leaves service prior to age 60
and the payment of pension commences earlier than age 60, the pension payable
would be on a reduced basis. The Netherlands-based Executive Director's
arrangements, which previously operated on the basis of a justifiable expectation
and did not provide vested deferred entitlement, have been converted to a vested
benefit, consistent with the treatment adopted for other Netherlands senior executives
with similar expectations.
(3)
Includes the effect of inflation on the accrued pension at 31 December 2004.
(4)
For the Netherlands-based
Executive Director's arrangement calculated on the basis used by the Unilever
Netherlands pension plan
('Progress'),
as prescribed by the Netherlands Ministry of Social Affairs and Employment. For
the UK based Executive Directors' arrangement calculated on the market related
basis used by the Unilever United Kingdom pension plan (UUKPF), in line with
the GN11 guidance note published by the Institute and Faculty of Actuaries in
the United Kingdom. Changes in the bases during 2005 had the effect of significantly
increasing transfer values for the UK based Executive Directors.
(5)
Reached age 55 during the year, hence values at 31 December 2005 include the
NV arrangement (see footnote 2 above).
(6)
Joined the Boards in May 2005. Figures shown in the table above relate to the
date of joining the Boards, or the period starting on that date, as appropriate.
Figures at 10 May 2005 include pension, and the transfer value of pension, accrued
prior to becoming an Executive Director.
(7)
Changed from Executive to Non-Executive Director in May 2005. Figures shown in
the table above are at the date of change or the period ending on that date,
as appropriate.
(8)
Stepped down from the Boards in May 2005. Figures shown in the table above are
at the date they stepped down, or the period ending on that date, as appropriate.
The Listing Rules of the Financial Services Authority are different from the
Directors' Remuneration Report Regulations 2002 and require the following
disclosures for defined benefit pension plans which are calculated on an alternative
basis to those disclosed in the table above:
•
Increase
          in accrued pension during 2005 (excluding the effect of inflation on
          the accrued pension at 31 December 2004):
Patrick Cescau €37 000;
          Kees van der Graaf €204 000; Ralph Kugler €38 000; Rudy Markham €35
          000; Antony Burgmans
€147 000; Clive Butler €15
          000; Keki Dadiseth €nil; and André van Heemstra €13
    000; and
•
Transfer
          value at 31 December 2005 of the increase or decrease in accrued pension
          during 2005 (excluding the effect of inflation
on the accrued pension at
          31 December 2004 and less individual contributions): Patrick Cescau €585
          000; Kees van der Graaf
€2 571 000; Ralph Kugler €490
          000; Rudy Markham €661 000; Antony Burgmans €2 353 000; Clive
          Butler €264 000;
Keki Dadiseth €(29 000);
    and André van Heemstra €172 000.
The Dutch Corporate Governance Code requires the following disclosure of pension
service costs charged to operating profit: Patrick Cescau €693 000; Kees
van der Graaf €676 000; Ralph Kugler €162 000; Rudy Markham €275
000; Antony Burgmans €1 684 000; Clive Butler €257 000; Keki Dadiseth €386
000; and André van Heemstra €268 000.
66
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Report of the Remuneration Committee
(continued)
Executive
Directors' interests – share capital
The
interests in the share capitals of NV and PLC and their group companies of those
who were Executive Directors at 31 December 2005 and of their immediate families
were as shown in
the table below:
Shares held at
Shares
            held at
1 January 2005
31
            December 2005
(excluding unvested
(excluding
            unvested
Name
Share type
(1)
matching shares)
matching
            shares)
Patrick Cescau
(2)
NV
20 964
23
            117
PLC
51 123
89
            400
Kees van der Graaf
NV
5 426
6
            236
PLC
21 066
26
            750
Ralph Kugler
(3)
NV
13 876
13
            876
PLC
36 123
36
            144
Rudy Markham
NV
40 210
42
            348
PLC
128 180
143
            571
(1)
NV shares are ordinary €0.51 shares and PLC shares are ordinary 1.4p shares.
(2)
Balances include under NV 12 905 NV New York shares and under PLC 5 678 ADRs (22 712 PLC) shares.
(3)
Opening balance for Ralph Kugler is at appointment as Executive Director in May 2005.
The Executive Directors, in common with other employees of PLC and its United Kingdom subsidiaries, had beneficial interests in 48 888 961 PLC ordinary shares at 1 January 2005 and 43
232 118 PLC ordinary shares at 31 December 2005, acquired by the Unilever Employee Share Trust (Jersey) for the purpose of satisfying options and vesting of shares under various group share plans (including the PLC Executive Option Plans and the UK
Employee ShareSave Plan). Further information, including details of the NV and PLC ordinary shares acquired by certain group companies in connection with other share-based compensation plans, is given in note 31 on pages 132 to 141.
The voting rights of the Directors who hold interests in the share capitals of
NV and PLC are the same as for other holders of the class of shares indicated.
None of the Directors' or other executive officers' shareholdings amounts
to more than 1% of the issued shares in that class of share. Except as stated
above, all shareholdings are beneficial.
The only changes in the interests of the Executive Directors and their families
in NV and PLC ordinary shares between 31 December 2005 and 28 February 2006 were
that:
•
The
        holding of the Unilever Employee Share Trust (Jersey) has reduced to
    42 486 540 PLC ordinary shares;
•
Kees
          van der Graaf, Ralph Kugler and Rudy Markham each acquired further
          interests in 43 PLC ordinary shares during January and
February due to monthly ShareBuy
    purchases; and
•
Patrick
    Cescau purchased on 10 February 1 150 Unilever N.V. shares.
Unilever
Annual
          Report and Accounts 2005
67
Back to Contents
Report of the Remuneration Committee
(continued)
Non-Executive
Directors' remuneration
The
total fees payable to each Non-Executive Director in 2005 are set out below.
Figures for 2004 include those fees payable prior to May 2004 in their capacity
as Advisory
Directors.
€
€
€
€
Fees payable
Attendance
Total fees paid
Total fees paid
Name
in 2005
(9)
allowance
(9)
in 2005
(9)
in 2004
(9)
Bertrand Collomb
(1)
100 654
–
100 654
85 726
Leon Brittan
(2)
67 102
–
67 102
62 133
Lynda Chalker
(3)
80 415
–
80 415
71 049
Wim Dik
(2)(4)
67 102
–
67 102
63 261
Oscar Fanjul
(4)
67 102
–
67 102
63 261
Hilmar Kopper
(5)
80 415
–
80 415
72 177
David Simon
(6)
67 102
–
67 102
62 133
Jeroen van der Veer
(6)
67 102
–
67 102
63 261
Claudio Gonzalez
(4)(8)
27 959
25 770
53 729
99 001
Antony Burgmans
(2)(7)
–
–
–
–
(1)
Senior Independent Director, Vice Chairman NV and PLC, and Chairman of Nomination Committee and Remuneration Committee.
(2)
Member of External Affairs and Corporate Relations Committee.
(3)
Chairman of External Affairs and Corporate Relations Committee.
(4)
Member of Audit Committee.
(5)
Chairman of Audit Committee.
(6)
Members of Nomination Committee and Remuneration Committee.
(7)
Chairman NV and PLC, and Nomination Committee member. Non-Executive Director as from AGMs 2005. Antony Burgmans did not receive a fee as Chairman in 2005. For further details of his
remuneration please refer to page 60.
(8)
Stepped down at 2005 AGMs.
(9)
Covers total fees received from both NV and PLC.
68
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Report of the Remuneration Committee
(continued)
Non-Executive
Directors' interests – share capital
The
interests in the share capitals of NV and PLC and their group companies of those
who were Non-Executive Directors as at 31 December 2005 (including those of their
immediate
families) were as shown below:
Shares held at
Shares
            held at
Name
Share Type
(1)
1 January 2005
31
            December 2005
Antony Burgmans
(2)
NV
37 941
44
            616
NV
(3)
7 750
–
PLC
89 465
130
            026
Bertrand Collomb
NV
111
111
PLC
–
–
Leon Brittan
NV
–
–
PLC
–
–
Lynda Chalker
NV
–
–
PLC
2 526
2
            526
Wim Dik
NV
–
–
PLC
–
–
Oscar Fanjul
NV
692
692
PLC
–
–
Hilmar Kopper
NV
–
–
PLC
–
–
David Simon
NV
–
–
PLC
3 051
3
            158
Jeroen van der Veer
NV
5 600
5
            600
PLC
–
–
(1)
Except where otherwise stated, NV shares are ordinary €0.51 shares and PLC shares are ordinary 1.4p shares.
(2)
Balance at 1 January 2005 as Executive Director.
(3)
Held as preference shares of €0.05.
There were no changes in the interests of the Non-Executive Directors and their immediate families in NV and PLC ordinary shares between 31 December 2005 and 28 February 2006.
The Report has been approved by the Boards and has been signed on their behalf
by the Joint Secretaries, J A A van der Bijl and S G Williams.
By order of the Boards
J A A van der Bijl
S G Williams
Joint Secretaries of Unilever N.V. and Unilever PLC
28 February 2006
Definition of auditable part of the report of the Remuneration Committee
In
  compliance with the UK Directors' Remuneration Report Regulation 2002, and under Title 9, Book 2 of the Civil Code in the Netherlands, the auditable part of the report of the
  Remuneration Committee comprises the 'Aggregate remuneration for Executive Directors' on page 59, the 'Remuneration for individual Executive Directors' on page 60, the 'Executive Directors' Global Performance Share
  Plan' on page 61, the 'Executive Directors' conditional share awards under the TSR Long-Term Incentive Plan' on page 62, the 'Executive Directors' Share Matching Plan' on page 63, 'Executive Directors'
  share options' on pages 64 and 65, 'Executive Directors' pensions' on page 66, 'Executive Directors' interests – share capital' on page 67, 'Non-Executive Directors remuneration' on page 68 and
'Non-Executive Directors' interests – share capital' on page
69.
Unilever
Annual
          Report and Accounts 2005
69
Back to Contents
Report of the Audit Committee
The role of the Audit Committee is to assist the Unilever Boards in fulfilling their oversight responsibilities regarding the integrity of Unilever's financial statements, risk
management and internal control, compliance with legal and regulatory requirements, the external auditors' performance, qualifications and independence, and the performance of the internal audit function. During the year ended 31 December 2005
the principal activities of the Committee were as follows:
Financial statements
The
Committee considered reports from the Chief Financial Officer on the quarterly
and annual financial statements and reviewed the Annual Report and Accounts prior
to
publication.
Audit of the Annual Accounts
PricewaterhouseCoopers,
Unilever's external auditors, reported in depth to the Committee on the
scope and outcome of the annual audit. Their reports included accounting matters,
governance and control, and accounting developments.
Risk management and internal control arrangements
The
Committee reviewed Unilever's overall approach to risk management and control,
and its processes, outcomes and disclosure, including specifically:
•
Corporate
          Audit's interim and year-end reports on the Status of
Risk
          Management & Control, and
management's response;
•
Annual
          report from the Chief Financial Officer on business risks and
positive
          assurance on operating controls and
corporate policies;
•
The
          interim and year-end reports from the Code of Business
Principles
      Compliance Committee;
•
Monitoring
          the resolution of complaints received through the
global
          Ethics hotline which included a procedure for
handling
complaints
and concerns relating to accounting, internal control
and
auditing matters;
•
Monitoring
          progress of the implementation of the requirements
under
          Section 404 of the Sarbanes-Oxley Act of 2002
with
respect
to internal controls over financial reporting;
•
A review
      of pensions arrangements;
•
Reviewing
          the management of transition risks arising from
changes
          in the organisation and operating
framework;
•
A
          review of treasury and tax matters relating to investment
hedging
          and gearing, and developments on engaging with
tax
authorities;
•
A review
      of anti-fraud arrangements;
•
A
          review of the
Slim•Fast
impairment and a learning
          review of
the
      accounting process;
•
A review
      of financing strategy; and
•
A review
      of risk management in the outsourcing projects.
External auditors
The
Audit Committee undertakes a periodic formal review of the appointment of external
auditors, and the most recent review was completed in November 2005. The Committee
has approved the extension of the current external audit contract by one year,
and recommended to the Boards the reappointment of the external auditors. On
the recommendation of the Audit Committee, the Directors will be proposing the
reappointment of PricewaterhouseCoopers at the AGMs in May 2006 (see pages 173
and 178).
Both Unilever and the auditors have for many years had safeguards in place to
avoid the possibility that the auditors' objectivity and independence could
be compromised. The Committee reviewed the report from PricewaterhouseCoopers
confirming
their independence and objectivity, and also conducted a formal evaluation of
the effectiveness of the external audit process.
The committee also reviewed the statutory audit, other audit, audit-related,
tax and other services provided
by
PricewaterhouseCoopers,
and compliance with Unilever's policy, which prescribes the types of engagements
for which the external auditors can be used. In 2005, the Audit Committee also
reviewed and approved the policy regarding the pre-approval of the non-audit
services. All non-audit services undertaken by the external auditors were reviewed
and authorised by the Committee in line with the policy and further information
on
all of these services is noted immediately following this report.
The Committee held independent meetings with the external auditors during the
year.
The external auditors report to the Directors and the Audit Committee on the
actions they take to comply with the professional and regulatory requirements
and best practice designed to ensure their independence from Unilever, including,
for example, the periodic rotation of key team members. The UK lead partner in
charge of the audit, who was appointed in 2001, will rotate off at the 2006 AGM
and a new lead partner will be
appointed by PricewaterhouseCoopers LLP.
Internal audit function
The
Committee engaged in discussion and review of the Corporate Audit Department's
audit plan for the year, and approved its budget and resource requirements.
The Committee approved the appointment of a new Chief
Auditor
arising from the transfer of the previous holder to a new senior finance position
following organisational changes.
The Committee carried out a formal evaluation of the performance of the internal
audit function and confirmed that they were satisfied with their relationship
with the Chief
Auditor.
The Committee held independent meetings with the Chief Auditor during the year.
Audit Committee terms of reference
The
Audit Committee's terms of reference were updated in 2005 to reflect the
realignment of the roles previously carried out by the Corporate Risk Committee,
and also to include an annual review of the Group's anti-fraud arrangements.
In February 2006, the terms of reference were updated to reflect requirements
under the Dutch Corporate Governance Code that the Audit Committee has oversight
of the policy of the Group on tax planning, the financing of the Group, and the
applications of information and communication technology.
The Audit Committee carried out a self-assessment of its own performance.
The Audit Committee's
terms of reference can be viewed on Unilever's website at
www.unilever.com/investorcentre/corpgovernance
.
Hilmar Kopper
Chairman of the Audit Committee
Wim
Dik
Oscar Fanjul
70
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Report
            of the Directors
Report of the Audit Committee
(continued)
Services provided by external auditors
In
overview, our procedures in respect of services provided by PricewaterhouseCoopers
are:
Statutory audit:
Procedures
in respect of statutory audit services are detailed on page 70. This category
includes fees for the statutory audit of Unilever's financial statements
and those of its
subsidiaries.
Other audit services:
This
is audit and similar work that regulations or agreements with third parties require
the auditors to undertake. These services include procedures undertaken by our
external auditors in connection with borrowings, shareholder and other circulars
and various other regulatory reports.
Audit-related services:
This
is work that, in their position as the auditors, they are best placed to undertake.
It includes internal control reviews, other reports and work in respect of acquisitions
and
disposals.
Tax services:
In cases
where they are best suited, we use the auditors. All other significant tax consulting
work is put to tender.
General consulting and other services:
Since
early 2002, our policy has been that our external auditors may not tender for
any new general consulting work. We use our auditors to perform a limited number
of other services, including risk management advisory work and training, where
these are compatible with their work and subject to the appropriate level of
pre-approval.
The Audit Committee's policy regarding the pre-approval of the above non-audit
services lists in detail the particular services which PricewaterhouseCoopers
is and is not permitted
to provide.
In the case of the types of work which PricewaterhouseCoopers is allowed to perform,
the policy provides that they are only appointed to an assignment if proper consideration
has been given to other potential service providers, there must be bona fide
advantages in using PricewaterhouseCoopers, and, in addition, if the fee is over €100
000, the engagement must be specifically approved in advance by the Chairman
of the
Audit Committee.
Potential engagements for any services not already covered by this policy must
be referred to the Chairman of the Audit Committee for specific pre-approval
(to be ratified at the next meeting of the Audit Committee) before PricewaterhouseCoopers
can be appointed.
The policy is regularly reviewed and updated in the light of internal developments,
external developments and best practice.
See note 4 on page 93 for the actual fees payable to PricewaterhouseCoopers.
Unilever
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          Report and Accounts 2005
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Report of the External Affairs and Corporate Relations Committee
Remit
The
Committee's specific responsibilities are:
•
to
          review external developments likely to have significant
influence
          upon Unilever and its ability to conduct its
business,
and
advise on how best to handle them;
•
to
          report to the Boards on Unilever's standing in the external
world,
          particularly among the target audiences
identified in the
Company's
Corporate Relations strategy;
•
to
          oversee issues management, with a particular focus on non-
financial
          risks to the Unilever business and
reputation;
•
to
          monitor the effectiveness of Unilever's corporate relations
activities
          including communications,
publications, media
exposure,
government and public relations, and participation in
industry
initiatives;
and
•
to
          review the Company's Corporate Relations strategy and the
adequacy
          of the organisation and resources
committed to it.
Meetings
In
its four meetings in 2005, the Committee focused particularly on developments
on corporate responsibility, review of reported breaches of Code of Business
Principles, Unilever's leadership role in the Transatlantic Business Dialogue
and policy issues such
as risk communication and counterfeiting.
The Committee recommended to the Boards to embed and integrate Corporate Responsibility further into all parts of the business, and highlighted the potential and impact of product
brands addressing social challenges. Successful examples are
Dove
leading on inner beauty, and
Lifebuoy
addressing hygiene through its handwashing campaign.
The report on the Code of Business Principles was carefully reviewed and the
Committee was satisfied with the actions taken to address reported and verified
breaches. The Committee agreed the importance of keeping the Code alive and supported
the proposed regular measurement of understanding of the Code across the business.
Unilever's leadership role in the Transatlantic Business Dialogue was discussed.
The Committee considered that the issuance of two declarations at the EU/US Summit
on transatlantic economic integration and growth, and on fighting global piracy
and counterfeiting, underpinned by the political commitment to monitor and report
progress on concrete actions, were good outcomes.
Several policy issues impacting Unilever's business and reputation were
reviewed, and particular attention was given to the growing problem of counterfeiting
for the consumer goods sector. The Committee re-iterated the importance of fighting
counterfeiting, through an integrated strategy of raising awareness of the importance
of intellectual property protection for future innovation and investment, and
through encouraging joint action by Government to ensure consumer safety and
legal enforcement.
Lynda Chalker
Chairman of the External Affairs and Corporate Relations Committee
Leon
Brittan
Antony
Burgmans
Wim Dik
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        Report and Accounts 2005
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Financial
  statements
Statement
      of Directors' responsibilities
74
Auditors' report
77
Consolidated
      income statement
78
Consolidated
                statement of recognised income
and
                expense
79
Consolidated
      balance sheet
80
Consolidated
      cash flow statement
81
Notes
      to the consolidated accounts
82
1
Accounting
      information and policies
82
2
Financial
      risk management
86
3
Segment
      information
88
4
Operating
      costs
93
5
Staff
      costs and employees
94
6
Net
      finance costs
94
7
Taxation
95
8
Combined
      earnings per share
97
9
Dividends
      on ordinary capital
98
10
Goodwill
      and intangible assets
98
11
Property,
      plant and equipment
100
12
Biological
      assets
102
13
Joint
        ventures, associates and other non-current investments
103
14
Deferred
      taxation
104
15
Inventories
104
16
Trade
      and other receivables
105
17
Cash
        and cash equivalents and other financial assets
105
18
Borrowings
106
19
Financial
      instruments
110
20
Trade
      payables and other liabilities
113
21
Restructuring
      and other provisions
114
22
Pensions
      and similar obligations
114
23
Equity
123
24
Called
      up share capital
124
25
Other
      reserves
125
26
Retained
      profit
126
27
Commitments
      and contingent liabilities
127
28
Acquisitions
      and disposals
128
29
Assets
      held for sale and discontinued operations
129
30
Reconciliation
        of net profit to cash flow from operating activities
131
31
Share-based
      compensation plans
132
32
Related
      party transactions
142
33
Key
      management personnel
142
34
Events
      after the balance sheet date
143
35
First
        time adoption of International Financial Reporting Standards
144
Historical
      information
152
Additional
      information for US investors
157
Principal
      group companies and non-current investments
167
Company
      accounts – Unilever N.V.
170
Notes
      to the company accounts – Unilever N.V.
171
Further
      statutory and other information – Unilever N.V.
173
Company
      accounts – Unilever PLC
175
Notes
      to the company accounts – Unilever PLC
176
Further
      statutory and other information – Unilever PLC
178
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      Report and Accounts 2005
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Statement
  of Directors' responsibilities
Annual
  accounts
The
  Directors are required by Title 9, Book 2 of the Civil Code in the Netherlands
  and the United Kingdom Companies Act 1985 to prepare accounts for each financial
  year which give a true and fair view of the state of affairs of the Unilever
  Group, and the NV and PLC entities 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 the NV and PLC entities have used the most appropriate accounting policies, consistently applied and supported by
reasonable and prudent judgements and estimates, and that all International Financial Reporting Standards as adopted by the EU (in the case of the consolidated accounts) and United Kingdom accounting standards (in the case of the parent company
accounts) which they consider to be applicable have been followed.
The Directors have responsibility for ensuring that NV and PLC keep accounting records which disclose with reasonable accuracy their financial position and which enable the Directors to
ensure that the accounts comply with the relevant legislation. They also 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 Auditors' report, 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 placed on our website at
www.unilever.com/investorcentre
. The maintenance
    and integrity of the website is the responsibility of the Directors, 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 United Kingdom and the Netherlands governing
    the preparation and dissemination of financial statements may differ from
    legislation in other jurisdictions.
Going
      concern
The
  Directors continue to adopt the going concern basis in preparing the accounts.
  This is because the Directors, after making enquiries and following a review
  of the Group's budget for 2006 and 2007, including cash flows and borrowing
  facilities, consider that the Group has adequate resources to continue in operation
  for the foreseeable future.
Internal
      and disclosure controls and procedures
Unilever
  has a well-established control framework, which is documented and regularly
  reviewed by the Boards. This incorporates risk management, internal control
  procedures and disclosure controls and procedures which are designed to provide
  reasonable, but not absolute, assurance that assets are safeguarded, the risks
  facing the business are being addressed and all information required to be disclosed
  is reported to the Group's senior management, including where appropriate
  the Group Chief Executive and Chief Financial Officer, within the required timeframe.
Our procedures cover financial, operational, social and environmental risks and regulatory matters. The Boards of NV
and PLC have also established a clear organisational structure, including delegation of appropriate authorities. The Group's control framework is supported through a Code of
Business Principles, which sets standards of professionalism and integrity for its operations worldwide, and through an Operational Controls Assessment process, which requires the senior management in each business unit to assess the effectiveness
of financial controls annually and of all other operational controls over a three-year cycle.
The Boards have overall responsibility for establishing key procedures designed to achieve systems of internal control and disclosure control and for reviewing and evaluating their
effectiveness. The day-to-day responsibility for implementation of these procedures and ongoing monitoring of risk and the effectiveness of controls rests with the Group's senior management at individual operating company and regional level.
Regions review on an ongoing basis, the risks faced by their group and the related internal control arrangements and provide written reports to the Group Chief Executive.
Unilever's corporate internal audit function plays a key role in providing an objective view and continuous reassurance of the effectiveness of the risk management and related
control systems throughout Unilever to both operating management and the Boards. The Group has an independent Audit Committee, entirely comprised of Independent Non-Executive Directors. This Committee meets regularly with the Chief Auditor and the
external auditors.
Unilever has a comprehensive budgeting system with an annual budget approved by the Boards, which is regularly reviewed and updated. Performance is monitored against budget and the
previous year through monthly and quarterly reporting routines. The Group reports to shareholders quarterly.
Unilever's system of risk management has been in place throughout 2005 and up to the date of this report, and complies with the recommendations of 'Internal Control –
Guidance for Directors on the Combined Code', published by the Internal Control Working Party of the Institute of Chartered Accountants in England & Wales in September 1999. The Boards have carried out an annual review of the effectiveness
of the systems of risk management and internal control during 2005 in accordance with this guidance, and have ensured that the necessary actions have been or are being taken to address any weaknesses or deficiencies arising out of that
review.
Based on an evaluation by the Boards, the Group Chief Executive and the Chief Financial Officer concluded that the design and operation of the Group's disclosure controls and
procedures as at 31 December 2005 were effective, and that subsequently there have been no significant changes in the Group's internal controls, or in other factors that could significantly affect those controls.
It is Unilever's practice to bring acquired companies within the Group's governance procedures as soon as is practicable and, in any event, by the end of the first full year
of operation.
At the end of 2006, Unilever will be required by Section 404 of the US Sarbanes-Oxley Act of 2002 to report on the effectiveness of internal control over financial reporting. The
evaluation work necessary to meet this specific requirement is under way.
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Financial Statements
Auditors' report
United States
Report of the independent registered public accounting firms to the shareholders of Unilever N.V. and Unilever PLC
We
have audited the accompanying consolidated balance sheets of the Unilever Group
as of 31 December 2005 and 2004, and the related consolidated income statements,
cash flow statements and statements of recognised income and expense for each
of the two years in the period ended 31 December 2005 as set out pages 78 to
151 and 157 to 168. These financial statements are the responsibility of the
companies' Directors. Our responsibility is to express an opinion on these
financial statements based on
our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by the Directors, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position
of the Unilever Group as at 31 December 2005 and 2004, and the results of its
operations and its cash flows for each of the two years in the period ended 31
December 2005, in conformity with International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
As discussed in note 35 on page 145, the Unilever Group changed the manner in
which it accounts for financial instruments upon adoption of International Accounting
Standards No. 32 'Financial Instruments: Disclosure and Presentation',
and No. 39 'Financial Instruments: Recognition and Measurement', on
1 January 2005.
IFRSs as adopted by the European Union vary in certain significant respects from
accounting principles generally accepted in the United States of America. Information
relating to the nature and effect of such differences is presented on pages 157
to 161.
28 February 2006
PricewaterhouseCoopers
Accountants N.V.
Rotterdam, The Netherlands
As auditors of Unilever N.V.
PricewaterhouseCoopers
LLP
London, United Kingdom
As auditors of Unilever PLC
Unilever
Annual
          Report and Accounts 2005
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Consolidated income statement
Unilever
Group
for the year ended 31 December
€ million
€ million
2005
2004
Continuing operations
Turnover
3
39 672
38 566
Operating profit
3
5 314
4 239
After
    charging:
Impairment of
Slim•Fast
(363
)
(791
)
Provision
    for Brazilian sales tax
–
(169
)
Net finance costs
6
(618
)
(630
)
Finance
    income
130
145
Finance
    costs
(693
)
(717
)
Pensions
    and similar obligations
(55
)
(58
)
Share of net profit/(loss) of joint ventures
47
39
Share of net profit/(loss) of associates
(25
)
2
Other income
from non-current investments
13
33
54
Profit before taxation
4 751
3 704
Taxation
7
(1 249
)
(810
)
Net profit from continuing operations
3 502
2 894
Net profit from discontinued operations
29
473
47
Net profit
3 975
2 941
Attributable to:
Minority interests
209
186
Shareholders' equity
3 766
2 755
Combined earnings per share
8
From total operations
Basic earnings per share:
Euros
    per €0.51 of ordinary capital
3.88
2.83
Euro
    cents per 1.4p of ordinary capital
58.17
42.46
On a diluted basis the figures would be:
Euros
    per €0.51 of ordinary capital
3.76
2.72
Euro
    cents per 1.4p of ordinary capital
56.40
40.78
From continuing operations
Basic earnings per share:
Euros
    per €0.51 of ordinary capital
3.39
2.78
Euro
    cents per 1.4p of ordinary capital
50.87
41.72
On a diluted basis the figures would be:
Euros
    per €0.51 of ordinary capital
3.29
2.67
Euro
    cents per 1.4p of ordinary capital
49.33
40.08
References in the consolidated income statement, consolidated statement of recognised income and expense, consolidated cash flow statement and consolidated balance sheet relate to notes
on pages 82 to 151, which form an integral part of the consolidated financial statements.
Accounting
    policies of the Unilever Group are set out in note 1 on pages 82 to 85.
Variations from United States generally accepted accounting principles and Securities
and Exchange Commission Financial Statement Requirements Regulation S-X are outlined
on pages 158
to 161.
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        Report and Accounts 2005
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Financial
        Statements
Consolidated
  statement of recognised income and expense
Unilever
  Group
for the
  year ended 31 December
€
      million
€
      million
2005
2004
Fair
      value gains/(losses) net of tax:
On
      cash flow hedges
14
n/a
On
      available-for-sale financial assets
–
n/a
On
      net investment hedges
332
n/a
Actuarial
      gains/(losses) on pension schemes net of tax
(49
)
(480
)
Currency
      retranslation gains/(losses) net of tax
181
80
Net
      income/(expense) recognised directly in equity
478
(400
)
Net
      profit
3
      975
2
      941
Total
      recognised income and expense
23
4
      453
2
      541
Attributable
      to:
Minority
      interests
249
167
Shareholders'
      equity
4
      204
2
      374
From 1 January 2005, Unilever has adopted IAS 32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and
Measurement'. IAS 32 requires preference shares that provide for a fixed preference dividend to be classified as borrowings and preference dividends to be recognised in the income statement as a finance cost. IAS 39 requires unrealised fair
value gains/(losses) on certain financial instruments to be recognised in equity; when realised, these fair value gains/(losses) are recognised in the income statement. In accordance with the transition rules for first time adoption of IFRSs, 2004
comparatives have not been restated. The impact of the adoption of IAS 32 and IAS 39, which was all attributable to shareholders' equity, is shown in note 23 and is summarised as follows:
€
      million
Equity
      as at 31 December 2004
7
      629
Accounting
      policy change – preference shares
(1
      502
)
Accounting
      policy change – other financial instruments
388
Equity
      as restated at 1 January 2005
6
      515
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      Report and Accounts 2005
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Consolidated
  balance sheet
Unilever
  Group
as at
  31 December
€
      million
€
      million
2005
2004
Goodwill
10
12
      963
12
      083
Intangible
      assets
10
5
      092
4
      924
Property,
      plant and equipment
11
6
      492
6
      181
Biological
      assets
12
37
33
Joint
      ventures and associates
13
84
54
Other
      non-current investments
13
720
698
Pension
      asset for funded schemes in surplus
22
1
      036
625
Trade
      and other receivables due after more than one year
16
231
279
Deferred
      tax assets
14
1
      703
1
      491
Total
      non-current assets
28
      358
26
      368
Assets
      held for sale
29
217
n/a
Inventories
15
4
      107
3
      756
Trade
      and other current receivables
16
4
      830
4
      131
Other
      financial assets
17
335
1
      013
Cash
      and cash equivalents
17
1
      529
1
      590
Total
      current assets
10
      801
10
      490
Borrowings
      due within one year
18
(5
      942
)
(5
      155
)
Trade
      payables and other current liabilities
20
(8
      228
)
(7
      514
)
Current
      tax liabilities
(430
)
(718
)
Restructuring
      and other provisions
21
(644
)
(799
)
Total
      current liabilities
(15
      244
)
(14
      186
)
Net
      current assets/(liabilities)
(4
      443
)
(3
      696
)
Total
      assets less current liabilities
24
      132
22
      672
Borrowings
      due after more than one year
18
6
      457
6
      893
Trade
      payables and other liabilities due after more than one year
20
389
439
Non-current
      tax liabilities
213
278
Pension
      liability for funded schemes in deficit
22
2
      415
2
      339
Pension
      liability for unfunded schemes
22
4
      202
3
      740
Restructuring
      and other provisions
21
732
565
Deferred
      tax liabilities
14
933
789
Total
      non-current liabilities
15
      341
15
      043
Liabilities
      held for sale
29
26
n/a
Called
      up share capital
23
512
642
Share
      premium account
23
162
1
      530
Other
      reserves
23
(2
      328
)
(2
      555
)
Retained
      profit
23
10
      015
7
      647
Shareholders' equity
8
      361
7
      264
Minority
      interests
23
404
365
Total
      equity
8
      765
7
      629
Total
      capital employed
24
      132
22
      672
Commitments and contingent liabilities are shown in note 27 on page 127.
From 1 January 2005, Unilever has adopted IAS 32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and
Measurement'. IAS 32 requires preference shares that provide for a fixed preference dividend to be classified as borrowings and preference dividends to be recognised in the income statement as a finance cost. IAS 39 requires unrealised fair
value gains/(losses) on certain financial instruments to be recognised in equity; when realised, these fair value gains/(losses) are recognised in the income statement. In accordance with the transition rules for first time adoption of IFRSs, 2004
comparatives have not been restated. Information on the impact of the adoption of IAS 32 and IAS 39 is given in note 23 on page 123.
Assets and liabilities held for sale are reported under IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations', which has been applied with effect from 1
January 2005; comparatives for 2004 have not been restated.
These financial statements were approved by the Directors on 28 February 2006.
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Financial
        Statements
Consolidated
  cash flow statement
Unilever
  Group
for the
  year ended 31 December
€
      million
€
      million
2005
2004
Cash
      flow from operating activities
30
5
      924
6
      925
Income
      tax paid
(1
      571
)
(1
      378
)
Net
      cash flow from operating activities
4
      353
5
      547
Interest
      received
130
168
Purchase
      of intangible assets
(92
)
(89
)
Purchase
      of property, plant and equipment
(914
)
(978
)
Disposal
      of property, plant and equipment
124
151
Sale
      and leaseback transactions resulting in operating leases
69
47
Acquisition
      of group companies, joint ventures and associates
(20
)
(40
)
Consideration
      paid in respect of acquisitions made in previous years
–
(158
)
Disposal
      of group companies, joint ventures and associates
804
413
Payments
      received in advance for future disposals
–
101
Acquisition
      of other non-current investments
(50
)
(25
)
Disposal
      of other non-current investments
83
68
Dividends
      from joint ventures, associates and other non-current investments
65
92
(Purchase)/sale
      of financial assets
316
130
Net
      cash flow from/(used in) investing activities
515
(120
)
Dividends
      paid on ordinary share capital
(1
      804
)
(1
      720
)
Interest
      and preference dividends paid
(643
)
(787
)
Additional
      borrowings and change in short-term borrowings
3
      968
2
      966
Repayment
      of borrowings
(4
      795
)
(6
      008
)
Sale
      and leaseback transactions resulting in finance leases
–
211
Capital
      element of finance lease rental payments
(53
)
(59
)
Purchase
      of treasury stock
(1
      276
)
(332
)
Dividends
      paid and other payments (to)/from minority shareholders and joint ventures
(218
)
(209
)
Net
      cash flow from/(used in) financing activities
(4
      821
)
(5
      938
)
Net
      increase/(decrease) in cash and cash equivalents
47
(511
)
Cash
      and cash equivalents at the beginning of the year
1
      406
1
      428
Effect
      of foreign exchange rate changes
(188
)
489
Cash
      and cash equivalents at the end of the year
17
1
      265
1
      406
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
consolidated cash flow statement. Cash flows relating to discontinued operations included above are set out in note 29 on page 129.
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      Report and Accounts 2005
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Notes to the consolidated accounts
Unilever Group
1 Accounting information and policies
Unilever
The two
    parent companies, NV and PLC, together with their group companies, operate
    as a single economic entity (the Unilever Group, also referred to as Unilever
    or the Group). NV and PLC have the same Directors and are linked by a series
    of agreements, including an Equalisation Agreement, which are designed so
    that the position of the shareholders of both companies is as nearly as possible
  the same as if they held shares in a single company.
The Equalisation Agreement provides that both companies adopt the same accounting
principles and requires as a general rule the dividends and other rights and
benefits (including rights
on liquidation) attaching to each Fl.12 (€5.445) nominal of ordinary share
capital of NV to be equal in value at the relevant rate of exchange to the dividends
and other rights and benefits attaching to each £1 nominal of ordinary share
capital of PLC, as if each such unit of capital formed part of the ordinary capital
of one and the same company. For additional information please refer to 'Corporate
governance' on page 41.
Basis of consolidation
Due to the
operational and contractual arrangements referred to above, NV and PLC form a
single reporting entity for the purposes of presenting consolidated accounts.
Accordingly, the accounts of Unilever are presented by both NV and PLC as their
respective consolidated accounts. Group companies included in the consolidation
are those companies controlled by NV or PLC. The net assets and results of acquired
businesses are included in the consolidated accounts from their respective dates
of acquisition.
Companies legislation and accounting standards
The consolidated
accounts have been prepared in accordance with International Financial Reporting
Standards (IFRSs) as adopted by the EU, including interpretations from the International
Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations
Committee (SIC), and with Book 2 of the Civil Code in the Netherlands and the
United Kingdom Companies Act 1985.
The accounts are prepared under the historical cost convention as modified by
the revaluation of biological assets, financial assets classified as 'available-for-sale
investments' and 'at fair value through profit or loss', and derivatives.
Material variations from United States generally accepted accounting principles
(US GAAP) are set out on pages 157 to 161.
OECD Guidelines
In preparing
its Annual Review and Annual Report and Accounts Unilever adheres to disclosure
recommendations of the OECD Guidelines for Multinational Enterprises.
Foreign currencies
Items included
in the financial statements of group companies are measured using the currency
of the primary economic environment in which each entity operates (its functional
currency). The consolidated financial statements are presented in euros.
Exchange differences arising in the accounts of individual companies are dealt
with in their respective income statements. Those arising on trading transactions
are taken to operating profit; those arising on cash, financial assets and borrowings
are classified as finance income or cost.
In preparing the consolidated financial statements, the income statement, the
cash flow statement and all other movements in assets
and liabilities are translated at annual average rates of exchange. The balance
sheet, other than the ordinary share capital of NV and PLC, is translated at
year-end rates of exchange. In the case of hyper-inflationary economies, which
are those in which inflation exceeds 100% cumulatively over a three-year period,
the accounts are adjusted to reflect current price levels and remove the influences
of inflation before being
translated.
The ordinary share capital of NV and PLC is translated at the rate contained
in the Equalisation Agreement of £1 = Fl.12 (equivalent to €5.445)
.. The difference between the resulting value for PLC and the value derived by
applying the year-end rate of exchange is taken to other reserves (see note 25
on page 125).
The effects of exchange rate changes during the year on net assets at the beginning
of the year are recorded as a movement in shareholders' equity, as is the
difference between profit of the year retained at average rates of exchange and
at year-end rates of exchange. For these purposes net assets include loans between
group companies and related foreign exchange contracts, if any, for which settlement
is neither planned nor likely to occur in the foreseeable future. Exchange gains/losses
on hedges of net assets are also recorded as a movement in equity.
Cumulative exchange
differences arising since the transition date of
1
January 2004 are reported as a separate component of other reserves (see note
25 on page 125). In the event of disposal of an interest in a subsidiary 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.
Goodwill
Goodwill (being
the difference between the fair value of consideration paid for new interests
in group companies, joint ventures and associates and the fair value of the Group's
share of their net identifiable assets and contingent liabilities at the date
of acquisition) is capitalised. Goodwill is not amortised, but is subject to
an annual review for impairment (or more frequently if necessary). Any impairment
is charged
to the income statement as it arises.
Intangible assets
On acquisition
of group companies, Unilever recognises any specifically identifiable intangible
assets separately from goodwill, initially measuring the intangible assets at
fair value. Separately purchased intangible assets are initially measured at
cost. Finite-lived intangible assets including software are amortised in the
income statement over the period of their expected useful lives. Periods in excess
of five years are used only where the Directors are satisfied that the life of
these assets will clearly exceed that period. Indefinite-lived intangible assets
are not amortised, but are subject to review for impairment as described above
for goodwill.
IFRSs also require that internally generated intangible assets be capitalised
where certain specific criteria are met. Unilever capitalises internally generated
software where it is clear that the software development is technically feasible
and will be completed and that the software will generate economic benefits in
the future.
Unilever also monitors the level of development costs which may only be capitalised
once the flow of economic benefits is assured. For Unilever this is evident only
shortly before a product is launched into the market. The level of costs incurred
after these criteria have been met is currently insignificant.
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
1 Accounting information and policies
(continued)
Property,
      plant and equipment
Property,
    plant and equipment is stated at cost less depreciation and impairment. Depreciation
    is provided on a straight-line basis at percentages of cost based on the
    expected average useful lives of the assets and their residual values. Estimated
  useful lives by major class of assets are as follows:
Freehold buildings
40 years
(no depreciation on freehold land)
Leasehold buildings
40 years
*
Plant and equipment
2–20 years
*or life of lease if less than 40 years
Property, plant and equipment is subject to review for impairment if triggering
events or circumstances indicate that this is necessary. Any impairment is charged
to the income
statement as it arises.
Biological assets
Biological
assets are stated at fair value less estimated point-of-sale costs. Any changes
in the fair value of such biological assets are recognised in the income statement.
Point-of-sale costs include all costs that would be necessary to sell the assets,
excluding costs necessary to get the assets to market.
Joint ventures and associates
Joint ventures
are undertakings in which the Group has a long-term participating interest and
which are jointly controlled by the Group and one or more other parties. Associates
are undertakings in which the Group has a participating interest and can exercise
significant influence.
Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at the Group's share
of their aggregate assets
and liabilities. The Group's share of the profit or loss after tax of joint
ventures and associates is included in the Group's consolidated profit before
taxation.
Financial instruments
The Group accounts
for financial instruments under IAS 32 'Financial Instruments: Disclosure
and Presentation' and IAS 39 'Financial Instruments: Recognition and
Measurement'.
Financial assets
Purchases and
sales of financial assets are recognised based on settlement accounting. They
are initially recognised at fair value plus directly attributable transaction
costs. Any impairment of a financial asset is charged to the income statement
as it arises.
Financial assets are classified according to the purpose for which the investments
were acquired. This gives rise to the following categories: held-to-maturity
investments, loans and receivables, available-for-sale financial assets and financial
assets at fair value through profit or loss. Unilever determines the classification
of its investments at initial recognition and re-evaluates this designation at
each reporting
date.
Held-to-maturity investments
Held-to-maturity
investments are non-derivative financial assets with fixed or determinable payments
and fixed maturities that management has the positive intention and ability to
hold to maturity. They are included in non-current investments at amortised cost
using the effective interest method, less any amounts written off to reflect
impairment.
Loans and receivables
Loans and receivables
are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They arise when the Group provides money,
goods or services directly to a debtor with no intention of trading the receivable.
Loans and receivables are included in trade and other receivables in the balance
sheet at amortised cost.
Trade and other receivables are stated after deducting adequate provision for
doubtful debts.
Available-for-sale financial assets
Available-for-sale
financial assets are non-derivative financial assets that are either designated
in this category or not classified in any of the other categories. They are included
in non-current assets unless management intends to dispose of the investment
within 12 months of the balance sheet date. Unrealised gains and losses arising
from changes in the fair value of financial assets classified as available-for-sale
are recognised in equity. Realised gains and losses arising from changes in fair
value, interest and exchange differences are included in the income statement.
Financial assets at fair value through profit or loss
A financial
asset is classified in this category if acquired principally for the purpose
of selling in the short term or if so designated. Derivatives are also classified
in this category unless they are designated as hedges. Assets in this category
are classified as current assets if they are either held-for-trading or are expected
to be realised within 12 months of the balance sheet date. Realised and unrealised
gains and losses arising from changes in fair value are included in the income
statement.
Borrowings
Borrowings
are recognised initially at fair value, net of transaction costs incurred. Borrowings
are subsequently stated at amortised cost unless they are part of a fair value
hedge accounting relationship; any difference between the proceeds and the redemption
value is recognised in the income statement over the period of the borrowings
using the effective interest method. Those borrowings that are part of a fair
value hedge accounting relationship are also recorded on an amortised cost basis,
plus or minus the fair value attributable to the risk being hedged with a corresponding
entry in the income statement.
No borrowing costs are capitalised as part of property, plant and equipment.
Derivative financial instruments
The activities
of the Group expose it primarily to the financial risks of changes in foreign
currency exchange rates and interest rates. The Group uses foreign exchange forward
contracts, interest rate swap contracts and forward rate agreements to hedge
these exposures. The Group also uses commodity contracts to hedge future requirements
for certain raw materials, almost always for physical delivery. Those contracts
that can also be settled in cash are treated as a financial instrument. The Group
does not use derivative financial instruments for speculative purposes. The use
of leveraged instruments is not permitted.
Unilever
Annual
          Report and Accounts 2005
83
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    to Contents
Notes to the consolidated accounts
Unilever Group
1 Accounting information and policies
(continued)
Changes in the fair value of derivative financial instruments that are designated
and effective as hedges of future cash flows are recognised directly in equity,
and any ineffective portion is recognised immediately in the income statement.
If the cash flow hedge of a firm commitment or forecasted transaction subsequently
results in the recognition of an asset or a liability, then, at the time the
asset or liability is recognised, the associated gains or losses on the derivative
that had previously been recognised in equity are included in the initial measurement
of the asset or liability. For hedged items that do not result in the recognition
of an asset or a liability, amounts deferred in equity are recognised in the
income statement in the same period in which the hedged item affects net profit
or loss.
For an effective hedge of an exposure to changes in the fair value, the hedged
item is adjusted for changes in fair value attributable to the risk being hedged
with the corresponding entry in profit or loss. Gains or losses from re-measuring
the derivative, or for non-derivatives the foreign currency component of its
carrying amount, are recognised in profit or loss.
Changes in fair value of net investment hedges in relation to foreign subsidiaries
are recognised directly in equity.
Changes in the fair value of derivative financial instruments that do not qualify
for hedge accounting are recognised in the income statement as they arise.
Hedge accounting is discontinued when the hedging instrument no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the hedging
instrument recognised in equity is retained in equity until the forecasted transaction
occurs. If a hedged transaction is no longer expected to occur, the net cumulative
gain or loss recognised in equity is transferred to the income statement.
Derivatives embedded in other financial instruments or other host contracts are
treated as separate derivatives when their risks and characteristics are not
closely related to those of host contracts and the host contracts are not carried
at fair value with unrealised gains or losses reported in the income statement.
Valuation principles
The fair values
of quoted investments are based on current bid prices. For unlisted and for listed
securities where the market for a financial asset is not active the Group establishes
fair value using valuation techniques. These include the
use of recent arm's length transactions, reference to other instruments
that are substantially the same and discounted cash flow analysis.
Impairment of financial instruments
At each balance
sheet date the Group assesses whether there is objective evidence that a financial
asset or a group of financial assets is impaired. In the case of equity securities
classified as available-for-sale, a significant or prolonged decline in the fair
value of the security below its cost is considered in determining whether the
securities are impaired. If any such evidence exists for available-for-sale financial
assets, the cumulative loss – measured as the difference between the acquisition
cost and the current fair value, less any impairment loss on that financial asset
previously recognised in profit or loss – is removed from equity and recognised
in the income statement. Impairment losses recognised in the income statement
on equity instruments are not subsequently
reversed through the income statement.
Inventories
Inventories
are valued at the lower of weighted average cost and fair value less cost to
sell. Cost comprises direct costs and, where appropriate, a proportion of attributable
production overheads.
Cash and cash equivalents
For the purpose
of preparation of the cash flow statement, cash and cash equivalents includes
cash at bank and in hand, highly liquid interest bearing securities with original
maturities of three months or less, and bank overdrafts.
Pensions and similar obligations
The operating
and financing costs of defined benefit plans are recognised separately in the
income statement. Service costs are systematically spread over the service lives
of employees, and financing costs are recognised in the periods in which they
arise. The costs of individual events such as past service benefit enhancements,
settlements and curtailments are recognised immediately in the income statement.
Variations from expected costs, arising from the experience of the plans or changes
in actuarial assumptions, are recognised immediately in the statement of recognised
income and expense. The assets and liabilities of defined benefit plans are recognised
at fair value in the balance sheet. The charges to the income statement for defined
contribution plans are the company contributions payable, and the assets of such
plans are not included in the balance sheet of the Group.
Deferred taxation
Deferred taxation
is recognised using the liability method on all taxable temporary differences
between the tax base and the accounting base of items included in the balance
sheet of the Group. Deferred tax is recognised at the rates of tax prevailing
at the year end unless future rates have been enacted or substantively enacted.
Provision is made for taxation which will become payable if retained profits
of group companies are distributed to the parent companies only to the extent
that such distributions are
considered probable.
Provisions
Provisions
are recognised when either a legal or constructive obligation, as a result of
a past event, exists at the balance sheet date and where the amount of the obligation
can be
reliably estimated.
Segment information
Segmental information
is provided on the basis of geographical segments and product categories. The
primary format, geographic regions, is based on the management structure of the
Group, which operates in three main geographical regions.
Turnover
Turnover comprises
sales of goods and services after deduction of discounts and sales taxes. It
does not include sales between group companies. Discounts given by Unilever include
rebates, price reductions and incentives given to customers, promotional couponing
and trade communication costs. At each balance sheet date any expenditure incurred
but not yet invoiced is estimated and accrued.
Turnover is recognised when the risks and rewards of the underlying products
and services have been substantially transferred to the customer.
Research and market support costs
Expenditure
on research and market support such as advertising is charged to the income statement
of the year in which it is incurred.
Leases
Leases are
classified as finance leases whenever the terms of the lease transfer substantially
all the risks and rewards of ownership to the lessee. All other leases are classified
as
operating leases.
Assets held under finance leases are recognised as non-current assets of the
Group at their fair value at the date of commencement of the lease or, if lower,
at the present value of the minimum lease payments. The corresponding liability
to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance charges and reduction of the lease
obligation so as to achieve a constant rate of interest on the remaining balance
of the liability. Finance charges are charged directly against income.
Profits or losses are recognised from sale and leaseback transactions at fair
value. Where the transaction results in an operating lease, the profit or loss
arising is immediately recognised in the income statement, and for those that
result in a finance lease they are deferred over the lease term.
84
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        Report and Accounts 2005
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Financial
        Statements
Notes
  to the consolidated accounts
Unilever Group
1
  Accounting information and policies
(continued)
Lease payments relating to operating leases, are charged to the income statement on a straight-line basis over the lease term, or over the period between rent reviews where these
exist.
Transfer
        pricing
The preferred
    method for determining transfer prices for our own manufactured goods is to
    use the market price. Where there is no market price, the companies concerned
    follow established transfer pricing guidelines, where available, or else engage
  in arm's length negotiations.
Trademarks owned by the parent companies and used by operating companies are, where appropriate, licensed in return for royalties or a fee.
General services provided by central advisory departments, regional and category management, and research laboratories are charged to operating companies on the basis of fees.
Share-based
        payments
The economic
    cost of awarding shares and share options to employees is reflected by recording
    a charge in the income statement equivalent to the fair value of the benefit
    awarded. The fair value is determined with reference to option pricing models,
    principally adjusted Black-Scholes models or multinomial pricing model. The
    charge is recognised in the income statement over the vesting period of the
    award. Share-based payments are described in more detail in note 31 on pages
  132 to 141.
Shares
        held by employee share trusts
The assets
    and liabilities of certain PLC trusts, NV and group companies which purchase
    and hold NV and PLC shares to satisfy options granted are included in the
    consolidated accounts. The book value of shares held is deducted from other
    reserves, and trust borrowings are included in the Group's borrowings.
    The costs of the trusts are included in the results of the Group. These shares
  are excluded from the calculation of earnings per share.
Non-current
        assets held for sale
Assets and
    groups of assets and liabilities which comprise disposal groups are classified
    as 'held for sale' when all of the following criteria are met: a
    decision has been made to sell, the assets are available for sale immediately,
    the assets are being actively marketed, and a sale has been or is expected
    to be concluded within twelve months of the balance sheet date. Assets and
    disposal groups 'held for sale' are valued at the lower of book
  value or fair value less disposal costs. Assets held for sale are not depreciated.
Critical
        accounting estimates and judgements
Estimates
    and judgements are continually evaluated and are based on historical experience
    and other factors, including expectations of future events that are believed
  to be reasonable under the circumstances.
The preparation of financial statements under IFRSs requires management to make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Impairment
        of goodwill and indefinite-lived intangible assets
Impairment
    reviews in respect of goodwill and intangible assets are performed at least
    annually. More regular reviews are performed if events indicate that this
    is necessary. Examples of such triggering events would include a significant
    planned restructuring, a major change in market conditions or technology,
  expectations of future operating losses, or negative cash flows.
The recoverable amounts of cash-generating units are determined based on the higher of realisable value and value-in-use calculations. These calculations require the use of estimates.
Details of key assumptions made are set out in note 10 on page 99.
Retirement
        benefits
Pension accounting
    requires certain assumptions to be made in order to value our obligations
    and to determine the charges to be made to the income statement. These figures
    are particularly sensitive to assumptions for discount rates, mortality, inflation
    rates and expected long-term rates of return on assets. Details of assumptions
  made are given in note 22 on pages 115 and 116.
Taxation
The Group
    is subject to taxes in numerous jurisdictions. Significant judgement is required
    in determining worldwide provision for taxes. There are many transactions
    and calculations during the ordinary course of business for which the ultimate
    tax determination is uncertain. The Group recognises liabilities for anticipated
    tax audit issues based on estimates of whether additional taxes will be due.
    Where the final tax outcome of these matters is different from the amounts
    that were initially recorded, such differences will impact the income tax
  and deferred tax provisions in the period in which such determination is made.
Recent
        accounting developments
IFRS 7, 'Financial
    Instruments: Disclosures', (effective from 1 January 2007), introduces
    new disclosures to improve the information about financial instruments. It
    requires the disclosures of qualitative and quantitative information about
    exposure to risks arising from financial instruments, including specified
    minimum disclosures about credit risk, liquidity risk and market risk, including
    sensitivity analysis to market risk. It replaces disclosure requirements in
    IAS 32, 'Financial Instruments: Disclosure and Presentation'. Unilever
    will apply IFRS 7 and the amendment to IAS 1 from annual periods beginning
    1 January 2007, and it is not expected to have a material effect on the Group's
  disclosures.
IFRIC 4, 'Determining whether an Arrangement contains a Lease', (effective from 1 January 2006), requires the determination of whether an arrangement is or contains a lease to
be based on the substance of the arrangement. The adoption is not expected to have a material effect on the consolidated results of operations or financial position of Unilever.
IFRIC 7, 'Applying the Restatement Approach' under IAS 29 'Financial Reporting in Hyperinflationary Economies' (effective for periods beginning 1 March 2006)
provides guidance on how to apply the requirements of IAS 29 in a reporting period in which an entity identifies the existence of hyperinflation in the economy when that economy was not hyperinflationary in the prior period. The adoption is not
expected to have a material effect on the consolidated results of operations or financial position of Unilever.
Recent changes in reporting requirements under US GAAP are discussed on page 161.
Unilever
Annual
      Report and Accounts 2005
85
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Notes
  to the consolidated accounts
Unilever Group
2 Financial risk management
Treasury
    risks
Unilever manages
    a variety of market risks, including the effects of changes in foreign exchange
    rates, interest rates, liquidity and counterparty risks.
Unilever has an interest rate management policy aimed at optimising net interest cost and reducing volatility. This is achieved by modifying the interest rate exposure of debt and cash
positions through the use of interest rate swaps. Further details on the fixing levels of the projected cash and borrowing positions are given in note 19 on page 110.
Fixed rate investments give rise to a fair value interest rate risk. The floating amounts give rise to a cash flow interest rate risk.
Because of Unilever's broad operational reach, it is subject to risks from changes in foreign currency values that could affect earnings. As a practical matter, it is not feasible
to fully hedge these fluctuations. Additionally, Unilever believes that most currencies of major countries in which it operates will equalise against the euro over time. Unilever does have a foreign exchange policy that requires operating companies
to manage trading and financial foreign exchange exposures within prescribed limits. This is achieved primarily through the use of forward foreign exchange contracts. Regional groups monitor compliance with this policy. At the end of 2005, there was
no material exposure from companies holding assets and liabilities other than in their functional currency.
In addition, as Unilever conducts business in many foreign currencies but publishes its financial statements and measures its performance in euros, it is subject to exchange risk due to
the effects that exchange rate movements have on the translation of the underlying net assets of its foreign subsidiaries. Unilever aims to minimise its foreign
exchange exposure in operating companies by borrowing in the local currency, except where inhibited by local regulations, lack of local liquidity or local market conditions. For those
countries that, in the view of management, have a substantial retranslation risk, Unilever may hedge such net investment. Nevertheless from time to time, currency revaluations on unhedged investments will trigger exchange translation movements in
the balance sheet. In 2005, the significant strengthening of the US dollar against the euro has had a positive impact on reported operating results, but has had a negative impact on debt and equity, when reported in euros.
Liquidity risk is managed by maintaining access to global debt markets through an infrastructure of short-term and long-term debt programmes. In addition to this, Unilever has committed
credit facilities in place to support its commercial paper programmes and for general corporate purposes. See note 18 on page 109 for further details of these credit facilities.
Counterparty exposures are minimised by restricting dealing counterparties to a limited number of financial institutions that have secure credit ratings, by working within agreed
counterparty limits, by obtaining collateral for outstanding positions and by setting limits on the maturity of exposures. Counterparty credit ratings are closely monitored and concentration of credit risk with any single counterparty is avoided.
There was no significant concentration of credit risk with any single counterparty as at the year end.
Master netting agreements are in place for the majority of interest rate derivative instruments. The risk in the event of default by a counterparty is determined by the extent to which
market prices have moved since the contracts were made. The Group believes that the risk of incurring such losses is remote.
86
Unilever
Annual Report and Accounts 2005
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Financial
        Statements
Notes to
  the consolidated accounts
Unilever Group
2
  Financial risk management
(continued)
Sensitivity
  analysis
The analysis
  below presents the sensitivity of the fair value of the financial instruments,
  including derivative financial instruments which the Group held at 31 December
  2005, to hypothetical changes in interest and foreign exchange rates.
Interest rate
  sensitivity
The fair values
  of debt, investments and related hedging instruments are affected by movements
  in interest rates. The analysis shows the sensitivity of the fair value of interest
  rate sensitive instruments to a hypothetical 10% change in the interest rates
  across all maturities.
Foreign exchange
  rate sensitivity
The values of
  debt, investments and related hedging instruments, denominated in currencies
  other than the functional currency of the entities holding them, are subject
  to exchange rate movements. The analysis shows the income statement sensitivity
  of these values to a hypothetical 10% change in foreign exchange rates.
Sensitivity
        to a
hypothetical
        10% change in
rates
        as at 31 December
€ million
€
        million
2005
2004
Interest
        rate risk
193
160
Foreign
        exchange rate risk
30
7
The above-mentioned interest rate sensitivity relates to financial instruments, including derivative financial instruments, with fair values amounting to €11 186 million at the
end of 2005 (2004: €12 397 million). The above-mentioned foreign exchange rate risk relates to a value of financial instruments and derivatives of €300 million at the end of 2005 (2004: €68 million).
Further details on derivatives, foreign exchange exposures and other related information on financial instruments are given in note 19 on pages 110 to 113.
Sensitivity
  to not applying hedge accounting
Derivatives
  have to be reported at fair value. Those derivatives used for cash flow hedging
  for which we do not apply hedge accounting will cause volatility in the income
  statement. Such derivatives did not have a material impact on the 2005 income
  statement.
Income statement
  sensitivity to changes in interest rates
As mentioned
  above on page 86, Unilever has an interest rate management policy aimed at optimising
  net interest costs and
reducing
    volatility. Part of the interest rates on funds and debt are not
fixed
    and are therefore subject to changes in floating interest rates,
see
    note 17 on page 105 and note 18 on page 109. The analysis
shows
    the sensitivity of the income statement to a hypothetical one
percentage
    point change in floating interest rates over both funds and
debt
    on a full year basis.
Sensitivity
        to a hypothetical
one
        percentage point change in
floating
        rates as at 31 December
€ million
€
        million
2005
2004
Funds
21
65
Debt
(66
)
(97
)
Pensions
        and similar obligations
Pension assets
    and liabilities (pre-tax) of €1 036 million and
€6
    617 million respectively are held on the Group's balance sheet as at
    31 December 2005. Movements in equity markets, interest rates and life expectancy
    could materially affect the level of surpluses and deficits in these schemes,
    and could prompt the need for the Group to make additional pension contributions
    in the future. The key assumptions used to value our pension liabilities are
  set out in note 22 on pages 115 and 116.
Cash
        and borrowings
Cash flow
    provides the funds to service the financing of the business and enhance shareholder
    return. A material and sustained shortfall in our cash flow could undermine
    our credit rating and overall investor confidence and could restrict the Group's
  ability to raise funding.
Other
        financial risks
As a result
    of the share-based compensation plans for employees, we are exposed to movements
    in our own share price. In recent years we have managed this risk by buying
    Unilever shares in the market when the share option or award is granted. Going
    forward, we will take a more flexible approach to the time at which we buy
    shares, not automatically buying shares at grant. In 2001, we entered into
    a contract with a bank for the forward purchase of Unilever shares, further
  details of which are given in note 19 on page 112. On
15
  February 2005, 18 881 587 NV shares of treasury stock were used for the €0.05 cumulative preference share conversion. Between February and September 2005, NV shares were
purchased in the market to bring the hedge to an appropriate level. At the year end, 91% of all outstanding employee share options were hedged; based on Unilever's
experience we consider this position as being fully hedged.
Unilever
Annual
      Report and Accounts 2005
87
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Notes to the consolidated accounts
Unilever Group
3
Segment information
Our primary reporting segments are geographic, comprising our three operating regions of Europe, The Americas and Asia Africa. The home countries of the Unilever Group are the
Netherlands and the United Kingdom. The United States is the only country for which third party turnover is required to be separately reported, on the basis that it exceeds 10% of the Group total. This information is given on page 92.
The analysis of turnover by geographical area is stated on the basis of origin.
Turnover on a destination basis would not be materially different. Inter-segment
sales between geographical areas and between product areas as on page 90 are
not material. Total assets and capital expenditure are based on the location
of the assets. Segment results are presented on the basis of operating profit.
Segment assets consist primarily of property, plant and equipment, goodwill and
other intangible assets, inventories and receivables. Corporate assets consist
of financial assets, cash and cash equivalents, other non-current investments
and pension and deferred tax assets. Segment liabilities consist primarily of
trade payables and other liabilities. Corporate liabilities include borrowings,
tax balances payable, restructuring and other provisions and pension and deferred
tax liabilities. Capital expenditure comprises additions to property, plant and
equipment and other intangible assets, including additions resulting from acquisitions.
Other non-cash charges include charges to the income statement during the year
in respect of share-based compensation,
restructuring and other provisions.
€ million
€ million
€ million
€ million
The
Asia
Analysis
    by geographical segment
Europe
Americas
Africa
Total
2005
Turnover
16 211
13
    179
10 282
39 672
Operating profit
2 304
1
    719
1 291
5 314
Net finance costs
(618
)
Share of net profit/(loss) of joint ventures
11
36
–
47
Share of net profit/(loss) of associates
(25
)
1
(1
)
(25
)
Other income from non-current investments
33
Profit before taxation
4 751
Taxation
(1 249
)
Net profit from continuing operations
3 502
Net profit from discontinued operations
473
Net profit
3 975
2004
Turnover
16 650
12 296
9 620
38 566
Operating profit
2 303
896
1 040
4 239
Net finance costs
(630
)
Share of net profit/(loss) of joint ventures
6
31
2
39
Share of net profit/(loss) of associates
(2
)
3
1
2
Other income from non-current investments
54
Profit before taxation
3 704
Taxation
(810
)
Net profit from continuing operations
2 894
Net profit from discontinued operations
47
Net profit
2 941
Assets
2005
Segment assets
15 237
13
    626
5 106
33 969
Joint ventures/associates
26
37
21
84
Total assets by geographical segment
15 263
13
    663
5 127
34 053
Corporate assets
5 323
Total assets
39 376
2004
Segment assets
15 569
11 465
4 353
31 387
Joint ventures/associates
17
21
16
54
Total assets by geographical segment
15 586
11 486
4 369
31 441
Corporate assets
5 417
Total assets
36 858
88
Unilever
Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
3 Segment
  information
(continued)
€ million
€ million
€ million
€ million
The
Asia
Analysis
    by geographical segment
Europe
Americas
Africa
Total
Liabilities
2005
Segment liabilities
4
    485
1
    914
2
    244
8
            643
Joint ventures/associates
20
11
6
37
Total liabilities by geographical segment
4
    505
1
    925
2
    250
8
            680
Corporate liabilities
21
    931
Total liabilities
30
            611
2004
Segment liabilities
4 370
1 748
1 835
7
            953
Joint ventures/associates
9
5
2
16
Total liabilities by geographical segment
4 379
1 753
1 837
7
            969
Corporate liabilities
21
            260
Total liabilities
29
            229
Capital
    expenditure
2005
447
305
298
1
            050
2004
497
297
305
1
            099
Depreciation
    of property, plant and equipment
2005
379
205
157
741
2004
383
212
155
750
Amortisation
    of finite-lived intangible assets and software
2005
52
38
9
99
2004
37
24
3
64
Impairment
    charges
2005
Property, plant and equipment
46
51
21
118
Goodwill
–
129
2
131
Intangible assets
–
241
10
251
Total impairment charge
46
421
33
500
2004
Property, plant and equipment
95
104
73
272
Goodwill
147
793
63
1
            003
Total impairment charge
242
897
136
1
            275
Reversal
    of impairment charges
2005
Property, plant and equipment
15
26
28
69
2004
Property, plant and equipment
9
13
11
33
Other
    non-cash charges
2005
228
311
53
592
2004
446
472
194
1
            112
Unilever
Annual
          Report and Accounts 2005
89
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Notes to the consolidated accounts
Unilever Group
3 Segment information
(continued)
Although the
  Group's operations are managed on a geographical basis, the two Foods
  and Home and Personal Care categories manage brands which we group into six
  main product areas;
these are our secondary reporting segments and are:
Savoury and dressings
– including
sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings and olive
oil.
Spreads and cooking products
– including
sales of margarines and spreads and cooking products such as
liquid margarines.
Beverages
– including
sales of tea, weight management products, and nutritionally enhanced staples
sold in developing markets.
Ice cream and frozen foods
– including
sales of ice cream and frozen food.
Personal care
– including
sales of skin care and hair care products, deodorants and anti-perspirants, and
oral care products.
Home care and other operations
– including
sales of home care products, such as laundry powders and liquids, and a wide
range of cleaning products. To support our consumer brands, we own tea plantations
and palm oil plantations, the results of which are reported within this segment.
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Spreads
Ice cream
Home
Home
Savoury
and
and
care
and
and
cooking
frozen
Personal
and
personal
Analysis
    by product area
dressings
products
Beverages
foods
Foods
care
other
care
Total
2005
Turnover
8
    369
4
    364
3
              054
6
              373
22
    160
10
    485
7
              027
17
              512
39
    672
Operating profit
1
    286
756
48
767
2
    857
1
    801
656
2
    457
5
    314
Net finance costs
(618
)
Share of net profit/(loss) of joint ventures
4
6
38
(2
)
46
1
–
1
47
Share of net profit/(loss) of associates
–
–
–
–
–
–
(25
)
(25
)
(25
)
Other income from non-current investments
33
Profit before taxation
4
    751
Taxation
(1
    249
)
Net profit from continuing operations
3
              502
Net profit from discontinued operations
473
Net profit
3
    975
2004
Turnover
8 172
4 494
3 012
6 286
21 964
9 780
6 822
16 602
38 566
Operating profit
1 226
681
(508
)
709
2 108
1 508
623
2 131
4 239
Net finance costs
(630
)
Share of net profit/(loss) of joint ventures
1
4
31
–
36
1
2
3
39
Share of net profit/(loss) of associates
–
–
–
–
–
–
2
2
2
Other income from non-current investments
54
Profit before taxation
3 704
Taxation
(810
)
Net profit from continuing operations
2 894
Net profit from discontinued operations
47
Net profit
2 941
Assets
2005
Segment assets
18
    788
2
    501
2
              098
3
              357
26
    744
3
    622
3
              603
7 225
33 969
Joint ventures/associates
9
14
33
(2
)
54
9
21
30
84
Total assets by product area
18
    797
2
    515
2 131
3 355
26
    798
3
    631
3 624
7 255
34 053
Corporate assets
5 323
Total assets
39 376
2004
Segment assets
17 384
2 508
2 258
3 206
25 356
3 393
2 638
6 031
31 387
Joint ventures/associates
8
–
18
–
26
5
23
28
54
Total assets by product area
17 392
2 508
2 276
3 206
25 382
3 398
2 661
6 059
31 441
Corporate assets
5 417
Total assets
36 858
Capital
    expenditure
2005
235
98
62
209
604
260
186
446
1
              050
2004
234
87
61
206
588
321
190
511
1 099
90
Unilever
Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
3 Segment information
(continued)
Additional segment information as required for US reporting
Segment
information is provided on the following pages in accordance with FAS 131 on
the basis of the geographical segments described on page 88. Unilever has reviewed
the extent of its business with major customers, and has concluded that it has
no customers that would require separate disclosure during the reporting periods
covered by this filing.
For management reporting purposes, Unilever uses a number of measures of segment
performance at constant average rates of exchange (that is, the same rates as
in the preceding year). The internal management measure of profit that is most
consistent with operating
profit reported in the accounts is 'Trading Result'. This differs from
operating profit, mainly because Trading Result includes a number of statistical
and other adjustments including the application of an inflation charge on working
capital which is added back to arrive at operating profit.
€ million
€ million
€ million
€ million
The
Asia
Analysis by geographical segment
Europe
Americas
Africa
Total
2005
Turnover
At constant 2004 exchange rates
16 155
12 715
10 281
39 151
Exchange rate adjustments
56
464
1
521
At current 2005 exchange rates
16 211
13 179
10 282
39 672
Trading result
At constant 2004 exchange rates
2 348
1 942
1 234
5 524
Exchange rate adjustments
6
58
(3
)
61
At current 2005 exchange rates
2 354
2 000
1 231
5 585
Other adjustments
(271
)
Operating profit
5 314
2004
Turnover
At constant 2003 exchange rates
16 632
13 380
10 122
40 134
Exchange rate adjustments
18
(1 084
)
(502
)
(1 568
)
At current 2004 exchange rates
16 650
12 296
9 620
38 566
Trading result
At constant 2003 exchange rates
2 434
2 153
1 090
5 677
Exchange rate adjustments
7
(186
)
(57
)
(236
)
At current 2004 exchange rates
2 441
1 967
1 033
5 441
Other adjustments
(1 202
)
Operating profit
4 239
Depreciation, amortisation and impairment
2005
At constant 2004 exchange rates
461
632
168
1 261
Exchange rate adjustments
–
8
2
10
At current 2005 exchange rates
461
640
170
1 271
2004
At constant 2003 exchange rates
652
1 227
306
2 185
Exchange rate adjustments
1
(116
)
(14
)
(129
)
At current 2004 exchange rates
653
1 111
292
2 056
Capital expenditure
2005
At constant 2004 exchange rates
446
291
298
1 035
Exchange rate adjustments
1
14
–
15
At current 2005 exchange rates
447
305
298
1 050
2004
At constant 2003 exchange rates
496
322
324
1 142
Exchange rate adjustments
1
(25
)
(19
)
(43
)
At current 2004 exchange rates
497
297
305
1 099
Unilever
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          Report and Accounts 2005
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Notes to the consolidated accounts
Unilever Group
3 Segment information
(continued)
Additional segment information as required for US reporting
(continued)
€ million
€ million
€ million
€ million
United
Kingdom &
United
Analysis by geographical area
(a)
Netherlands
States
Other
Total
Turnover
2005
At constant 2004 exchange rates
4 357
7 587
27 207
39 151
Exchange rate adjustments
(26
)
(37
)
584
521
At current 2005 exchange rates
4 331
7 550
27 791
39 672
2004
At constant 2003 exchange rates
4 495
8 093
27 546
40 134
Exchange rate adjustments
64
(732
)
(900
)
(1 568
)
At current 2004 exchange rates
4 559
7 361
26 646
38 566
Property, plant and equipment
2005
1 018
1 140
4 334
6 492
2004
1 050
1 024
4 107
6 181
(a)
For the United Kingdom and the Netherlands, which are the home countries of the parent companies, the combined operating profit in 2005 was €708 million (2004: €730
million).
92
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
4 Operating costs
€ million
€ million
Gross profit
2005
2004
Turnover
39 672
38 566
Cost of sales
(20 396
)
(19 856
)
19 276
18 710
€ million
€ million
Operating costs
2005
2004
Cost of sales
(20 396
)
(19 856
)
Distribution and selling costs
(9 292
)
(8 255
)
Administrative expenses
(a)
(4 670
)
(6 216
)
(34 358
)
(34 327
)
Operating costs include:
Staff costs
(5 922
)
(5 889
)
Raw and packaging materials and goods purchased for resale
(15 873
)
(15 017
)
Amortisation of finite-lived intangible assets and software
(99
)
(64
)
Depreciation of property, plant and equipment
(b)
(741
)
(750
)
Impairment of property, plant and equipment
(49
)
(239
)
Advertising and promotions
(4 999
)
(4 449
)
Research and development
(953
)
(991
)
Restructuring costs
(293
)
(621
)
Gain/(loss) on disposals of group companies
(c)
152
338
Impairment of goodwill and intangible assets
(382
)
(1 003
)
Remuneration of auditors:
(d)
Statutory audit fees
(14
)
(13
)
Other audit services
(1
)
(1
)
Other payments to PricewaterhouseCoopers for non-audit services:
Audit-related services
(2
)
(4
)
Tax
(3
)
(4
)
Other services
(2
)
(2
)
Lease rentals:
Minimum operating lease payments
(442
)
(416
)
Contingent operating lease payments
(3
)
(5
)
(445
)
(421
)
Less: Sub-lease income relating to operating lease agreements
5
9
(440
)
(412
)
(a)
Includes amortisation of finite-lived intangible assets and impairment of goodwill, intangible assets and property, plant and equipment.
(b)
Includes €(30) million (2004: €(30) million) for property, plant and equipment under finance leases.
(c)
Excluding profit on UCI disposal of €503 million in 2005.
(d)
A description of the services we allow our auditors to perform is given within the Report of the Audit Committee on page 71. In addition to the amounts shown above, costs of €1
million (2004: €nil million) were incurred in 2005 in respect of work carried out by the auditors in connection with the disposal of UCI (reported as discontinued operations, see note 29 on page 129).
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Annual
          Report and Accounts 2005
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Notes to the consolidated accounts
Unilever Group
5 Staff
costs and employees
€ million
€ million
Staff costs
2005
2004
Remuneration of employees
(4 588
)
(4 518
)
Emoluments of Executive Directors
(11
)
(12
)
Pensions and other post-employment benefits
(408
)
(463
)
Social security costs
(723
)
(683
)
Share-based compensation costs
(192
)
(213
)
(5 922
)
(5 889
)
'000
'000
Average number of employees during the year
2005
2004
Europe
51
53
The Americas
46
48
Asia Africa
115
126
212
227
6 Net
      finance
costs
€ million
€ million
Finance costs
2005
2004
Interest costs and similar charges
(a)
(693
)
(717
)
Bank loans and overdrafts
(94
)
(109
)
Bonds and other loans
(580
)
(612
)
Dividends paid on preference shares
(11
)
n/a
Exchange differences
(8
)
4
Interest and similar income
130
145
Pensions and similar obligations
(b)
(55
)
(58
)
(618
)
(630
)
(a)
From 1 January 2005, Unilever has adopted IAS 32 'Financial Instruments: Disclosure and Presentation' which requires preference shares that provide for a fixed preference
dividend to be classified as borrowings, and preference dividends to be recognised in the income statement as a finance cost. In accordance with the transition rules for IAS 32, 2004 has not been restated. Information on the impact of the adoption
of IAS 32 is given in note 35 on pages 144 to 151.
(b)
Net finance costs in respect of pensions and similar obligations are analysed in note 22 on page 117.
94
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        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
7 Taxation
€ million
€ million
Tax charge in income statement
2005
2004
Current tax
Current year
(1 227
)
(1 625
)
Over/(under) provided in prior years
107
324
(1 120
)
(1 301
)
Deferred tax
Origination and reversal of temporary differences
(136
)
457
Changes in tax rates
2
34
Utilisation of losses brought forward
5
–
(129
)
491
(1 249
)
(810
)
United Kingdom Corporation Tax at 30.0%
(754
)
(232
)
Less double tax relief
619
132
United Kingdom taxes
(135
)
(100
)
Non-United Kingdom taxes
(1 114
)
(710
)
(1 249
)
(810
)
Europe is Unilever's domestic tax base. The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Unilever's
European companies, and the actual rate of taxation charged is as follows:
%
%
Reconciliation of effective tax rate
2005
2004
Computed rate of tax
(a)
31
32
Differences due to:
Other rates applicable to non-European countries
–
1
Incentive tax credits
(4
)
(5
)
Withholding tax on dividends
2
2
Adjustments to previous years
(3
)
(9
)
Expenses not deductible for tax purposes
2
–
Utilisation of previously unrecognised tax losses
(1
)
–
Other
(1
)
1
Effective tax rate
26
22
(a)
The computed tax rate used is the average of the standard rate of tax applicable in the European countries in which Unilever operates, weighted by the amount of profit before taxation
generated in each of those countries.
Unilever
Annual
          Report and Accounts 2005
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Notes to the consolidated accounts
Unilever Group
7 Taxation
(continued)
The following tables analyse profit before taxation and actual taxation charges between those arising in Europe (which is Unilever's domestic tax base) and elsewhere.
€ million
€ million
2005
2004
Profit before taxation
Europe
Parent and group companies
2 614
2 454
Share of net profit/(loss) of joint ventures
11
7
Share of net profit/(loss) of associates
(20
)
(2
)
2 605
2 459
Outside Europe
Group companies
2 115
1 209
Share of net profit/(loss) of joint ventures
36
32
Share of net profit/(loss) of associates
(5
)
4
2 146
1 245
4 751
3 704
Taxation
Europe
Parent and group companies:
Taxes payable
(469
)
(712
)
Deferred taxation
(175
)
176
Accelerated depreciation
17
61
Pensions
(123
)
(62
)
Provisions
(42
)
59
Goodwill and intangible assets
(48
)
109
Other
21
9
(644
)
(536
)
Outside Europe
Group companies:
Taxes payable
(651
)
(589
)
Deferred taxation
46
315
Accelerated depreciation
(40
)
(20
)
Pensions
28
(26
)
Provisions
(78
)
205
Goodwill and intangible assets
123
168
Other
13
(12
)
(605
)
(274
)
(1 249
)
(810
)
96
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
8
Combined
          earnings
per share
Per €0.51
    share of
Per
    1.4p share of
NV
    ordinary capital
PLC
    ordinary capital
€
€
€ cents
€ cents
Combined
    earnings per share
2005
2004
2005
2004
From
    total operations
Basic earnings per share
3.88
2.83
58.17
42.46
Diluted earnings per share
3.76
2.72
56.40
40.78
From
    continuing operations
Basic earnings per share
3.39
2.78
50.87
41.72
Diluted earnings per share
3.29
2.67
49.33
40.08
Basis of calculation
The
calculations of combined earnings per share are based on the net profit attributable
    to ordinary
      capital divided by the average number of share units representing the combined
      ordinary capital of NV and PLC in issue during the year, after deducting
      shares held as treasury stock. For the calculation of combined ordinary
    capital, the
      exchange rate of £1 = Fl.12 = €5.445 has been used, in accordance
with the Equalisation Agreement.
The calculations
      of diluted earnings per share are based on: (i) conversion into PLC ordinary
      shares
      of the shares in a group company which are convertible in the year 2038,
      as described in Corporate governance on page 44; (ii) conversion of the €0.05
      NV preference shares, details of which are set out below and in note 24
      on page 124; (iii) the effect of share-based compensation plans, details
      of
      which are set out in note 31 on pages 132 to 141; and (iv) the forward
      equity contract
described in note 31 on page 141.
On 15 February 2005,
      we converted the €0.05 NV preference shares into ordinary €0.51 NV shares. The conversion was made using shares already held by Unilever for the
      purposes of hedging the Group's share-based compensation plans. Unilever bought further ordinary shares in the market during 2005 to the extent required to restore the hedging position. Until the date of conversion, the €0.05 preference
      shares were potentially dilutive for the purposes of the calculation of fully diluted earnings per share, as shown below. At midnight on 13 July 2005 the €0.05
NV preference shares were cancelled.
Millions of
Millions of
€0.51
    share units
1.4p
    share units
Calculation
    of average number of share units
2005
2004
2005
2004
Average
    ordinary capital:
NV
571.6
571.6
3
    810.5
3
    810.5
PLC
436.7
436.7
2 911.5
2 911.5
Less shares held by employee share trusts and companies
(37.3
)
(44.9
)
(248.7
)
(299.3
)
Combined average number of share units for all bases except diluted earnings
    per share
971.0
963.4
6 473.3
6 422.7
Add shares issuable in 2038
23.6
23.6
157.5
157.5
Add shares for conversion
2.4
18.9
15.7
125.9
Add dilutive effect of share-based compensation plans and forward equity
    contract
5.3
5.0
35.5
33.1
Adjusted combined average number of share units for diluted earnings per
    share basis
1 002.3
1 010.9
6 682.0
6 739.2
€ million
€ million
Calculation
    of earnings
2005
2004
Net profit attributable to shareholders' equity
3
    766
2 755
Less preference dividends
n/a
(28
)
Net profit attributed to ordinary capital for basic earnings per share calculations
3
    766
2 727
Adjusted net profit attributed to ordinary capital for the diluted earnings per share calculation
(a)
3
    769
2 748
(a)
In accordance with IAS 33, the net profit for diluted earnings per share
      has been adjusted for the preference dividend on shares for conversion,
      which in 2005 amounted to €3
million (2004: €21 million).
Unilever
Annual
          Report and Accounts 2005
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Notes to the consolidated accounts
Unilever Group
9
Dividends
    on ordinary capital
€ million
€ million
Dividends
    paid on ordinary capital during the year
2005
2004
Final dividend 2003 paid in June 2004
–
(1 116
)
Interim dividend 2004 paid in November 2004
–
(603
)
Final dividend 2004 paid in June 2005
(1 229
)
–
Interim dividend 2005 paid in December 2005
(638
)
–
(1 867
)
(1 719
)
Per €0.51
    share of
Per
    1.4p share of
NV ordinary capital
PLC
    ordinary capital
€
€
pence
pence
Dividends per share
2005
2004
2005
2004
Interim
0.66
0.63
6.77
6.33
Final
(a)
1.32
1.26
13.54
12.82
1.98
1.89
20.31
19.15
(a)
The proposed final dividend on ordinary capital for the year 2005 has to be approved by shareholders at the Annual General Meetings. In accordance with IFRS, no provision for the amount
of this dividend, estimated at €1 267 million, has been recognised in the financial statements for the year ended 31 December 2005. The final dividend shown in respect of 2004 was declared and paid during 2005.
Full details of dividends per share for the years 2001 to 2005 are given on page 187.
10
Goodwill
    and intangible assets
Indefinite-lived intangible assets principally comprise those trademarks for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows.
  These are considered to have an indefinite life, given the strength and durability of our brands and the level of marketing support. Finite-lived intangible assets, which primarily comprise patented and non-patented technology, know-how, and
  software, are capitalised and amortised in operating profit on a straight-line basis over the period of their expected useful lives, none of which exceeds ten years. The level of amortisation for finite-lived intangible assets is not expected to
change materially over the next five years.
€ million
€ million
At
    cost less amortisation and impairment
2005
2004
Goodwill
12
    963
12
            083
Indefinite-lived intangible assets
4
    450
4
            311
Finite-lived intangible assets
416
447
Software
226
166
18
    055
17
            007
€ million
€ million
€ million
€ million
€ million
Indefinite-
Finite-
lived
lived
intangible
intangible
Movements
    during 2005
Goodwill
assets
assets
Software
Total
Cost
31 December 2004
13 020
4 311
597
193
18 121
Reclassification as held for sale
(133
)
(60
)
–
–
(193
)
1 January 2005
12 887
4 251
597
193
17 928
Acquisitions of group companies
13
–
–
–
13
Disposals of group companies
(49
)
(6
)
(16
)
(4
)
(75
)
Additions
–
2
4
86
92
Reversal of assets held for sale not included in final disposal
15
55
–
–
70
Currency retranslation
1 214
411
46
16
1 687
31 December 2005
14 080
4 713
631
291
19 715
Amortisation
    and impairment
31 December 2004
(937
)
–
(150
)
(27
)
(1 114
)
Reclassification as held for sale
–
–
–
–
–
1 January 2005
(937
)
–
(150
)
(27
)
(1 114
)
Disposals of group companies
42
1
3
2
48
Amortisation for the year
(a)
–
–
(62
)
(38
)
(100
)
Impairment losses
(131
)
(251
)
–
–
(382
)
Currency retranslation
(91
)
(13
)
(6
)
(2
)
(112
)
31 December 2005
(1 117
)
(263
)
(215
)
(65
)
(1 660
)
Net book value 31 December 2005
12 963
4 450
416
226
18 055
(a)
Includes €(1)
    million relating to discontinued operations.
98
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
10
Goodwill
          and
intangible assets
(continued)
€ million
€ million
€ million
€ million
€ million
Indefinite-
Finite-
lived
lived
intangible
intangible
Movements during 2004
Goodwill
assets
assets
Software
Total
Cost
1 January 2004
13 461
4 505
603
110
18 679
Acquisitions of group companies
7
1
2
–
10
Disposals of group companies
(3
)
(20
)
–
–
(23
)
Additions
–
1
1
87
89
Currency retranslation
(445
)
(176
)
(9
)
(4
)
(634
)
31 December 2004
13 020
4 311
597
193
18 121
Amortisation
    and impairment
1 January 2004
–
–
(103
)
(7
)
(110
)
Amortisation for the year
(b)
–
–
(45
)
(21
)
(66
)
Impairment losses
(1 003
)
–
–
–
(1 003
)
Currency retranslation
66
–
(2
)
1
65
31 December 2004
(937
)
–
(150
)
(27
)
(1 114
)
Net book value 31 December 2004
12 083
4 311
447
166
17 007
(b)
Includes €(2)
    million relating to discontinued operations.
There are no significant carrying amounts of goodwill and intangible assets that are allocated across multiple cash generating units.
Impairments in the year
During 2005,
Slim•Fast
maintained its
leadership of the weight management sector by refreshing its product range and offering a more personalised diet plan. However, the 2005 impairment review of the global
Slim•Fast
business
resulted in an impairment charge of €363 million due to the continued decline
of the weight management sector. This charge has been reflected in operating
profit for The Americas region.
Value in use of the business was calculated using the present values of projected
future cash flows, adjusted to reflect the risk present in the markets in which
the business operates. The pre-tax discount rate applied to the business was
11%. As a result of the impairment review, the carrying value of the business
was determined to be in excess of the value in use, thereby requiring an impairment
loss to be recognised.
The 2004 impairment charge of €791 million in relation to the
Slim•Fast
business was
calculated using value in use and applied a pre-tax discount rate of 11%. This charge was also reflected in operating profit for The Americas region.
The remainder of the impairment loss charged in 2005 of €19 million includes €2
million representing write-downs in respect of planned business disposals that
will
complete during 2006, and €10 million in respect of impairment of goodwill
and indefinite-lived intangible assets in Colombia and India. In 2004, the remaining
balance of €212 million included €156 million in respect of planned
business disposals in 2005. Other smaller impairments were recognised during
the course of 2004 for tea plantations and a bakery business in India, and a
home and personal care business in North Africa.
Significant cash generating units
The
goodwill and indefinite-lived intangible assets held in the global savoury and
dressings cash generating unit (CGU), comprising €11.9 billion and €3.6
billion respectively, are considered significant in comparison to the total carrying
amounts of goodwill and indefinite-lived intangible assets at 31 December 2005.
During 2005, we conducted an impairment review of the carrying value of these
assets. Value in use of the global savoury and dressings CGU has been calculated
as the present value of projected future cash flows. A pre-tax discount rate
of 10% was used.
The
        following key assumptions were used in the discounted cash flow projections
    for the savoury and dressings CGU:
•
a longer-term
        sustainable growth rate of 2%, adjusted for market fade, used to determine
    an appropriate terminal value multiple;
•
average
        near-term nominal growth for the major product groups within the CGU
    of 4%; and
•
average
        operating margins for the major product groups within the CGU ranging
    from 19% to 23%.
The growth rates and margins used to estimate future performance are based on
past performance and our experience of growth rates and margins achievable in
our key markets as a guide. We believe that the assumptions used in estimating
the future performance of the savoury and dressings CGU are consistent with past
performance.
The projections covered a period of 10 years as we believe this to be a suitable
timescale over which to review and consider annual performance before applying
a fixed terminal value multiple to the final year cash flows of the detailed
projection. Stopping the detailed projections after 5 years and applying a terminal
value multiple thereafter would not result in a materially different estimate
of the value in use.
The growth rates used to estimate future performance beyond the periods covered
by our annual planning and strategic planning processes do not exceed the long-term
average rates of
growth for similar products.
We have performed sensitivity analysis around the base case assumptions and have
concluded that no reasonably possible changes in key assumptions would cause
the carrying amount of the savoury and dressings CGU to exceed its recoverable
amount.
Unilever
Annual
          Report and Accounts 2005
99
Back to Contents
Notes to the consolidated accounts
Unilever Group
11
  Property, plant and equipment
€ million
€ million
At cost less depreciation and impairment
2005
2004
Land and buildings
1 994
1 992
Plant and equipment
4 498
4 189
6 492
6 181
Includes freehold land
224
248
Commitments for capital expenditure at 31 December
263
172
€ million
€ million
€ million
Land and
Plant and
Movements during 2005
buildings
equipment
Total
Gross
31 December 2004
3 068
10 213
13 281
Reclassification as held for sale
(209
)
(200
)
(409
)
1 January 2005
2 859
10 013
12 872
Disposals of group companies
(26
)
(117
)
(143
)
Additions
163
795
958
Disposals
(95
)
(619
)
(714
)
Reversal of asset held for sale not included in final disposal
53
57
110
Currency retranslation
269
798
1 067
Reclassification as held for sale
(175
)
(116
)
(291
)
Other adjustments
(34
)
34
–
31 December 2005
3 014
10 845
13 859
Depreciation and impairment
31 December 2004
(1 076
)
(6 024
)
(7 100
)
Reclassification as held for sale
110
169
279
1 January 2005
(966
)
(5 855
)
(6 821
)
Disposals of group companies
12
91
103
Depreciation charge for the year
(a)
(78
)
(665
)
(743
)
Disposals
53
549
602
Reversal of asset held for sale not included in final disposal
(5
)
(50
)
(55
)
Impairment losses
(b)
(10
)
(108
)
(118
)
Reversal of impairment losses
11
58
69
Currency retranslation
(83
)
(466
)
(549
)
Reclassification as held for sale
51
94
145
Other adjustments
(5
)
5
–
31 December 2005
(1 020
)
(6 347
)
(7 367
)
Net book value 31 December 2005
1 994
4 498
6 492
Includes payments on account and assets in course of construction
64
487
551
(a)
Includes €(2) million relating to discontinued operations.
(b)
Impairment losses mainly recognised in respect of restructuring projects where property, plant and equipment is written down to the net recoverable amount.
100
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
11 Property, plant and equipment (continued)
€ million
€ million
€ million
Land and
Plant and
Movements during 2004
buildings
equipment
Total
Gross
1 January 2004
3 274
10 418
13 692
Acquisitions of group companies
2
2
4
Disposals of group companies
(25
)
(109
)
(134
)
Additions
151
852
1 003
Disposals
(244
)
(754
)
(998
)
Currency retranslation
(74
)
(212
)
(286
)
Other adjustments
(16
)
16
–
31 December 2004
3 068
10 213
13 281
Depreciation and impairment
1 January 2004
(1 094
)
(6 041
)
(7 135
)
Disposals of group companies
13
70
83
Depreciation charge for the year
(c)
(80
)
(675
)
(755
)
Disposals
139
651
790
Impairment losses
(b)
(53
)
(219
)
(272
)
Reversal of impairment losses
5
28
33
Currency retranslation
26
130
156
Other adjustments
(32
)
32
–
31 December 2004
(1 076
)
(6 024
)
(7 100
)
Net book value 31 December 2004
1 992
4 189
6 181
Includes payments on account and assets in course of construction
51
435
486
(b)
As defined
        on
page 100.
(c)
Includes €(5)
    million relating to discontinued operations.
Included in the above is property, plant and equipment under a number of finance lease agreements, for which the book values are as follows:
€ million
€ million
€ million
Plant and
Net book value
Buildings
equipment
Total
Gross book value
68
354
422
Depreciation and impairment
(18
)
(202
)
(220
)
31 December 2005
50
152
202
Gross book value
63
327
390
Depreciation and impairment
(24
)
(166
)
(190
)
31 December 2004
39
161
200
At 31 December
  2004, property, plant and equipment with a book value of €108 million was pledged as security for certain of the Group's
  borrowings. No such arrangements
existed at 31 December 2005.
Unilever
Annual
          Report and Accounts 2005
101
Back to Contents
Notes to the consolidated accounts
Unilever Group
12 Biological assets
The fair value of tea bushes older than 10 years is based on the market price of the estimated recoverable tea leaf volumes, net of harvest costs. The fair value of oil palm trees older
than 8 years is based on the market price of the estimated recoverable palm oil volumes, net of harvest costs. The fair value of immature tea bushes and oil palm trees is based on the present value of the net cash flows expected to be generated by
the plants at maturity.
€ million
€ million
At fair value
2005
2004
Tea bushes
23
28
Oil palm trees
14
5
37
33
€ million
€ million
€ million
Tea
Oil palm
Movements during 2005
bushes
trees
Total
31 December 2004
28
5
33
New plantations/acquisitions
1
–
1
Increase/(decrease) in fair value less estimated point-of-sale costs
9
6
15
Disposals of group companies
(2
)
–
(2
)
Reclassification as held for sale
(21
)
–
(21
)
Other adjustments
2
2
4
Currency retranslation
6
1
7
31 December 2005
23
14
37
€ million
€ million
€ million
Tea
Oil palm
Movements during 2004
bushes
trees
Total
1 January 2004
24
5
29
Increase/(decrease) in fair value less estimated point-of-sale costs
6
–
6
Currency retranslation
(2
)
–
(2
)
31 December 2004
28
5
33
As at 31 December 2005, tea bushes comprised approximately 18 000 hectares of tea plantations in India, Kenya and Tanzania. During
2005
    the Group harvested approximately 258 000 tonnes of tea leaves, which had
    a fair value less estimated
point-of-sale costs of €48 million at the date of harvest.
As at 31 December 2005, oil palm trees included above comprised approximately
45 000 hectares of oil
palm plantations in Côte d'Ivoire and Ghana. These plantations range
from newly established plantations to plantations that are 32 years old. During
2005 the Group harvested approximately 257 000 tonnes of palm oil, which had
a fair value less estimated point-of-sale costs of €47 million at the date
of harvest.
102
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
        Statements
Notes
      to the consolidated accounts
Unilever
  Group
13
      Joint ventures, associates and other non-current investments
€
      million
€
      million
Joint
      ventures and associates
2005
2004
Interest
      in net assets of joint ventures
67
32
Interest
      in net assets of associates
17
22
84
54
The following tables show the movements during the year in connection with joint ventures, associates and other non-current investments:
€
      million
€
      million
€
      million
Movements
      during 2005
Goodwill
Other
Total
Joint
      ventures
(a)
31
      December 2004
4
28
32
Additions
(b)
–
26
26
Dividends
      received/reductions
–
(43
)
(43
)
Share
      in net profit
–
47
47
Currency
      retranslation
1
4
5
31
      December 2005
5
62
67
Associates
(c)
31
      December 2004
112
(106
)
6
Acquisitions/(disposals)
–
7
7
Dividends
      received/reductions
–
(11
)
(11
)
Share
      in net profit
–
(25
)
(25
)
Currency
      retranslation
18
(15
)
3
130
(150
)
(20
)
Of
      which: Net liabilities of JohnsonDiversey reclassified to restructuring
      and other provisions
(130
)
167
37
31
      December 2005
–
17
17
Other
      non-current investments
(d)
31
      December 2004
698
Additions/(reductions)/(impairments)/fair
      value movements
(19
)
Currency
      retranslation
41
31
      December 2005
720
(a)
Our principal
      joint ventures are the FIMA business in Portugal and the Pepsi/Lipton Partnership
      in the US.
(b)
Effect
      of the transaction in connection with our Foods business in Portugal (see
      note 28 on page 128).
(c)
Associates
      primarily comprise our investments in JohnsonDiversey Holdings Inc., Palmci
      and Langholm Capital Partners. Other Unilever Ventures investments are included
      under 'Other non-current investments' above.
(d)
Other
      non-current investments are mainly available-for-sale assets, and predominantly
      consist of investments in a number of companies and financial institutions
      in India, Europe and the US, including €197 million (2004: €174
      million) of assets in a trust to fund benefit obligations in the US (see
      also note 22 on page 114).
€
      million
€ million
Analysis
      of listed and unlisted investments
2005
2004
Investments
      listed on a recognised stock exchange
326
326
Unlisted
      investments
394
372
720
698
€ million
€
      million
Other
      income from non-current investments
2005
2004
Income
      from other non-current investments
20
36
Profit/(loss)
      on disposal
13
18
33
54
The joint
  ventures and associates have no significant contingent liabilities to which
  the Group is exposed, and the Group has no significant contingent liabilities
  in relation to its interest 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 32 on page 142.
Unilever
Annual
      Report and Accounts 2005
103
Back to Contents
Notes
  to the consolidated accounts
Unilever Group
14 Deferred taxation
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
As
      at 31
IFRS
Acquisitions
As
      at 31
December
transition
Income
and
December
Movements
      during the year
2004
IAS
      32/39
statement
(a)
Equity
(b)
disposals
2005
Pensions
      and similar obligations
1
      391
–
(98
)
186
(1
)
1
      478
Provisions
533
–
(124
)
109
–
518
Goodwill
      and intangible assets
(657
)
–
75
(104
)
–
(686
)
Accelerated
      tax depreciation
(691
)
–
(23
)
(38
)
10
(742
)
Tax
      losses
113
–
5
28
–
146
Fair
      value gains
–
–
–
–
–
–
Fair
      value losses
–
4
(3
)
(1
)
–
–
Share-based
      payments
46
–
17
11
–
74
Other
(33
)
–
14
–
1
(18
)
702
4
(137
)
191
10
770
(a)
Includes
      €8 million credit reported under discontinued operations in the income
      statement.
(b)
Of the
      total movement in equity of €191 million, €108 million arises
      as a result of currency retranslation.
At the balance
sheet date, the Group has unused tax losses of €1 205 million and tax credits
amounting to €327 million available for offset against future taxable profits.
Deferred tax assets totalling €655 million have not been recognised in respect
of these losses and credits, as the likelihood of future economic benefit is not
considered probable.
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 €765 million (2004: €503 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 forseeable future.
Deferred income
  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:
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Assets
Assets
Liabilities
Liabilities
Total
Total
Deferred
      tax assets and liabilities
2005
2004
2005
2004
2005
2004
Pensions
      and similar obligations
1
      709
1
      484
(231
)
(93
)
1
      478
1
      391
Provisions
704
617
(186
)
(84
)
518
533
Goodwill
      and intangible assets
(431
)
(353
)
(255
)
(304
)
(686
)
(657
)
Accelerated
      tax depreciation
(489
)
(382
)
(253
)
(309
)
(742
)
(691
)
Tax
      losses
144
109
2
4
146
113
Fair
      value gains
–
–
–
–
–
–
Fair
      value losses
6
–
(6
)
–
–
–
Share-based
      payments
74
46
–
–
74
46
Other
(14
)
(30
)
(4
)
(3
)
(18
)
(33
)
1
      703
1
      491
(933
)
(789
)
770
702
Of which
      deferred tax to be recovered/(settled) after
more
      than 12 months
1
      269
1
      135
(834
)
(745
)
435
390
15
      Inventories
€
      million
€
      million
Inventories
2005
2004
Raw
      materials and consumables
1
      512
1
      388
Finished
      goods and goods for resale
2
      595
2
      368
4
      107
3
      756
Inventories with a value of €123 million (2004: €109 million) are carried at fair value less costs to sell, this being lower than cost. During 2005, €159 million
(2004: €162 million) was charged to the income statement for damaged, obsolete and lost inventories. In 2005, €35 million (2004: €25 million) was released to the income statement from inventory provisions taken in earlier years
but no longer required.
Inventories
  with a carrying amount of €8 million (2004: €28 million) have been
  pledged as security for certain of the Group's borrowings.
104
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
        Statements
Notes
  to the consolidated accounts
Unilever
  Group
16
      Trade and other receivables
€
      million
€
      million
Trade
      and other receivables
2005
2004
Due
      within one year
Trade
      receivables
3
      345
3
      161
Prepayments
      and accrued income
(a)
833
328
Other
      receivables
652
642
4
      830
4
      131
Due
      after more than one year
Other
      receivables
231
279
Total
      trade and other receivables
5
      061
4
      410
(a)
      In 2005 includes fair values of derivatives as a consequence of the adoption
      of IAS 39.
Concentrations
  of credit risk with respect to trade receivables are limited, due to the Group's
  customer base being large and diverse.
Management
  therefore believes there is no further credit risk provision required in excess
  of normal provision for doubtful receivables.
€
      million
€
      million
Provision
      for doubtful receivables – movements during the year
2005
2004
1
      January
232
279
Charged
      to income statement
39
31
Reductions
(33
)
(71
)
Currency
      retranslation
20
(7
)
31
      December
258
232
17
    Cash and cash equivalents and other financial assets
€
      million
€
      million
Cash
    and cash equivalents and other financial assets
2005
2004
Cash
      and cash equivalents
Listed
Cash
      equivalents
44
66
Unlisted
Cash
      at bank and in hand
867
1
      004
Short-term
      deposits with maturity of less than three months
412
495
Other
      cash equivalents
206
25
1
      485
1
      524
1
      529
1
      590
Other
      financial assets
Listed
36
45
Unlisted
299
968
335
1
      013
Total
      cash and cash equivalents and other financial assets
1
      864
2
      603
Other financial assets include government securities and A minus or higher rated money and capital market instruments.
An amount of €16 million (2004: €24 million) is included in cash and cash equivalents with repayment notice required. This relates to cash collateral deposited as required
by a forward purchase contract with a counterparty bank to buy 10 000 000 PLC shares at 559p per share in November 2006. Further details are given in note 19 on page 112.
€
      million
€
      million
Cash
      and cash equivalents included in the cash flow statement
2005
2004
Cash
      and cash equivalents as per balance sheet
1
      529
1
      590
Cash
      and cash equivalents in businesses held for sale
1
n/a
Bank
      overdrafts
(265
)
(184
)
1
      265
1
      406
Unilever
Annual
          Report and Accounts 2005
105
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Notes to the consolidated accounts
Unilever Group
17
  Cash and cash equivalents and other financial assets
(continued)
Interest
  rate profile and currency analysis of financial assets
The
  table set out below takes into account the various interest rate swaps and forward
  foreign currency contracts entered into by the Group, details of which are set
  out in note 19 on pages 110 and 111.
The interest rate profiles of the Group's financial assets analysed by principal currency are set out in the table below:
€
      million
€
      million
€
      million
Fixed
Fixed
Fixed
Floating
Floating
rate
rate
rate
rate
rate
Total
Weighted
Weighted
average
average
Interest
interest
fixing
rate
      for
rate
period
2006
Assets – 2005
Euro
–
650
2.8%
650
Sterling
–
57
4.6%
57
US
      dollar
–
94
4.8%
94
Indian
      rupee
–
346
6.6%
346
Other
–
967
6.9%
967
Total
–
2
      114
2
      114
(a)
Assets – 2004
Euro
180
9.1%
(b)
0.4
      years
4
      925
(c)
5
      105
Sterling
–
81
81
US
      dollar
–
140
140
Indian
      rupee
–
413
413
Other
–
916
916
180
6
      475
6
      655
Euro
      leg of currency derivatives relating to intra-group loans
(c)
(4
      052
)
Total
2
      603
(a)
Includes
      fair value of borrowing-related derivatives amounting to €250 million.
      For further information please refer to note 19 on pages 110 to 112.
(b)
The fixed
      interest rate of 9.1% in 2004 includes one leg of a cross-currency interest
      rate swap of an intercompany loan of €146 million with a fixed rate
      of 10.8%. A corresponding interest charge is included in the US dollar fixed
      rate liabilities.
(c)
Includes
      the euro leg of the currency derivatives relating to intra-group loans,
      amounting to €4 052 million for 2004. These derivatives create a euro
      interest rate exposure. However, to reconcile the assets with the balance
      sheet, the total value is eliminated again. The other leg of the currency
      derivatives is shown in note 18 as a liability.
18
  Borrowings
€
      million
€
      million
Borrowings
2005
2004
Bank
      loans and overdrafts
(1
      456
)
(1
      583
)
Bonds
      and other loans
At
      amortised cost
(8
      609
)
(10
      465
)
Subject
      to fair value hedge accounting
(2
      210
)
n/a
Preference
      shares
(a)
(124
)
n/a
(12
      399
)
(12
      048
)
(a)
From
      1 January 2005, Unilever has adopted IAS 32 'Financial Instruments:
      Disclosure and Presentation' which requires preference shares that
      provide for a fixed preference dividend to be classified as borrowings.
      In accordance with the transition rules for IAS 32, amounts for 2004 have
      not been restated. Details of the preference shares at 31 December 2004
      are included in note 24 on page 124.
106
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
        Statements
Notes to
  the consolidated accounts
Unilever
  Group
18 Borrowings
(continued)
The tables set out below and on page 109 take into account the various interest rate swaps and forward foreign currency contracts entered into by the Group, details of which are set out
in note 19 on pages 110 and 111.
Details of specific bonds and other loans are also given below:
€
      million
€
      million
€
      million
Amortised
Fair
Amortised
cost
value
cost
2005
2005
(b)
2004
Unilever
      N.V.
6.625%
      Notes 2005 (US $)
–
–
146
3.375%
      Bonds 2005 (Swiss francs)
–
–
324
5.125%
      Bonds 2006 (€)
–
1
      010
999
5.125%
      Notes 2006 (US $)
431
–
365
4.250%
      Bonds 2007 (€)
513
507
997
5.000%
      Bonds 2007 (US $)
–
556
474
3.375%
      Bonds 2015 (€)
747
–
–
Commercial
      paper (€)
2
      180
–
961
Commercial
      paper (£)
491
–
329
Commercial
      paper (US $)
348
–
307
Commercial
      paper (Swiss francs)
53
–
52
Other
36
–
38
Total
      Unilever N.V.
4
      799
2
      073
4
      992
Unilever
      PLC
Commercial
      paper (£)
–
–
70
Total
      Unilever PLC
–
–
70
Other
      group companies
United
      States
6.875%
      Notes 2005 (US $)
–
–
1
      097
6.150%
      Bonds 2006 (US $)
253
–
217
7.125%
      Bonds 2010 (US $)
1
      467
–
1
      274
7.000%
      Bonds 2017 (US $)
120
–
105
7.250%
      Bonds 2026 (US $)
239
–
208
6.625%
      Bonds 2028 (US $)
185
–
162
5.900%
      Bonds 2032 (US $)
829
–
725
5.000%
      Bonds 2045 (Swiss francs)
(c)
–
–
130
5.600%
      Bonds 2097 (US $)
(d)
77
–
67
Commercial
      paper (US $)
–
–
521
Other
12
–
26
India
9.000%
      Debenture loan 2005 (Indian rupee)
–
–
108
Japan
Floating
      rate note 2006 (Japanese yen)
151
–
150
Thailand
3.300%
      Bonds 2007 (Thai baht)
134
–
122
South
      Africa
10.200%
      Bonds 2008 (South African rand)
–
137
130
Commercial
      paper (South African rand)
120
–
156
Other
      countries
223
–
205
Total
      other group companies
3
      810
137
5
      403
Total
      bonds and other loans
8
      609
2
      210
10
      465
(b)
As required
      by fair value hedge accounting, the fair value of the bonds and other loans
      is based on their amortised cost adjusted for the market value of the related
      derivative.
(c)
Repaid
      in March 2005.
(d)
Amount
      for 2004 has been adjusted to include the discount.
Reclassifications
During
  2005 Unilever discontinued fair value hedge accounting for €500 million
  of the 4.250% Bonds 2007. On the date the hedge accounting discontinued, the
  fair value became the new value at amortised cost.
Unilever
Annual
      Report and Accounts 2005
107
Back to Contents
Notes to
  the consolidated accounts
Unilever
  Group
18 Borrowings
(continued)
€
      million
€
      million
Issued,
Number
Nominal
Number
called
      up
of
      shares
value
of
      shares
and
      fully
Preference
      shares NV as at 31 December 2005
(e)
authorised
Authorised
per
      share
issued
paid
7%
      Cumulative Preference
75
      000
34
€453.78
29
      000
13
6%
      Cumulative Preference
200
      000
91
€453.78
161
      060
73
4%
      Cumulative Preference
750
      000
34
€45.38
750
      000
34
Share
      premium
4
159
124
(e)
From
      1 January 2005, Unilever has adopted IAS 32 'Financial Instruments:
      Disclosure and Presentation' which requires preference shares that
      provide for a fixed preference dividend to be classified as borrowings.
      In accordance with the transition rules for IAS 32, amounts for 2004 have
      not been restated.
The
  7%, 6% and 4% preference shares of NV are entitled to dividends at the rates
  indicated. The 4% cumulative preference capital of NV is redeemable at par at
  the company's option either wholly or in part. The other classes of preferential
  share capital of NV are not redeemable.
€
      million
€
      million
Borrowings
      – additional details
2005
2004
The
      repayments fall due as follows
Within
      one year:
Bank
      loans and overdrafts
786
823
Bonds
      and other loans
5
      156
4
      332
Total
      due within one year
5
      942
5
      155
After
      one year but within two years
2
      049
1
      917
After
      two years but within three years
180
1
      891
After
      three years but within four years
391
177
After
      four years but within five years
1
      493
351
After
      five years
2
      344
2
      557
Total
      due after more than one year
6
      457
6
      893
Secured
      borrowings
8
136
Of
      which secured against property, plant and equipment
–
108
108
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
18 Borrowings
(continued)
Undrawn
    committed facilities
Unilever
    had the following undrawn committed facilities at 31 December 2005:
•
revolving
        364-day bilateral credit facilities of in aggregate US $3 958 million
    (2004: US $3 603 million) with a 364-day term out;
•
revolving
        five-year bilateral credit facilities of in aggregate US $334 million
    (2004: US $334 million);
•
revolving
          364-day notes commitments of US $200 million (2004: US $200
    million) with the ability to issue notes with a maturity up to
364 days; and
•
364-day
          bilateral money market commitments of in aggregate US $1 725 million
          (2004: US $2 080 million), under which the underwriting
banks agree, subject to certain
    conditions, to subscribe for notes with maturities of up to three years.
The facilities that matured in December 2005 have been renewed until November
2006 and December 2006.
Interest rate
The average
interest rate on short-term borrowings in 2005 was 3.0% (2004: 3.1%).
Interest rate profile and currency analysis of financial liabilities
The interest
rate profiles of the Group's financial liabilities analysed by principal
currency are set out in the table below:
€ million
€ million
€ million
Fixed
Fixed
Fixed
Floating
Floating
rate
rate
rate
rate
rate
Total
Weighted
Weighted
average
average
Interest
interest
fixing
rate for
rate
period
2006
Liabilities – 2005
Euro
(f)
1 402
3.5%
6.3 years
1 066
2.8%
2 468
Sterling
192
5.4%
0.5 years
(153
)
4.6%
39
US dollar
4 112
6.6%
12.1 years
2 262
4.8%
6 374
Japanese yen
2
4.0%
1.5 years
436
0.1%
438
Thai baht
161
3.2%
1.9 years
96
5.2%
257
Other
127
13.5%
4.8 years
2 913
4.6%
3 040
Total
5 996
6 620
12 616
(g)
Liabilities – 2004
Euro
214
4.4%
0.8 years
2 219
2 433
Sterling
79
5.4%
1.9 years
130
209
US dollar
5 690
6.6%
8.3 years
3 725
9 415
Japanese yen
–
452
452
Thai baht
153
3.2%
2.7 years
123
276
Other
434
9.8%
1.6 years
3 099
3 533
6 570
9 748
16 318
Foreign currency leg of currency derivatives relating to intra-group loans
(h)
(4 052
)
Total
12 266
(g)
(f)
Euro borrowings include €124 million preference shares that provide for a fixed preference dividend.
(g)
Includes finance lease creditors amounting to €217 million (2004: €218 million).
(h)
Includes the foreign currency leg of the currency derivatives relating to our intra-group loans, amounting to €4 052 million for 2004. These derivatives create an interest rate
exposure (mainly US dollar). However, to reconcile the liability with the balance sheet, the total value is eliminated again. The other leg of the currency derivatives is shown in note 17 as an asset.
Unilever
Annual
          Report and Accounts 2005
109
Back to Contents
Notes to the consolidated accounts
Unilever Group
19   Financial
      instruments
The Group has comprehensive policies in place, approved by the Boards, covering the use of derivative financial instruments. These instruments are used for hedging purposes. Established
controls are in place covering all financial instruments. These include policies, guidelines, exposure limits, a system of authorities and independent reporting. Performance is closely monitored with independent reviews undertaken by internal audit.
Hedge accounting principles are described in note 1 on pages 83 and 84. The use of leveraged instruments is not permitted. Details of the instruments used for interest rate and foreign exchange exposure management, together with information on
related exposures, are given below.
Unilever's interest rate management policy is described in note 2 on pages
86 and 87. The Group's exposure to interest rates is mainly fixed by fixed
rate long-term debt issues and straightforward derivative financial instruments,
such as interest rate swaps. In general, cash is invested short-term at floating
interest rates.
At the end of 2005, interest rates were fixed on approximately 61% of the projected
net of cash and borrowing positions for 2006 and 49% for 2007 (compared with
54% for 2005 and 36% for
2006 at the end of 2004).
From 1 January 2005,
Unilever has adopted IAS 39 'Financial Instruments: Recognition and Measurement' which
requires the recognition of derivative financial instruments on the balance sheet
at fair value. The derivative financial instruments as recognised in the balance
sheet under trade and other receivables and trade payables and other liabilities
are shown in the tables below. The amounts shown in the tables as
at
31
December 2004 are the fair values of the underlying derivatives at that date.
No restatements have been made to the income statement and balance sheet for
the year ended 31 December
2004.
The separate amounts shown as assets and liabilities are not indicative of the
amount of credit risk to which the Group is exposed as we have netting agreements
in place with our principal banks. In case of a default, Unilever is allowed
to net the assets and liabilities. There was no significant concentration of
credit risk with any single counterparty. For details of our policy for managing
credit risk see note 2 on page
86.
In the assessment of hedge effectiveness the credit risk element on the underlying
has been excluded. Hedge ineffectiveness is immaterial, nothing has been booked
to the income
statement.
In the 2004 comparatives, prior to the adoption of IAS 39, derivative financial
instruments were accounted for on the following basis. Changes in the value of
forward foreign exchange contracts were recognised in results in the same period
as changes in the values of the assets and liabilities they were intended to
hedge. Interest payments and receipts arising from interest rate derivatives
such as swaps and forward rate agreements were matched to those arising from
underlying debt and investment positions. Payments made or received in respect
of the early termination of derivative financial instruments were spread over
the original life of the instrument, so long as the underlying exposure continued
to exist. Further information about our prior year reporting of financial instruments
is given at the end of this note.
€ million
€ million
€ million
€ million
Assets
Assets
Liabilities
Liabilities
Fair values of derivatives used as cash flow hedges
2005
2004
2005
2004
Current
Foreign exchange derivatives
2
2
6
12
Non-current
Interest rate derivatives
3
–
–
–
5
2
6
12
The net fair value gains and losses relating to the above derivatives are €(1) million (2004: €(10) million). For those derivatives for which cash flow hedge accounting
has been applied, the unrealised changes in fair values are included in reserves. If the cash flow hedge of a firm commitment or forecasted transaction subsequently results in the recognition of an asset or a liability, then, at the time the asset
or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedged items that do not result in the recognition of
an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period in which the hedged item affects net profit or loss. See note 1 on page 84.
€ million
€ million
€ million
€ million
Assets
Assets
Liabilities
Liabilities
Fair values of derivatives used as fair value hedges
2005
2004
2005
2004
Current
Interest rate derivatives
38
16
–
–
Cross currency swaps
–
1
–
9
Foreign exchange derivatives
2
4
7
3
40
21
7
12
Non-current
Interest rate derivatives
17
48
2
–
Cross currency swaps
–
416
–
–
Foreign exchange derivatives
–
2
–
–
17
466
2
–
57
487
9
12
Of the fair values disclosed above, the fair value of borrowing-related derivatives at 31 December 2005 amounted to €46 million (2004: €474 million).
110
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever
Group
19   Financial
instruments
(continued)
€ million
€ million
€ million
€ million
Assets
Assets
Liabilities
Liabilities
Fair values of hedges of net investments in foreign entities
2005
2004
2005
2004
Current
Foreign exchange derivatives
250
12
1
16
The fair value of borrowing-related derivatives included above at 31 December 2005 amounted to €249 million (2004: €(4) million). The impact of exchange rate movements on
the fair value of forward exchange contracts used to hedge net investments is recognised in reserves.
€ million
€ million
€ million
€ million
Assets
Assets
Liabilities
Liabilities
Fair values of natural hedges
2005
2004
2005
2004
Current
Interest rate derivatives
7
52
2
–
Cross currency swaps
253
1
4
Foreign exchange derivatives
11
121
282
51
271
173
285
55
Non-current
Interest rate derivatives
–
20
4
10
Cross currency swaps
–
–
27
12
–
20
31
22
271
193
316
77
Of the fair
    values disclosed above, the fair value of borrowing-related derivatives at
    31 December 2005 amounted to €(45) million
(2004: €116
million).
€ million
€ million
€ million
€ million
Assets
Assets
Liabilities
Liabilities
Fair values of other derivatives held
2005
2004
2005
2004
Current
Interest rate derivatives
–
–
–
5
Forward purchase contract own shares
–
–
7
–
–
–
7
5
Non-current
Forward purchase contract own shares
–
–
–
14
–
–
7
19
Additional information
The fair values
of forward foreign exchange contracts represent the unrealised gain or loss on
revaluation of the contracts at the year-end forward exchange rates. The fair
values of interest rate derivatives are based on the net present value of the
anticipated future cash flows.
Embedded derivatives
In accordance
with IAS 39, 'Financial instruments: Recognition and Measurement', Unilever has
reviewed all contracts for embedded derivatives that are required to be separately
accounted for if they do not meet specific requirements set out in the standard.
Unilever
Annual
          Report and Accounts 2005
111
Back to Contents
Notes to the consolidated accounts
Unilever Group
19 Financial instruments
(continued)
Fair values of financial assets and financial liabilities
The
following table summarises the fair values and carrying amounts of the various
classes of financial assets and financial liabilities. All trade and other receivables
and trade payables and other liabilities (other than finance lease creditors)
and provisions have been excluded from the analysis below and from the interest
rate and currency profiles in note 17 on page 106 and note 18 on page 109, as
their carrying amounts
are a reasonable approximation of their fair value.
€ million
€ million
€ million
€ million
Fair
Fair
Carrying
Carrying
value
value
amount
amount
2005
2004
2005
2004
Financial
    assets
Non-current investments
720
728
720
698
Cash and cash equivalents
1 529
1 590
1 529
1 590
Other financial assets
335
1 013
335
1 013
Derivatives related to borrowings
250
n/a
250
n/a
2 834
3 331
2 834
3 301
Financial
    liabilities
Bank loans and overdrafts
(1 456
)
(1 583
)
(1 456
)
(1 583
)
Bonds and other loans
(11 255
)
(10 907
)
(10 819
)
(10 465
)
Finance lease creditors
(225
)
(218
)
(217
)
(218
)
Preference shares
(124
)
n/a
(124
)
n/a
(13 060
)
(12 708
)
(12 616
)
(12 266
)
The fair values and the carrying amount of listed investments included in financial assets and preference shares included in financial liabilities are based on their market values. Cash
  and cash equivalents, other financial assets, bank loans and overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The fair values of listed bonds are based on their market value, non-listed bonds
  and other loans are based on the net present value of the anticipated future cash flows associated with these instruments. Fair value for finance lease creditors have been assessed by reference to current market rates for comparable leasing
arrangements.
Collateral
In
November 2001, NV entered into a forward purchase contract with a counterparty
bank to buy
  10 000 000 PLC shares at 559p per share in November 2006. Depending on the
  market value of this forward purchase contract, a cash collateral at a minimum
  of €8 million must be placed with the counterparty bank. At 31 December 2005 €16 million (2004: €24 million) was so deposited. At 31 December 2005 the market value
of the forward purchase contract was €(7) million (2004: €(14) million).
Counterparties have
  deposited securities with a market value of €275 million (2004: €589
  million) as collateral for their obligations in respect of derivative financial
  instruments. Such collateral is not regarded as an asset of Unilever and is
excluded from the balance sheet.
Currency exposures
Unilever's
foreign exchange policies are described in note 2 on page 86. These policies
require
  operating companies to manage trading and financial exposures within prescribed
  limits. At the end of 2005, there was no material exposure from companies holding
assets and liabilities other than in their functional currency.
Commodity contracts
Unilever purchases forward contracts to hedge future requirements for certain raw materials, almost always for physical delivery. Futures contracts may also be used to hedge future
price movements, however the amounts are not material. For further details please refer to page 32.
Additional disclosures relating to 2004
As noted on page 110, 2004 figures in this note are presented under the accounting policies which applied prior to the adoption of IAS 39. The following additional disclosures relate to
the presentation of amounts for 2004.
Nominal values of interest rate derivatives and cross currency swaps are shown in the table below. These nominal values do not reflect the actual level of use of financial instruments
when compared with the nominal value of the underlying debt. This is because certain financial instruments have consecutive strike and maturity dates on the same underlying debt in different time periods. Whilst the nominal amounts
reflect
the volume of activity, they are not indicative of the amount of credit risk
to which the Group is exposed.
€ million
Nominal amounts at
31 December 2004
Interest rate derivatives and cross currency swaps
5 903
112
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Notes to the consolidated accounts
Unilever Group
19 Financial instruments
(continued)
The following table shows the extent to which the Group had unrecognised gains and losses in respect of interest rate instruments at the beginning and the end of the year. It shows the
  movement in the market value of these instruments during the year ended 31 December 2004.
€ million
€ million
€ million
Total net
Unrecognised
    gains and losses
Gains
Losses
gains/(losses)
1 January 2004
189
(61
)
128
Brought forward balance recognised in current year
89
(48
)
41
Brought forward balance not recognised in current year
100
(13
)
87
Current year items not recognised in current year
4
2
6
31 December 2004
104
(11
)
93
Expected to be dealt with in 2005
60
(8
)
52
Expected to be dealt with later
44
(3
)
41
The following table shows the extent to which the Group had recognised but deferred gains and losses in respect of interest rate instruments at the beginning and the end of the year. It
also shows the amount which had been included in the income statement for the year and those gains and losses which were expected to be reflected in the income statement in 2005 or in subsequent years.
€ million
€ million
€ million
Total net
Deferred
    gains and losses
Gains
Losses
gains/(losses)
1 January 2004
–
(20
)
(20
)
Brought forward balance recognised in current year
–
(8
)
(8
)
Brought forward balance not recognised in current year
–
(12
)
(12
)
Current year items not recognised in current year
–
1
1
31 December 2004
–
(11
)
(11
)
To be recognised in the income statement in 2005
–
(5
)
(5
)
To be recognised in the income statement later
–
(6
)
(6
)
Under the Group's foreign exchange policy, operating and financing transaction exposures, which usually have a maturity of less than one year, were generally hedged; this was
primarily achieved through the use of forward foreign exchange contracts. The market value of these instruments at the end of 2004 represented a recognised unrealised gain of €440 million which was largely offset by recognised unrealised
losses on the underlying assets and liabilities.
€ million
Nominal amounts at 31 December 2004
Foreign exchange contracts – buy
3 329
– sell
9 171
Total
12 500
At
      the end of 2004, some 82% of Unilever's total equity were denominated
    in the currencies of the two parent companies, euros and pounds sterling.
20 Trade payables and other liabilities
€ million
€ million
Trade
    and other payables
2005
2004
Due
    within one year
Trade payables
3
    988
3 729
Accruals and deferred income
2
    858
2 539
Social security and sundry taxes
410
265
Finance lease creditors
64
55
Others
908
926
8
    228
7 514
Due
    after more than one year
Accruals and deferred income
153
132
Finance lease creditors
153
163
Others
83
144
389
439
Total trade and other payables
8
    617
7 953
There
      are no creditors due after more than five years other than finance lease
    creditors described in note 27 on page 127.
Unilever
Annual
          Report and Accounts 2005
113
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
21 Restructuring and other provisions
Provisions are recognised when either a legal or constructive obligation, as a result of a past event, exists at the balance sheet date and where the amount of the obligation can be
reasonably estimated.
€ million
€ million
Restructuring
    and other provisions
2005
2004
Due
    within one year
Restructuring provisions
391
660
Other provisions
253
139
644
799
Due
    after one year
Restructuring provisions
63
50
Net liability of associate
37
16
Other provisions
632
499
732
565
Total restructuring and other provisions
1
    376
1 364
€ million
€ million
€ million
€ million
Restructuring
Net
    liability
Other
Movements
    during 2005
provisions
of
    associate
provisions
Total
31 December 2004
710
16
638
1 364
Disposal of group companies
(6
)
–
–
(6
)
Income statement:
New charges
304
–
245
549
Releases
(82
)
–
(67
)
(149
)
Change in liability during year
–
18
–
18
Utilisation
(506
)
–
(44
)
(550
)
Reclassification as held for sale
(2
)
–
–
(2
)
Currency retranslation
36
3
113
152
31 December 2005
454
37
885
1 376
Restructuring provisions primarily relate to early retirement and redundancy costs.
Other provisions include provisions for sales tax and other indirect taxes in Brazil, environmental provisions in the United States, and various other legal, environmental and other
exposures.
22 Pensions
and similar obligations
Description of plans
In many countries the Group operates defined benefit pension plans based on employee pensionable remuneration and length of service. The majority of these plans are externally funded.
The Group also provides other post-employment benefits, mainly post-employment medical plans in the United States. These plans are predominantly unfunded. The Group also operates a number of defined contribution plans, the assets of which are held
in external funds.
Accounting policies
Operating and financing costs of defined benefit plans are recognised separately in the income statement; service costs are systematically spread over the service lives of employees,
and financing costs are recognised in the periods in which they arise. Variations from expected costs, arising from the experience of the plans or changes in actuarial assumptions, are recognised immediately in the statement of recognised income and
expense. The costs of individual events such as past service benefit enhancements, settlements and curtailments are recognised immediately in the income statement. The liabilities and, where applicable, the assets of defined benefit plans are
recognised at fair value in the balance sheet. The fair value of plan liabilities includes allowance for expected increases in retirement pensions where these are either required by law or by the plan rules, or where such increases are regularly
awarded. The charges to the income statement for defined contribution plans are the company contributions payable and the assets of such plans are not included in the Group balance sheet.
All defined benefit plans are subject to regular actuarial review using the projected unit method, either by external consultants or by actuaries employed by Unilever. Group policy is
that the most important plans, representing over 75% of the defined benefit liabilities, are formally valued every year; other principal plans, accounting for approximately a further 15% of 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 all plans are updated every year.
Healthcare
In
December 2003 the Medicare Prescription Drug, Improvement and Modernisation Act
became law in the US. Under the provisions of this Act, the Group's US healthcare benefit plans
are able to benefit from a subsidy towards the cost of prescription drugs. Following a review of our healthcare plans in 2004, we determined that the benefits of this legislation were immediately available to all except one of our plans without any
amendment to those plans. During 2005 it has been established that the remaining plan also benefits. As a consequence, a reduction in liability of €52 million was recognised in the statement of recognised income and expense in 2004 and a
further €13 million in 2005. The impact on the ongoing service cost is a
reduction by an immaterial amount.
114
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
22 Pensions and similar obligations
(continued)
IAS 19 Disclosures
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 obligations 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 pension plans (covering
approximately 90% of pension liabilities – the 'principal pension plans')
and plans providing other post-employment benefits, and in addition the expected
long-term rates of return on assets, weighted by asset value.
31
          December 2005
31
        December 2004
31
        December 2003
Principal
Other
Principal
Other
Principal
Other
defined
post-
defined
post-
defined
post-
benefit
employment
benefit
employment
benefit
employment
pension
benefit
pension
benefit
pension
benefit
plans
plans
plans
plans
plans
plans
Discount
        rate
4.6%
5.5
%
5.0%
5.7%
5.5%
6.1%
Inflation
2.4%
n/a
2.4%
n/a
2.4%
n/a
Rate
        of increase in salaries
3.5%
4.0%
3.6%
4.5%
3.7%
4.5%
Rate
        of increase for pensions in payment
2.1%
n/a
2.2%
n/a
2.2%
n/a
Rate
        of increase for pensions in deferment (where provided)
2.5%
n/a
2.6%
n/a
2.6%
n/a
Long-term
        medical cost inflation
n/a
4.8%
n/a
4.8%
n/a
4.9%
Expected
        long-term rates of return:
Equities
7.4%
7.9%
8.4%
Bonds
4.2%
4.5%
5.0%
Property
5.8%
6.3%
6.8%
Others
6.1
%
6.1%
5.5%
Weighted
        average asset return
6.4
%
6.8%
7.2%
The valuations of other post-employment benefit plans generally assume a higher initial level of medical cost inflation, which falls from 10.4% to the long-term rate within the next
five years. Assumed healthcare cost trend rates have a significant effect on the amounts reported for healthcare plans. A one percentage point change in assumed healthcare cost trend rates would have the following effect:
€ million
€ million
1% point
1% point
increase
decrease
Effect on total of service and interest cost components
7
(6
)
Effect on total benefit obligation
78
(69
)
The expected rate of return on plan assets was determined, based on actuarial advice, by a process that takes the long-term rates of return on government bonds available at the balance
sheet date and applies to these rates suitable risk premiums that take account of historic market returns and current market long-term expectations for each asset class.
Demographic assumptions, such as mortality rates, are set having regard to the latest trends in life expectancy, plan experience and other relevant data. The assumptions are reviewed
and updated as necessary as part of the periodic actuarial valuation of the pension plans.
For the most important pension plans, representing over 75% of all defined benefit plans by liabilities, the assumptions used at 31 December 2005, 2004 and 2003 were:
United
            Kingdom
Netherlands
Other Assumptions
2005
2004
2003
2005
2004
2003
Discount rate
4.7%
5.3
%
5.4%
4.0%
4.5
%
5.2
%
Inflation
2.7%
2.8
%
2.7%
1.8%
1.8
%
1.8
%
Rate of increase in salaries
4.2%
4.3
%
4.2%
2.3%
2.3
%
2.5
%
Rate of increase for pensions in payment
2.7%
2.9
%
2.8%
1.8%
1.8
%
1.8
%
Rate of increase for pensions in deferment (where provided)
2.7%
2.9
%
2.8%
1.8%
1.8
%
1.8
%
Expected long-term rates of return:
Equities
7.6%
8.0
%
8.3%
7.0%
7.6
%
8.3
%
Bonds
4.5%
5.0
%
5.3%
3.7%
4.1
%
4.7
%
Property
6.1%
6.5
%
6.8%
5.5%
6.1
%
6.8
%
Others
6.7%
7.2
%
4.3%
3.7%
3.5
%
3.2
%
Weighted average asset return
6.9%
7.3
%
7.6%
6.0%
6.6
%
7.3
%
Unilever
Annual
          Report and Accounts 2005
115
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Notes to the consolidated accounts
Unilever Group
22
        Pensions and similar
obligations
(continued)
United
            States
Germany
2005
2004
2003
2005
2004
2003
Discount rate
5.5%
5.7
%
6.1%
4.0%
4.5
%
5.2
%
Inflation
2.4%
2.5
%
2.5
%
1.8%
1.8
%
1.8
%
Rate of increase in salaries
4.0%
4.5
%
4.5%
2.5%
2.5
%
2.5
%
Rate of increase for pensions in payment
0.0%
0.0
%
0.0
%
1.8%
1.8
%
1.8
%
Rate of increase for pensions in deferment (where provided)
0.0%
0.0
%
0.0
%
0.0%
0.0
%
0.0
%
Expected long-term rates of return:
Equities
8.0%
8.4
%
8.6
%
7.0%
7.6
%
8.3
%
Bonds
4.8%
4.7
%
4.7
%
3.7%
4.1
%
4.7
%
Property
6.5%
6.9
%
n/a
5.5%
6.1
%
6.8
%
Others
4.2%
2.1
%
n/a
3.7%
3.7
%
3.7
%
Weighted average asset return
7.0%
7.3
%
7.4
%
5.3%
5.7
%
6.1
%
Mortality assumptions for these countries are based on the following post-retirement mortality tables: (i) United Kingdom: PMA 92 and PFA 92 with short cohort adjustment and scaling
  factor of 125% applied, projected to 2015 for current pensioners and to 2025 for future pensioners; (ii) the Netherlands: GBMV (1995-2000); (iii) United States: RP2000 with a projection period of 10-15 years; and (iv) Germany: Heubeck 1998
(Periodentafel) with a scaling factor of 85%.
Assumptions for the remaining defined benefit plans vary considerably, depending on the economic conditions of the country where they are situated.
Balance Sheet
The assets, liabilities and surplus/(deficit) position of the pension and other post-employment benefit plans and the expected rates of return on the plan assets at the balance sheet
date were:
€ million
€ million
%
€ million
€ million
%
31
          December 2005
31
        December 2004
Pension
plans
Other
          post-
employment
benefit
plans
Long-term
rates
    of
return
expected
Pension
plans
Other
        post-
employment
benefit
plans
Long-term
rates
    of
return
expected
Assets of principal plans:
Equities
9 670
–
7.4%
8 050
–
7.9
%
Bonds
3 854
–
4.2%
3 154
–
4.5
%
Property
1 326
–
5.8%
1 229
–
6.3
%
Other
752
–
6.1%
684
–
6.1
%
Assets of other plans
387
17
6.9%
288
14
7.2
%
15 989
17
13 405
14
Present value of liabilities
Principal plans
(19 081
)
–
(16 528
)
–
Other plans
(1 059
)
(1 306
)
(1 070
)
(1 175
)
(20 140
)
(1 306
)
(17 598
)
(1 175
)
Aggregate net deficit of the plans
(4 151
)
(1 289
)
(4 193
)
(1 161
)
Irrecoverable surplus
(a)
(141
)
–
(100
)
–
Pension liability net of assets
(4 292
)
(1 289
)
(4 293
)
(1 161
)
Of which in respect of
Funded plans in surplus:
Liabilities
(4 728
)
–
(4 176
)
–
Assets
5 905
–
4 901
–
Aggregate surplus
1 177
–
725
–
Irrecoverable surplus
(a)
(141
)
–
(100
)
–
Pension asset net of liabilities
1 036
–
625
–
Funded plans in deficit:
Liabilities
(12 444
)
(72
)
(10 795
)
(62
)
Assets
10 084
17
8 504
14
Pension liability net of assets
(2 360
)
(55
)
(2 291
)
(48
)
Unfunded plans:
Pension liability
(2 968
)
(1 234
)
(2 627
)
(1 113
)
(a)
The surplus in the plans is only recoverable to the extent that the Group
    can benefit from either refunds formally agreed or future contribution reductions.
116
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
22 Pensions and similar obligations
(continued)
The constituents of
  the 'Principal plans' have been extended during 2005, such that some plans have been moved from 'Other plans' into 'Principal
plans'.
Equity securities
  include Unilever securities amounting to €34 million (0.2% of total plan assets) and €24 million (0.2% of total plan assets) at 31 December 2005 and 2004
  respectively. Property includes property occupied by Unilever amounting to €73 million and €67
million at 31 December 2005 and 2004 respectively.
The pension assets
  above exclude the assets in a Special Benefits Trust amounting to €197 million (2004: €174
  million) to fund pension and similar obligations in the US (see also note 13
on page 103).
Income
statement
The
charge to the income statement comprises:
€ million
€ million
2005
2004
Charged to operating profit:
Defined benefit pension and other benefit plans
Current service cost
(367
)
(344
)
Employee contributions
19
32
Special termination benefits
(79
)
(135
)
Past service cost
(13
)
(13
)
Settlements/curtailments
95
62
Defined contribution plans
(63
)
(65
)
Total operating cost
(408
)
(463
)
Charged to other finance income/(cost):
Interest on retirement benefits
(986
)
(976
)
Expected return on assets
931
918
Total other finance income/(cost)
(55
)
(58
)
Net impact on the income statement (before tax)
(463
)
(521
)
Cash flow
Group
cash flow in respect of pensions and similar benefits comprises company contributions
paid
  to funded plans and benefits paid by the company in respect of unfunded plans.
  In 2005, the benefits paid in respect of unfunded plans amounted to €328 million (2004: €324 million). Company contributions to funded defined benefit plans are subject to periodic review. In 2005, contributions to funded defined benefit plans
  amounted to €508 million (2004: €462 million). Contributions to defined contribution plans including 401k plans amounted to €63 million (2004: €65 million). In 2005, a €15 million (2004: € nil) refund of
  assets was received out of unrecognised surplus from Finland. Total contributions to funded plans and benefit payments by the Group in respect of unfunded plans are currently expected to be about €930 million in 2006 (2005: €898
million).
Statement of recognised income and expense
Amounts recognised in the statement of recognised income and expense:
€ million
€ million
2005
2004
Actual return less expected return on pension and other benefit plan assets
1 592
369
Experience gains/(losses) arising on pension plan and other benefit plan
    liabilities
27
(47
)
Changes in assumptions underlying the present value of the pension and other
    benefit plan liabilities
(1 706
)
(1 047
)
Actuarial gain/(loss)
(87
)
(725
)
Change in unrecognised surplus
(41
)
2
Refund of unrecognised assets
15
–
Net actuarial gain/(loss) recognised in statement of recognised income and
    expense (before tax)
(113
)
(723
)
Unilever
Annual
          Report and Accounts 2005
117
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Notes to the consolidated accounts
Unilever Group
22   Pensions
and similar obligations
(continued)
Reconciliation
of change in assets and liabilities
Movements
in assets and liabilities during the year:
€ million
€ million
€ million
€ million
Assets
Assets
Liabilities
Liabilities
2005
2004
2005
2004
1 January
13 419
12 819
(18 773
)
(17 880
)
Acquisitions/disposals
(3
)
–
18
(6
)
Current service cost
–
–
(367
)
(344
)
Employee contributions
19
32
–
–
Special termination benefits
–
–
(79
)
(135
)
Past service costs
–
–
(13
)
(13
)
Settlements/curtailments
(10
)
(23
)
105
85
Other finance income
931
918
–
–
Other finance cost
–
–
(986
)
(976
)
Actuarial gain/(loss)
1 592
369
(1 679
)
(1 094
)
Employer contributions
836
786
–
–
Benefit payments
(1 247
)
(1 223
)
1 247
1 223
Reclassification of benefits
(b)
39
(166
)
(140
)
166
Currency retranslation
430
(93
)
(779
)
201
31 December
16 006
13 419
(21 446
)
(18 773
)
(b)
During 2004 some plans changed from defined benefit to defined contribution. During 2005 certain obligations were reclassified as employee benefit obligations.
History of
experience gains and losses
2005
2004
Actual return less expected return on plan assets (€ million)
1 592
369
As % of plan assets at beginning of year (%)
12
3
Experience gains/(losses) on plan liabilities (€ million)
27
(47
)
As % of present value of plan liabilities at beginning of year (%)
–
–
Changes
    in actuarial assumptions underlying the present value of the
pension
    benefit and other benefit plan liabilities (€ million)
(1
        706
)
(1
      047
)
As % of present value of plan liabilities at beginning of year (%)
(9
)
(6
)
Total actuarial gain/(loss) (€ million)
(87
)
(725
)
As % of present value of plan liabilities at beginning of year (%)
–
(4
)
US GAAP disclosures
Under
US GAAP, the actuarial assumptions used to calculate the benefit obligations
are set by reference to market conditions at the balance sheet date, in a manner
similar to that used under IAS 19. The accounting methodology however is not
the same as under IAS 19, since under US GAAP all costs are recognised in operating
profit and certain cost items are amortised in the income statement rather than
recognised
immediately.
The disclosures below show the benefit obligations, assets, funded status and
balance sheet impact, as well as the periodic expense, cash flows and related
economic assumptions associated with the defined benefit pension plans and other
post-employment benefit plans as computed in accordance with FAS 87 and FAS 106.
Measurement dates
All
plan assets are valued at fair value at the balance sheet date. Liabilities in
respect of the most important pension plans, comprising approximately 75% of
the pension liabilities, are subject to actuarial valuations every year. The
valuations use membership data for the current year with the liability projected
forward to the balance sheet date. Valuations of all other plans are carried
out every three years and in the case of the other principal pension plans, comprising
approximately a further 15% of the liabilities, the valuations are updated each
year.
118
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
22   Pensions
and similar obligations
(continued)
Benefit obligations
The
table below shows changes in benefit obligations during 2005 and 2004:
€ million
€ million
€ million
€ million
Other post-
Other post-
Pension
Pension
employment
employment
plans
plans
benefit plans
benefit plans
Change in benefit obligations
2005
2004
2005
2004
1 January
17 512
16 718
1 175
1 049
Extension of coverage
–
–
–
29
Service cost
321
293
28
24
Interest cost
915
909
68
64
Plan member contributions
19
32
–
–
Amendments
13
5
(56
)
(3
)
Actuarial (gains)/losses
1 665
922
12
179
Acquisitions/(disposals)
(22
)
–
(3
)
–
Settlements/curtailments
(40
)
(65
)
(4
)
1
Special termination benefits
79
134
1
1
Benefits paid
(1 160
)
(1 126
)
(84
)
(89
)
Reclassification of benefits
(b)
18
(166
)
10
–
Currency retranslation
607
(144
)
159
(80
)
31 December
19 927
17 512
1 306
1 175
(b)
During 2004, some plans changed from defined benefit to defined contribution. During 2005, certain obligations were reclassified as employee benefit obligations.
Assumptions
The weighted
assumptions used to value the benefit obligations in respect of the principal
plans are:
%
%
%
%
Other post-
Other
            post-
Pension
Pension
employment
employment
Weighted average assumptions used to determine benefit obligations
plans
plans
benefit plans
benefit
            plans
for the principal plans at 31 December
2005
2004
2005
2004
Discount rate
4.6
5.1
5.5
5.7
Salary increases
3.5
3.6
4.0
4.5
Pension increases
2.1
2.2
n/a
n/a
Assumptions for the remaining defined benefits plans vary considerably, depending on the economic conditions of the country where they are situated.
Post-employment
healthcare benefits
Additional
assumptions in respect of healthcare benefits are:
Weighted average healthcare trend rates at 31 December
2005
2004
Healthcare cost trend rate assumed for next year
10.4
%
11.2%
Rate to which the cost trend rate gradually declines
4.8
%
4.8%
Year that the assumed long-term rate is reached
2012
2011
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend rates
would have the following effect:
€ million
€ million
1% point
1% point
increase
decrease
Effect on post-employment benefit obligation
78
(69
)
Unilever
Annual
          Report and Accounts 2005
119
Back to Contents
Notes to the consolidated accounts
Unilever Group
22   Pensions
and similar obligations
(continued)
Plan assets
The table
below shows the changes in the fair value of plan assets during 2005 and 2004:
€ million
€ million
€ million
€ million
Other post-
Other post-
Pension
Pension
employment
employment
plans
plans
benefit plans
benefit plans
Change in the fair value of plan assets during the year
2005
2004
2005
2004
1 January
13 441
12 850
14
3
Actual return on plan assets
2 483
1 275
3
9
Acquisitions/(disposals)
(3
)
–
–
–
Settlements
(10
)
(23
)
–
–
Employer contributions/surplus refunds
751
693
82
88
Plan member contributions
19
32
–
–
Benefits paid from plan assets
(1 160
)
(1 126
)
(84
)
(89
)
Reclassification of benefits
(b)
39
(166
)
–
–
Currency retranslations
429
(94
)
2
3
31 December
15 989
13 441
17
14
(b)
During 2004, some plans changed from defined benefit to defined contribution. During 2005, certain obligations were reclassified as employee benefit obligations.
Asset allocation
The
asset allocation for the Group's principal pension plans at 31 December
2004 and 2005, target allocation for 2006, and expected long-term rates of return
by asset category are
as follows:
Long-term
Target
Percentage
Percentage
expected
percentage
of plan
of plan
return on
allocation
assets at
assets at
plan assets at
for
31 December
31 December
31 December
Long-term asset category
2006
2005
2004
2005
Equity securities
62
61
63
7.4
%
Debt securities
26
25
24
4.2
%
Property
9
9
9
5.8
%
Other
3
5
4
6.1
%
100
100
100
6.4
%
Equity securities
  include Unilever securities amounting to €34 million (0.2% of total plan assets) and €24
million (0.2% of total plan assets) at 31 December 2005 and 2004 respectively.
Investment strategy
The
Group's investment strategy in respect of its funded pension 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 company of the benefits provided. To achieve this, investments
are well diversified, such that the failure of any single investment would not
have a material impact on the overall level of assets. The plans invest the largest
proportion of the assets in equities which the Group believes offer the best
returns over the long term commensurate with an acceptable level of risk. The
Group also keeps a proportion of assets invested in property, bonds and cash.
Most assets are managed by a number of external fund managers with a small proportion
managed in-house. Unilever has recently launched a pooled investment vehicle
(Univest) which it believes will offer its pension plans around the world a simplified
investment solution to implement their strategic asset allocation models initially
for equities. The aim is to provide a high quality, well diversified risk-controlled
solution.
120
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        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
22 Pensions and similar obligations
(continued)
Funded
      status
The
funded status of the plans, reconciled to the amount reported in the statement
of financial position is as follows:
€ million
€ million
€ million
€ million
Other post-
Other post-
Pension
Pension
employment
employment
plans
plans
benefit plans
benefit plans
2005
2004
2005
2004
Fair value of plan assets
15 989
13 441
17
14
Benefit obligations
(19 927
)
(17 512
)
(1 306
)
(1 175
)
Funded status at 31 December
(3 938
)
(4 071
)
(1 289
)
(1 161
)
Unrecognised net transition liability/(asset)
(46
)
(82
)
–
–
Unrecognised net actuarial loss/(gain)
3 008
2 966
319
290
Unrecognised prior service cost
91
118
(59
)
(2
)
Other (FAS 112 liabilities)
n/a
n/a
–
–
Net amount recognised at 31 December
(885
)
(1 069
)
(1 029
)
(873
)
Amount recognised in the statement of financial position consists of:
Prepaid benefit cost
1 603
1 333
3
–
Accrued benefit liability
(2 488
)
(2 402
)
(1 032
)
(873
)
Additional minimum liability
(2 442
)
(2 208
)
–
–
Intangible asset
52
99
–
–
Accumulated other comprehensive income
2 390
2 109
–
–
Net amount recognised at 31 December
(885
)
(1 069
)
(1 029
)
(873
)
The projected benefit obligation (PBO), accumulated benefit obligation (ABO), and fair value of plan assets, in total and for plans where the projected benefit obligation or accumulated
benefit obligation is in excess of plan assets is as follows:
€ million
€ million
€ million
€ million
€ million
€ million
Plans
    where
Plans where
Plans
    where
Plans where
Pension
Pension
PBO
    exceeds
PBO exceeds
ABO
    exceeds
ABO exceeds
plans
plans
plan
    assets
plan assets
plan
    assets
plan assets
2005
2004
2005
2004
2005
2004
As
    at 31 December
Projected benefit obligations
19 927
17 512
15 175
13 330
14 749
12 767
Accumulated benefit obligations
18 687
16 343
14 290
12 459
13 849
11 930
Fair value of plan assets
15 989
13 441
10 067
8 532
9 659
7 987
Net periodic
cost
€ million
€ million
€ million
€ million
Other post-
Other post-
Pension
Pension
employment
employment
plans
plans
benefit plans
benefit plans
Components
    of net periodic benefit cost
2005
2004
2005
2004
Service cost (gross)
339
324
28
24
Interest cost
915
909
68
64
Expected returns on plan assets
(930
)
(917
)
(1
)
–
Employee contributions
(19
)
(32
)
–
–
Amortisation of prior service cost
30
33
(2
)
–
Amortisation of transition (asset)
(35
)
(35
)
–
–
Amortisation of actuarial loss/(gain)
162
163
17
12
Total before FAS 88 events
462
445
110
100
Adjustments for FAS 88 events
81
120
(3
)
6
Net periodic benefit cost
543
565
107
106
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Annual
          Report and Accounts 2005
121
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Notes to the
  consolidated accounts
Unilever Group
22 Pensions and similar obligations
(continued)
Assumptions
The assumptions in respect of principal plans used to determine the periodic
expense in the table above for pensions and other retirement benefits are given
in the table
below:
%
%
%
%
%
%
Other
    post-
Other post-
Other post-
Pension
Pension
Pension
employment
employment
employment
Weighted average assumptions used to determine net cost
plans
plans
plans
benefit
    plans
benefit plans
benefit plans
for
    the principal plans for the years ended 31 December
2005
2004
2003
2005
2004
2003
Discount rate
5.1
5.5
5.7
5.7
6.1
6.5
Expected long-term rate of return on plan assets
6.8
7.2
6.9
n/a
n/a
n/a
Salary increases
3.6
3.7
3.6
4.5
4.5
4.3
Pension increases
2.2
2.2
2.2
n/a
n/a
n/a
Expected rate of return on plan assets
The
expected rate of return on plan assets was determined, based on actuarial advice,
by a process that takes the current long-term rates of return available on government
bonds and applies to these rates suitable risk premiums that take account of
historic market returns and current market expectations.
Post-employment healthcare benefits
Assumed
healthcare cost trend rates have a significant effect on the amounts reported
for the healthcare plans. A one percentage point change in assumed healthcare
cost trend rates
would have the following effects:
€ million
€ million
1% point
1% point
increase
decrease
Effect on total of service and interest cost components
7
(6
)
Expected cash flows
During
2006 Unilever currently expects to make cash contributions of €510 million
to funded defined benefit plans. This includes both mandatory and discretionary
payments. In addition, a further €64 million is expected to be contributed
to defined
contribution plans.
The table below shows the expected benefit payments from defined benefit plans.
  The benefits paid from funded plans include amounts funded by employee contributions.
  The benefits
paid in respect of unfunded plans are made from the Group's cash resources.
€ million
€ million
Pension
    benefits
Other benefits
Expected
    benefit payments
Funded
Unfunded
Unfunded
2006
861
261
97
2007
892
241
101
2008
914
247
105
2009
939
259
107
2010
958
265
110
2011–2015
5 087
1 471
556
122
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the
    consolidated accounts
Unilever Group
23
Equity
From 1 January
  2005, Unilever has adopted IAS 32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and
Measurement'. IAS 32 requires preference shares that provide for a fixed
preference dividend to be classified as borrowings and preference dividends to
be recognised in the income statement as a finance cost. IAS 39 requires unrealised
fair value gains/(losses) on certain financial instruments to be recognised in
equity, when realised, these fair value gains/(losses) are to be recognised in
the income statement. In accordance with the transition rules for first time
adoption of IFRSs,
2004 comparatives have not been restated. The impact of the adoption of IAS 32
and IAS 39 is shown in the following table:
Shareholders' equity
Total equity
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Called up
Share
Total
share
premium
Other
Retained
shareholders'
Minority
Total
Consolidated
    statement of changes in equity
capital
account
reserves
profit
equity
interest
equity
1 January 2004
642
1 530
(2 442
)
7 006
6 736
439
7 175
Total recognised income and expense for the year
–
–
218
2 156
2 374
167
2 541
Preference dividends
–
–
–
(28
)
(28
)
–
(28
)
Final dividends 2003 on ordinary capital
–
–
–
(1 116
)
(1 116
)
–
(1 116
)
Interim dividends 2004 on ordinary capital
–
–
–
(603
)
(603
)
–
(603
)
(Purchase)/sale/reduction of treasury stock
–
–
(331
)
7
(324
)
–
(324
)
Share-based payment credit
(a)
–
–
–
222
222
–
222
Dividends paid to minority shareholders
–
–
–
–
–
(203
)
(203
)
Currency retranslation gains/(losses) net of tax
–
–
–
1
1
(6
)
(5
)
Other movements in equity
–
–
–
2
2
(32
)
(30
)
31 December 2004
642
1 530
(2 555
)
7 647
7 264
365
7 629
Accounting policy change – preference shares
(130
)
(1 372
)
–
–
(1 502
)
–
(1 502
)
Accounting policy change – other financial instruments
–
–
(19
)
407
388
–
388
Equity as restated at 1 January 2005
512
158
(2 574
)
8 054
6 150
365
6 515
Total recognised income and expense for the year
–
–
379
3 825
4 204
249
4 453
Final dividends 2004 on ordinary capital
–
–
–
(1 229
)
(1 229
)
–
(1 229
)
Interim dividends 2005 on ordinary capital
–
–
–
(638
)
(638
)
–
(638
)
Conversion of preference shares
–
–
1 129
(199
)
930
–
930
(Purchase)/sale/reduction of treasury stock
–
–
(1 262
)
–
(1 262
)
–
(1 262
)
Share-based payment credit
(a)
–
–
–
186
186
–
186
Dividends paid to minority shareholders
–
–
–
–
–
(217
)
(217
)
Currency retranslation gains/(losses) net of tax
–
4
–
–
4
9
13
Other movements in equity
–
–
–
16
16
(2
)
14
31 December 2005
512
162
(2 328
)
10 015
8 361
404
8 765
(a)
The share-based payment credit relates to the reversal of the non-cash
      charge recorded against operating profit in respect of the fair value of
      share options and awards granted to
employees.
Unilever
Annual
          Report and Accounts 2005
123
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Notes
  to the consolidated accounts
Unilever Group
24 Called
  up share capital
€
      million
€
      million
Called
      up share capital
2005
2004
Ordinary
      share capital of NV
290
290
Preference
      share capital of NV
(a)
n/a
130
290
420
Ordinary
      share capital of PLC
222
222
512
642
Issued,
Issued,
Number
Nominal
Number
called
      up and
called
      up and
of
      shares
Authorised
Authorised
value
of
      shares
fully
      paid
fully
      paid
Ordinary
      share capital
authorised
2005
2004
per
      share
issued
2005
2004
€ million
€
      million
€
      million
€
      million
NV
      ordinary shares
1
      000 000 000
508
508
€0.51
571
      575 900
290
290
NV
      ordinary shares (shares numbered
1
      to 2 400 – 'Special Shares')
1
1
€453.78
2
      400
1
1
Internal
      holdings eliminated
on
      consolidation (€453.78 shares)
–
–
(1
)
(1
)
509
509
290
290
£ million
£
      million
£
      million
£
      million
PLC
      ordinary shares
9
      726 834 428
136.2
136.2
1.4p
2
      911 458 580
40.8
40.8
PLC
      deferred stock
100
      000
0.1
0.1
£1
      stock
100
      000
0.1
0.1
Internal
      holding eliminated
on
      consolidation (£1 stock)
–
–
(0.1
)
(0.1
)
136.3
136.3
40.8
40.8
Euro
      equivalent in millions (at £1 = €5.445)
222
222
Number
Nominal
Number
Issued,
NV
      preference shares
of
      shares
value
of
      shares
called
      up and
as
      at 31 December 2004
(a)
authorised
Authorised
per
      share
issued
fully
      paid
€
      million
€
      million
7%
      Cumulative Preference
75
      000
34
€453.78
29
      000
13
6%
      Cumulative Preference
200
      000
91
€453.78
161
      060
73
4%
      Cumulative Preference
750
      000
34
€45.38
750
      000
34
5
      euro cents Cumulative Preference
650
      000 000
29
€0.05
211
      473 785
10
188
130
(a)
From
      1 January 2005, Unilever adopted IAS 32 'Financial Instruments: Disclosure
      and Presentation' which requires preference shares that provide for
      a fixed preference dividend to be classified as borrowings. In accordance
      with the transition rules for IAS 32, 2004 comparatives have not been restated.
For NV share capital, the euro amounts shown above and elsewhere in this document are representations in euros on the basis of Article 67c of Book 2 of the Civil Code in the
Netherlands, rounded to two decimal places, of underlying share capital in Dutch guilders, which have not been converted into euros in NV's Articles of Association. Until conversion formally takes place by amendment of the Articles of
Association, the entitlements to dividends and voting rights are based on the euro equivalent of the underlying Dutch guilder according to the official euro exchange rate.
For information on the rights of shareholders of NV and PLC and the operation of the Equalisation Agreement, see Corporate Governance on pages 40 to 43.
On 15 February 2005, after close of trading, NV converted part of the notional value of the €0.05 cumulative preference shares into NV ordinary shares. Upon conversion, the
holders of the preference shares received one NV ordinary share for every 11.2 preference shares held. This resulted in a total of 18 881 587 NV ordinary shares being transferred to the preference shareholders. These NV ordinary shares had
previously been held as treasury shares by NV. As a consequence of the conversion, the notional value of the preference shares was reduced to €0.05. On 10 May 2005 the Annual General Meeting of the shareholders of NV resolved to cancel the
preference shares upon repayment of the notional value in accordance with NV's Articles of Association. The preference shares were cancelled at midnight on 13 July 2005 and were delisted by Euronext Amsterdam with effect from 14 July
2005.
The 7%, 6% and 4% preference shares of NV are entitled to dividends at the rates indicated. The €0.05 preference shares of NV were entitled to a dividend of 65% of the six months
euribor interest rate on their notional value of €6.580 each. A nominal dividend of 0.25% is paid on the deferred stock of PLC. The 4% cumulative preference capital of NV is redeemable at par at the company's option either wholly or in
part. The other classes of preferential share capital of NV and the deferred stock of PLC are not redeemable.
124
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Annual Report and Accounts 2005
Back to Contents
Financial
        Statements
Notes
  to the consolidated accounts
Unilever Group
24 Called
  up share capital
(continued)
Internal
      holdings
The ordinary
  shares numbered 1 to 2 400 (inclusive) in NV and deferred stock of PLC are held
  as to one half of each class by N.V. Elma – a subsidiary of NV – and
  one half by United Holdings Limited – a subsidiary of PLC. This capital
  is eliminated on consolidation. It carries the right to nominate persons for
  election as Directors at general meetings of shareholders. The subsidiaries
  mentioned above have waived their rights to dividends on their ordinary shares
in NV.
Share-based
      compensation
The Group operates
  a number of share-based compensation plans involving options and awards of ordinary
  shares of NV and PLC. Full details of these plans are given in note 31 on pages
132 to 141.
25 Other
  reserves
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
NV
NV
PLC
PLC
Total
Total
2005
2004
2005
2004
2005
2004
Fair
      value reserves
(a)
240
n/a
87
n/a
327
n/a
Cash
      flow hedges
(3
)
n/a
(2
)
n/a
(5
)
n/a
Available-for-sale
      financial assets
–
n/a
–
n/a
–
n/a
Net
      investment hedges
243
n/a
89
n/a
332
n/a
Currency
      retranslation of group companies
305
160
(54
)
58
251
218
Adjustment
      on translation of PLC's ordinary capital
at
      £1 = Fl.12 = €5.445
–
–
(164
)
(164
)
(164
)
(164
)
Capital
      redemption reserve
–
–
16
16
16
16
Book
      value treasury stock
(2
      010
)
(2
      065
)
(748
)
(560
)
(2
      758
)
(2
      625
)
(1
      465
)
(1
      905
)
(863
)
(650
)
(2
      328
)
(2
      555
)
(a)
From
      1 January 2005, Unilever has adopted IAS 32 'Financial Instruments:
      Disclosure and Presentation' and IAS 39 'Financial Instruments:
      Recognition and Measurement' which require unrealised fair value gains/(losses)
      on cash flow hedges, available-for-sale financial assets and net investment
      hedges to be recognised in equity. In accordance with the transition rules
      for IAS 32 and IAS 39, comparative amounts for 2004 have not been restated.
      The year-end balance of the cash flow hedges will be recognised in the income
      statement spread over the years 2006 to 2010, based on maturities.
€
      million
Cash
      flow hedges – movements during the year
2005
1
      January
(19
)
Additions
9
Transfers
      to income statement
1
Transfers
      to inventories/non-current assets
4
31
      December
(5
)
Unilever acquired 20 094 859 ordinary shares of NV and 31 749 739 ordinary shares of PLC through purchases on the stock exchanges during the year. These shares are held as treasury
stock as a separate component of other reserves. The total number held at 31 December 2005 is 24 726 337 (2004: 25 120 635) NV shares and 158 516 224 (2004: 142 739 616) PLC shares. Of these, 19 791 377 NV shares and 132 835 745 PLC shares are held as hedges against share-based compensation plans (see note 31 on pages 132 to 141).
€
      million
€
      million
Treasury
      stock – movements during the year
2005
2004
1
      January
2
      625
2
      294
Utilised
      for preference shares conversion at average book value
(1
      129
)
–
Purchases
      and other utilisations
1
      262
331
31
      December
2
      758
2
      625
€
      million
€
      million
Currency
      retranslation reserve – movements during the year
2005
2004
1
      January
218
–
Currency
      retranslation during the year
92
216
Recycled
      to income statement
(59
)
2
31
      December
251
218
Unilever
Annual
          Report and Accounts 2005
125
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Notes to the consolidated accounts
Unilever Group
26 Retained
profit
€ million
€ million
€ million
€ million
€ million
€ million
NV
NV
PLC
PLC
Total
Total
Movements during the year
2005
2004
2005
2004
2005
2004
31 December 2004
8 331
(684
)
7 647
Accounting policy change for financial instruments
(a)
(1 500
)
1 907
407
1 January
6 831
7 321
1 223
(315
)
8 054
7 006
Recognised income and expense through retained profit
3 092
1 520
733
636
3 825
2 156
Preference dividends
(b)
–
(28
)
–
–
–
(28
)
Final dividends 2003 on ordinary capital
–
(630
)
–
(486
)
–
(1 116
)
Interim dividends 2004 on ordinary capital
–
(343
)
–
(260
)
–
(603
)
Final dividends 2004 on ordinary capital
(710
)
–
(519
)
–
(1 229
)
–
Interim dividends 2005 on ordinary capital
(363
)
–
(275
)
–
(638
)
–
Conversion of preference shares
(199
)
–
–
–
(199
)
–
(Purchase)/sale of treasury stock
–
7
–
–
–
7
Share-based compensation credit
(c)
132
152
54
70
186
222
Adjustment arising from change in ownership of group companies
(d)
(70
)
332
70
(332
)
–
–
Other movements in retained profit
8
–
8
3
16
3
31 December
8 721
8 331
1 294
(684
)
10 015
7 647
Of which retained by:
Parent
    companies
9 463
7 693
2 145
1 553
11 608
9 246
Other group companies
(668
)
731
(837
)
(2 235
)
(1 505
)
(1 504
)
Joint
    ventures and associates
(74
)
(93
)
(14
)
(2
)
(88
)
(95
)
8 721
8 331
1 294
(684
)
10 015
7 647
(a)
Due to the adoption of IAS 32 and IAS 39 with effect from 1 January 2005, intra-group preference shares are now classified as debt instead of equity. The relative ownership of these
preference shares has resulted in a re-alignment of balances between NV and PLC.
(b)
From 1 January 2005, Unilever has adopted IAS 32 'Financial Instruments: Disclosure and Presentation' which requires preference shares that provide for a fixed preference
dividend to be classified as borrowings and preference dividends to be recognised in the income statement. In accordance with the transition rules for IAS 32, 2004 has not been restated.
(c)
The share-based compensation credit relates to the reversal of the non-cash charge recorded against operating profit in respect of the fair value of share options and awards granted to
employees.
(d)
During 2002, as part of the legal and fiscal integration of the Bestfoods businesses, a number of internal ownership changes took place. These internal transactions, which took place at
fair value, did not involve any third party and therefore had no effect on the results or net assets of the consolidated Unilever Group. The historical cost of the net assets of the business transferred by PLC was greater than the historical cost of
the net assets of the business transferred by NV. As it would be inappropriate to recognise revaluations to assets and liabilities of the Group arising from internal transactions, this imbalance led to NV recording an unrealised gain of €1
646 million on the transfer, while PLC recorded an equal and opposite goodwill balance which is eliminated on consolidation. Further re-organisations in subsequent years have produced similar types of adjustments.
Cumulative goodwill written off directly to reserves prior to the transition to IFRSs on 1 January 2004 was €5 199 million for NV and €2 063 million for PLC.
126
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
27 Commitments
and contingent liabilities
€ million
€ million
€ million
€ million
€ million
€ million
Future
Future
minimum
minimum
lease
Finance
Present
lease
Finance
Present
payments
cost
value
payments
cost
value
Long-term finance lease commitments
2005
2005
2005
2004
2004
2004
Buildings
(a)
160
95
65
91
50
41
Plant and machinery
170
18
152
194
17
177
330
113
217
285
67
218
The commitments fall due as follows:
Within 1 year
75
11
64
55
–
55
After 1 year but within 2 years
60
10
50
53
7
46
After 2 years but within 3 years
56
6
50
49
5
44
After 3 years but within 4 years
14
6
8
47
3
44
After 4 years but within 5 years
13
6
7
6
1
5
After 5 years
112
74
38
75
51
24
330
113
217
285
67
218
(a)
All
    leased land is classified as operating leases.
The Group has not sublet any part of the leased properties under finance lease.
€ million
€ million
Long-term operating lease commitments
2005
2004
Land and buildings
1 472
1 485
Plant and machinery
459
410
1 931
1 895
€ million
€ million
€ million
€ million
Other
Other
Operating
Operating
commit-
commit-
leases
leases
ments
ments
Operating lease and other commitments fall due as follows
2005
2004
2005
2004
Within 1 year
339
334
365
291
After 1 year but within 2 years
297
280
323
254
After 2 years but within 3 years
267
250
62
169
After 3 years but within 4 years
222
231
40
46
After 4 years but within 5 years
209
193
23
11
After 5 years
597
607
18
193
1 931
1 895
831
964
The Group has sublet part of the leased properties under operating lease. Future minimum sublease payments of €28 million are expected to be received.
Other commitments principally comprise commitments under contracts to purchase materials and services. They do not include commitments for capital expenditure, which are reported in
note 11 on page 100.
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will 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 turn into an obligation in the future. The Group believes that incurred losses in any of these matters would not
have a material effect.
Examples of the first type of contingent liability arise in respect of litigation against group companies, investigations by competition, regulatory and fiscal authorities and
obligations arising under environmental legislation. The estimated total of such contingent liabilities at 31 December 2005 was some €349 million (2004: €275 million).
Examples of the second type of contingent liability are guarantees issued by group companies. At 31 December 2005 these amounted to some €113 million (2004: €143 million).
Included in this are discounted trade bills with a value of €25 million (2004: €45 million). We believe that any loss arising in connection with these would not have a material effect on the Group's financial condition or results
of operations. Guarantees given by parent or group companies that relate to liabilities already included in these consolidated accounts are excluded from this total.
The total value of guarantees which arose or were revised in 2005 was €39 million (2004: €80 million). The fair value of guarantees is not material in either 2004 or
2005.
Unilever
Annual
          Report and Accounts 2005
127
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Notes to the consolidated accounts
Unilever Group
28 Acquisitions and disposals
Acquisitions
During
2005 an additional investment into Langholm Capital Partners Fund was made and
classified as an acquisition of associates (see note 13 on page 103). We also
purchased some minority interests in subsidiary companies. No other acquisitions
were made in 2005.
The following table sets out the effect of acquisitions of group companies in
2005 on the consolidated balance sheet. The fair values currently established
for all acquisitions made in 2005 are provisional. The goodwill arising on these
transactions has been capitalised and is subject to an annual review for impairment
(or more frequently if necessary) in accordance with our accounting policies
as set out in note 1 on page 82. Any impairment is charged to the income statement
as it arises. Detailed information relating to goodwill is given in note 10 on
pages 98 and 99.
€ million
€ million
Acquisitions
2005
2004
Net assets acquired
7
33
Goodwill arising in subsidiaries
13
7
Consideration
20
40
Consideration
    consisted wholly of cash.
Disposals
The results of disposed businesses are included in the consolidated accounts up to their date of disposal. The principal disposals in 2005 were UCI across the world, Stanton Oil in UK
  and Ireland, Dextro in various countries in Europe, Opal in Peru, Karo and Knax in Mexico, spreads and cooking products in Australia and in New Zealand, Crispa, Mentadent, Marmite, Bovril and Maizena in South Africa, frozen pizza in Austria, Biopon
in Hungary and tea plantations in India.
In March 2005 Unilever completed the restructuring of its Portuguese foods
  business. Before the restructuring Unilever Portugal held an interest in FIMA/VG
  - Distribuição de Produtos Alimentares, Lda. (FIMA) foods business,
  a joint venture with Jerónimo Martins Group, in addition to its wholly
  owned Bestfoods business acquired in 2000. As a result of the transaction the
  two foods businesses – FIMA and Unilever Bestfoods Portugal – were
  unified and the joint venture stakes were re-balanced so that Unilever now
  holds 49% of the combined foods business and Jerónimo Martins Group
51%.
In 2004, the principal disposals were Puget oils in France, the frozen pizza
  and baguette businesses in various countries in Europe, Rit, Niagara, Final
  Touch and Sunlight in North America, Capullo, Mazola and Inca in Chile and
  Mexico and Dalda oils in Pakistan. Our chemicals business in India (Hindustan
  Lever Chemicals) was merged with Tata Chemicals. Various other smaller brands
  were also sold as part of our Path to
Growth strategy.
€ million
€ million
Disposals
2005
2004
Goodwill and intangible assets
150
23
Other non-current assets
78
52
Current assets
207
145
Trade creditors and other payables
(106
)
(34
)
Provisions for liabilities and charges
(15
)
(9
)
Minority interest
(1
)
(25
)
Net assets sold
313
152
(Gain)/loss on recycling of currency retranslation on disposal
(5
)
2
Profit on sale attributable to Unilever
655
338
Consideration
963
492
Cash
845
417
Cash balances of businesses sold
(17
)
(4
)
Financial assets, cash deposits and borrowings of businesses sold
8
39
Non-cash items and deferred consideration
26
40
Payment received in prior year
101
–
128
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
29 Assets held for sale and discontinued operations
Following the announcement on 11 July 2005 of the completion of the sale of Unilever Cosmetics International (UCI) to Coty Inc., United States, the results of UCI have been presented as
discontinued operations.
An analysis of the result of discontinued operations, and the result recognised
on disposal of discontinued operations is as follows:
€ million
€ million
Income statement of discontinued operations
2005
2004
Turnover
230
542
Expenses
(208
)
(469
)
Operating profit before taxation
22
73
Taxation
(7
)
(26
)
Profit after taxation
15
47
Gain/(loss) on disposal of discontinued operations
498
–
Recycling of currency retranslation upon disposal
5
–
Taxation arising on disposal
(45
)
–
Gain/(loss) after taxation on disposal
458
–
Net profit from discontinued operations
473
47
Combined earnings per share from discontinued operations
Basic earnings per share:
Euros
    per €0.51 of ordinary capital
0.49
0.05
Euro cents per 1.4p of ordinary capital
7.30
0.74
On a diluted basis the figures would be:
Euros
    per €0.51 of ordinary capital
0.47
0.05
Euro cents per 1.4p of ordinary capital
7.07
0.70
€ million
€ million
Segment analysis of discontinued operations
2005
2004
Turnover
Europe
126
304
The Americas
102
231
Asia Africa
2
7
230
542
Operating profit
Europe
1
22
The Americas
20
47
Asia Africa
1
4
22
73
All these amounts relate to the personal care segment.
€ million
€ million
Cash flow statement of discontinued operations
2005
2004
Net cash flow from/(used in) operating activities
(102
)
94
Net cash flow from/(used in) investing activities
623
(2
)
Net cash flow from/(used in) financing activities
–
–
Net increase/(decrease) in cash and cash equivalents
521
92
Unilever
Annual
          Report and Accounts 2005
129
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Notes to the consolidated accounts
Unilever Group
29 Assets held for sale and discontinued operations
(continued)
Various non-current assets and disposal groups were held for sale at the year end, including the Mora business in the Netherlands and Belgium and a number of other production and
distribution facilities in other parts of the world.
€ million
€ million
31 December
1 January
Assets classified as held for sale
2005
2005
Disposal
    groups held for sale
Goodwill
–
133
Intangible assets
–
60
Property, plant and equipment
42
94
Biological assets
21
–
Other non-current investments
–
1
Inventories
18
16
Trade and other receivables
6
27
Cash and cash equivalents
1
8
88
339
Non-current assets held for sale
Property, plant and equipment
129
36
217
375
€ million
€ million
31 December
1 January
Liabilities classified as held for sale (part of disposal groups)
2005
2005
Trade payables and other liabilities
(16
)
(14
)
Restructuring and other provisions
–
(2
)
Pension liability for unfunded schemes
(1
)
(3
)
Deferred taxation
(9
)
–
(26
)
(19
)
Total assets at 31 December 2005 are included in the geographical segments as
follows: Europe €142 million; The Americas €45 million; and Asia Africa €30
million. Total liabilities at 31 December 2005 are included in the geographical
segments as follows: Europe €17 million; The Americas €nil; and Asia
Africa €9 million.
130
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
30 Reconciliation of net profit to cash flow from operating activities
€ million
€ million
Cash flow from operating activities
2005
2004
Net profit
3 975
2 941
Taxation
1 301
836
Share of net profit of joint ventures/associates and other income from non-current investments
(55
)
(95
)
Net finance costs
618
631
Finance income
(130
)
(145
)
Finance cost
693
717
Pensions and similar obligations
55
59
Depreciation and amortisation
843
821
Impairment losses
431
1 242
Changes in working capital
193
547
Inventories
(153
)
221
Trade and other current receivables
(36
)
298
Trade payables and other current liabilities
382
28
Pensions and similar provisions less payments
(532
)
(472
)
Restructuring and other provisions less payments
(230
)
574
Elimination of (profits)/losses on disposals
(789
)
(308
)
Non-cash charge for share-based compensation
192
218
Other adjustments
(23
)
(10
)
Cash flow from operating activities
5 924
6 925
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.
Major non-cash transactions
During
the year the Group entered into new finance lease arrangements in respect of
equipment with
a capital value at inception of the lease of €49 million.
On 15 February 2005 €1
  129 million of treasury stock was used in the conversion of the €0.05
  preference shares into ordinary NV shares.
For further information please refer
to note 24 on page 124.
Unilever
Annual
          Report and Accounts 2005
131
Back to Contents
Notes to the consolidated accounts
Unilever Group
31
      Share-based compensation plans
As at 31 December 2005, the Group had a number of share-based compensation plans:
(i) All-Employee Option Plans
Local
All-Employee Option Plans have been set up in 16 countries to enhance employee
involvement with Unilever and its performance by providing a potential financial
benefit linked to the Unilever share price. There are no individual performance
targets to be met. The plans permit participation by all permanent employees
in the country where the relevant plan applies.
(ii) Executive Option Plans
The
Executive Option Plans were introduced in 1985 to reward key employees throughout
the world for their contribution to the enhancement of the Group's longer-term
future and their commitment to the Group over a sustained period. The grant is
dependent on performance of the Group and the individual.
(iii) Global Performance Share Plan
Introduced
in 2005, under this plan managers can be awarded conditional shares which will
vest three years later at a level between 0% and 150% - 200% depending on Unilever's
achievement of set targets for Underlying Sales Growth and Free Cash Flow over
the three year performance period.
(iv) Share Matching Plans
If
managers invest part of their annual bonus in Unilever shares, the company will
match this with the same number of shares on the condition that they keep all
shares for an agreed number of years and will still be employed by Unilever on
the vesting date.
(v) TSR Long-Term Incentive Plan
This
plan was introduced in 2001 and, depending on the TSR ranking (see page 25) of
Unilever in comparison with its peer group, it will potentially award top executives
on the vesting date three years later with between 0% and 200% of the original
conditional award.
(vi) North America Performance Share Programme
A
long-term incentive plan for North American managers, awarding Unilever shares
if company and personal performance targets are met over a three-year period.
(vii) Restricted Share Plan
Restricted
shares can be awarded to a select number of executives for special performance.
After the agreed number of years the awards will vest provided the executive
is still employed
by Unilever at that time.
(viii) Other plans
A
cash-settled share-based retention plan was introduced in 2004 for a number of
key executives.
Unilever will not grant share options in total in respect of Executive Option
Plans for more than 5% of its issued ordinary capital, and for all Plans together,
for more than 10% of its issued ordinary capital. The Board does not apportion
these limits to each plan separately.
In recent years we have met the obligations under our share option and award
plans by purchasing shares in advance and transferring them, in return for the
exercise price, to Directors and employees as the options are exercised or the
awards vest.
The numbers in this note include those for Executive Directors shown in the report
of the Remuneration Committee on pages 53 to 69 and those for key management
personnel shown in note 33 on pages 142 and 143. No awards were made to Executive
Directors in 2005 and 2004 under the North America Performance Share Programme,
the Restricted Share Plan or the cash-settled share-based retention plan. Non-Executive
Directors do not
participate in any of the share-based compensation plans.
The economic fair value of the awards is calculated using an option pricing model
(usually an adjusted Black-Scholes or multinomial model) and the resulting cost
is recognised as remuneration cost amortised over the vesting period of the grant.
The actual remuneration cost charged in each period is shown below:
€ million
€ million
2005
2004
All-Employee Option Plans
13
17
Executive Option Plans
63
105
Global Performance Share Plan
15
–
Share Matching Plans
14
21
TSR Long-Term Incentive Plan
10
9
North America Performance Share Programme
63
64
Restricted Share Plan
2
–
Other Plans
12
2
192
218
Disclosures, including a description of the method and significant assumptions
  used to estimate the fair values of options and the weighted average information,
  are given below for each
type of plan, on a combined basis.
132
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
31    Share-based
  compensation plans
(continued)
(i)
All-Employee
    Option Plans
Unilever
        has All-Employee Plans in 16 countries, which can be grouped together
    as follows:
(a)
Plans
        which follow a standard framework: Austria, Belgium, Denmark, Finland,
        France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden
    and Switzerland.
(b)
Other
    plans: North America, South Africa and United Kingdom.
Group (a):
The
standard framework for these countries means, in principle, an annual grant of
options over NV shares (Ireland: PLC shares), at the same grant date, exercise
price (the market price on the grant date) and grant size (including part-time
employees pro rata) and with the same eligibility criteria (all permanent employees
in a country). There are no vesting conditions other than being continuously
employed by a Group company until
the vesting date.
Group (b):
The
UK and South Africa plans annually offer options over PLC shares, combined with
a compulsory (UK) or optional (South Africa) savings The exercise price is the
market price at
date
of grant. In 2003, Unilever UK introduced 'ShareBuy', an All-Employee
Share Incentive Plan. It is currently only being used as a tax efficient savings
plan for employees, for which Unilever neither gives nor receives value. Accordingly,
no
figures for this plan are included in this note.
The North America programme is a share purchase offering, with a compulsory savings
plan, under which up to 10% of the salary of eligible employees is withheld.
At the end of the period employees can use the savings to buy NV New York shares
at a discount. The maximum number of shares made available under the plan is
8.9 million.
The table below summarises the main country-specific differences between the
plans under which grants were made in 2005:
Maximum
Vesting
term
period
Exercise
Country (year of introduction)
Years
Years
period
Remarks
Austria (2001)
5
3
24 months
Belgium (2001)
5
3.5
18 months
Denmark (2001)
5
3
24 months
Finland (2001)
5
3
24 months
On 3rd, 4th or 5th anniversary
France (2000)
5
4
12 months
Germany (2000)
5
3
24 months
Ireland (2002)
5
3
24 months
Italy (2001)
5
3
24 months
Netherlands (1995)
5
0
5 years
Keep shares during the first 3 years after grant
Portugal (2001)
3.5
3
6 months
Spain (2001)
5
3
24 months
Switzerland (2001)
5
3
24 months
UK (1985)
5.5
5
6 months
ShareSave plan
South Africa (2001)
3.5
3
6 months
Optional sharesave plan
No grants were made in Sweden or North America in 2005 or 2004.
A summary of the status of the All-Employee Plans as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below:
2005
2004
Weighted
Weighted
average
average
Number
          of
exercise
Number
        of
exercise
options
price
options
price
NV
          shares of €0.51
Outstanding
        at 1 January
5
          253 062
€58.79
4
        480 673
€
60.24
Granted
1
          202 855
€53.00
1
        266 960
€
54.33
Exercised
(a)
(477
          362
)
€52.98
(26
        883
)
€
51.62
Forfeited
(411
          463
)
€58.79
(308
        593
)
€
59.63
Expired
(205
          210
)
€56.93
(159
        095
)
€
63.65
Outstanding
        at 31 December
5
          361 882
€58.08
5
        253 062
€
58.79
Exercisable
        at 31 December
2
          216 677
€62.98
1
        740 399
€
60.71
PLC
          shares of 1.4p
Outstanding
        at 1 January
14
          214 304
£5.17
17
        071 055
£
5.28
Granted
2
          834 328
£5.40
2
        287 826
£
5.28
Exercised
(a)
(3
          655 383
)
£4.26
(247
        261
)
£
4.55
Forfeited
(1
          628 307
)
£5.48
(2
        567 876
)
£
5.46
Expired
(2
          027 368
)
£5.32
(2
        329 440
)
£
5.78
Outstanding
        at 31 December
9
          737 574
£5.50
14
        214 304
£
5.17
Exercisable
        at 31 December
376
          322
£5.09
1
        705 467
£
5.14
Unilever
Annual
          Report and Accounts 2005
133
Back to Contents
Notes to the consolidated accounts
Unilever Group
31 Share-based compensation plans
(continued)
2005
2004
Weighted
Weighted
average
average
Number of
exercise
Number of
exercise
options
price
options
price
NV New York
    shares of €0.51
Outstanding at 1 January
–
–
146 760
$55.44
Granted
–
–
–
–
Exercised
(a)
–
–
(123 843
)
$55.44
Forfeited
–
–
(22 917
)
$55.44
Expired
–
–
–
–
Outstanding at 31 December
–
–
–
–
Exercisable at 31 December
–
–
–
–
(a)
The weighted average market price of the shares at the time of exercise was as follows: NV shares of €0.51 €54.67 (2004:€54.77); PLC shares of 1.4p £5.70
(2004: £5.18); and NV New York shares of €0.51 2005: n/a (2004: $66.85).
2005
2004
NV option value information
(b)
Fair value per option
(c)
€8.47
€9.37
Valuation assumptions
Expected option term
3.2 years
3.2 years
Expected volatility
(d)
27.5
%
27.5%
Expected dividend yield
3.6%
3.3%
Risk-free interest rate
2.4%
3.1%
PLC option value information
(b)
Fair value per option
(c)
£1.09
£1.06
Valuation assumptions
Expected option term
4.5 years
4.3 years
Expected volatility
(d)
27.5%
27.5%
Expected dividend yield
3.6%
3.5%
Risk-free interest rate
4.3%
5.1%
(b)
Weighted average of options granted during each period.
(c)
Estimated using Black-Scholes option pricing method.
(d)
Based on historic volatility during the last six years.
The exercise prices and remaining life of the All-Employee Option Plans as at 31 December 2005 are as follows:
Options outstanding
Options
    exercisable
Weighted
Number
average
Number
outstanding at
remaining
Weighted
exercisable at
Weighted
Range of
31 December
contractual
average
31 December
average
exercise prices
2005
life
exercise price
2005
exercise price
NV shares
    of €0.51
€
51.00
– €56.72
3 289 476
3 years
€
52.77
567 069
€
52.59
€
64.30
– €70.00
2 072 406
1 year
€
66.51
1 649 608
€
66.55
PLC shares of 1.4p
£
4.25
– £6.20
9 737 574
3 years
£
5.50
376 322
£
5.09
134
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
31   Share-based
compensation plans
(continued)
(ii)   Executive
      Option Plans
Under
the Executive Option Plans options are granted to key employees of the Group
on a discretionary basis. The exercise price is the market price at the date
of grant. Since the introduction of the Global Performance Share Plan in 2005,
it is the intention to make no further grants under the Executive Option Plans,
except for a few premium option grants which result from prior commitments. The
plans are made up of the
following:
NV Executive Option Plan
The
NV Executive Option Plan provides for the granting of options to purchase shares
of Unilever N.V. and, from 1997 onwards, also shares of Unilever PLC, at a price
not lower than the market price on the day the options were granted. These options
become exercisable after a three-year period from the date of grant. The options
have a maximum term of five years for the grants made up to 1998 and of ten years
for subsequent
grants.
PLC Executive Option Plan
The
PLC Executive Option Plan provides for the granting of options to purchase shares
of Unilever PLC and, from 1997 onwards, also shares of Unilever N.V., at a price
not lower than the market price on the day the options were granted. These options
become exercisable after a three-year period from the date of grant and have
a maximum term of ten years.
North America Executive Stock Option Programme
This
programme is covered by the North American 2002 Omnibus Equity Compensation Plan
and provides for the granting of options to purchase a maximum of 40.5 million
shares in Unilever N.V. of the New York Registry, and 262.0 million shares of
Unilever PLC, at a price not lower than the market value on the day the options
are granted. These options become exercisable over a three-year period from the
date of grant and have a
maximum term of ten years.
Managers working in India can participate in an Executive Option Plan relating
to Hindustan Lever
Limited's shares. As these are neither NV nor PLC shares, no figures for
this plan
are disclosed in this note, but the fair value costs (2005: €2 million;
2004: €3 million) are included in the costs of Executive Option Plans on
page 132.
A summary of the status of the Executive Option Plans as at 31 December 2005
and 2004 and changes during the years ended on these dates is presented below:
2005
2004
Weighted
Weighted
average
average
Number of
exercise
Number of
exercise
options
price
options
price
NV shares of €0.51
Outstanding at 1 January
14 667 226
€
59.05
13 533 478
€
59.80
Granted
145 114
€
51.36
2 398 183
€
54.22
Exercised
(e)
(287 912
)
€
54.50
(222 975
)
€
51.85
Forfeited
(1 193 354
)
€
60.92
(1 041 460
)
€
59.24
Expired
–
–
–
–
Outstanding at 31 December
13 331 074
€
58.89
14 667 226
€
59.05
Exercisable at 31 December
7 925 308
€
61.82
5 898 593
€
58.79
PLC shares of 1.4p
Outstanding at 1 January
95 972 535
£
5.41
89 760 385
£
5.39
Granted
949 915
£
5.11
15 616 482
£
5.21
Exercised
(e)
(5 246 425
)
£
4.64
(3 586 509
)
£
4.25
Forfeited
(6 879 031
)
£
5.50
(5 817 823
)
£
5.39
Expired
–
–
–
–
Outstanding at 31 December
84 796 994
£
5.44
95 972 535
£
5.41
Exercisable at 31 December
49 151 533
£
5.35
38 324 985
£
4.99
NV New York shares of €0.51
Outstanding at 1 January
3 337 456
$
58.72
3 601 264
$
54.83
Granted
21 954
$
66.76
429 142
$
65.93
Exercised
(e)
(545 843
)
$
52.73
(641 245
)
$
41.10
Forfeited
(80 646
)
$
71.70
(51 705
)
$
66.41
Expired
(6 991
)
$
65.70
–
–
Outstanding at 31 December
2 725 930
$
59.58
3 337 456
$
58.72
Exercisable at 31 December
2 344 067
$
59.01
2 439 155
$
57.62
Unilever
Annual
          Report and Accounts 2005
135
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Notes to the consolidated accounts
Unilever Group
31 Share-based compensation plans
(continued)
2005
2004
Weighted
Weighted
average
average
Number of
exercise
Number of
exercise
options
price
options
price
PLC shares of 1.4p in the form of ADRs
(f)
Outstanding at 1 January
21 367 508
$8.55
20 778 836
$8.32
Granted
146 920
$
9.79
2 836 492
$
9.63
Exercised
(e)
(3 388 868
)
$7.86
(1 940 440
)
$
7.47
Forfeited
(357 248
)
$10.28
(307 380
)
$9.51
Expired
(45 520
)
$9.32
–
–
Outstanding at 31 December
17 722 792
$
8.66
21 367 508
$8.55
Exercisable at 31 December
15 201 204
$8.53
15 475 612
$8.31
(e)
The weighted average market price of the shares at the time of exercise was as follows: NV shares of €0.51 €58.06 (2004: €57.88); PLC shares of 1.4p £5.61
(2004: £5.36); NV New York shares of €0.51 $68.79 (2004: $69.42); and PLC shares of 1.4p in the form of ADRs $40.39 (2004: $40.37).
(f)
1 ADR is equivalent to 4 PLC shares.
2005
2004
NV option value information
(b)
Fair value per option
(c)
NV Executive Option Plan
€
10.43
€
11.43
PLC Executive Option Plan
£7.17
£7.67
North America Executive Stock Option Programme
$14.74
$13.45
Valuation assumptions
Expected option term
6.0 years
5.9 years
Expected volatility
(d)
27.5%
27.5%
Expected dividend yield
(g)
3.7%
3.3%
Risk-free interest rate
3.4%
3.1%
PLC option value information
(b)
Fair value per option
(c)
NV Executive Option Plan
€
1.68
€1.78
PLC Executive Option Plan
£1.16
£1.20
North America Executive Stock Option Programme
$2.13
$
1.92
Valuation assumptions
Expected option term
6.0 years
5.9 years
Expected volatility
(d)
27.5%
27.5%
Expected dividend yield
(g)
3.8%
3.5%
Risk-free interest rate
4.7%
4.3%
(b)
Weighted average of options granted during each period.
(c)
Estimated using Black-Scholes option pricing method.
(d)
Based on historic volatility during the last six years.
(g)
Based on dividend yield in grant year.
The exercise prices and remaining life of the Executive Option Plans as at 31 December 2005 are as follows:
Options outstanding
Options exercisable
Number
Weighted
Number
outstanding
average
exercisable
at 31
remaining
Weighted
at 31
Weighted
Range of
December
contractual
average
December
average
exercise
            prices
2005
life
exercise price
2005
exercise price
NV shares of €0.51
€
42.79
– €60.85
9 117 330
7 years
€
55.52
3 711 564
€
56.84
€
63.50
– €73.97
4 213 744
5 years
€
66.20
4 213 744
€
66.20
PLC shares of 1.4p
£
3.43
– £4.78
14 804 481
5 years
£
4.56
14 741 104
£
4.56
£
5.02
– £5.63
29 106 745
7 years
£
5.29
13 843 080
£
5.38
£
5.77
– £6.79
40 885 768
7 years
£
5.87
20 567 349
£
5.89
NV New York shares of €0.51
$
33.89 – $50.09
391 639
4 years
$
48.08
391 639
$
48.08
$
56.13 – $76.69
2 334 291
6 years
$
61.51
1 952 428
$
61.20
PLC shares of 1.4p in the form of ADRs
(f)
$
5.56 – $7.73
4 630 308
5 years
$
7.13
4 630 308
$
7.13
$
8.35 – $10.85
13 092 484
6 years
$
9.20
10 570 896
$
9.14
(f)
1 ADR
    is equivalent to 4 PLC shares.
136
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
31 Share-based compensation plans
(continued)
(iii) Global Performance Share Plan
The
GPSP was introduced in 2005. Under this plan, managers can be awarded conditional
shares which will vest three years later at a level between 0% and 150% (for
middle management)
or
200% (for higher executives) depending on Unilever's achievement of set
targets for
Underlying
Sales Growth and Free Cash Flow over the three-year performance period. The amount
to be paid by participants to obtain the shares at vesting is zero.
A summary
    of the status of the GPSP as at 31 December 2005 and changes during the year
  is presented below:
2005
Number of
shares
NV shares of €0.51
Outstanding at 1 January
–
Awarded
695 717
Vested
–
Forfeited
–
Outstanding at 31 December
695 717
Exercisable at 31 December
–
PLC shares of 1.4p
Outstanding at 1 January
–
Awarded
2 619 928
Vested
–
Forfeited
–
Outstanding at 31 December
2 619 928
Exercisable at 31 December
–
NV New York shares of €0.51
Outstanding at 1 January
–
Awarded
143 390
Vested
–
Forfeited
(208
)
Outstanding at 31 December
143 182
Exercisable at 31 December
–
PLC shares of 1.4p in the form of ADRs
(f)
Outstanding at 1 January
–
Awarded
166 620
Vested
–
Forfeited
–
Outstanding at 31 December
166 620
Exercisable at 31 December
–
(f) 1 ADR is equivalent to 4 PLC shares.
2005
NV share award value information
(h)
Fair value per share award
(i)
NV/PLC Plan
€
53.01
North America Programme
$
66.99
PLC share award value information
(h)
Fair value per share award
(i)
NV/PLC Plan
£
5.39
North America Programme
$
9.97
(h)
Weighted average of share awards granted during each period.
(i)
Estimated on basis of par achievement of targets.
Unilever
Annual
          Report and Accounts 2005
137
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Notes to the consolidated accounts
Unilever Group
31 Share-based compensation plans
(continued)
(iv) Share Matching Plans
Under
these plans managers can invest up to 25% of their gross bonus in Unilever shares.
Unilever matches this with the same number of shares on condition that all shares
are held for the agreed period (three years from 2002 onwards), and that the
manager has not resigned from Unilever at the end of this period. North American
managers participate in the North America Share Bonus Plan, the others in the
Variable Pay in Shares Plan. The amount to be paid to the company by participants
to obtain the shares at vesting is zero.
A summary of the status of the Share Matching Plans as at 31 December 2005 and
2004 and changes during the years ended on these dates is presented below:
2005
2004
Number of
Number of
shares
shares
NV shares of €0.51
Outstanding at 1 January
440 088
373 846
Awarded
46 817
85 789
Vested
(163 259
)
(12 115
)
Forfeited
(9 968
)
(7 432
)
Outstanding at 31 December
313 678
440 088
Exercisable at 31 December
–
–
PLC shares of 1.4p
Outstanding at 1 January
3 083 809
2 594 187
Awarded
350 982
630 832
Vested
(1 189 996
)
(90 113
)
Forfeited
(68 975
)
(51 097
)
Outstanding at 31 December
2 175 820
3 083 809
Exercisable at 31 December
–
–
NV New York shares of €0.51
Outstanding at 1 January
221 707
167 156
Awarded
49 751
57 504
Vested
(95 477
)
(143
)
Forfeited
(13 846
)
(2 810
)
Outstanding at 31 December
162 135
221 707
Exercisable at 31 December
–
–
PLC shares of 1.4p in the form of ADRs
(f)
Outstanding at 1 January
1 506 152
1 133 728
Awarded
342 394
392 440
Vested
(655 603
)
(992
)
Forfeited
(93 262
)
(19 024
)
Outstanding at 31 December
1 099 681
1 506 152
Exercisable at 31 December
–
–
(f)    1 ADR is equivalent to 4 PLC shares.
2005
2004
NV share award value information
(h)
Fair value per share award
NV/PLC Plan
€
51.15
€
54.72
North America Programme
$
67.14
$
70.30
PLC share award value information
(h)
Fair value per share award
NV/PLC Plan
£
5.12
£
5.29
North America Programme
$
9.74
$
10.34
(h)    Weighted average of share awards granted during each
    period.
138
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Annual
        Report and Accounts 2005
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Financial
        Statements
Notes to the consolidated accounts
Unilever Group
31 Share-based
  compensation plans
(continued)
(v)
  TSR Long-Term Incentive Plan
Under
  this plan, introduced in 2001, grants are made to Executive Directors and some
  senior executives. The level of share award which will vest three years later
  will vary in accordance with the Total Shareholder Return in comparison with
  a peer group (see description on page 25). If the ranking is below the median,
  the share award will lapse; the higher the ranking above the median, the higher
  the share award. The amount to be paid to the company by participants to obtain
  the shares at vesting is zero.
A summary of the status of the TSR Long-Term Incentive Plan as at 31 December 2005 and 2004 and changes during the year ended on these dates is presented below:
2005
2004
Number
      of
Number
      of
shares
shares
NV
      shares of €0.51
Outstanding
      at 1 January
360
      829
327
      345
Awarded
112
      442
120
      526
Vested
(j)
–
(71
      564
)
Forfeited
(3
      663
)
(15
      478
)
Expired
(k)
(112
      833
)
–
Outstanding
      at 31 December
356
      775
360
      829
Exercisable
      at 31 December
–
–
PLC
      shares of 1.4p
Outstanding
      at 1 January
2
      440 310
2
      249 384
Awarded
782
      600
829
      159
Vested
(j)
–
(533
      481
)
Forfeited
(24
      344
)
(104
      752
)
Expired
(k)
(798
      284
)
–
Outstanding
      at 31 December
2
      400 282
2
      440 310
Exercisable
      at 31 December
–
–
(j)
2001
      award vested 100% as ranking was 6th.
(k)
2002
      award expired (zero vesting) as ranking was 13th.
2005
2004
NV
      share award value information
Fair
      value per share award
(l)
€
40.56
€41.81
PLC
      share award value information
Fair
      value per share award
(l)
£
4.04
£4.02
(l)
Estimated
      using option pricing models taking account of peer group TSR volatilities
      and correlations.
Unilever
Annual
      Report and Accounts 2005
139
Back to Contents
Notes
  to the consolidated accounts
Unilever Group
31 Share-based
  compensation plans
(continued)
(vi)
  North America Performance Share Programme
This
  long-term incentive plan for North American managers, introduced in 2001, awards
  Unilever shares if company and personal performance targets are met over a three-year
  period. The amount to be paid to the company by participants to obtain the shares
  at vesting is zero.
A summary of the status of the North America Performance Share Programme as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below:
2005
2004
Number
      of
Number
      of
shares
shares
NV
      New York shares of €0.51
Outstanding
      at 1 January
1
      690 076
1
      771 343
Awarded
431
      439
543
      479
Vested
(552
      112
)
(600
      707
)
Forfeited
(73
      021
)
(24
      039
)
Outstanding
      at 31 December
1
      496 382
1
      690 076
Exercisable
      at 31 December
–
–
PLC
      shares of 1.4p in the form of ADRs
(f)
Outstanding
      at 1 January
12
      619 508
13
      202 916
Awarded
3
      219 260
4
      057 444
Vested
(4
      121 340
)
(4
      482 896
)
Forfeited
(545
      868
)
(157
      956
)
Outstanding
      at 31 December
11
      171 560
12
      619 508
Exercisable
      at 31 December
–
–
(f)   1
      ADR is equivalent to 4 PLC shares.
2005
2004
NV
      share award value information
(h)
Fair
      value per share award
$68.40
$65.98
PLC
      share award value information
(h)
Fair
      value per share award
$10.02
$9.64
(h)   Weighted
      average of share awards granted during each period.
(vii)
  Restricted Share Plan
In
  specific one-off cases a number of executives are awarded the right to receive
  NV and PLC shares at a specified date in the future, on the condition that they
  are still employed by Unilever at that time. The amount to be paid to the company
  by participants to obtain the shares at vesting is zero.
A summary
  of the status of the Restricted Share Plan as at 31 December 2005 and 2004 and
  changes during the years ended on these dates is presented below:
2005
2004
Number
      of
Number
      of
shares
shares
NV
      shares of €0.51
Outstanding
      at 1 January
47
      713
40
      498
Awarded
12
      262
7
      595
Vested
(5
      005
)
(380
)
Forfeited
–
–
Outstanding
      at 31 December
54
      970
47
      713
PLC
      shares of 1.4p
Outstanding
      at 1 January
227
      561
216
      382
Awarded
64
      292
13
      681
Vested
(37
      080
)
(2
      502
)
Forfeited
–
–
Outstanding
      at 31 December
254
      773
227
      561
2005
2004
NV
      share award value information
(h)
Fair
      value per share award
€54.24
€53.43
PLC
      share award value information
(h)
Fair
      value per share award
£5.55
£5.30
(h)   Weighted
    average of share awards granted during each period.
140
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Annual Report and Accounts 2005
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Financial
        Statements
Notes to the consolidated accounts
Unilever Group
31 Share-based compensation plans
(continued)
(viii)
  Other plans
During
  2004 Unilever offered a special cash award to selected senior managers with
  the purpose of retaining them. This cash-settled share-based plan provides a
  payment after three years linked to the development of the Unilever share price,
  on the condition of continued employment with the Group.
A summary of the status of the other plans as at 31 December 2005 and 2004 and changes during the years ended on these dates is presented below:
2005
2004
Number
      of
Number
      of
shares
shares
NV €0.51
      share substitute
Outstanding
      at 1 January
300
      000
–
Awarded
–
300
      000
Vested
–
–
Forfeited
(5
      800
)
–
Outstanding
      at 31 December
294
      200
300
      000
PLC
      1.4p share substitute
Outstanding
      at 1 January
2
      000 000
–
Awarded
–
2
      000 000
Vested
–
–
Forfeited
(38
      700
)
–
Outstanding
      at 31 December
1
      961 300
2
      000 000
The accrued balance for the cash-settled plan (2005: €13 million; 2004: €2 million) is included in other payables in note 20 on page 113.
Additional
  information
At
  31 December 2005, there were options outstanding to purchase 19 830 853 (2004:
  20 835 073) €0.51 ordinary NV shares, and 89 321 974 (2004: 102 249 614)
  1.4p ordinary PLC shares in respect of share-based compensation plans of NV
  and its subsidiaries and the North American plans, and 4 810 872 (2004: 5 183
  084) €0.51 ordinary NV shares and 42 824 050 (2004: 49 182 073) 1.4p ordinary
  PLC shares in respect of share-based compensation plans of PLC and its subsidiaries.
To satisfy the
options granted, certain NV group companies hold 19 791 377 (2004: 25 120 635)
certificates or depositary receipts of ordinary shares of NV and 89 603 627 (2004:
93 850  655) of PLC and a forward equity contract to buy 10 000 000 PLC shares
in 2006, and trusts in Jersey and the United Kingdom hold 43 232 118 (2004: 48
888 961) PLC shares. The trustees of these trusts have agreed, until further
notice, to waive
dividends on these shares, save for the nominal sum of 0.01p per 1.4p ordinary
share. Shares acquired during 2005 represent 1.6% of the Group's called
up capital. The balance at year end is 3.9% (2004: 4.6%).
The book value of €2 258 million (2004: €2 625 million) of all shares held in respect of share-based compensation plans for both NV and PLC is eliminated on consolidation
by deduction from other reserves (see note 25 on page 125). Their market value at 31 December 2005 was €2 261 million (2004: €2 273 million).
At 31 December 2005 the exercise price of 7 850 127 (2004: 20 224 246) NV options and of 44 867 061 (2004: 88 066 266) PLC options was above the market price of the shares.
Shares held to satisfy options are accounted for in accordance with IAS 32 and SIC 12. All differences between the purchase price of the shares held to satisfy options granted and the
proceeds received for the shares, whether on exercise or lapse, are charged to reserves. In 2005 this includes €7 million (2004: €3 million) for shares held to meet options expiring in the short term which are priced above market
value. The basis of the charge to operating profit for the economic value of options granted is discussed on page 132.
Obligations over the following number of shares were granted, exercised, forfeited or expired between 31 December 2005 and 28 February 2006. In this period we have also, in line with
prior years practice, purchased 148 443 NV New York shares and 852 848 PLC shares in the form of ADRs to satisfy awards under the North America Executive Option and Share Matching Plans.
Exercised,
Granted
forfeited
      or expired
Shares
Shares
Shares
Shares
of
      1.4p
(m)
of
      €0.51
(n)
of
      1.4p
(m)
of
      €0.51
(n)
All-Employee
      Option Plans
–
–
183
      670
37
      180
Executive
      Option Plans
–
–
2
      179 918
240
      261
Global
      Performance Share Plan
–
–
–
1
      971
Share
      Matching Plans
–
–
4
      746
698
TSR
      Long-Term Incentive Plan
–
–
–
–
North
      America Performance Share Programme
–
–
62
      176
8
      329
Restricted
      Share Plan
–
–
–
–
Other
      plans
–
–
–
–
(m)
When
      under a North American plan, in the form of PLC ADRs.
(n)
When
      under a North American plan, in the form of NV New York shares.
Unilever
Annual
      Report and Accounts 2005
141
Back to Contents
Notes to the consolidated accounts
Unilever Group
32   Related party
transactions
The following
    related party balances existed with associate or joint venture businesses
at 31 December:
€ million
€ million
Related party balances
2005
2004
Trading and other balances due (to)/from joint ventures
85
87
Trading balances due (to)/from associates
(8
)
29
Joint ventures
As discussed
in note 28 on page 128, Unilever completed the restructuring of its Portuguese
foods business during the year. Balances owed by FIMA at 31 December
2005 were €85
million (2004: €87 million).
In July 2004 in the UK, Unilever formed a joint venture with Arlington Science
Park Ltd. and sold its property at the Colworth site for a total consideration
of €46
million.
Associates
After the sale
of DiverseyLever, our institutional and industrial cleaning business, to Johnson
Professional Holdings Inc. in 2002, Unilever has a one-third equity stake in
the combined JohnsonDiversey business, with an option to exit the business from
2007. At 31 December 2005 the outstanding balance payable to JohnsonDiversey
Holdings Inc. was €8 million (2004: €29 million receivable). Sales
agency fees to
JohnsonDiversey were incurred of approximately €76 million in 2005 (2004: €68
million).
Langholm Capital Partners invests in private European companies with above-average
longer-term growth prospects. It has invested in Physcience,
a French natural food supplements business, and Noiro, the leading company in
the mass prestige personal care market in Finland. To build business
opportunities that fit our core business interests in Foods and Home and Personal
Care, we have committed €97 million to Langholm Capital Partners on a total
of €242 million raised funds. At 31 December 2005 the outstanding balance
with Langholm Capital Partners
was not material.
Other related parties
In 2004 Patrick
Cescau, the then Chairman of Unilever PLC, and his wife purchased a house from
Immobilia Transholme B.V., a group company ultimately owned by NV,
for €3 348 000
(£2 270 000). The full Boards, acting on the recommendation of the Remuneration
Committee and without the participation of Mr Cescau, gave their prior approvals
to the purchase, which was made at full market value based on two independent
valuations of the property.
33   Key
management personnel
For 2004 key management personnel included the Executive Directors, Non-Executive Directors and Business Presidents described on pages 68 and 69 of the 2004 Report and Accounts.
Following a change in the management structure which took place in 2005 key management for 2005 for reporting purposes became the members of the UEx together with the Non-Executive Directors described on page 49.
€ million
€ million
Key management compensation
2005
2004
Salaries and short-term employee benefits
13
21
Non-Executive Directors' fees
1
1
Post-employment benefits
4
5
Other long-term benefits (all share-based)
1
13
Termination payments
1
2
20
42
Of which:
Executive Directors
16
24
Non-Executive Directors
1
1
Other
3
17
20
42
Details of the remuneration of Directors are given in the auditable part of the report of the Remuneration Committee as defined on page 69. See also note 32 above for information on
related party transactions.
142
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Annual
        Report and Accounts 2005
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Financial
            Statements
Notes to the consolidated accounts
Unilever Group
33   Key
management personnel
(continued)
The following tables give aggregate information regarding share awards for key management personnel in 2005. Further details of the Executive share plans are shown in the report of the
Remuneration Committee and in note 31 on pages 132 to 141. For those members of UEx who were appointed during the year, the opening balances are as at the date of appointment.
Conditional
awards under the TSR Long-Term Incentive Plan
Balance of
Balance of
conditional shares
Conditional awards
Conditional awards
conditional shares
Share type
at 1 January 2005
made in 2005
vested/lapsed in 2005
at 31 December 2005
NV
124 269
17 752
(26 908
)
115 113
PLC
842 734
123 664
(190 439
)
775 959
NV NY
9 471
–
–
9 471
PLC (held as ADRs)
63 820
–
–
63 820
Share options
Balance of options
Balance of options at
Share type
at 1 January 2005
Granted
Exercised/lapsed
31 December 2005
NV
666 130
11 829
(150
)
677 809
PLC
4 701 468
85 033
(11 917
)
4 774 584
NV NY
121 500
820
–
122 320
PLC (held as ADRs)
810 860
5 400
–
816 260
Global
Performance Share Plan
Balance of
Balance of
conditional awards
Conditional grants
conditional shares at
Share type
at 1 January 2005
made 2005
31 December 2005
NV
–
13 000
13 000
PLC
–
87 500
87 500
NV NY
–
9 825
9 825
PLC (held as ADRs)
–
65 400
65 400
Share Matching
Plan
Balance of
Balance of
conditional awards
Conditional awards
Shares vested
conditional shares at
Share type
at 1 January 2005
made in 2005
in 2005
31 December 2005
NV
28 291
1 479
(11 120
)
18 650
PLC
192 947
10 309
(80 620
)
122 636
NV NY
3 433
–
(204
)
3 229
PLC (held as ADRs)
23 604
–
(1 508
)
22 096
North America
Performance Share Plan
Balance of
Balance of
conditional awards
Conditional awards
Shares vested
conditional shares at
Share type
at 1 January 2005
made in 2005
in 2005
31 December 2005
NV NY
19 650
4 700
–
24 350
PLC (held as ADRs)
146 400
32 080
–
178 480
North America
Restricted Stock Plan
Balance of
Balance of
conditional awards
Conditional awards
Shares vested
conditional shares at
Share type
at 1 January 2005
made in 2005
in 2005
31 December 2005
NV NY
4 963
241
–
5 204
34   Events
after the balance sheet date
On 9 February 2006, Unilever announced that it would be putting the majority of the frozen foods businesses in Europe up for sale. The intended sale includes the frozen food portfolio
under the
Iglo
and
Birds Eye
brands in Austria, Belgium, France, Germany, Greece, Ireland, the Netherlands, Portugal, Spain and the
United Kingdom. As at 28 February 2006, it was not possible to quantify the financial impact of this announcement.
Unilever
Annual
          Report and Accounts 2005
143
Back to Contents
Notes
to the consolidated accounts
Unilever Group
35   First
      time adoption of International Financial Reporting Standards
Unilever has adopted International Financial Reporting Standards (IFRSs) as adopted by the EU with effect from 1 January 2005, with a transition date of 1 January 2004. IAS 32 and IAS
  39 in respect of financial instruments and IFRS 5 in respect of non-current assets and asset groups held for disposal have been applied with effect from 1 January 2005.
Goodwill and indefinite-lived intangible assets
Under
IFRSs, from 1 January 2004 onwards, we no longer apply systematic amortisation
to goodwill and intangible assets with an indefinite life, but instead review
these assets for impairment on at least an annual basis. The amortisation charge
under previous GAAP for all goodwill and indefinite lived intangible assets in
2004 was €1 040 million. On disposal, goodwill acquired and written off
on acquisition prior to 1 January 1998 are no longer reinstated as part of the
profit or loss on disposal.
We have applied the exemption in IFRS 1 relating to business combinations and therefore the carrying value under previous GAAP as at 31 December 2003 of €13 457 million for
goodwill is its deemed cost at the date of transition to IFRSs. Under IFRSs, the deemed cost of indefinite lived intangibles at the date of transition to IFRSs is the original cost at which these assets were initially recognised on the balance
sheet, which amounted to €4 516 million. The write-back of accumulated amortisation on these assets results in a deemed cost which is €749 million higher than their carrying value as at 31 December 2003. These changes resulted in an
additional impairment charge for
Slim•Fast
amounting to €200 million in the year to 31 December 2004.
Software
Under
IFRSs we capitalise the costs of purchased and internally developed software
that meet the criteria for capitalisation established by IAS 38. This software
is amortised over its useful life, typically a period of five years. The net
book value of purchased and internally developed software as at 1 January 2004
and at 31 December 2004 amounted to €103 million and €166 million respectively;
the amortisation
charge for the year ended 31 December 2004 amounted to €21 million.
Development costs
The IFRS standard on intangible assets, IAS 38, requires development costs to
be capitalised where certain specific criteria are met. Costs may only be capitalised
once the flow of economic benefits is assured. For Unilever this is evident only
shortly before a product is launched into the market and the level of costs incurred
after these criteria have been met is not significant.
Biological assets
Under IFRSs we recognise biological assets, being tea bushes and oil palm trees,
at fair value less estimated point-of-sale costs. Any changes in the fair value
of such biological assets are recognised in the income statement. Point-of-sale
costs include all costs that would be necessary to sell the assets, excluding
costs necessary to get them to market.
The fair value of tea bushes and oil palm trees as at 1 January 2004 and 31 December
2004 was €29 million and €33 million respectively. The net effect on
the income
statement for the year ended 31 December 2004 was a credit of €5 million.
Pensions and similar obligations
Under
IFRSs Unilever's accounting policy for pensions is substantially unchanged,
since we apply the option allowed under IAS 19 to take actuarial gains and losses
directly to equity through the Statement of Recognised Income and Expense (SORIE).
There are, however, a number of minor differences under IAS 19 that give rise
to small variations in the figures previously reported. The most significant
of these changes are the use of the government bond rate as the discount rate
for calculating pension liabilities in countries where no AA corporate bond rate
exists and the required use of bid value to measure plan assets rather than mid-market
value.
In addition, deferred tax balances arising in respect of pension assets and liabilities
are no longer netted off against those pension balances, but under IFRSs are
classified together with other deferred tax balances. The deferred tax balance
relating to pensions under previous GAAP amounted to assets of €1 445 million
and liabilities of €252 million as at 1 January 2004 and assets of €1
519 million and
liabilities of €208 million as at 31 December 2004.
The impact of the change in the remeasurement of plan assets to a bid value basis
was a decrease of €34 million as at 1 January 2004 and a decrease of €36
million as at 31 December 2004. Pension liabilities did not change at 1 January
2004 and increased by €15 million as at 31 December 2004. The impact on
the income statement for the year ended 31 December 2004 was a credit of €1
million.
Deferred tax
Under IFRSs deferred tax is recognised in respect of all taxable temporary differences
arising between the tax base and the accounting base of balance sheet items.
This means that deferred tax is recognised on certain temporary differences that
would not have given rise to deferred tax under previous GAAP.
The additional deferred tax included in the balance sheet under IFRSs amounted
to a net movement excluding reclassifications of €1 095 million as at 1
January 2004 and €1 068 million as at 31 December 2004. Included in these
amounts is a deferred tax liability relating to intangible assets (trademarks
and unpatented technologies) which were recognised at the time of the Bestfoods
acquisition. As the Bestfoods acquisition was a share-based transaction, these
intangible assets have a zero tax base. IAS 12 requires that a deferred tax liability
amounting to €1 144 million as at 1 January 2004 and €1 071 million
as at 31 December 2004 is recognised in respect of these intangible assets. Normally,
recognition of this deferred tax liability would lead to a corresponding increase
in goodwill, but under the exemption applied under IFRS 1 relating to business
combinations Unilever is precluded from adjusting the carrying value of goodwill
in respect of acquisitions prior to the transition date. Recognition of this
new deferred tax liability under IFRSs therefore resulted in an equivalent reduction
in equity at the transition
date.
144
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the consolidated accounts
Unilever Group
35 First time
adoption of International Financial
Reporting Standards
(continued)
IFRSs also require separate disclosure of deferred tax assets and liabilities on the face of the balance sheet. The deferred tax assets previously included within current assets under
previous GAAP amounted to €637 million as at the transition date and €973 million as at 31 December 2004. Deferred tax balances arising in respect of pension assets and liabilities are no longer netted off against pension balances.
This has led to the overall reclassification of deferred tax balances within the balance sheet. The deferred tax assets in respect of pension liabilities under previous GAAP were €1 445 million as at the transition date and €1 519
million as at 31 December 2004. Deferred tax liabilities under previous GAAP in respect of pension liabilities were €252 million as at the transition date and €208 million as at 31 December 2004.
Joint ventures and associates
Under
IFRSs we continue to account for joint ventures and associates using the equity
method. However, the presentation of the results of joint ventures and associates
has changed, as IAS 1 requires that the share of profit or loss after tax from
joint ventures and associates is presented as a separate item on the face of
the income statement as part of profit before tax, but below operating profit.
There is no impact on net profit as a result of this change. Our share of joint
venture turnover in 2004
amounted to €197 million, and operating profit from joint ventures amounted
to €44 million. Under IFRSs our turnover excludes the share of turnover
of joint
ventures.
Dividends
Under
IFRSs proposed dividends do not meet the definition of a liability until such
time as they have been approved by shareholders at the Annual General Meeting.
Therefore we no longer recognise a liability in any period for dividends that
have been proposed but will not be approved until after the balance sheet date.
The proposed final dividends for 2004 amounted to €1 215 million. As at
1 January 2004 the proposed final
dividends for 2003 amounted to €1 120 million. These amounts have been reclassified
from current liabilities to retained profit.
Financial instruments (including preference shares)
From
1 January 2005 Unilever has applied IAS 32 and IAS 39. No restatements were made
to the income statement for the year ended 31 December 2004 and the balance sheets
as at 1 January 2004 and 31 December 2004. These standards have many detailed
consequences, of which the key areas of impact are described below:
Classification of preference shares
Under
IAS 32, from 1 January 2005 onwards, the NV preference share capital is classified
as a liability rather than as part of equity. Also from 1 January 2005 onwards,
all of the dividends on these preference shares are recognised in the income
statement as part of interest expense. The carrying value of these preference
shares as at 31 December 2004 was €1 502 million.
Non-derivative financial assets and liabilities
IAS
39 requires certain non-derivative financial assets (those classified as
'available-for-sale')
to be held at fair value with unrealised movements in fair value recognised directly
within equity. Non-derivative financial liabilities will continue to be measured
at
amortised cost, unless they form part of a fair value hedge accounting relationship
when they are measured at amortised cost plus the fair value of the hedged risk.
Derivative financial instruments
We
use certain derivative financial instruments for the purposes of hedging foreign
exchange and interest rate risk. IAS 39 requires recognition of all derivative
financial instruments on the balance sheet and that they are measured at fair
value. Income statement volatility can be avoided by applying hedge accounting,
for which the standard prescribes detailed requirements. As a result, from 1
January 2005, we recognise all derivative financial instruments on balance sheet
at fair value and apply the new hedge accounting methodology to all significant
qualifying hedging relationships.
Non-current assets and disposal groups held for sale
We
have applied the provisions of IFRS 5 with effect from 1 January 2005. Application
of this standard resulted in reclassifications of non-current assets and disposal
groups held for sale in the balance sheet as at 1 January 2005, but did not significantly
affect the asset values themselves.
Other
Foreign
      currency translation differences
Applying
the exemption under IFRS 1, we measure and record all cumulative foreign currency
translation differences arising after the transition date of 1 January 2004.
These differences are classified as a separate component of equity. On disposal
of a foreign operation the cumulative translation differences are transferred
to the income statement as part of the gain or loss on disposal.
Leasehold land
Under
IAS 17 leases relating to land are generally classified as operating leases because
land has an indefinite economic life. Leasehold land usually requires a premium
to be paid in advance. Under previous GAAP we capitalised this payment within
fixed assets (as property, plant and equipment) and depreciated it over the length
of the lease. Under IFRSs this premium is classified as a prepayment within trade
and other receivables due after more than one year. As at 1 January 2004 the
capitalised
amount relating to leasehold land amounted to €58 million.
Cash flow
The
transition from previous GAAP to IFRSs has no effect upon the cash flows generated
by Unilever. The IFRS cash flow statement is presented in a different format
from that required by previous GAAP, with cash flows split into three categories
of activities – operating activities, investing activities and financing
activities. The reconciling items between the previous GAAP presentation and
the IFRSs presentation have no net
impact on the cash flows generated.
In preparing the cash flow statement under IFRSs, cash and cash equivalents include
cash at bank and in hand, highly liquid interest bearing securities with original
maturities of three months or less, and bank overdrafts. Under previous GAAP,
highly liquid interest bearing securities were not classified as cash equivalents.
Unilever
Annual
          Report and Accounts 2005
145
Back to Contents
Notes to the consolidated accounts
Unilever Group
35 First time adoption of International Financial Reporting Standards
(continued)
Reconciliation
      of equity at the transition date of 1 January 2004
€ million
€ million
€ million
€ million
Goodwill and
Previously
indefinite-
reported
lived
under previous
intangible
Biological
GAAP
assets
Software
assets
Non-current
    assets
Goodwill
13 457
4
–
–
Intangible assets
4 256
749
103
–
Property, plant and equipment
6 655
–
–
(40
)
Biological assets
–
–
–
29
Joint ventures and associates
56
–
–
–
Other non-current investments
143
–
–
–
Pension asset for funded schemes in surplus
490
–
–
–
Trade and other receivables due after more than one year
799
–
–
–
Deferred tax assets
–
–
–
–
Total
    non-current assets
25 856
753
103
(11
)
Current
    assets
Inventories
4 175
–
–
–
Trade and other current receivables
5 082
–
–
–
Other financial assets
1 491
–
–
–
Cash and cash equivalents
1 854
–
–
–
Total
    current assets
12 602
–
–
–
Current
    liabilities
Borrowings due within one year
(7 434
)
–
–
–
Trade payables and other current liabilities
(9 640
)
–
–
–
Current tax liabilities
–
–
–
–
Total
    current liabilities
(17 074
)
–
–
–
Net
    current assets/(liabilities)
(4 472
)
–
–
–
Total
    assets less current liabilities
21 384
753
103
(11
)
Non-current
    liabilities
Borrowings due after more than one year
8 466
–
–
–
Trade payables and other liabilities due after more than one year
664
–
–
–
Non-current tax liabilities
–
–
–
–
Pension liability for funded schemes in deficit
1 629
–
–
–
Pension liability for unfunded schemes
2 620
–
–
–
Restructuring and other provisions
898
–
–
–
Deferred tax liabilities
747
–
33
(1
)
Total
    non-current liabilities
15 024
–
33
(1
)
Shareholders' equity
Called up share capital
642
–
–
–
Share premium account
1 530
–
–
–
Other reserves
(2 442
)
–
–
–
Retained profit
6 190
753
69
(8
)
Total
    shareholders' equity
5 920
753
69
(8
)
Minority interests
440
–
1
(2
)
Total
    equity
6 360
753
70
(10
)
Total
    capital employed
21 384
753
103
(11
)
146
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes
      to the consolidated accounts
Unilever
Group
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Pensions
Deferred tax
Tax
Joint
Total effect
Restated
and similar
restatement
reclassifying
ventures and
of transition
under
obligations
effect
effect
associates
Dividends
Other
to IFRSs
IFRSs
–
–
–
–
–
–
4
13 461
–
–
–
–
–
–
852
5 108
–
–
–
–
–
(58
)
(98
)
6 557
–
–
–
–
–
–
29
29
–
–
–
–
–
–
–
56
182
–
–
–
–
378
560
703
(49
)
–
252
–
–
–
203
693
–
–
(637
)
–
–
58
(579
)
220
–
–
1 155
–
–
–
1 155
1 155
133
–
770
–
–
378
2 126
27 982
–
–
–
–
–
(1
)
(1
)
4 174
–
–
–
–
–
(375
)
(375
)
4 707
–
–
–
–
–
106
106
1 597
–
–
–
–
–
(106
)
(106
)
1 748
–
–
–
–
–
(376
)
(376
)
12 226
–
–
–
–
–
–
–
(7 434
)
–
–
728
–
1 120
(2
)
1 846
(7 794
)
–
–
(728
)
–
–
–
(728
)
(728
)
–
–
–
–
1 120
(2
)
1 118
(15 956
)
–
–
–
–
1 120
(378
)
742
(3 730
)
133
–
770
–
1 120
–
2 868
24 252
–
–
–
–
–
–
–
8 466
–
–
(330
)
–
–
–
(330
)
334
–
–
330
–
–
330
330
14
–
664
–
–
–
678
2 307
153
–
780
–
–
–
933
3 553
–
–
–
–
–
–
–
898
(11
)
1 095
(674
)
–
–
–
442
1 189
156
1 095
770
–
–
–
2 053
17 077
–
–
–
–
–
–
–
642
–
–
–
–
–
–
–
1 530
–
–
–
–
–
–
–
(2 442
)
(23
)
(1 095
)
–
–
1 120
–
816
7 006
(23
)
(1 095
)
–
–
1 120
–
816
6 736
–
–
–
–
–
–
(1
)
439
(23
)
(1 095
)
–
–
1 120
–
815
7 175
133
–
770
–
1 120
–
2 868
24 252
Unilever
Annual
          Report and Accounts 2005
147
Back to Contents
Notes
  to the consolidated accounts
Unilever
  Group
35
  First time adoption of International Financial Reporting Standards
(continued)
Reconciliation
  of profit for the year ended 31 December 2004
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Goodwill
      and
Previously
indefinite
reported
lived
Pensions
Deferred
      tax
under
      previous
intangible
Biological
and
      similar
restatement
GAAP
assets
Software
assets
obligations
effect
Turnover
40
      366
–
–
–
–
–
Turnover
      of joint ventures
(197
)
–
–
–
–
–
Operating
      costs
(36
      758
)
815
66
7
–
–
Share
      of operating profit of joint ventures
44
–
–
–
–
–
Operating
      profit/(loss)
3
      455
815
66
7
–
–
After
      charging:
Impairment
      of
Slim•Fast
(591
)
(200
)
–
–
–
–
Provision
      for Brazilian sales tax
(169
)
–
–
–
–
–
Share
      of operating profit of associates
42
7
–
–
–
–
Finance
      costs
(628
)
–
–
–
–
–
Other
      finance income/(cost) –
pensions
      and similar obligations
(61
)
–
–
–
1
–
Share
      of net profit of joint ventures
–
–
–
–
–
–
Share
      of net profit of associates
–
–
–
–
–
–
Other
      income from non-current investments
31
–
–
–
23
–
Profit/(loss)
      before taxation
2
      839
822
66
7
24
–
Taxation
(782
)
17
(17
)
(2
)
(8
)
(16
)
Net
      profit/(loss) for the year
2
      057
839
49
5
16
(16
)
Net
      profit from discontinued operations
Net
      profit
Attributable
      to:
Minority
      interests
181
2
1
2
–
–
Shareholders'
      equity
1
      876
837
48
3
16
(16
)
(a)
      See 'Turnover definition' on page 20.
148
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes
  to the consolidated accounts
Unilever Group
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Change
Tax
Joint
Total
      effect
relating
      to
Restated
Adjustment
      for
As
      reported
reclassifying
ventures
      and
of
      transition
turnover
under
discontinued
in
      Income
effect
associates
Dividends
Other
to
      IFRSs
definition
(a)
IFRSs
operations
Statement
–
(197
)
–
–
(197
)
(1
      061
)
39
      108
(542
)
38
      566
–
197
–
–
197
–
–
–
–
–
–
–
14
902
1
      061
(34
      795
)
468
(34
      327
)
–
(44
)
–
–
(44
)
–
–
–
–
–
(44
)
–
14
858
–
4
      313
(74
)
4
      239
–
–
–
–
(200
)
–
(791
)
–
(791
)
–
–
–
–
–
–
(169
)
–
(169
)
–
(49
)
–
–
(42
)
–
–
–
–
–
47
–
10
57
–
(571
)
(1
)
(572
)
–
–
–
–
1
–
(60
)
2
(58
)
–
39
–
–
39
–
39
–
39
–
2
–
–
2
–
2
–
2
–
–
–
–
23
–
54
–
54
–
(5
)
–
24
938
–
3
      777
(73
)
3
      704
–
5
–
(33
)
(54
)
–
(836
)
26
(810
)
–
–
–
(9
)
884
–
2
      941
(47
)
2
      894
47
47
–
2
      941
–
–
–
–
5
–
186
–
186
–
–
–
(9
)
879
–
2
      755
–
2
      755
Unilever
Annual Report and Accounts 2005
149
Back to Contents
Notes
  to the consolidated accounts
Unilever
  Group
35
  First time adoption of International Financial Reporting Standards
(continued)
Reconciliation
  of equity at 31 December 2004 and 1 January 2005
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Previously
Goodwill
      and
reported
indefinite-
under
      previous
lived
Pensions
Deferred
      tax
GAAP
      at
intangible
Biological
and
      similar
restatement
31
      December 2004
assets
Software
assets
obligations
effect
Non-current
      assets
Goodwill
11
      508
575
–
–
–
–
Intangible
      assets
3
      830
928
166
–
–
–
Property,
      plant and equipment
6
      271
–
–
(36
)
–
–
Biological
      assets
–
–
–
33
–
–
Joint
      ventures and associates
54
–
–
–
–
–
Other
      non-current investments
148
–
–
–
174
–
Pension
      asset for funded schemes in surplus
456
–
–
–
(39
)
–
Trade
      and other receivables due after more
than
      one year
1
      198
–
–
–
–
–
Deferred
      tax assets
–
–
–
–
–
–
Total
      non-current assets
23
      465
1
      503
166
(3
)
135
–
Assets
      held for sale
Current
      assets
Inventories
3
      758
–
–
–
–
–
Trade
      and other current receivables
4
      505
–
–
–
–
–
Other
      financial assets
1
      016
–
–
–
–
–
Cash
      and cash equivalents
1
      587
–
–
–
–
–
Total
      current assets
10
      866
–
–
–
–
–
Current
      liabilities
Borrowings
      due after more than one year
(5
      155
)
–
–
–
–
–
Trade
      payables and other current liabilities
(9
      415
)
–
–
–
–
–
Current
      tax liabilities
–
–
–
–
–
–
Restructuring
      and other provisions
–
–
–
–
–
–
Total
      current liabilities
(14
      570
)
–
–
–
–
–
Net
      current assets/(liabilities)
(3
      704
)
–
–
–
–
–
Total
      assets less current liabilities
19
      761
1
      503
166
(3
)
135
–
Non-current
      liabilities
Borrowings
      due after more than one year
6
      893
–
–
–
–
–
Trade
      payables and other liabilities due after
more
      than one year
717
–
–
–
–
–
Non-current
      tax liabilities
–
–
–
–
–
–
Pension
      liability for funded schemes in deficit
1
      681
–
–
–
43
–
Pension
      liability for unfunded schemes
2
      693
–
–
–
143
–
Restructuring
      and other provisions
1
      370
(6
)
–
–
–
Deferred
      tax liabilities
511
(33
)
50
1
(15
)
1
      068
Total
      non-current liabilities
13
      865
(39
)
50
1
171
1
      068
Liabilities
      held for sale
Shareholders' equity
Called
      up share capital
642
–
–
–
–
–
Share
      premium account
1
      530
–
–
–
–
–
Other
      reserves
(2
      735
)
–
–
–
–
–
Retained
      profit
6
      097
1
      540
115
(4
)
(36
)
(1
      068
)
Total
      shareholders' equity
5
      534
1
      540
115
(4
)
(36
)
(1
      068
)
Minority
      interests
362
2
1
–
–
–
Total
      equity
5
      896
1
      542
116
(4
)
(36
)
(1
      068
)
Total
      capital employed
19
      761
1
      503
166
(3
)
135
–
150
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the
consolidated accounts
Unilever Group
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Restated
Restated
under
Financial
Non-current
under
Tax
Joint
Total effect
IFRSs at
instruments
assets and asset
IFRSs at
reclassifying
ventures and
of transition
31 December
(including
groups held
1 January
effect
associates
Dividends
Other
to IFRSs
2004
preference shares)
for sale
2005
–
–
–
–
575
12 083
–
(133
)
11 950
–
–
–
–
1 094
4 924
–
(60
)
4 864
–
–
–
(54
)
(90
)
6 181
–
(130
)
6 051
–
–
–
–
33
33
–
–
33
–
–
–
–
–
54
–
–
54
–
–
–
376
550
698
–
(1
)
697
208
–
–
–
169
625
–
–
625
(973
)
–
–
54
(919
)
279
468
–
747
1 491
–
–
–
1 491
1 491
–
–
1 491
726
–
–
376
2 903
26 368
468
(324
)
26 512
n/a
–
375
375
–
–
–
(2
)
(2
)
3 756
–
(16
)
3 740
–
–
–
(374
)
(374
)
4 131
581
(27
)
4 685
–
–
–
(3
)
(3
)
1 013
(480
)
–
533
–
–
–
3
3
1 590
–
(8
)
1 582
–
–
–
(376
)
(376
)
10 490
101
(51
)
10 540
–
–
–
–
–
(5 155
)
(1 293
)
–
(6 448
)
686
–
1 215
–
1 901
(7 514
)
(71
)
14
(7 571
)
(686
)
–
–
(32
)
(718
)
(718
)
–
–
(718
)
–
–
–
(799
)
(799
)
(799
)
–
–
(799
)
–
–
1 215
(831
)
384
(14 186
)
(1 364
)
14
(15 536
)
–
–
1 215
(1 207
)
8
(3 696
)
(1 263
)
(37
)
(4 996
)
726
–
1 215
(831
)
2 911
22 672
(795
)
14
21 891
–
–
–
–
–
6 893
328
–
7 221
(278
)
–
–
–
(278
)
439
(5
)
–
434
278
–
–
–
278
278
–
–
278
615
–
–
–
658
2 339
–
–
2 339
904
–
–
–
1 047
3 740
–
(3
)
3 737
–
–
–
(799
)
(805
)
565
–
(2
)
563
(793
)
–
–
–
278
789
(4
)
–
785
726
–
–
(799
)
1 178
15 043
319
(5
)
15 357
n/a
–
19
19
–
–
–
–
–
642
(130
)
–
512
–
–
–
–
–
1 530
(1 372
)
–
158
–
–
–
180
180
(2 555
)
(19
)
–
(2 574
)
–
–
1 215
(212
)
1 550
7 647
407
–
8 054
–
–
1 215
(32
)
1 730
7 264
(1 114
)
–
6 150
–
–
–
–
3
365
–
–
365
–
–
1 215
(32
)
1 733
7 629
(1 114
)
–
6 515
726
–
1 215
(831
)
2 911
22 672
(795
)
14
21 891
Unilever
Annual
          Report and Accounts 2005
151
Back to Contents
Historical information
Unilever Group
Selected financial data under IFRSs
€ million
€ million
Consolidated income statement
2005
2004
Continuing operations:
Turnover
39
    672
38 566
Operating
            profit
5
    314
4 239
Profit
            before taxation
4
    751
3 704
Net
            profit from continuing operations
3
    502
2 894
Net profit from discontinued operations
473
47
Net profit
3
    975
2 941
Combined
    earnings per share
(a)
2005
2004
Total
              operations
Basic earnings per share
Euros
    per €0.51 of ordinary capital
3.88
2.83
Euro
            cents per 1.4p of ordinary capital
58.17
42.46
Diluted earnings per share
Euros
    per €0.51 of ordinary capital
3.76
2.72
Euro
    cents per 1.4p of ordinary capital
56.40
40.78
Continuing
    operations
Basic earnings per share
Euros
    per €0.51 of ordinary capital
3.39
2.78
Euro
    cents per 1.4p of ordinary capital
50.87
41.72
Diluted earnings per share
Euros
    per €0.51 of ordinary capital
3.29
2.67
Euro
    cents per 1.4p of ordinary capital
49.33
40.08
€ million
€ million
Consolidated
    balance sheet
2005
2004
Total assets
39
    376
36 858
Total assets less total liabilities
8
    765
7 629
Shareholders' equity
8
    361
7 264
€ million
€ million
Consolidated cash flow statement
2005
2004
Cash flow from operating activities
5 924
6 925
Income tax paid
(1 571
)
(1 378
)
Net cash flow from/(used in) investing activities
515
(120
)
Net cash flow from/(used in) financing activities
(4 821
)
(5 938
)
Net increase/(decrease) in cash and cash equivalents
47
(511
)
Ratios and other metrics
2005
2004
Ungeared Free Cash Flow
(€ million)
(b)
4
    011
5 346
Net profit margin (%)
(c)
9.5
7.1
Return on invested capital (%)
(d)
12.5
10.7
Ratio of earnings to fixed charges (times)
(e)
7.4
5.4
(a)
For the basis of the calculations of combined earnings per share see note 8 on page 97.
(b)
As defined on page 17.
(c)
Net profit margin is expressed as net profit attributable to shareholders' equity as a percentage of turnover from continuing operations.
(d)
As defined on page 18.
(e)
In the ratio of earnings to fixed charges, earnings consist of net profit excluding net profit or loss of joint ventures and associates increased by fixed charges, income taxes and
dividends received from joint ventures and associates. Fixed charges consist of interest payable on debt and a portion of lease costs determined to be representative of interest. This ratio takes no account of interest receivable although
Unilever's treasury operations involve both borrowing and depositing funds.
152
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Annual
        Report and Accounts 2005
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Financial
            Statements
Historical information
(continued)
Unilever Group
Historical information as reported under previous GAAP
Unilever
adopted International Financial Reporting Standards as adopted by the EU with
effect from 1 January 2005, with a transition date of 1 January 2004. As required
by IFRS 1 'First Time Adoption of International Financial Reporting Standards',
comparative information has been presented on an IFRSs basis for 2004. Profits
and balance sheets for years prior to 2004 have not been restated onto an IFRSs
basis. Apart from the information reported on page 155 on a US GAAP basis, we
therefore do not consider it appropriate to present historical information for
a five-year period. Information for the period from 2001 to 2004 as reported
under our previous accounting policies (which is not directly comparable with
IFRSs) is set out
below and on pages 154 and 155.
For further information regarding the impact of the adoption of IFRSs on Unilever's
reported profit and equity, please refer to note 35 on pages 144 to 151.
The financial data below and on pages 154 and 155 show information derived from
the audited consolidated accounts of the Unilever Group for the years 2001 to
2004, and should be read in the context of those accounts and notes. Those accounts
were prepared under the accounting policies which the Group applied prior to
its adoption of IFRSs. These were based on United Kingdom accounting standards
and applicable Netherlands and UK
law. Further information can be found in the 'Accounting information and
policies' sections of the
Report
and Accounts for the years in question.
The adoption, in 2003, of UK Financial Reporting Standard 17 on pensions accounting
was reflected by restating the consolidated profit and loss accounts for the
years ended and the
balance sheets as at 31 December 2002 and 31 December 2001.
€ million
€ million
€ million
€ million
Consolidated profit and loss account
2004
2003
2002
2001
Group
    turnover
40 169
42 693
48 270
51 514
Group
    operating profit
3 411
5 483
5 007
4 946
After
            charging:
Exceptional
            items
(1 595
)
(97
)
(707
)
(579
)
Amortisation
              of goodwill and intangible assets
(1 086
)
(1 139
)
(1 245
)
(1 387
)
Income from fixed investments
117
68
111
96
Interest
(689
)
(1 013
)
(1 065
)
(1 604
)
Profit
    on ordinary activities before taxation
2 839
4 538
4 053
3 438
Profit
    on ordinary activities after taxation
2 057
3 011
2 448
1 919
Net
    profit
1 876
2 762
2 136
1 680
Preference dividends
(28
)
(27
)
(42
)
(51
)
Dividends on ordinary capital
(1 815
)
(1 682
)
(1 659
)
(1 530
)
Result
    for the year retained
33
1 053
435
99
Combined earnings per share
(c)
Euros per €0.51 of ordinary capital
1.92
2.82
2.14
1.66
Euro cents per 1.4p of ordinary capital
28.78
42.33
32.16
24.86
Ordinary
    dividends
NV – euros per €0.51 of ordinary capital
1.89
1.74
1.70
1.56
PLC – pence per 1.4p of ordinary capital
19.15
18.08
16.04
14.54
€ million
€ million
€ million
€ million
Consolidated balance sheet
2004
2003
2002
2001
Goodwill and intangible assets
15 338
17 713
20 274
24 964
Other fixed assets and investments
6 473
6 854
8 115
10 124
Stocks
3 758
4 175
4 500
5 343
Debtors
5 703
5 881
6 571
8 024
Total cash and current investments
2 603
3 345
2 904
2 214
Total
    assets
33 875
37 968
42 364
50 669
Creditors due within one year
(14 570
)
(17 074
)
(19 955
)
(23 125
)
Total
    assets less current liabilities
19 305
20 894
22 409
27 544
Creditors due after one year
7 610
9 130
11 574
15 026
Provisions for liabilities and charges
5 799
5 404
5 514
3 411
Total
    long-term liabilities
13 409
14 534
17 088
18 437
Minority interests
362
440
619
670
Capital and reserves
5 534
5 920
4 702
8 437
Total
    capital employed
19 305
20 894
22 409
27 544
Unilever
Annual
          Report and Accounts 2005
153
Back to Contents
Historical
      information
(continued)
Unilever
      Group
Historical information as reported under previous GAAP
(continued)
€ million
€ million
€ million
€ million
By
              geographical area
2004
2003
2002
2001
Group turnover
Europe
17 314
18 208
19 573
20 119
The Americas
13 120
14 146
17 879
20 358
Asia Africa
9 735
10 339
10 818
11 037
40 169
42 693
48 270
51 514
Group
        operating profit
Europe
1 827
2 563
1 598
2 412
The Americas
617
1 429
2 046
1 465
Asia Africa
967
1 491
1 363
1 069
3 411
5 483
5 007
4 946
Net operating assets
Europe
9 748
11 306
12 301
11 243
The Americas
8 869
11 033
13 441
18 347
Asia Africa
2 294
2 582
2 445
2 607
20 911
24 921
28 187
32 197
Capital expenditure
Europe
461
471
552
631
The Americas
262
316
468
551
Asia Africa
282
251
278
331
1 005
1 038
1 298
1 513
€ million
€ million
€ million
€ million
By operation
2004
2003
2002
2001
Group turnover
Foods
22 530
23 971
26 937
28 155
Home and Personal Care
17 639
18 722
21 333
23 359
40 169
42 693
48 270
51 514
Group operating profit
Foods
1 267
2 648
2 083
2 136
Home and Personal Care
2 144
2 835
2 924
2 810
3 411
5 483
5 007
4 946
Net operating assets
Foods
19 014
22 469
25 156
28 960
Home and Personal Care
1 897
2 452
3 031
3 237
20 911
24 921
28 187
32 197
Capital expenditure
Foods
532
602
805
810
Home and Personal Care
473
436
493
703
1 005
1 038
1 298
1 513
154
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Historical
      information
(continued)
Unilever
      Group
Historical information as reported under previous GAAP
(continued)
€ million
€ million
€ million
€ million
Consolidated cash flow statement
2004
2003
2002
2001
Cash flow from operating activities
6 853
6 780
7 883
7 497
Dividends from joint ventures
60
52
83
82
Returns on investments and servicing of finance
(807
)
(1 180
)
(1 386
)
(1 887
)
Taxation
(1 378
)
(1 423
)
(1 817
)
(2 205
)
Capital expenditure and financial investment
(1 044
)
(1 024
)
(1 706
)
(1 358
)
Acquisitions and disposals
316
622
1 755
3 477
Dividends paid on ordinary share capital
(1 720
)
(1 715
)
(1 580
)
(1 420
)
Cash flow before management of liquid resources and financing
2 280
2 112
3 232
4 186
Management of liquid resources
(31
)
(41
)
(592
)
1 106
Financing
(2 921
)
(2 917
)
(3 078
)
(5 172
)
Increase/(decrease) in cash in the period
(672
)
(846
)
(438
)
120
Ratios
2004
2003
2002
2001
Return on invested capital (%)
(d)
10.8
12.5
9.8
8.7
Net profit margin (%)
(f)
4.7
6.5
4.4
3.3
Ratio of earnings to fixed charges (times)
(f)
4.3
4.6
3.6
2.6
(d)
As defined
        on
page 18.
(f)
As defined
    on page 152.
Selected
financial data and key ratios on a US GAAP
basis
(g)(h)
€ million
€ million
€ million
€ million
€ million
2005
2004
2003
2002
2001
Turnover (total operations)
(i)
39 902
39 108
41 455
46 933
50 235
Net profit attributable to shareholders' equity (total operations)
2 646
2 686
3 807
4 210
1 446
Net profit (continuing operations)
2 629
2 820
n/a
n/a
n/a
Shareholders' equity
14 992
14 012
13 349
11 772
13 553
Total assets
45 172
41 625
44 145
48 146
56 546
Combined net income per share (total operations)
(j)(k)
Euros
    per €0.51 of ordinary capital
2.71
2.76
3.90
4.27
1.42
Euro cents per 1.4p of ordinary capital
40.71
41.39
58.52
64.01
21.29
Diluted net income per share (total operations)
Euros
    per €0.51 of ordinary capital
2.63
2.65
3.79
4.14
1.38
Euro cents per 1.4p of ordinary capital
39.43
39.70
56.81
62.11
20.72
Return on invested capital (%)
10.0
10.5
11.4
11.3
8.6
Net profit margin (%)
(l)
6.7
6.9
9.2
9.0
2.9
Ratio of earnings to fixed charges (times)
(f)
5.8
5.0
5.2
4.8
2.4
(f)
As defined on page 152.
(g)
During the year ended 31 December 2002, Unilever changed its method of calculating expected return on plan assets for US GAAP purposes, by adopting the actual fair market value at the
balance sheet date rather than a market-related value. Had this methodology been applied in previous years, it would have resulted in an increase in net income for the year ended 31 December 2001 of €86 million.
(h)
During the year ended 31 December 2002, Unilever recognised for US GAAP reporting purposes FAS 142 which ceased amortisation of goodwill and indefinite-lived intangible assets.
Amortisation expense on goodwill and indefinite-lived intangible assets on a US GAAP basis for the year ended 31 December 2001 was €1 748 million.
(i)
Turnover from continuing operations for the year was €39 672 million (2004: €38 566 million).
(j)
For the basis of the calculation of combined earnings per share see note 8 on page 97.
(k)
For information on net income per share for continuing operations, please refer to page 157.
(l)
Net profit margin is expressed as net profit attributable to shareholders' equity as a percentage of turnover from total operations.
Unilever
Annual
          Report and Accounts 2005
155
Back to Contents
Historical information
(continued)
Unilever Group
Exchange rates
The information in the following table is based on exchange rates between euros and US dollars and euros and sterling. These translation rates were used in preparation of the
accounts:
2005
2004
2003
2002
2001
Year
        end
€1
    = $
1.184
1.366
1.261
1.049
0.885
€1
    = £
0.686
0.707
0.708
0.651
0.611
Annual average
€1
    = $
1.244
1.238
1.126
0.940
0.895
€1
    = £
0.684
0.678
0.691
0.628
0.622
Noon Buying Rates in New York for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New
      York were
as follows:
2005
2004
2003
2002
2001
Year
        end
€1 = $
1.184
1.354
1.260
1.049
0.890
Annual average
€1
    = $
1.245
1.239
1.132
0.945
0.895
High
€1
    = $
1.348
1.363
1.260
1.049
0.954
Low
€1
    = $
1.167
1.180
1.036
0.859
0.837
High and
low exchange rate values for each of the last six months:
September
October
November
December
January
February
2005
2005
2005
2005
2006
2006
High
€1
= $
1.254
1.215
1.207
1.204
1.229
1.210
Low
€1
= $
1.201
1.191
1.167
1.170
1.198
1.186
On 28 February 2006, the exchange rates between euros and US dollars and euros and sterling were as follows: €1.00 = US $1.193 and €1.00 = £0.680.
156
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Annual
        Report and Accounts 2005
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Financial
            Statements
Additional information for US investors
Unilever Group
Unilever's consolidated accounts are prepared in accordance with accounting principles which differ in some respects from those applicable in the United States. The following is a
summary of the effect on the Group's net profit, combined earnings per share and equity of the application of United States generally accepted accounting principles (US GAAP).
€ million
€ million
2005
2004
Net profit
as reported in the consolidated income statement
3 975
2 941
US GAAP adjustments:
Impairment of goodwill and intangible assets
(279
)
(152
)
Restructuring costs
(224
)
275
Capitalised interest
(36
)
(34
)
Biological assets
(16
)
(7
)
Sale and leaseback transactions
(56
)
–
Financial instruments
(6
)
(66
)
Preference dividends
11
–
Pensions and similar obligations
(265
)
(230
)
Profit/(loss) on disposal of group companies
(217
)
(11
)
Currency retranslation written back on disposals and capital transactions
(102
)
(8
)
Taxation effect of above adjustments including differences in deferred tax accounting
70
159
Net increase/(decrease)
(1 120
)
(74
)
Net income under US GAAP
2 855
2 867
Attributable to:
Minority interests
209
181
Shareholders' equity
2 646
2 686
Combined net income per share under US GAAP
From total operations
Basic net income per share
Euros per €0.51 of ordinary capital
2.71
2.76
Euro cents per 1.4p of ordinary capital
40.71
41.39
Diluted net income per share
Euros per €0.51 of ordinary capital
2.63
2.65
Euro cents per 1.4p of ordinary capital
39.43
39.70
From continuing operations
Basic net income per share
Euros per €0.51 of ordinary capital
2.48
2.71
Euro cents per 1.4p of ordinary capital
37.22
40.65
Diluted net income per share
Euros per €0.51 of ordinary capital
2.40
2.60
Euro cents per 1.4p of ordinary capital
36.05
39.01
€ million
€ million
2005
2004
Total equity
as reported in the consolidated balance sheet
8 765
7 629
US GAAP adjustments:
Goodwill
4 531
4 213
Identifiable intangible assets
1 402
1 587
Restructuring costs
153
356
Capitalised interest
238
275
Biological assets
(10
)
3
Sale and leaseback transactions
(56
)
–
Financial instruments
60
–
Pensions and similar obligations
1 085
1 126
Preference shares
124
n/a
Taxation effect of above adjustments including differences in deferred tax accounting
(896
)
(815
)
Net increase/(decrease)
6 631
6 745
Equity under US GAAP
15 396
14 374
Attributable to:
Minority interests
404
362
Shareholders' equity
14 992
14 012
Unilever
Annual
          Report and Accounts 2005
157
Back to Contents
Additional information for US investors
(continued)
Unilever Group
The consolidated accounts of the Unilever Group have been prepared in accordance with accounting principles which differ in certain respects from those generally accepted in the United
States (US GAAP). The principal differences are set out below.
Goodwill and intangible assets
Under
IFRSs transitional rules, purchased goodwill and identifiable intangible assets
are recognised at the transition date to IFRSs at deemed cost. For goodwill,
the deemed cost at 1 January 2004 was the carrying value under previous GAAP
at 31 December 2003. Under previous GAAP, goodwill arising from acquisitions
after 1 January 1998 was capitalised and amortised over the period of its expected
useful life, up to a maximum of 20 years. For intangible assets with indefinite
lives, the deemed cost at the date of transition to IFRSs is the original cost
at which these costs were initially recognised on the balance sheet.
Under US GAAP prior to 1 January 2002, purchased goodwill and identifiable intangible
assets were capitalised and amortised over their useful lives. From 1 January
2002, under FAS 142, the amortisation of goodwill and identifiable intangible
assets that have indefinite useful lives ceased. Intangible assets that have
finite useful lives continue to be amortised over their useful lives for both
IFRSs and US GAAP.
The differences between IFRSs and US GAAP on accounting for goodwill and intangible
assets are set out in the tables and footnotes below.
Impact of goodwill and intangible assets differences on equity:
€ million
€ million
2005
2004
Pre-1998 goodwill and intangible assets
(a)
3 536
3 617
Cessation of goodwill amortisation
(b)
1 631
1 502
Cessation of intangible assets amortisation
(b)
(329
)
(250
)
Differences in calculation of goodwill on acquisition
(c)
1 198
1 041
Recognised impairments on goodwill and intangible assets
(d)
(128
)
(131
)
Cessation of goodwill amortisation on joint ventures and associates
(b)
25
21
Total adjustment to equity
5 933
5 800
(a)
Under previous GAAP, goodwill and intangible assets purchased prior to 1 January
1998 were written off in the year of acquisition as a movement in profits retained.
Under US GAAP, such goodwill and intangible assets were capitalised and, prior
to 1 January 2002, were amortised over their useful lives. These different accounting
treatments gave rise to differences in the calculation of equity under IFRSs
and US GAAP. Similar differences arise between net profit or loss on disposal
of a business or intangible asset under US GAAP.
(b)
Under US GAAP prior to 1 January 2002, purchased goodwill and identifiable intangible
assets were capitalised and amortised over their useful lives. From 1 January
2002, under FAS 142, the amortisation of goodwill and identifiable intangible
assets that have indefinite useful lives ceased. Intangible assets that have
finite useful lives continue to be amortised over their useful lives.
(c)
The detailed rules for determining the fair value of assets and liabilities acquired
as part of the acquisition of a business differed between previous GAAP and US
GAAP. We have applied the exemption in IFRS 1 relating to business combinations
and therefore the carrying value under previous GAAP for goodwill as at 31 December
2003 is its deemed cost at the date of transition to IFRSs (see also note 35
on pages 144 to 151). These, previous differences therefore give rise to differing
figures for goodwill arising on acquisition as calculated under IFRSs and US
GAAP.
(d)
As more fully disclosed below, the carrying values of goodwill and identifiable
intangible assets and the detailed rules for measuring and allocating an impairment
loss differ between IFRSs and US GAAP, resulting in divergences for impairment
charges recognised.
Under US GAAP the carrying values and detailed rules for measuring and allocating an impairment loss differ from those under IFRS. As a result, for the year ended 31 December 2005, the
evaluation of the
Slim•Fast
trademark resulted in an impairment charge under US GAAP of €343 million, €104 million more than
the charge recognised in respect of the trademark under IFRSs and €20 million less than the total impairment charge recognised under IFRSs for the
Slim•Fast
business. For US GAAP purposes, the fair value of the trademark asset was determined using a relief-from-royalty method that estimates the value of the implied royalty stream
that could be generated from the trademark, were it to be licensed.
There are a number of goodwill and intangible assets being carried for US GAAP
purposes for which no corresponding value exists under IFRSs. The annual impairment
testing conducted in 2005 identified certain goodwill and intangible assets for
which the carrying value was no longer fully recoverable. Accordingly, an impairment
charge was recognised solely for US GAAP purposes in respect of the following:
•
As
          a result of the global use of the Unilever brand on all product packaging
          we have discontinued the use of the
Fabergé
trade
          name
resulting
          in an
impairment charge of €120 million; and
•
The
        2005 review of our ice cream operations in Latin America indicated that
    an impairment charge of €66 million was required.
In each
    of the above, fair value was determined by use of a relief-from-royalty valuation
    method for indefinite-lived trademarks and through a present value of discounted
    cash flows
methodology for the relevant reporting unit in respect of goodwill.
Other goodwill impairment charges recognised in 2005 include €98 million
of write-downs in respect of planned business disposals in The Americas region
that will complete during
2006.
158
Unilever
Annual
        Report and Accounts 2005
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Financial
            Statements
Additional information for US investors
(continued)
Unilever Group
Goodwill
An analysis of goodwill of group companies, joint ventures and associates
    by reporting segment is given below:
€ million
€ million
€ million
€ million
The
Europe
Americas
Asia Africa
Total
1 January 2004
8 082
7 652
1 101
16 835
Adjustment to prior year acquisitions
309
811
–
1 120
Acquisitions
–
7
–
7
Disposals
(8
)
(3
)
–
(11
)
Impairment charged to income statement
(142
)
(928
)
(66
)
(1 136
)
Currency retranslation
–
(319
)
(84
)
(403
)
31 December 2004
8 241
7 220
951
16 412
Acquisitions
–
–
13
13
Disposals
(149
)
(24
)
(4
)
(177
)
Impairment charged to income statement
–
(176
)
(3
)
(179
)
Currency retranslation
56
1 366
138
1 560
31 December 2005
8 148
8 386
1 095
17 629
Indefinite-lived intangible assets
An analysis of net book value of indefinite-lived intangible assets at cost
    less accumulated amortisation and impairment is given below:
€ million
€ million
2005
2004
Cost
7 471
6 953
Accumulated amortisation and impairment
(1 619
)
(1 055
)
Net book value 31 December
5 852
5 898
Indefinite-lived intangible assets principally comprise trademarks.
Restructuring costs
Under
Unilever's
  accounting policy, certain restructuring costs relating to employee terminations
  are recognised when a restructuring plan has been announced. Under US GAAP,
  liabilities relating to exit costs are recognised when incurred. Employee termination
  costs are generally considered to be incurred when the company has a liability
  to the employee, unless further service is required from the employee, in which
  case
costs are recognised as benefits are earned.
Provisions related to excess lease costs for onerous contracts are reduced by assumed sub-lease income for the periods impacted.
Biological assets
In accordance with IAS 41, biological assets are re-measured at fair value less estimated point-of-sale costs at each reporting period. Under US GAAP these assets are measured at
historical cost and depreciated over their useful life.
Interest
Unilever treats all interest costs as a charge to the income statement in the current period. Under US GAAP, interest incurred during the construction periods of tangible fixed assets
is capitalised and depreciated over the life of the assets.
Sale and leaseback
The
test for determining if an asset qualifies for treatment as a sale in a sale
and leaseback transaction
  is stricter under US GAAP than that under IFRSs, in particular where the lessee
  has continuing involvement. As a result, a sale and leaseback transaction entered
  into by Unilever was treated as a sale and operating lease of land and financing
  lease of a building under IFRSs but as a financing obligation for US GAAP.
  Accordingly, under US GAAP the gain on sale of €37 million was reversed in the income statement, the property was reinstated and a financing obligation of €114
million equivalent to the proceeds received for the sale was recognised.
The lease for this transaction is payable from 30 March 2007 until the lease expiry date of 29 September 2027.
Future commitments for the lease attached to this transaction are:
€ million
The commitments fall due as follows:
Within 1 year
–
After 1 year but within 2 years
15
After 2 years but within 3 years
15
After 3 years but within 4 years
15
After 4 years but within 5 years
15
After 5 years
312
Future minimum lease payments
372
Unilever
Annual
          Report and Accounts 2005
159
Back to Contents
Additional information for US investors
(continued)
Unilever Group
Financial Instruments
Under
the rules governing the transition to IFRSs, Unilever has adopted IAS 32/39 on
financial instruments from 1 January 2005. Unilever's accounting policies
in respect of derivative financial instruments under IFRSs are described in note
1 on page 83. There are minor differences between these and the application of
US GAAP from 1 January 2005.
In particular, from 1 January 2005, Unilever recognises all derivative financial
instruments on balance sheet at fair value and applies hedge accounting to a
portion of its portfolio of derivative financial instruments, meaning that changes
in the fair value of derivative financial instruments that are designated and
effective as hedges of future cash flows are recognised directly in equity and
any ineffective portion is recognised
immediately in the income statement.
Prior to the adoption of IAS 32/39 on 1 January 2005, Unilever applied hedge
accounting to its portfolio of derivative financial instruments, meaning that
changes in the value of forward exchange contracts were recognised in the results
in the same period as changes in the values of the assets and liabilities they
were intended to hedge. Interest payments and receipts arising from interest
rate derivatives such as swaps and forward rate agreements were matched to those
arising from underlying debt and investment positions. Payments made or received
in respect of the early termination of derivative instruments were spread over
the original life of the instrument so long as the underlying exposure continues
to exist.
Prior to 1 January 2005, Unilever had not designated any of its derivative financial
instruments as qualifying hedge instruments under US FAS 133 and accordingly,
under US GAAP, all derivative financial instruments were valued at fair value
with changes in fair value reflected in the income statement.
Investments
The
adoption of IAS 32/39 eliminates any previous divergence between Unilever's
accounting for non-derivative financial instruments and US GAAP. A divergence
therefore only exists
in the 2004 comparative figures.
Prior to 1 January 2005 Unilever accounted for changes in the market value of
current investments as interest receivable in the income statement for the year.
Non-current investments, other than interests in joint ventures and associates,
are stated at cost less any amounts written off to reflect a permanent impairment.
Under US GAAP, such current asset investments are generally classified as 'available
for sale
securities' and changes in market values, which represent unrealised gains
or losses, are excluded from earnings and taken to stockholders' equity
unless such losses are deemed to be other than temporary at which time they are
recognised through the income statement. Unrealised gains and losses arising
from changes in the market values of securities available for sale are not material
at 31 December 2004.
Preference shares
Under
IAS 32, Unilever recognises preference shares that provide a fixed preference
dividend as borrowings with preference dividends recognised in the income statement.
Under US GAAP
such preference shares are classified in shareholders' equity with dividends
treated as a deduction to shareholder's
equity.
Pensions
Under
IAS 19, the expected costs of providing retirement benefits are charged to the
income statement over the periods benefiting from the employees' services.
Variations from the expected cost are recognised as they occur in the statement
of recognised income and expense . The assets and liabilities of pension plans
are included in the Group balance sheet at fair value. Under US GAAP, pensions
costs and liabilities are accounted for in accordance with the prescribed actuarial
method and measurement principles of FAS 87. The most significant difference
is that variations from the expected costs are recognised in the income statement
over the expected service
lives
of the employees.
Under US GAAP, an additional minimum liability is recognised and a charge made
to other comprehensive income when the accumulated benefit obligation exceeds
the fair value of plan assets to the extent that this amount is not covered by
the net liability recognised in the balance sheet.
Deferred tax
Under
IFRSs, a provision is made on unremitted earnings of controlled group companies
to the extent that the distributions are considered probable. US GAAP requires
full provision to be made assuming all earnings will be distributed, unless those
earnings can be recovered tax-free or will be permanently reinvested in the controlled
group company.
Under IFRSs, deferred tax on share-based compensation is provided based on the
actual tax credit expected to be received using the fair market value of the
share price at the year end (the intrinsic value). The deferred tax is credited
to the income statement to the extent of the tax recognised on the share-based
compensation charge with the excess recognised directly in equity. Under US GAAP,
deferred tax on the share-based awards that ordinarily result in future tax deductions
is recognised to the extent of the cumulative amount of compensation cost recognised
through the income statement. Tax deductions inherent in the current fair value
of the entity's stock
are not taken into account.
Profit or loss on disposal of businesses
Under
both IFRSs and US GAAP, Unilever calculates profit or loss on sale of businesses
net of goodwill included on the balance sheet and after the write-back of cumulative
currency retranslation differences. Under previous GAAP, goodwill and intangible
assets purchased prior to 1 January 1998 were written off in the year of acquisition
as a movement in profits retained. Under US GAAP, such goodwill and intangible
assets were capitalised and, prior to 1 January 2002, were amortised over their
useful lives. These different accounting treatments give rise to differences
between net profit or loss calculated under IFRSs and that calculated under US
GAAP. The additional goodwill and intangibles recorded under US GAAP for our
UCI business means that
the US GAAP profit on disposal of this business is €217 million lower than
that reported under IFRSs. Under IFRSs, cumulative currency retranslation differences
arising from the transition date to IFRSs of 1 January 2004 are included in the
calculation whereas under US GAAP the profit or loss on disposal includes cumulative
currency retranslation differences which have arisen since the date that the
businesses were originally acquired.
Currency Recycling
Under
IFRSs, the gain from cumulative translation differences arising from the partial
repayment of capital of a subsidiary is recognised within the income statement.
Under US GAAP, currency translation gains and losses are only recycled to the
income statement on the sale or upon the complete or substantially complete liquidation
of the investment.
160
Unilever
Annual
        Report and Accounts 2005
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Financial
            Statements
Additional information for US investors
(continued)
Unilever Group
Classification differences between IFRSs and US GAAP
Cash flow statement
Under US GAAP, various
  items would be reclassified within the consolidated cash flow statement. In
  particular, interest received and interest
paid
  would be part of net cash flow from operating activities. In addition, under
  US GAAP, cash and cash equivalents comprise cash balances
and
        cash equivalents with an original maturity at the date of investment
  of less than three months. Under Unilever's presentation, cash and cash
equivalents
  are net of bank overdrafts. Cash flows from movements in bank overdrafts would
  be classified as part of cash flows from financing
activities
        under US GAAP. Cash flows from movements in bank overdrafts were €61
        million for the year ended 31 December 2005 (2004:
€(134)
    million).
Recent accounting developments
In November 2004,
      the Financial Accounting Standards Board (FASB) issued FASB Statement No.
  151 'Inventory Costs – an amendment of
ARB
      43' (FAS 151). The standard clarifies that abnormal amounts of idle
      facility expense, freight, handling costs, and wasted materials (spoilage)
should
      be recognised as current-period charges. In addition, FAS 151 requires
      that the allocation of fixed production overheads to inventory
values
      be based on the normal capacity of the production facilities. The provisions
      of FAS 151 will be effective for inventory costs incurred
during
      reporting periods beginning after 15 June 2005. FAS 151 does not have an
      impact on the results of operations or financial position of
Unilever
since the key elements are already applied in Unilever's financial statements.
In
        December 2004, the FASB issued a revision of FASB Statement No. 123 – 'Share-Based
        Payments' (FAS
        123(R)) which also supersedes APB
Opinion
        No. 25 – 'Accounting for Stock Issued to Employees'. Generally
  the valuation methods contained in FAS 123(R) are similar to those in
FAS
  123, but FAS 123(R) requires all share-based payments to employees, including
  grants of employee share options, to be charged to the
statement
  of income. Pro forma disclosure is no longer an alternative. With limited exceptions,
  the amount charged to the statement of income
for
  share options will be measured based on the grant date fair value of the option
  amortised over the period to the date of vesting of the
award.
  FAS 123(R) is effective for annual reporting periods beginning after 15 June
  2005. The company is currently evaluating the provisions of
this
  Statement. The adoption of FAS 123(R) is not expected to have a significant
  impact on the consolidated results of operations or financial
position
  of Unilever as Unilever adopted the fair value measurement provisions of FAS
  123 in 2003.
In
          March 2005 the FASB issued Financial Interpretation No. 47 'Accounting
          for Conditional Asset Retirement Obligations' (FIN
    47), which
clarifies
    the term conditional asset retirement obligation used in FAS 143. Unilever
    will apply the standard to the financial year beginning on
1
    January 2006; this is not expected to have a material impact on the consolidated
    results of operations or financial position of Unilever.
In
            May 2005 the FASB issued FASB Statement No. 154 'Accounting
            changes and error corrections' (FAS
            154) as a replacement of APB Opinion
No.
            20 'Accounting changes' and FASB Statement No. 3 'Reporting
            Accounting Changes in Interim Financial Statements',
      which has to be
applied
      for financial years beginning on or after 15 December 2005. It requires
      retrospective application, and Unilever will apply the standard to
the
      financial year beginning on 1 January 2006. The adoption is not expected
      to have a material effect on the consolidated results of operations
or
      financial position of Unilever.
Documents on display in the United States
Unilever files and
  furnishes reports and information with the United States Securities and Exchange
  Commission (SEC). Such reports and
information
        can be inspected and copied at the SEC's public reference facilities
        in Washington DC, Chicago and New York. 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 at
www.sec.gov.
Unilever
Annual
          Report and Accounts 2005
161
Back to Contents
Additional information for US investors
(continued)
Unilever Group
Summarised presentation of the NV and PLC parts of the Group
NV
and PLC and their group companies constitute a single reporting entity for the
purposes of presenting consolidated accounts. The following supplemental information
shows the consolidated income statement and balance sheet of the Group analysed
according to the relative legal ownership of individual entities by NV or PLC.
€ million
€ million
€ million
€ million
€ million
€ million
NV
NV
PLC
PLC
Total
Total
Income statement
for the year ended 31 December
2005
2004
2005
2004
2005
2004
Continuing operations:
Turnover
27 159
26 078
12 513
12 488
39 672
38 566
Operating profit
3 682
2 814
1 632
1 425
5 314
4 239
Net finance costs
(472
)
(379
)
(146
)
(251
)
(618
)
(630
)
Share in net profit of joint ventures
35
30
12
9
47
39
Share in net profit of associates
(12
)
8
(13
)
(6
)
(25
)
2
Other income from non-current investments
20
35
13
19
33
54
Profit before taxation
3 253
2 508
1 498
1 196
4 751
3 704
Taxation
(814
)
(520
)
(435
)
(290
)
(1 249
)
(810
)
Net profit from continuing operations
2 439
1 988
1 063
906
3 502
2 894
Net profit from discontinued operations
367
36
106
11
473
47
Net profit
2 806
2 024
1 169
917
3 975
2 941
Attributable to:
Minority interest
57
56
152
130
209
186
Shareholders' equity
2 749
1 968
1 017
787
3 766
2 755
€ million
€ million
€ million
€ million
€ million
€ million
NV
NV
PLC
PLC
Total
Total
Balance sheet
as at 31 December
2005
2004
2005
2004
2005
2004
Goodwill and intangible assets
14 152
13 268
3 903
3 739
18 055
17 007
Property, plant and equipment
4 321
4 115
2 171
2 066
6 492
6 181
Pension asset for funded schemes in surplus
966
558
70
67
1 036
625
Deferred tax assets
961
948
742
543
1 703
1 491
Other non-current assets
695
721
377
343
1 072
1 064
Total non-current assets
21 095
19 610
7 263
6 758
28 358
26 368
Assets held for sale
166
n/a
51
n/a
217
n/a
Inventories
2 661
2 436
1 446
1 320
4 107
3 756
Trade and other current receivables
3 628
3 026
1 202
1 105
4 830
4 131
Other financial assets
235
707
100
306
335
1 013
Cash and cash equivalents
941
1 109
588
481
1 529
1 590
Total current assets
7 465
7 278
3 336
3 212
10 801
10 490
Borrowings due within one year
(5 506
)
(4 101
)
(436
)
(1 054
)
(5 942
)
(5 155
)
Trade payables and other current liabilities
(6 032
)
(5 720
)
(2 626
)
(2 512
)
(8 658
)
(8 232
)
Restructuring and other provisions
(460
)
(555
)
(184
)
(244
)
(644
)
(799
)
Total current liabilities
(11 998
)
(10 376
)
(3 246
)
(3 810
)
(15 244
)
(14 186
)
Net current assets/(liabilities)
(4 533
)
(3 098
)
90
(598
)
(4 443
)
(3 696
)
Total assets less current liabilities
16 728
16 512
7 404
6 160
24 132
22 672
Borrowings due after one year
5 484
5 969
973
924
6 457
6 893
Pension liability for funded schemes in deficit
757
698
1 658
1 641
2 415
2 339
Pension liability for unfunded schemes
3 040
2 726
1 162
1 014
4 202
3 740
Restructuring and other provisions
635
480
97
85
732
565
Deferred tax liabilities
770
693
163
96
933
789
Other non-current liabilities
338
428
264
289
602
717
Total non-current liabilities
11 024
10 994
4 317
4 049
15 341
15 043
Liabilities held for sale
16
n/a
10
n/a
26
n/a
Intra-group – NV/PLC
(1 932
)
(2 779
)
1 932
2 779
–
–
Shareholders' equity
7 571
8 243
790
(979
)
8 361
7 264
Minority interests
49
54
355
311
404
365
Total equity
7 620
8 297
1 145
(668
)
8 765
7 629
Total capital employed
16 728
16 512
7 404
6 160
24 132
22 672
The negative reserves shown for the PLC part of this analysis for 2004 arise largely because of an accounting policy of writing off goodwill in previous years. These write-offs do not
have an impact on distributable reserves. See also note 26 on page 126 in connection with the impact of the implementation of IAS 32 and IAS 39 in 2005.
162
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
        Statements
Additional
  information for US investors
(continued)
Unilever Group
Guarantor
  statements
On
   2 October 2000, NV and Unilever Capital Corporation (UCC) filed a US $15
    billion Shelf registration, which is unconditionally and fully guaranteed,
   jointly
  and severally, by NV, PLC and Unilever United States, Inc. (UNUS). Of the US
  $15 billion Shelf registration, US $2.75 billion of Notes were outstanding
   at 31 December 2005 (2004: US $4.25 billion) with coupons ranging from
   5.90%  to 7.125%. These Notes are repayable between 1 November 2010 and 15
   November
  2032.
Provided below are the income statements, cash flow statements and balance sheets of each of the companies discussed above, together with the income statement, cash flow statement and
balance sheet of non-guarantor subsidiaries. These have been prepared under the historical cost convention, and, aside from the basis of accounting for investments at net asset value (equity accounting), comply in all material respects with
International Financial Reporting Standards. Divergences from US GAAP are disclosed on pages 157 to 161. We have not provided reconciliations from the accounting principles used by Unilever to US GAAP for the columns relating to the guarantor
entities, as such reconciliations would not materially affect an investor's understanding of the nature of this guarantee. The financial information in respect of NV, PLC and UNUS has been prepared with all subsidiaries accounted for on an
equity basis. The financial information in respect of the non-guarantor subsidiaries has been prepared on a consolidated basis.
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Unilever
Unilever
Unilever
Capital
N.V.
United
Corporation
parent
Unilever
      PLC
States
      Inc.
Non-
Income
      statement
subsidiary
issuer/
parent
subsidiary
guarantor
Unilever
for
      the year ended 31 December 2005
issuer
guarantor
guarantor
guarantor
subsidiaries
Eliminations
Group
Continuing
      operations:
Turnover
–
–
–
–
39
      672
–
39
      672
Operating
      profit
–
87
(61
)
(3
)
5
      291
–
5
      314
Finance
      income
–
61
11
–
58
–
130
Finance
      costs
(241
)
(274
)
(2
)
(3
)
(173
)
–
(693
)
Pensions
      and similar obligations
–
(5
)
–
(61
)
11
–
(55
)
Intercompany
      finance costs
256
509
(11
)
(40
)
(714
)
–
–
Dividends
–
1
      043
856
–
(1
      899
)
–
–
Share
      of net profit/(loss) of joint ventures
–
–
–
–
47
–
47
Share
      of net profit/(loss) of associates
–
–
–
–
(25
)
–
(25
)
Other
      income from non-current investments
–
–
–
–
33
–
33
Profit
      before taxation
15
1
      421
793
(107
)
2
      629
–
4
      751
Taxation
(5
)
(118
)
36
45
(1
      207
)
–
(1
      249
)
Net
      profit from continuing operations
10
1
      303
829
(62
)
1
      422
–
3
      502
Net
      profit from discontinued operations
–
–
–
–
473
–
473
Equity
      earnings of subsidiaries
–
2
      463
2
      937
732
–
(6
      132
)
–
Net
      profit
10
3
      766
3
      766
670
1
      895
(6
      132
)
3
      975
Attributable
      to:
Minority
      interest
–
–
–
–
209
–
209
Shareholders'
      equity
10
3
      766
3
      766
670
1
      686
(6
      132
)
3
      766
Income
      statement
for
      the year ended 31 December 2004
Continuing
      operations:
Turnover
–
–
–
–
38
      566
–
38
      566
Operating
      profit
–
59
33
6
4
      141
–
4
      239
Finance
      income
–
26
6
–
113
–
145
Finance
      costs
(282
)
(160
)
(2
)
(3
)
(270
)
–
(717
)
Pensions
      and similar obligations
–
(6
)
–
(10
)
(42
)
–
(58
)
Intercompany
      finance costs
296
211
(3
)
(22
)
(482
)
–
–
Dividends
–
1
      960
770
–
(2
      730
)
–
–
Share
      of net profit/(loss) of joint ventures
–
–
–
–
39
–
39
Share
      of net profit/(loss) of associates
–
–
–
–
2
–
2
Other
      income from non-current investments
–
–
–
–
54
–
54
Profit
      before taxation
14
2
      090
804
(29
)
825
–
3
      704
Taxation
(5
)
35
16
11
(867
)
–
(810
)
Net
      profit from continuing operations
9
2
      125
820
(18
)
(42
)
–
2
      894
Net
      profit from discontinued operations
–
–
–
–
47
–
47
Equity
      earnings of subsidiaries
–
630
1
      935
(76
)
–
(2
      489
)
–
Net
      profit
9
2
      755
2
      755
(94
)
5
(2
      489
)
2
      941
Attributable
      to:
Minority
      interest
–
–
–
–
186
–
186
Shareholders'
      equity
9
2
      755
2
      755
(94
)
(181
)
(2
      489
)
2
      755
Unilever
Annual
      Report and Accounts 2005
163
Back to Contents
Additional
  information for US investors
(continued)
Unilever Group
Guarantor
      statements
(continued)
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Unilever
Unilever
Unilever
Capital
N.V.
United
Corporation
parent
Unilever
      PLC
States
      Inc.
Non-
subsidiary
issuer/
parent
subsidiary
guarantor
Unilever
Balance
      sheet
as
      at 31 December 2005
issuer
guarantor
guarantor
guarantor
subsidiaries
Eliminations
Group
Goodwill
      and intangible assets
–
32
54
–
17
      969
–
18
      055
Property,
      plant and equipment
–
–
–
6
6
      486
–
6
      492
Pension
      asset for funded schemes in surplus
–
–
–
67
969
–
1
      036
Deferred
      tax assets
–
–
–
1
      012
691
–
1
      703
Other
      non-current assets
–
16
–
11
1
      045
–
1
      072
Amounts
      due from group companies after one year
2
      512
6
      628
102
1
      281
(10
      523
)
–
–
Net
      assets of subsidiaries (equity accounted)
–
11
      176
9
      823
6
      234
(14
      593
)
(12
      640
)
–
Total
      non-current assets
2
      512
17
      852
9
      979
8
      611
2
      044
(12
      640
)
28
      358
Assets
      held for sale
–
–
–
–
217
–
217
Inventories
–
–
–
–
4
      107
–
4
      107
Amounts
      due from group companies within one year
–
19
      619
294
–
(19
      913
)
–
–
Trade
      and other current receivables
–
635
35
34
4
      126
–
4
      830
Other
      financial assets
–
–
–
–
335
–
335
Cash
      and cash equivalents
35
163
–
(3
)
1
      334
–
1
      529
Total
      current assets
35
20
      417
329
31
(10
      011
)
–
10
      801
Borrowings
      due within one year
–
(4
      548
)
–
–
(1
      394
)
–
(5
      942
)
Amounts
      due to group companies within one year
–
(22
      027
)
(1
      871
)
–
23
      898
–
–
Restructuring
      and other provisions
–
(16
)
–
(5
)
(623
)
–
(644
)
Trade
      payables and other current liabilities
(31
)
(534
)
(64
)
(57
)
(7
      972
)
–
(8
      658
)
Total
      current liabilities
(31
)
(27
      125
)
(1
      935
)
(62
)
13
      909
–
(15
      244
)
Net
      current assets/(liabilities)
4
(6
      708
)
(1
      606
)
(31
)
3
      898
–
(4
      443
)
Total
      assets less current liabilities
2
      516
11
      144
8
      373
8
      580
6
      159
(12
      640
)
24
      132
Borrowings
      due after one year
2
      296
2
      442
–
–
1
      719
–
6
      457
Amounts
      due to group companies after one year
–
–
–
–
–
–
–
Pension
      liability for funded schemes in deficit
–
–
–
372
2
      043
–
2
      415
Pension
      liability for unfunded schemes
–
159
–
1
      260
2
      783
–
4
      202
Restructuring
      and other provisions
–
32
–
3
697
–
732
Deferred
      tax liabilities
–
94
12
–
827
–
933
Other
      non-current liabilities
–
56
–
202
344
–
602
Total
      non-current liabilities
2
      296
2
      783
12
1
      837
8
      413
–
15
      341
Liabilities
      held for sale
–
–
–
–
26
–
26
Shareholders
      equity attributable to:
PLC
–
790
–
–
–
(790
)
–
NV
–
–
7
      571
–
–
(7
      571
)
–
Called
      up share capital
–
290
222
–
–
–
512
Share
      premium account
–
25
137
–
–
–
162
Other
      reserves
(5
)
(1
      465
)
(863
)
(291
)
(393
)
689
(2
      328
)
Retained
      profit
225
8
      721
1
      294
7
      034
(2
      291
)
(4
      968
)
10
      015
Total
      shareholders' equity
220
8
      361
8
      361
6
      743
(2
      684
)
(12
      640
)
8
      361
Minority
      interests
–
–
–
–
404
–
404
Total
      equity
220
8
      361
8
      361
6
      743
(2
      280
)
(12
      640
)
8
      765
Total
      capital employed
2
      516
11
      144
8
      373
8
      580
6
      159
(12
      640
)
24
      132
164
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
            Statements
Additional
    information for US investors
(continued)
Unilever Group
Guarantor
      statements
(continued)
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
€
      million
Unilever
Unilever
Unilever
Capital
N.V.
United
Corporation
parent
Unilever
      PLC
States
      Inc.
Non-
subsidiary
issuer/
parent
subsidiary
guarantor
Unilever
Balance
      sheet
as
      at 31 December 2004
issuer
guarantor
guarantor
guarantor
subsidiaries
Eliminations
Group
Goodwill
      and intangible assets
–
10
49
–
16
      948
–
17
      007
Property,
      plant and equipment
–
–
–
4
6
      177
–
6
      181
Pension
      asset for funded schemes in surplus
–
–
–
70
555
–
625
Deferred
      tax assets
–
–
–
585
906
–
1
      491
Other
      non-current assets
(a)
17
445
27
11
564
–
1
      064
Amounts
      due from group companies after one year
3
      811
710
65
678
(5
      264
)
–
–
Net
      assets of subsidiaries (equity accounted)
(a)
–
8
      578
8
      528
7
      898
(14
      004
)
(11
      000
)
–
Total
      non-current assets
3
      828
9
      743
8
      669
9
      246
5
      882
(11
      000
)
26
      368
Assets
      held for sale
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Inventories
–
–
–
–
3
      756
–
3
      756
Amounts
      due from group companies within one year
–
17
      053
273
–
(17
      326
)
–
–
Trade
      and other current receivables
–
135
48
116
3
      832
–
4
      131
Other
      financial assets
–
–
–
–
1
      013
–
1
      013
Cash
      and cash equivalents
10
280
–
(3
)
1
      303
–
1
      590
Total
      current assets
10
17
      468
321
113
(7
      422
)
–
10
      490
Borrowings
      due within one year
(1
      618
)
(2
      149
)
(71
)
–
(1
      317
)
–
(5
      155
)
Amounts
      due to group companies within one year
–
(14
      443
)
(1
      549
)
–
15
      992
–
–
Restructuring
      and other provisions
–
(49
)
–
(4
)
(746
)
–
(799
)
Trade
      payables and other current liabilities
(40
)
(203
)
(93
)
(58
)
(7
      838
)
–
(8
      232
)
Total
      current liabilities
(1
      658
)
(16
      844
)
(1
      713
)
(62
)
6
      091
–
(14
      186
)
Net
      current assets/(liabilities)
(1
      648
)
624
(1
      392
)
51
(1
      331
)
–
(3
      696
)
Total
      assets less current liabilities
2
      180
10
      367
7
      277
9
      297
4
      551
(11
      000
)
22
      672
Borrowings
      due after one year
1
      999
2
      844
–
–
2
      050
–
6
      893
Amounts
      due to group companies after one year
–
–
–
–
–
–
–
Pension
      liability for funded schemes in deficit
–
–
–
245
2
      094
–
2
      339
Pension
      liability for unfunded schemes
–
156
–
356
3
      228
–
3
      740
Restructuring
      and other provisions
–
–
–
–
565
–
565
Deferred
      tax liabilities
–
59
14
–
716
–
789
Other
      non-current liabilities
–
44
–
184
489
–
717
Total
      non-current liabilities
1
      999
3
      103
14
785
9
      142
–
15
      043
Liabilities
      held for sale
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Shareholders
      equity attributable to:
PLC
–
(982
)
–
–
–
982
–
NV
–
–
8
      242
–
–
(8
      242
)
–
Called
      up share capital
–
421
222
–
(1
)
–
642
Share
      premium account
–
1
      399
133
–
(2
)
–
1
      530
Other
      reserves
–
(1
      905
)
(650
)
(448
)
(643
)
1
      091
(2
      555
)
Retained
      profit
181
8
      331
(684
)
8
      960
(4
      310
)
(4
      831
)
7
      647
Total
      shareholders' equity
181
7
      264
7
      263
8
      512
(4
      956
)
(11
      000
)
7
      264
Minority
      interests
–
–
–
–
365
–
365
Total
      equity
181
7
      264
7
      263
8
      512
(4
      591
)
(11
      000
)
7
      629
Total
      capital employed
2
      180
10
      367
7
      277
9
      297
4
      551
(11
      000
)
22
      672
(a)
Certain
      prior year balances have been reclassified to conform with current year
      presentation.
Unilever
Annual
      Report and Accounts 2005
165
Back to Contents
Additional
  information for US investors
(continued)
Unilever Group
Guarantor
  statements
(continued)
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Unilever
Unilever
Unilever
Capital
N.V.
United
Corporation
parent
Unilever
      PLC
States
      Inc.
Non-
Cash
      flow statement
subsidiary
issuer/
parent
subsidiary
guarantor
Unilever
for
      the year ended 31 December 2005
issuer
guarantor
guarantor
guarantor
subsidiaries
Eliminations
Group
Cash
      flow from operating activities
–
(5
)
(156
)
33
6
      052
–
5
      924
Income
      tax paid
–
(86
)
(19
)
(177
)
(1
      289
)
–
(1
      571
)
Net
      cash flow from operating activities
–
(91
)
(175
)
(144
)
4
      763
–
4
      353
Interest
      received
253
285
10
–
(106
)
(312
)
130
Net
      capital expenditure
–
(24
)
(3
)
(2
)
(784
)
–
(813
)
Acquisitions
      and disposals
–
–
–
–
784
–
784
Other
      investing activities
1
      796
(689
)
–
189
443
(1
      325
)
414
Net
      cash flow from/(used in) investing activities
2
      049
(428
)
7
187
337
(1
      637
)
515
Dividends
      paid on ordinary share capital
–
28
37
–
(1
      869
)
–
(1
      804
)
Interest
      and preference dividends paid
(253
)
(181
)
(7
)
(43
)
(471
)
312
(643
)
Change
      in borrowings and finance leases
(1
      774
)
1
      623
309
–
(2
      363
)
1
      325
(880
)
Purchase
      of treasury stock
–
(1
      068
)
(171
)
–
(37
)
–
(1
      276
)
Other
      finance activities
–
–
–
–
(218
)
–
(218
)
Net
      cash flow from/(used in) financing activities
(2
      027
)
402
168
(43
)
(4
      958
)
1
      637
(4
      821
)
Net increase/(decrease) in cash and cash equivalents
22
(117
)
–
–
142
–
47
Cash
      and cash equivalents at the beginning of the year
10
279
–
(3
)
1
      120
–
1
      406
Effect
      of foreign exchange rate changes
3
–
–
–
(191
)
–
(188
)
Cash
      and cash equivalents at the end of the year
35
162
–
(3
)
1
      071
–
1
      265
Cash
      flow statement
f
or
      the year ended 31 December 2004
Cash
      flow from operating activities
6
58
45
(200
)
7
      016
–
6
      925
Income
      tax paid
–
(96
)
(126
)
(145
)
(1
      011
)
–
(1
      378
)
Net
      cash flow from operating activities
6
(38
)
(81
)
(345
)
6
      005
–
5
      547
Interest
      received
295
356
6
–
106
(595
)
168
Net
      capital expenditure
–
(9
)
(17
)
(1
)
(842
)
–
(869
)
Acquisitions
      and disposals
–
–
–
–
316
–
316
Other
      investing activities
(311
)
2
      375
–
372
288
(2
      459
)
265
Net
      cash flow from/(used in) investing activities
(16
)
2
      722
(11
)
371
(132
)
(3
      054
)
(120
)
Dividends
      paid on ordinary share capital
–
971
–
–
(2
      691
)
–
(1
      720
)
Interest
      and preference dividends paid
(282
)
(249
)
(3
)
(24
)
(824
)
595
(787
)
Change
      in borrowings and finance leases
302
(3
      402
)
116
–
(2
      365
)
2
      459
(2
      890
)
Purchase
      of treasury stock
–
(148
)
(21
)
(2
)
(161
)
–
(332
)
Other
      finance activities
–
–
–
–
(209
)
–
(209
)
Net
      cash flow from/(used in) financing activities
20
(2
      828
)
92
(26
)
(6
      250
)
3
      054
(5
      938
)
Net
      increase/(decrease) in cash and cash equivalents
10
(144
)
–
–
(377
)
–
(511
)
Cash
      and cash equivalents at the beginning of the year
1
423
–
(3
)
1
      007
–
1
      428
Effect
      of foreign exchange rate changes
(1
)
–
–
–
490
–
489
Cash
      and cash equivalents at the end of the year
10
279
–
(3
)
1
      120
–
1
      406
166
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
        Statements
Principal
  group companies and non-current investments
Unilever
  Group
as
  at 31 December 2005
The
      companies listed below and on page 168 are those which, in the opinion of
      the Directors, principally affect the amount of profit and assets shown
      in the Unilever Group accounts. The Directors consider that those companies
      not listed are not significant in relation to
Unilever
      as a whole.
Full
      information as required by Articles 379 and 414 of Book 2 of the Civil Code
      in the Netherlands has been filed by Unilever N.V. with the
Commercial
      Registry in Rotterdam.
Particulars
      of PLC group companies and other significant holdings as required by the
      United Kingdom Companies Act 1985 will be
annexed
      to the next Annual Return of Unilever PLC.
Unless
        otherwise indicated, the companies are incorporated and principally operate
        in the countries under which they are shown.
The
        aggregate percentage of equity capital directly or indirectly held by
        NV or PLC is shown in the margin, except where it is 100%. All these
percentages
        are rounded down to the nearest whole number.
The
        percentage of Unilever's shareholdings held either directly or
indirectly
        by NV and PLC are identified in the tables according to the following
        code:
NV
      100%
a
PLC
      100%
b
NV
      73%; PLC 27%
c
NV
      90%; PLC 10%
d
NV
      19%; PLC 81%
e
NV
      57%; PLC 43%
f
Due to the inclusion of certain partnerships in the consolidated group accounts of Unilever, para 264(b) of the German trade law grants an exemption from the duty to prepare individual
statutory financial statements and management reports in accordance with the requirements for limited liability companies and to have these audited.
Principal
        group companies
%
Europe
Ownership
Austria
Unilever
        Austria GmbH
d
Belgium
Unilever
        Belgium BVBA/SPRL (Unibel)
d
France
Amora
        Maille Société Industrielle S.A.S
d
Cogesal-Miko
        S.A.S
d
99
Lever
        Fabergé France S.A.S
d
Unilever
        France S.A.S
d
Germany
Maizena
        Grundstücksverwaltungs
GmbH
        & Co. OHG
d
Pfanni
        GmbH & Co. OHG Stavenhagen
d
Pfanni
        Werke Grundstücksverwaltungs
GmbH
        & Co. OHG
d
PW
        Vermietungs GmbH & Co. KG
d
UBG
        Vermietungs GmbH & Co. OHG
d
Unilever
        Deutschland GmbH
d
Unilever
        Deutschland Holding GmbH
d
Unilever
        Deutschland Immobilien Leasing
GmbH
        & Co. OHG
d
Wizona
        IPR GmbH & Co. OHG
d
Wizona
        Vermögensverwaltugs GmbH & Co.
OHG
d
Greece
67
Elais-Unilever
        S.A.
a
Unilever
        Hellas A.E.B.E.
a
Italy
Unilever
        Italia SrL
d
The
        Netherlands
Mixhold
        B.V.
d
Unilever
        N.V.
(a)
Unilever
        Nederland B.V.
d
Poland
99
Unilever
        Polska S.A.
d
Spain
Unilever
        España S.A.
a
Unilever
        Foods España S.A.
a
Sweden
Unilever
        Sverige
a
Switzerland
Unilever
        Raw Materials AG
a
Unilever
        Schweiz GmbH
d
United
        Kingdom
Lever
        Fabergé Ltd.
e
Unilever
        Bestfoods UK Ltd.
e
Unilever
        Ice Cream & Frozen Food Ltd.
e
Unilever
        PLC
(a)
Unilever
        UK Holdings Ltd.
b
Unilever
        UK & CN Holdings Ltd.
e
(a)
        See 'Basis of consolidation' in note 1 on page 82
In addition,
  we have operations in the following countries: Bulgaria,
Croatia, Cyprus, Czech
  Republic, Denmark, Estonia, Finland, Hungary,
Ireland, Latvia, Lithuania,
  Norway, Portugal, Romania, Russia, Serbia,
Slovakia, Slovenia
  and Ukraine.
Unilever
Annual
      Report and Accounts 2005
167
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Principal
  group companies and fixed investments
Unilever
  Group
as at
  31 December 2005
Principal
      group companies
(continued)
%
The
      Americas
Ownership
Argentina
Unilever
      de Argentina S.A.
d
Brazil
Unilever
      Brasil Ltda.
d
Canada
Unilever
      Canada Inc.
e
Chile
Unilever
      Chile Home and Personal Care Ltda.
d
Mexico
Unilever
      de México S. de R.L. de C.V.
d
Unilever
      Holding México, S. de R.L. de C.V.
d
United
      States of America
Conopco,
      Inc.
c
Unilever
      Capital Corporation
c
Unilever
      United States, Inc.
c
In addition, we have operations in the following countries: Bolivia, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Netherlands Antilles,
Nicaragua, Panama, Paraguay, Peru, Trinidad & Tobago, Uruguay and Venezuela.
%
Asia
      Africa
Ownership
Australia
Unilever
      Australia Ltd.
b
China
Unilever
      (China) Investing Company Ltd.
a
Unilever
      Services (Hefei) Limited
a
India
51
Hindustan
      Lever Ltd.
b
Indonesia
85
P.T.
      Unilever Indonesia Tbk
a
Japan
Unilever
      Japan KK
a
Thailand
Unilever
      Thai Trading Ltd.
d
South
      Africa
59
Unilever
      South Africa Foods (Pty) Limited
f
Unilever
      South Africa Home and
Personal
      Care (Pty) Ltd.
b
Turkey
Unilever
         Sanayi ve Ticaret Türk A.S.
a
In addition,
  we have operations in the following countries: Abu Dhabi, Algeria, Bahrain,
  Bangladesh, Cambodia, Cameroon, Côte d'Ivoire, Democratic Republic
  of Congo, Dubai, Egypt, Ghana, Israel, Jordan, Kenya, Lebanon, Malawi, Malaysia,
  Morocco, Mozambique, Namibia, New Zealand, Niger, Nigeria, Oman, Pakistan, Palestine,
  Philippines, Saudi Arabia, Senegal, Singapore, South Korea, Sri Lanka, Syria,
  Taiwan, Tanzania, Tunisia, Uganda, United Arab Emirates, Vietnam, Zambia and
  Zimbabwe.
Principal
        non-current investments
Joint
        ventures
%
Europe
Ownership
Portugal
49
FIMA/VG-Distribuição
        de Produtos
Alimentares,
        Lda.
a
%
The
        Americas
United
        States of America
50
Pepsi/Lipton
        Partnership
c
Associates
%
Europe
Ownership
United
        Kingdom
40
Langholm
        Capital Partners L.P.
b
%
The
        Americas
United
        States of America
33
JohnsonDiversey
        Holdings, Inc.
a
%
Asia
        Africa
Côte
        d'Ivoire
40
Palmci
b
168
Unilever
Annual Report and Accounts 2005
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Unilever
Annual
          Report and Accounts 2005
169
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Company accounts
Unilever N.V.
Balance sheet
as at 31 December
€ million
€ million
2005
2004
Restated
Fixed assets
Fixed investments
11 276
11 233
Current assets
Debtors
26 898
16 623
Cash at bank and in hand
163
280
Total current assets
27 061
16 903
Creditors due within one year
(27 109
)
(16 863
)
Net current assets/(liabilities)
(48
)
40
Total assets less current liabilities
11 228
11 273
Creditors due after more than one year
2 503
2 885
Provisions for liabilities and charges (excluding pensions and similar obligations)
115
102
Net pension liability for unfunded schemes
157
152
Capital and reserves
8 453
8 134
Called up share capital:
Preferential share capital
–
130
Ordinary share capital
291
291
291
421
Share premium account
20
1 399
Other reserves
(1 321
)
(1 379
)
Profit retained
9 463
7 693
Total capital employed
11 228
11 273
Profit
        and loss account
for
the year ended 31 December
€ million
€ million
2005
2004
Restated
Income
        from fixed investments after taxation
2
          347
618
Other
        income and expenses
289
158
Profit
          for the year
2
          636
776
For the information required by Article 392 of Book 2 of the Civil Code in the Netherlands, refer to pages 169 and 173. Pages 167 and 168 are part of the notes to the Unilever N.V.
company accounts.
The company accounts of Unilever N.V. are included in the consolidated accounts
of the Unilever Group. Therefore, and in accordance with Article 402 of Book
2 of the Civil Code in the Netherlands, the profit and loss account only reflects
the income from fixed investments after taxation and other income and expenses
after taxes. The company accounts of Unilever N.V. do not contain a cash flow
statement as this is not required by
book 2 of the Civil Code in the Netherlands.
The company accounts of Unilever N.V. comply in all material respects with legislation
in the Netherlands. As allowed by Article 362.1 of Book 2 of the Civil Code in
the Netherlands, the company accounts are prepared in accordance with United
Kingdom accounting standards, unless such standards conflict with the Civil Code
in the Netherlands which would in such case prevail.
The Board of Directors
28 February 2006
170
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the company accounts
Unilever N.V.
Accounting information and policies
Basis of preparation
The
accounts have been prepared in accordance with applicable United Kingdom accounting
standards as allowed by Article 362.1 of Book 2 of the Civil Code in the Netherlands.
The accounts are prepared under the historical cost convention as modified by
the revaluation of financial assets classified as 'available-for-sale investments',
'financial assets at fair value through profit or loss', and 'derivative financial
instruments' in accordance with the accounting policies set out below which have
been consistently applied
except as highlighted in the 'Prior year adjustment' note
below.
Accounting policies
The
principal accounting policies are as follows:
Fixed investments
Shares
in group companies are stated at cost less any amounts written off to reflect
a permanent impairment. Any impairment is charged to the profit and loss account
as it arises. In accordance with Article 385.5 of Book 2 of the Civil Code in
the Netherlands, Unilever N.V. shares held by Unilever N.V. subsidiaries are
deducted from the carrying value of those subsidiaries. This differs from the
accounting treatment under UK GAAP (UITF 37) which would require these amounts
to be included within fixed investments.
Financial instruments and derivative financial instruments
The
company's accounting policies under United Kingdom generally accepted accounting
principles (UK GAAP) namely FRS 25 'Financial Instruments: Disclosure and
Presentation' and FRS 26 'Financial Instruments: Measurement' are
the same as the Unilever Group's accounting policies under International
Financial Reporting Standards (IFRSs) namely IAS 32 'Financial Instruments:
Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition
and Measurement'. These standards are effective from 1 January 2005 and
the policies are set out under the heading 'Financial instruments' in
note 1 to the consolidated accounts on page 83. Unilever NV is taking the exemption
for not providing all the financial instruments disclosures, because IAS 32 disclosures
are given in note 19 to the consolidated accounts on pages 110 to 113. The changes
to preference share capital, share premium account and profit retained in this
regard are set out in the following notes and further described in the notes
to the consolidated accounts.
Deferred taxation
Full
provision is made for deferred taxation on all significant timing differences
arising from the recognition of items for taxation purposes in different periods
from those in which they are included in the company's accounts. Full provision
is made at the rates of tax prevailing at the year end unless future rates have
been enacted or substantively enacted. Deferred tax assets and liabilities have
not been discounted.
Own shares held
Own
shares held by the company are accounted for in accordance with Netherlands law
and United Kingdom UITF 37. All differences between the purchase price of the
shares held to satisfy options granted and the proceeds received for the shares,
whether on exercise or lapse, are charged to reserves.
Retirement benefits
Unilever
N.V. has accounted for pensions and similar benefits under the United Kingdom
Financial Reporting Standard 17 'Retirement benefits' (FRS 17). The operating
and financing costs of defined benefit plans are recognised separately in the
profit and loss account; service costs are systematically spread over the service
lives of employees, and financing costs are recognised in the periods in which
they arise. Variations from expected costs, arising from the experience of the
plans or changes in actuarial assumptions, are recognised immediately in the
statement of total recognised gains and losses. The costs of individual events
such as past service benefit enhancements, settlements and curtailments are recognised
immediately in the profit and loss account. The liabilities and, where applicable,
the assets of defined benefit plans are recognised at fair value in the balance
sheet. The charges to the profit and loss account for defined contribution plans
are the company contributions payable and the assets of such plans are not included
in the company balance
sheet.
Prior year adjustment
Financial
Reporting Standard 21 (FRS 21) 'Events after the Balance Sheet Date' has been
adopted for the first time in the year ended 31 December 2005. Under FRS 21,
proposed dividends do not meet the definition of a liability until such time
as they have been approved by shareholders at the Annual General Meeting. Therefore,
Unilever N.V. no longer recognises a liability in any period for dividends that
have been proposed but will not be approved until after the balance sheet date.
This holds for external dividends as well as intra-group dividends paid to the
parent company.
The effect for the company of implementing FRS 21 has been to increase retained
profits by €729 million in the current period (2004: decrease of €646
million), decrease
dividend creditors due within one year by €729 million (2004: decrease by €696
million), decrease intergroup debtors due within one year by € nil (2004: €1
274 million) and increase inter-group creditors due within one
year by € nil (2004: €67 million). The impact of the FRS 21 implementation
on profits for the years 2004 and 2005 is explained in the notes under the heading 'Profit
retained'.
The comparative amounts for the year ended 31 December 2004 have been restated
accordingly.
Fixed investments
€ million
€ million
2005
2004
Shares in group companies
11 082
11 024
Book value of PLC shares held in
connection with share options
432
445
Less NV shares held by group companies
(238
)
(236
)
11 276
11 233
Movements during the year:
1 January
11 233
11 161
Movement in PLC shares held in connection
with
            share options
(13
)
64
Movement in NV shares held by group companies
(2
)
(8
)
Additions
89
16
Decreases
(31
)
–
31 December
11 276
11 233
Debtors
€ million
€ million
2005
2004
Restated
Loans to group companies
22 460
14
            056
Other amounts owed by group companies
3 771
2
            433
Amounts owed by undertakings in which
the company has a participating interest
15
15
Prepayments and accrued income
587
98
Other
65
21
26 898
16
            623
Of which due after more than one year
6 645
710
Unilever
Annual
          Report and Accounts 2005
171
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Notes to the company accounts
(continued)
Unilever N.V.
Cash at bank and in hand
€ million
€ million
2005
2004
This includes
amounts for which repayment
notice is required
of:
38
80
Creditors
€ million
€ million
2005
2004
Restated
Due within one year:
Bank loans and overdrafts
–
1
Bonds and other loans
4 548
2 148
Loans from group companies
3 328
310
Other amounts owed to group companies
18 699
14 200
Taxation and social security
20
22
Accruals and deferred income
405
173
Other
109
9
27 109
16 863
Due after more than one year:
Accruals and deferred income
56
41
Preference shares
124
–
Bonds and other loans
2 323
2 844
2 503
2 885
From 1 January 2005, Unilever N.V. has adopted FRS 25 'Financial Instruments: Disclosure and Presentation' which requires preference shares that provide for a fixed preference
dividend to be classified as borrowings. In accordance with the transitional rules for FRS 25, 2004 comparatives have not been restated.
Creditors due after 5 years amount to €870 million (Article 375.2 of Book
2 of the Civil Code in the Netherlands).
Provisions for liabilities and charges (excluding pensions
and similar obligations)
€ million
€ million
2005
2004
Deferred taxation and other provisions
115
102
Of which due within one year
34
55
Preference share capital
€ million
At 31 December 2004
130
FRS 25/26 adjustments
(130
)
At 1 January 2005 and 31 December 2005
–
Ordinary share capital
Shares
numbered 1 to 2 400 are held by a subsidiary of NV and a subsidiary of PLC, each
holding 50%. Additionally, 24 603 661 (2004: 24 898 145) €0.51 ordinary
shares are held by NV and other group companies. Full details are given in note
24 to the consolidated accounts on page 124, and note 31 on page 141.
Share premium account
€ million
At 31 December 2004
1 399
FRS 25/26 adjustments
(1 379
)
At 1 January 2005 and 31 December 2005
20
The share premium
    shown in the balance sheet is not available for the issue of bonus shares
    or for repayment without incurring withholding tax payable by the company.
    This is despite the change in the Netherlands tax law, as a result of which
    dividends received from 2001 onwards by individual shareholders who are Netherlands
    residents are no longer taxed.
Other reserves
€ million
€ million
2005
2004
1 January
(1 379
)
(1 243
)
Change in own shares held
58
(136
)
31 December
(1 321
)
(1 379
)
Profit retained
€ million
€ million
2005
2004
Restated
Balance brought forward
8 339
7 304
FRS 21 adjustments
(646
)
638
Balance brought forward – restated
7 693
7 942
FRS 25/26 adjustments
412
n/a
1 January – restated
8 105
7 942
Profit for the year
(a)
2 636
776
Preference dividends
–
(28
)
Ordinary dividends – final 2003
–
(638
)
Ordinary dividends – interim 2004
–
(346
)
Ordinary dividends – final 2004
(716
)
–
Ordinary dividends – interim 2005
(367
)
–
Conversion of preference shares
(199
)
–
Fair value adjustments for cash flow hedges
4
–
Realised profit/(loss) on shares/certificates held
to meet employee share options
(1
)
(9
)
Changes in present value of net pension liability
1
(4
)
31 December
9 463
7 693
(a)
Profit
          for the year as reported in 2004 was €2 118 million. This includes
          intra-group dividends of €1 342 million which under FRS 21 are
          not recognised until they have been approved by shareholders at the
          Annual General Meeting.
This €1
      342 million has now been added to the 2005 profit for the year.
Profit retained shown in the company accounts and the notes thereto differs
  from the amount shown in note 26 to the consolidated accounts on page 126 mainly
  because of certain inter-company transactions which are eliminated in the consolidated
  accounts.
€ million
Difference as at 31 December 2004 as previously reported
1 061
Accounting policy change
214
Difference as at 31 December 2004 as restated
1 275
Changes in equity value
of the consolidated
participations
(3
              580
)
Change in the accumulated intercompany results
3 047
Difference as at 31 December 2005
742
Contingent liabilities
€ million
€ million
2005
2004
These
              are not expected to give rise to any
material
              loss and include guarantees given
for
              group companies, under which amounts
outstanding
              at 31 December were:
5
      416
6
            822
Of the above, guaranteed also by PLC
3 705
5 010
The guarantees given to other companies were immaterial.
NV has issued joint and several liability undertakings, as defined in Article
403 of Book 2 of the Civil Code in the Netherlands, for almost all Dutch group
companies. These written undertakings have been filed with the office of the
Company Registry in whose area of jurisdiction the group company concerned has
its registered office.
172
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Annual
        Report and Accounts 2005
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Financial
            Statements
Further statutory and other information
Unilever N.V.
The rules for profit appropriation in the Articles of Association
(summary
of Article 38)
The profit for the year is applied firstly to the reserves required by law or
by the Equalisation Agreement, secondly to cover losses of previous years, if
any, and thirdly to the reserves deemed necessary by the Board of Directors.
Dividends due to the holders of the Cumulative Preference Shares, including any
arrears in such dividends, are then paid; if the profit is insufficient for this
purpose, the amount available is distributed to them in proportion to the dividend
percentages of their shares. Any profit remaining thereafter shall be distributed
to them in proportion to the dividend percentages of their shares. The General
Meeting can only decide to make distributions from reserves on the basis of a
proposal by the Board and in compliance with the law and the Equalisation Agreement.
€ million
2005
Proposed profit appropriation
Profit for the year
2 636
Of which already appropriated in 2004
(1 342
)
Available for distribution
1 294
Interim dividend 2005 already paid
(367
)
To profit retained
927
Post balance sheet event
The directors
      propose a final dividend of €1.32 per share (totalling
€729 million)
      out of the profits retained for the year ended
31 December 2005. The dividend will be submitted for formal
approval at the Annual General Meeting to be held on 8 May 2006.
In accordance with FRS 21, these financial statements do not reflect
this dividend
      payable, which will be accounted for in shareholders'
equity as an appropriation of retained earnings in the year ended
31 December 2006.
      During 2005, a final dividend of €1.26 per share
(totalling €716
      million) was paid in respect of the dividend declared
for the year ended 31 December 2004.
Special controlling rights under the Articles of Association
See note 24 to the consolidated accounts on page 124.
Auditors
A resolution will be proposed at the Annual General Meeting on
8 May 2006 for the re-appointment of PricewaterhouseCoopers
Accountants N.V. as auditors of NV. The present appointment will
end at the conclusion of the Annual General Meeting.
Corporate Centre
Unilever N.V.
Weena 455
PO Box 760
3000 DK Rotterdam
J A A van der Bijl
S G Williams
Joint Secretaries of Unilever N.V.
28 February 2006
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Annual Report and Accounts 2005
173
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Unilever
Annual Report and Accounts 2005
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Financial
            Statements
Company accounts
Unilever PLC
Balance
          sheet
as
    at 31 December
£ million
£ million
2005
2004
Restated
Fixed
    assets
Intangible assets
28
31
Fixed investments
2 237
2 237
Current
    assets
Debtors
Debtors due within one year
226
227
Debtors due after more than one year
70
65
Total
    current assets
296
292
Creditors
    due within one year
(1 328
)
(1 681
)
Net
    current liabilities
(1 032
)
(1 389
)
Total
    assets less current liabilities
1 233
879
Provision
    for liabilities and charges (excluding pensions and similar obligations)
6
10
Capital
    and reserves
1 227
869
Called up share capital
24
41
41
Share premium account
94
94
Capital redemption reserve
11
11
Other reserves
(385
)
(268
)
Profit retained
1 466
991
Total
    capital employed
1 233
879
As permitted
by Section 230 of the United Kingdom Companies Act 1985, an entity profit and
loss account is not included as part of the published company accounts for PLC.
On
behalf of the Board of Directors
A Burgmans
Chairman
P Cescau
Group Chief Executive
28 February 2006
Unilever
Annual
          Report and Accounts 2005
175
Back to Contents
Notes to the company accounts
Unilever PLC
Accounting information and policies
Basis of preparation
The accounts
  have been prepared in accordance with applicable United Kingdom accounting standards
  and the United Kingdom Companies Act 1985.
The accounts are prepared under the historical cost convention as modified by
  the revaluation of financial assets classified as 'available-for-sale investments',
  'financial assets at fair value through profit or loss', and 'derivative financial
  instruments' in accordance with the accounting policies set out below which have
  been consistently applied except as described below.
Accounting policies
The principal
  accounting policies are as follows:
Intangible assets
Intangible
  assets comprise trademarks purchased after 1 January 1998 and are amortised in
  the profit and loss account over their expected useful lives of up to maximum
  of 20 years. They are subject to review for impairment in accordance with United
  Kingdom Financial Reporting Standard 11 'Impairment of Fixed Assets and Goodwill'
  (FRS 11). Any impairment is charged to the profit and loss account as it arises.
Fixed investments
Shares in group
  companies are stated at cost less any amounts written off to reflect a permanent
  impairment. Any impairment is charged to the profit and loss account as it arises.
Deferred taxation
Full provision
  is made for deferred taxation on all significant timing differences arising from
  the recognition of items for taxation purposes in different periods from those
  in which they are included in the company's accounts. Full provision is made
  at the rates of tax prevailing at the year end unless future rates have been
  enacted or substantively enacted. Deferred tax assets and liabilities have not
  been discounted.
Shares held by employee share trusts
Shares held
  to satisfy options are accounted for in accordance with United Kingdom law and
  UITF 37 and UITF 38. All differences between the purchase price of the shares
  held to satisfy options granted and the proceeds received for the shares, whether
  on exercise or lapse, are charged to reserves.
Prior year adjustment
Financial Reporting
  Standard 21 (FRS 21) 'Events after the Balance Sheet Date' has been adopted for
  the first time in the year ended 31 December 2005. Under FRS 21, proposed dividends
  do not meet the definition of a liability until such time as they have been approved
  by shareholders at the Annual General Meeting. Therefore, we no longer recognise
  a liability in any period for dividends that have been proposed but will not
  be approved until after the balance sheet date. This applies for external dividends
  as well as intra-group dividends paid to the parent company.
The effect
      for the company of implementing FRS 21 has been to increase retained profits
      by £385 million in the current period (2004: decrease of £103
  million), decrease
  dividends creditors due within one year by £385 million (2004: decrease
  by £367 million), and increase inter-group creditors due within one year
  by £nil (2004: increase of £470 million).
The comparative amounts for the year ended 31 December 2004 have been restated
  accordingly.
176
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Financial
            Statements
Notes to the
  company accounts
(continued)
Unilever
PLC
Fixed
      investments
£ million
£ million
2005
2004
Shares in group companies
2
      237
2 237
Debtors
£ million
£ million
2005
2004
Due
      within one year:
Amounts owed by group companies
180
193
Other
24
34
Amounts owed by undertakings in which
the company has a participating interest
22
–
226
227
Due
      after more than one year:
Amounts owed by group companies
44
46
Other
–
19
Amounts
      owed by undertakings in which
the company has a participating interest
26
–
70
65
Creditors
£ million
£ million
2005
2004
Restated
Due
      within one year:
Bonds and other loans
–
50
Amounts owed to group companies
1
      285
1 565
Taxation and social security
41
64
Other
1
1
Accruals and deferred income
1
1
1
      328
1 681
Provisions
  for liabilities and charges (excluding pensions and similar
  obligations)
£ million
£ million
2005
2004
Deferred Taxation
6
10
Other
          reserves
£ million
£ million
2005
2004
1
        January
(268
)
(254
)
Change
        in book value of shares
(117
)
(14
)
31
        December
(385
)
(268
)
Remuneration
      of auditors
£ million
£ million
2005
2004
Parent company statutory audit fee
1.8
1.6
Other audit services
–
–
Other payments by the parent company for
non-audit services provided by
PricewaterhouseCoopers LLP United Kingdom
(a)
Audit-related services
0.7
1.3
Other services
0.2
0.5
(a) See also note
  4 on page 93.
Profit
            retained
£ million
£ million
2005
2004
Restated
Balance
          brought forward
1
            094
1
          086
FRS
          21 adjustments
(103
)
(180
)
1
          January – restated
991
906
Profit
            for the year
(b)
1
            035
607
Final
          dividend 2003 on ordinary and
deferred
            shares
–
(341
)
Interim
          dividend 2004 on ordinary and
deferred
            shares
–
(181
)
Final
          dividend 2004 on ordinary and
deferred
            shares
(367
)
–
Interim
          dividend 2005 on ordinary and
deferred
            shares
(193
)
–
31
          December
1
            466
991
(b)
Profit for the year as reported in 2004 was £556 million. This includes intra-group dividends of £470 million which under FRS 21 are not recognised until they have been
approved by shareholders at the Annual General Meeting. It also excludes the £521 million of intra- group dividends that would have previously been recognised in 2003 but under FRS 21 are recognised in 2004 following Annual General Meeting
approval.
Contingent
    liabilities
£ million
£ million
2005
2004
Guarantees given for group companies
5
    099
5 883
Of which guaranteed also by NV
2
    544
3 542
Other
      contingent
liabilities are not expected to give rise to material loss.
Profit
    appropriation
£ million
2005
The appropriation of the profit of PLC
is as follows:
Profit for the year
1 035
Of which already appropriated in 2004
(accounting policy change)
(470
)
Available for distribution
565
Interim dividend 2005 already paid
(193
)
To profit retained
372
Post balance sheet event
The directors
propose a final dividend of 13.54p per share (totalling £385 million) for
the year ended 31 December 2005. The dividend will be submitted for formal approval
at the Annual General Meeting to be held on 9 May 2006. In accordance with FRS
21, these financial statements do not reflect this dividend payable, which will
be accounted for in shareholders' equity as an appropriation of retained
earnings in the year ending 31 December 2006. During 2005, a final dividend of
12.82p per share (totalling £367 million) was paid in respect of the dividend
declared for the year ended 31 December
2004.
Unilever
Annual
          Report and Accounts 2005
177
Back to Contents
Further statutory and other information
Unilever PLC
Employee involvement and communication
Unilever's UK companies maintain formal processes to inform, consult
    and involve employees and their representatives. Most of the United Kingdom
    sites are accredited to the Investors in People standard. Our sites also
    use tools such as Total Productive Maintenance which rely heavily on employee
    involvement,
  contribution and commitment.
A European
      Works Council, embracing employee and management representatives from 15
      countries of Western Europe, has been in existence for several years
  and provides a forum for discussing issues that extend across national boundaries.
The directors' reports
      of the United Kingdom group companies contain more details about how they
  have communicated with their employees during 2005.
Equal opportunities and diversity
The heads of all operating companies and units in the UK have committed their
      businesses to achieving greater diversity. Every Unilever company in the
      United Kingdom has an equal opportunities policy and actively pursues equality
    of opportunity for all employees.
The company carries out an annual employee monitoring survey and has also
    conducted an equal pay audit. The company continues to review ways in which
  greater diversity can be achieved in recruitment and selection.
The company
      continues to put in place policies which promote the achievement of diversity
      in the business. We have policies on home working, flexible working,
    maternity and paternity leave, child care provision and career breaks, which
  help us to meet this objective.
Charitable and other contributions
Unilever collates the cost of its community involvement activities using the
      London Benchmarking Group model. The model recommends the separation of charitable
      donations, community investment, commercial initiatives in the community
      and management costs relating to the programme of activity.
During 2005 UK group
      companies made a total contribution of £7.4 million,
  analysed as follows:
•
Charitable
          donations: £1.5
  million
•
Community
          investment: £1.3
  million
•
Commercial
          initiatives
  in the community: £3.9 million
•
Management
          costs: £0.7
  million
No donation or contribution was made or expenditure incurred for political
  purposes.
Supplier payment policies
Individual operating companies are responsible for agreeing the terms and conditions
      under which business transactions with their suppliers are conducted. The
      directors' reports of the United Kingdom operating companies give information
      about their supplier payment policies as required by the United Kingdom Companies
      Act 1985. PLC, as a holding company, does not itself make any relevant payments
    in this respect.
Auditors
A resolution will be proposed at the Annual General Meeting on 9 May 2006
        for the re-appointment of PricewaterhouseCoopers LLP as auditors of PLC.
        The
    present appointment will end at the conclusion of the Annual General Meeting.
Authority to purchase own shares
At the Annual General Meeting of PLC held on 11 May 2005, authority was given
      pursuant to Article 64 of the PLC Articles of Association to make market
      purchases of PLC ordinary shares of 1.4p each, to a maximum of 290 million
      shares. This authority will expire at the Annual General Meeting on 9 May
      2006, and a resolution will be proposed to renew it. On 9 December 2005,
      Unilever PLC announced that it had purchased 25 680 479 Unilever PLC ordinary
    shares under this authority.
Details of shares
      purchased by an employee share trust and Unilever group companies to satisfy
      options granted under PLC's employee share schemes
    are given in the report of the Remuneration Committee on page 67 and in note
  31 to the consolidated accounts on pages 132 to 141.
Directors' report
      of PLC
For the purposes of Section 234 of the Companies Act 1985, the Directors' Report
    of Unilever PLC for the year ended 31 December 2005 comprises this page and
    the information contained in the report of the Directors on pages 09 to 72,
    the report of the Remuneration Committee in respect of Directors' interests
    in shares or debentures of the Group on page 69, Dividends on page 187 and
  Principal group companies and fixed investments on pages 167 and 168.
Corporate Centre
Unilever PLC
PO Box 68 Unilever House
Blackfriars
London EC4P 4BQ
Unilever PLC Registered Office
Port Sunlight
Wirral
Merseyside CH62 4ZD
Unilever PLC Registrars
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
By
  Order of the Board
J A A
    van der Bijl
S G Williams
Joint Secretaries of Unilever PLC
28 February 2006
178
Unilever
Annual Report and Accounts 2005
Back to Contents
Financial
            Statements
Shareholder
  information
Analysis of shareholding
180
Information about exchange controls
affecting security holders
182
Nature of the trading market
183
Taxation for US residents holding shares in NV
185
Taxation for US residents holding shares in PLC
186
Dividends
187
Glossary
188
Financial calendar and addresses
189
Website
190
Publications
190
Share registration
190
Cross reference to form 20-F
191
Unilever
Annual Report and Accounts 2005
179
Back
  to Contents
Analysis
  of shareholding
Significant
  shareholders of NV
As far as we
  are aware the only holders of more than 5% (as referred to in the Disclosure
  of Major Holdings in Listed Companies Act 1996 in the Netherlands) of any class
  of NV shares (apart from Stichting Administratiekantoor Unilever N.V., see page
  43) are ING Verzekeringen N.V. and Aegon Levensverzekering N.V. The voting rights
  of such shareholders are the same as for other holders of the class of share
  indicated. We have to rely on the information we receive from the holders about
  the details of their holdings. The information we give below is the numbers
  we hold on 28 February 2006. This information was provided by ING Verzekeringen
  N.V. at various dates over the preceding six months and by Aegon Levensverzekering
  N.V. on 28 February 2006.
ING Verzekeringen
  N.V.
•
8 504
      215 (1.49%) ordinary shares (€4 322 130)
•
20 665
      (71.26%) 7% cumulative preference shares (€9 377 368)
•
120 088
      (74.56%) 6% cumulative preference shares (€54 493 559)
•
504 440
      (67.26%) 4% cumulative preference shares (€22 890 489)
Aegon Levensverzekering
  N.V.
•
461 548
      (0.08%) ordinary shares (€234 574)
•
4 995
      (17.22%) 7% cumulative preference shares (€2 266 632)
•
29 540
      (18.34%) 6% cumulative preference shares (€13 404 668)
•
157 106
      (20.95%) 4% cumulative preference shares (€7 129 159)
Some of the
  above holdings are in the form of depositary receipts against NV shares issued
  by Stichting Administratiekantoor Unilever N.V. (see page 43). There have been
  no material changes to the holdings of significant shareholders of NV during
  the three years up to and including 2005.
Significant
  shareholders of PLC
The following
  table gives details of shareholders who held more than 3% of PLC's shares
  or deferred stock (excluding treasury shares) on 28 February 2006. The voting
  rights of such shareholders are the same as for other holders of the class of
  share indicated. We take this information from the register we hold under section
  211 of the UK Companies Act 1985.
Number
      of
Approximate
Title
      of class
Name
    of holder
shares
      held
%
      held
Deferred
      Stock
Naamlooze
      Vennootschap Elma
50
      000
50
United
      Holdings Limited
50
      000
50
Ordinary
      shares
Trustees
      of the Leverhulme Trust and the
Leverhulme
      Trade Charities Trust
156
      815 034
5
Legal & General
      Group plc
116
      106 618
4
The
      Capital Group Companies, Inc.
115
      155 283
4
On 21 April
  2005, Barclays PLC became a significant shareholder with over 3% (87 704 743),
  however, on 8 June 2005 their holding fell back below 3%. On 30 June 2005, Legal
  & General Group plc became a significant shareholder with over 3% (116 470
  237), this dropped to 116 106 618 on 5 July 2005 but still remained above 3%.
  The holding by The Capital Group Companies, Inc. is on behalf of affiliated
  investment management companies and was first notified to PLC in November 2000.
  On 13 December 2005, The Capital Group Companies holding fell from 144 557 853
  to 115 155 283. There have been no material changes to the holdings of significant
  shareholders of PLC during the three years up to and including 2005.
Analysis
  of PLC registered holdings
At 31
  December 2005 PLC had 73 356 ordinary shareholdings.
The following
  table analyses the registered holdings of PLC's 1.4p ordinary shares at
  31 December 2005:
Number
Total
Number
      of shares
of
      holdings
%
shares
      held
%
1
      –
1
      000
29
      056
39.61
15
      564 071
0.53
1
      001 –
2
      500
20
      300
27.67
33
      628 187
1.16
2
           501 –
5
            000
11
      800
16.09
42
      260 752
1.45
5
      001 –
10
      000
6
      832
9.31
48
      023 527
1.65
10
           001 –
25
            000
3
      407
4.65
51
      089 523
1.76
25
           001 –
50 000
707
0.96
24
      372 847
0.84
50
           001 –
100
            000
365
0.50
25
      694 543
0.88
100
        001 –
1
            000 000
593
0.81
206
      247 609
7.08
Over
1
      000 000
296
0.40
2
      464 577 521
84.65
73
      356
100.00
2
      911 458 580
100.00
180
Unilever
Annual Report and Accounts 2005
Back to Contents
Shareholder
            information
Analysis of shareholding
(continued)
Share purchases during 2005
Between
October and December we purchased 4 934 960 NV and 25 680 479 PLC shares under
the share buy-back programme amounting to €500 million in total, which was
announced on 3
October 2005 and completed on 9 December 2005.
€ million
Total number of
Maximum value that
shares purchased
may yet be purchased
Total number of
Average price
as part of publicly
as part of publicly
shares purchased
(a)
paid per share
announced plans
announced plans
January
NV shares
–
–
–
}
–
PLC shares
–
–
–
February
NV shares
777 844
€
50.60
–
}
–
PLC shares
692 568
£
5.30
–
March
NV shares
2 066 014
€
51.58
–
}
–
PLC shares
2 744 432
£
5.38
–
April
NV shares
–
–
–
}
–
PLC shares
–
–
–
May
NV shares
606 878
€
53.08
–
}
–
PLC shares
1 076 912
£
5.56
–
June
NV shares
1 900 000
€
54.30
–
}
–
PLC shares
–
–
–
July
NV shares
3 413 557
€
54.93
–
}
–
PLC shares
–
–
–
August
NV shares
4 217 999
€
56.12
–
}
–
PLC shares
734 996
£
5.63
–
September
NV shares
2 031 319
€
57.10
–
}
500
PLC shares
–
–
–
October
NV shares
1 876 698
€
58.55
1 876 698
}
318
PLC shares
8 434 294
£
5.81
8 434 294
November
NV shares
2 575 481
€
57.05
2 429 193
}
69
PLC shares
14 182 645
£
5.67
13 362 293
December
NV shares
629 069
€
57.89
629 069
}
–
PLC shares
3 883 892
£
5.73
3 883 892
Total
NV shares
20 094 859
€
55.47
4 934 960
}
–
PLC shares
31 749 739
£
5.67
25 680 479
(a)
When under a North American plan, in the form of NV New York shares
        or PLC ADRs.
During the year, 15 159 899 NV and 6 069 260 PLC shares at a total cost of €879 million were purchased to maintain our hedging of share-based plan commitments in line with our
hedging practice (see also page 87).
Unilever
Annual
          Report and Accounts 2005
181
Back to Contents
Information about exchange controls affecting security holders
Unilever N.V.
Under
the Dutch External Financial Relations Act of
25
March 1994 the Minister of Finance is authorised to issue regulations relating
to financial transactions concerning the movement of capital to or from third
countries with respect to direct investments, establishment, the performing of
financial services, the admission of negotiable instruments or goods with respect
to which regulations have been issued under the Import and Export Act in the
interest of the international legal system or an arrangement relevant thereto.
These regulations may contain a prohibition to perform any of the actions indicated
in those regulations without a licence. To date no regulations of this type have
been issued which are applicable to
Unilever N.V.
The Central Bank of the Netherlands is authorised to issue regulations with respect
to reporting obligations. Pursuant to this authorisation it has issued the Reporting
Obligations
Balance of Payments 2003 (the 'RR 2003'). Unilever N.V. has been appointed
by the Central Bank as an institution subject to the reporting obligations and
Unilever N.V. complies with such obligations.
Unilever PLC
None.
182
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Shareholder
            information
Nature of the trading market
The principal trading markets upon which Unilever shares are listed are Euronext Amsterdam for NV ordinary shares and the London Stock Exchange for PLC ordinary shares. NV ordinary
shares mainly trade in the form of depositary receipts for shares and almost all the shares and depositary receipts thereof are in bearer form. PLC ordinary shares are all in registered form.
In the United States, NV ordinary shares in registered form and PLC American
Depositary Receipts, each representing four PLC ordinary shares, are traded on
the New York Stock Exchange. Citibank, NA acts for NV and PLC as issuer, transfer
agent and, in respect of the American Depositary Receipts, depositary.
The NV depositary receipts for ordinary shares are also listed on the stock exchanges
in Frankfurt and Zürich.
There have not been any significant trading suspensions in the past three years.
At 28 February 2006 there were 7 060 registered holders of NV ordinary shares
and 1 176 registered holders of PLC American Depositary Receipts in the United
States. We estimate that
approximately 28% of NV's ordinary shares were held in the United States
(approximately 27% in 2004), based on the distribution of the 2005 interim dividend
payments, while most holders of PLC ordinary shares are registered in the United
Kingdom – approximately 99% in both 2005 and 2004.
The high and low trading prices for the separate stock exchange listings are
shown in the tables on the following page.
NV and PLC are separate companies with separate stock exchange listings and different
shareholders. Shareholders cannot convert or exchange the shares of one for shares
of the other and the relative share prices on the various markets can, and do,
fluctuate. This happens for various reasons, including changes in exchange rates.
However, over time the prices of NV and PLC shares do stay in close relation
to each other, in particular
because of our equalisation arrangements.
If you are a shareholder of NV, you have an interest in a Netherlands legal entity,
your dividends will be paid in euros (converted into US dollars if you have shares
registered in the United States) and you will be subject to Netherlands tax.
If you are a shareholder of PLC, your interest is in a United Kingdom legal entity,
your dividends will be paid in sterling (converted into US dollars if you have
American Depositary Receipts) and you will be subject to United Kingdom tax.
Nevertheless, the Equalisation Agreement means that as a shareholder of either
company you effectively have an interest in the whole of Unilever. You have largely
equal rights over our combined net profit and capital reserves as shown in the
consolidated accounts. See Taxation for US residents on pages 184 and 185 and
Equalisation Agreement on pages 41 and 42.
Unilever
Annual
          Report and Accounts 2005
183
Back to Contents
Nature of the trading market
(continued)
Share
      prices at 31 December 2005
The
share price of the
ordinary shares at the end of the year was for NV €57.85 and $68.65
and for PLC 576.5p and $40.12.
Monthly
high and low prices for the most recent six months:
September
October
November
December
January
February
NV per €0.51 ordinary share in Amsterdam (in €)
High
60
61
59
59
58
59
Low
56
57
57
57
56
58
NV per €0.51 ordinary share in New York (in $)
High
72
72
71
71
70
72
Low
70
69
67
68
68
70
PLC per 1.4p ordinary share in London (in pence)
High
597
603
581
583
592
610
Low
556
564
560
566
574
588
PLC per American Depositary Receipt in New York (in $)
High
43
42
41
41
42
43
Low
41
40
39
40
40
42
Quarterly
  high and low prices for 2005 and 2004
2005
1st
2nd
3rd
4th
NV per €0.51 ordinary share in Amsterdam (in €)
High
53
55
60
61
Low
48
50
53
57
NV per €0.51 ordinary share in New York (in $)
High
69
69
72
72
Low
63
64
64
67
PLC per 1.4p ordinary share in London (in pence)
High
527
554
597
603
Low
488
496
538
560
PLC per American Depositary Receipt in New York (in $)
High
40
41
43
42
Low
37
38
38
39
2004
1st
2nd
3rd
4th
NV per €0.51 ordinary share in Amsterdam (in €)
High
59
60
56
49
Low
52
52
46
44
NV per €0.51 ordinary share in New York (in $)
High
74
71
68
67
Low
65
62
58
57
PLC per 1.4p ordinary share in London (in pence)
High
576
573
534
513
Low
518
501
450
443
PLC per American Depositary Receipt in New York (in $)
High
44
41
39
40
Low
38
37
33
33
Annual
  high and low prices for 2003, 2002 and 2001
2003
2002
2001
NV per €0.51 ordinary share in Amsterdam (in €)
High
60
72
71
Low
46
50
55
NV per €0.51 ordinary share in New York (in $)
High
65
67
65
Low
53
50
50
PLC per 1.4p ordinary share in London (in pence)
High
628
659
610
Low
475
473
478
PLC per American Depositary Receipt in New York (in $)
High
39
39
35
Low
31
30
28
184
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Shareholder information
Taxation for US residents holding shares in NV
The following notes are provided for guidance. US residents should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal,
lifetime gift or bequest of their shares.
Netherlands taxation on dividends
Dividends
of companies in the Netherlands are in principle subject to dividend withholding
tax of 25%. Where a shareholder is entitled to the benefits of the current Income
Tax Convention
('the Convention') concluded on 18 December 1992 between the United
States and the Netherlands, when dividends are paid by NV to:
•
a United
      States resident;
•
a
          corporation organised under the laws of the United States
(or
          any territory of it) having no permanent
establishment in the
Netherlands
of which such shares form a part of the business
property;
or
•
any
          other legal person subject to United States Federal income
tax
          with respect to its worldwide income, having no
permanent
establishment
in the Netherlands of which such shares form a
part
of the business
property;
these dividends
    qualify for a reduction of Netherlands withholding tax on dividends from
    25% to 15% (to 5% if the beneficial owner is a company which directly holds
    at least 10% of the voting power of NV shares and to 0% if the beneficial
    owner is a qualified 'Exempt Organisation' as defined in Article
  36 of the Convention).
Where a United States resident or corporation has a permanent establishment in
the Netherlands, which has shares in NV forming part of its business property,
dividends it receives
on
those shares are included in that establishment's profit. They are subject
to the Netherlands income tax or corporation tax, as appropriate, and the Netherlands
tax on dividends will generally be applied at the full rate of 25%. This tax
will
be treated as foreign income tax eligible for credit against the shareholder's
United States income taxes.
Under the Convention, qualifying United States organisations that are generally
exempt from United States taxes and that are constituted and operated exclusively
to administer or provide pension, retirement or other employee benefits may be
exempt at source from withholding tax on dividends received from a Netherlands
corporation. An agreement published by the US Internal Revenue Service on 20
April 2000 in release IR-INT-2000-9 between the United States and the Netherlands
tax authorities describes the eligibility of these US organisations for benefits
under the Convention.
A United States trust, company or organisation that is operated exclusively for
religious, charitable, scientific, educational or public purposes, is now subject
to an initial 25% withholding tax rate. Such an exempt organisation is entitled
to reclaim from the Netherlands Tax Authorities a refund of the Netherlands dividend
tax, if and to the extent that it is exempt from United States Federal Income
Tax and it would be exempt from tax in the Netherlands if it were organised and
carried on all its activities there.
If you are an NV shareholder resident in any country other than the United States
or the Netherlands, any exemption from, or reduction or refund of, the Netherlands
dividend withholding
tax
may
be governed by the 'Tax Regulation for the Kingdom of the
Netherlands' or
by the tax convention, if any, between the
Netherlands
and your country of residence.
United
      States taxation on dividends
If
 you are a United States shareholder, the dividend (including the
withheld
 amount) up to the amount of our earnings and profits
for
 United States Federal income tax purposes will be ordinary
dividend
 income. Dividends received by an individual during
taxable
 years before 2009 will be taxed at a maximum rate of
15%,
 provided the individual has held the shares for more than
60
 days during the 121-day period beginning 60 days before the
ex-dividend
 date, that NV is a qualified foreign corporation and
that
 certain other conditions are satisfied. NV is a qualified foreign
corporation
 for this purpose. Dividends received by an individual
for
 taxable years after 2008 will be subject to tax at ordinary
income
 rates. The dividends are not eligible for the dividends
received
 deduction allowed to corporations.
For
US foreign tax credit purposes, the dividend is foreign source
income,
and the Netherlands withholding tax is a foreign income
tax
that is eligible for credit against the shareholder's United
States
income taxes. However, the rules governing the US foreign
tax
credit are complex, and additional limitations on the credit
apply
to individuals receiving dividends eligible for the 15%
maximum
tax rate on dividends described above.
Any
portion of the dividend that exceeds our United States
earnings
and profits is subject to different rules. This portion is a
tax
free return of capital to the extent of your basis in our shares,
and
thereafter is treated as a gain on a disposition of the shares.
Under
      a provision of the Netherlands Dividend Tax Act, NV
is
      entitled to a credit (up to a maximum of 3% of the gross
dividend
      from which dividend tax is withheld) against the amount
of
      dividend tax withheld before remittance to the Netherlands tax
authorities.
      For dividends paid on or after 1 January 1995, the
United
      States tax authority may take the position that the
Netherlands
      withholding tax eligible for credit should be
limited
  accordingly.
Netherlands
      taxation on capital gains
Under
the Convention, if you are a United States resident or
corporation
and you have capital gains on the sale of shares of a
Netherlands
company, these are generally not subject to taxation
by
the Netherlands. An exception to this rule generally applies if
you
have a permanent establishment in the Netherlands and the
capital
gain is derived from the sale of shares which form part of
that
permanent establishment's business property.
Netherlands
      succession duty and gift taxes
Under
the Estate and Inheritance Tax Convention between the
United
States and the Netherlands of 15 July 1969, United States
individual
residents who are not Dutch citizens who have shares
will
generally not be subject to succession duty in the Netherlands
on
the individual's death, unless the shares are part of the
business
property of a permanent establishment situated in
the
Netherlands.
A
gift of shares of a Netherlands company by a person who is not
a
resident or a deemed resident of the Netherlands is generally
not
subject to Netherlands gift tax. A non-resident Netherlands
citizen,
however, is still treated as a resident of the Netherlands
for
gift tax purposes for ten years and any other non-resident
person
for one year after leaving the Netherlands.
Unilever
Annual
          Report and Accounts 2005
185
Back to Contents
Taxation for US residents holding shares in PLC
The following notes are provided for guidance. US residents should consult their local tax advisers, particularly in connection with potential liability to pay US taxes on disposal,
lifetime gift or bequest of their shares.
United Kingdom taxation on dividends
Under
United Kingdom law, income tax is not withheld from dividends paid by United
Kingdom companies. Shareholders, whether resident in the United Kingdom or not,
receive the full
amount of the dividend actually declared.
United States taxation on dividends
If
you are a shareholder resident in the US, the dividend up to the amount of our
earnings and profits for United States Federal income tax purposes will be ordinary
dividend income. Dividends received by an individual during taxable years before
2009 will be taxed at a maximum rate of 15%, provided the individual has held
the shares for more than 60 days during the 121-day period beginning 60 days
before the ex-dividend date, that PLC is a qualified foreign corporation and
certain other conditions are satisfied. PLC is a qualified foreign corporation
for this purpose. Dividends received by an individual for taxable years after
2008 will be subject to tax at ordinary income rates. The dividend is not eligible
for the dividends received deduction allowable to corporations. The dividend
is foreign source income for US foreign tax credit purposes.
Any portion of the dividend that exceeds our United States earnings and profits
is subject to different rules. This portion is a tax free return of capital to
the extent of your basis in our shares, and thereafter is treated as a gain on
a disposition of the shares.
UK taxation on capital gains
Under
United Kingdom law, when you sell shares you may be liable to pay capital gains
tax. However, if you are either:
•
an
          individual who is neither resident nor ordinarily resident in
the
    United Kingdom; or
•
a company
    which is not resident in the United Kingdom;
you will
    not be liable to United Kingdom tax on any capital gains made on disposal
of your shares.
The exception is if the shares are held in connection with a trade or business
which is conducted in the United Kingdom through a branch or an agency.
UK inheritance tax
Under
the current estate and gift tax convention between the United States and the
United Kingdom, ordinary shares held by an individual shareholder who is:
•
domiciled
          for the purposes of the convention in the United
States;
    and
•
is
          not for the purposes of the convention a national of the
United
    Kingdom;
will not
be subject to United Kingdom inheritance tax on:
•
the
    individual's death; or
•
on
    a gift of the shares during the individual's lifetime.
The exception
    is if the shares are part of the business property of a permanent establishment
    of the individual in the United Kingdom or, in the case of a shareholder
    who performs independent personal services, pertain to a fixed base situated
in the United Kingdom.
186
Unilever
Annual
        Report and Accounts 2005
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Shareholder information
Dividends
Our interim ordinary dividends are normally announced in November and paid in December. Final ordinary dividends are normally proposed in February and, if approved by shareholders at
the Annual General Meetings, paid in June.
The following tables show the dividends paid by NV and PLC for the last five
years. NV dividends are per €0.51 ordinary share and PLC dividends are per
1.4p ordinary share and per depositary receipt of 5.6p. Dividends for NV have
been translated into US dollars at the exchange rates prevailing on the dates
of declaration. The PLC interim dividend for 2001 was translated into US dollars
at the exchange rates prevailing on the date of payment of the sterling dividend.
Following a change in practice, starting with the final dividend for 2001, PLC
dividends have been translated into US dollars at the rate prevailing on the
date of declaration of the dividend.
The interim dividend is normally 35% of the previous year's total normal
dividend per share, based on the stronger of our two parent currencies over the
first nine months of the year. Equalisation of the interim dividend in the other
currency takes place at the average exchange rate of the third quarter. Equalisation
of the final dividend takes place at the average exchange rate for the full year.
Final dividends for 2005 are payable on 12 June 2006, subject to approval at
the AGMs. For purposes of illustration, the amounts payable in respect of NV
New York shares and PLC ADRs have been translated in the table below at rates
of exchange on 9 February 2006, which is the date on which the proposed dividends
were announced. The actual amounts payable in US dollars will be calculated by
reference to the exchange rates on the day on which the dividends are approved
(8 May 2006 in the case of NV and 9 May 2006 in the case of PLC).
The dividend timetable for 2006 is shown on page 189.
NV
    Dividends
2005
2004
2003
2002
2001
Interim dividend per €0.51
€0.66
€0.63
€
0.59
€
0.55
€
0.50
Exchange rate $ to €1
1.1992
1.2784
1.1673
0.9820
0.9097
Interim dividend per €0.51 (US registry)
$
0.791472
$
0.805392
$
0.688707
$0.540100
$
0.454850
Final dividend per €0.51
€1.32
€1.26
€
1.15
€1.15
€
1.06
Final exchange rate $ to €1
1.1948
1.2854
1.1857
1.1427
0.9088
Final dividend per €0.51 (US registry)
$1.577136
$1.619604
$
1.363555
$1.314105
$0.963328
PLC Dividends
2005
2004
2003
2002
2001
Interim dividend per 1.4p
6.77
p
6.33p
6.16p
5.21p
4.65p
Exchange rate $ to £1
1.7648
1.8382
1.6910
1.5580
1.4527
Interim dividend per 5.6p
$0.4779
$0.4654
$
0.4167
$0.3247
$0.2702
Final dividend per 1.4p
13.54
p
12.82p
11.92p
10.83p
9.89
p
Final exchange rate $ to £1
1.7427
1.8835
1.7722
1.6065
1.4591
Final dividend per 5.6p
$0.9438
$0.9658
$0.8449
$0.6959
$0.5772
Unilever
Annual
          Report and Accounts 2005
187
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Glossary
The following is intended to provide a general guide, particularly for United States readers, as to the meanings of various terms which may be used in this report.
Term used in this report
US equivalent or brief description
Accounts
Financial statements
Associate
A business which is not a subsidiary or a joint venture, but in which the Group has
a shareholding and exercises significant influence
Called up share capital
Ordinary shares, issued and fully paid
Creditors
Accounts payable/Payables
Creditors: amounts due after more than one year
Long-term accounts payable
Creditors: amounts due within one year
Current accounts payable
Debtors
Accounts receivable/Receivables
Finance lease
Capital lease
Freehold
Ownership with absolute rights in perpetuity
Gearing
Leverage
Group, or consolidated, accounts
Consolidated financial statements
Finance cost
Interest expense
Finance income
Interest income
Joint venture
A business which is jointly controlled by the Group and one or more
external partners
Nominal value
Par value
Operating margin
Operating profit expressed as a percentage of turnover
Operating profit
Net operating income
Profit
Income (or earnings)
Profit and loss account
Income statement
Profit attributable to ordinary shareholders
Net income attributable to ordinary stockholders
Profit retained
Retained earnings
Provisions
Liabilities other than debt and specific accounts payable
Reserves
Stockholders' equity other than paid-up capital
Share capital
Capital stock or common stock
Share option
Stock option
Share premium account
Additional paid-in capital relating to proceeds of sale of stock in excess of par value
or paid-in surplus
Shareholders' equity
Stockholders' equity
Shares in issue
Shares outstanding
Statement of recognised income and expense
Statement of comprehensive income
Turnover
Sales revenues
Weighted average cost of capital
The cost of equity multiplied by the market capitalisation, plus the after taxation
interest cost of debt multiplied by the market value of the net debt, divided by the
sum of the market values of debt and equity
188
Unilever
Annual
        Report and Accounts 2005
Back to Contents
Shareholder
            information
Financial calendar and addresses
Annual General Meetings
NV
09:30 am Monday
    8 May 2006
Rotterdam
PLC
11:00 am Tuesday
    9 May 2006
London
Announcements of results
First Quarter
4 May 2006
Third
    Quarter
2
November
    2006
First Half Year
3 August 2006
Final
            for Year
8 February 2007
Dividends
    on ordinary capital
Final
    for 2005
Announced 9 February 2006 and to be declared 8 May 2006 (NV) and 9 May
        2006 (PLC).
Ex-dividend
Record
Payment
date
date
date
NV
10
May
2006
9
May
2006
12
June
2006
PLC
17
May
2006
19
May
2006
12
June
2006
NV – New York Shares
10
May
2006
12
May
2006
12
June
2006
PLC – American Depositary Receipts
17
May
2006
19
May
2006
12
June
2006
Interim for 2006
To be announced 02 November 2006.
Ex-dividend
Record
Payment
date
date
date
NV
3 November
2006
2
November
2006
4 December
2006
PLC
8 November
2006
10
November
2006
4 December
2006
NV – New York Shares
3 November
2006
7
November
2006
4 December
2006
PLC – American Depositary Receipts
8 November
2006
10
November
2006
4 December
2006
Preferential
    dividends - NV
Ex-dividend
Record
Payment
Announced
date
date
date
4
%
Cumulative Preference
8 December
2006
11 December
2006
8 December
2006
2 January
2007
6
%
Cumulative Preference
8 September
2006
11 September
2006
8 September
2006
2 October
2006
7
%
Cumulative Preference
8 September
2006
11 September
2006
8 September
2006
2 October
2006
Contact details
Rotterdam
London
New York
Unilever N.V.
Unilever PLC
Unilever United States, Inc.
Corporate Relations Department
Corporate Relations Department
Investor Relations Department
Weena 455, PO Box 760
PO Box 68, Unilever House
700 Sylvan Avenue, Englewood Cliffs
3000 DK Rotterdam
Blackfriars, London EC4P 4BQ
NJ 07632
Telephone +31 (0)10 217 4000
Telephone +44 (0)20 7822 5252
Telephone +1 (0)201 894 2806
Telefax
+31
    (0)10 217 4798
Telefax
+
44
(0)20
    7822 6191
Telefax
+
1
(0)201
    894 2222
Any
      queries
can also be sent to us electronically via www.unilever.com/resources/contactus.asp.
Unilever
Annual
          Report and Accounts 2005
189
Back to Contents
Website
Shareholders
    are encouraged to visit our website
www.unilever.com
, which has a wealth of
    information about Unilever.
There is
    a section designed specifically for investors at
www.unilever.com/investorcentre
.
    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 conference and investor/analyst
    presentations.
You can
    also view this year's and prior years' Annual Review and Annual
    Report and Accounts documents at
www.unilever.com/investorcentre
.
PLC shareholders
    can elect not to receive paper copies of the Annual Review, the Annual Report
    and Accounts and other shareholder documents by registering at
www.unilever.com/shareholderservices
if they prefer to view these on our website.
Publications
Copies of
    the following publications can be accessed directly or ordered through
www.unilever.com/investorcentre
or
www.unilever.nl/onsbedrijf/beleggers
.
Unilever
        Annual Review 2005
Including
    Summary Financial Statement. Available in English or Dutch, with financial
  information in euros, pounds sterling and US dollars.
Unilever
    Annual Report and Accounts 2005
Available
    in English or Dutch, with figures in euros. It forms the basis for the Form
    20-F that is filed with the United States Securities and Exchange Commission.
Quarterly
      Results Announcements
Available
    in English or Dutch, with figures in euros; supplements in English, with pounds
  sterling or US dollar figures, are also available.
Share
    registration
The
    Netherlands
N.V. Algemeen
  Nederlands Trustkantoor ANT
PO Box 11063
1001 GB Amsterdam
Telephone
+
31
(0)
20
522
      2555
Telefax
+
31
(0)
20
522
      2500
e-mail
registers@ant-trust.nl
UK
Computershare
    Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
Telephone
+
44
(0)
870
600
3977
Telefax
+
44
(0)
870
703
6119
Website
www.unilever.com/shareholderservices
USA
Citibank Shareholder
  Services
PO Box 43077
Providence   RI 02940-3077
Toll
      free phone (inside US)
888
      502 6356
Toll
      phone (outside US)
+1
(0)816 843
      4281
Website
www.citibank.com/adr
190
Unilever
Annual Report and Accounts 2005
Back to Contents
Cross
  reference to Form 20-F
PART
      I
1
Identity
      of directors, senior management
and
      advisers
n/a
2
Offer
      statistics and expected timetable
n/a
3
Key
      information
3
A
Selected
      financial data
124,
      152-156, 188
3
B
Capitalization
      and indebtedness
n/a
3
C
Reasons
      for the offer and use of proceeds
n/a
3
D
Risk
      factors
31-32
4
Information
      on the company
4
A
History
      and development of
4,
      10-14, 34, 188
the company
4
B
Business
      overview
10-14,
      26-30
4
C
Organisational
      structure
34-40,
      167-168
4
D
Property,
      plant and equipment
14
4A
Unresolved
      staff comments
n/a
5
Operating
      and financial review and prospects
5
A
Operating
      results
16-30
5
B
Liquidity
      and capital resources
16-25,
      74, 105-114
5
C
Research
      and development, patents and
licences,
      etc.
10-14,
      26-30, 93
5
D
Trend
      information
5-7,
      16-30
5
E
Off balance
      sheet arrangements
24,
      110-113
5
F
Tabular
      disclosure of contractual obligations
23-24
5
G
Safe
      harbour
4
6
Directors,
      senior management and employees
6
A
Directors
      and senior management
34-50
6
B
Compensation
53-69,
      114-122, 132-143
6
C
Board
      practices
34-50,
      52-69
6
D
Employees
10-11
6
E
Share
      ownership
53-69,
      132-141
7
Major
      shareholders and related party transactions
7
A
Major
      shareholders
44,
      180
7
B
Related
      party transactions
13,
      142
7
C
Interests
      of experts and counsel
n/a
8
Financial
      information
8
A
Consolidated
      statements
and other
      financial information
78-166,
      186
8
B
Significant
      changes
25,
      143
9
The
      offer and listing
9
A
Offer
      and listing details
182-183
9
B
Plan
      of distribution
n/a
9
C
Markets
2,
      182-183
9
D
Selling
      shareholders
n/a
9
E
Dilution
n/a
9
F
Expenses
      of the issue
n/a
10
Additional
        information
10A
Share capital
n/a
10
B
Memorandum
           and articles of association
34-44,
        124-125, 173
10C
Material
        contracts
34,
        41-43
10D
Exchange
        controls
182
10
E
Taxation
184-185
10
F
Dividends
        and paying agents
n/a
10G
Statement
        by experts
n/a
10H
Documents
        on display
161
10
I
Subsidiary
        information
n/a
11
Quantitative
        and qualitative disclosures about
market
        risk
32,
      86-87, 105-113
12
Description
        of securities other than equity securities
n/a
PART
        II
13
Defaults,
        dividend arrearages and delinquencies
n/a
14
Material
        modifications to the rights of security
holders
        and use of proceeds
n/a
15
Controls
        and procedures
74
16
Reserved
16A
Audit
        Committee financial expert
39
16
B
Code
        of Ethics
34,
        47-48
16C
Principal
        accountant fees and services
70-71,
        93
16D
Exemptions
        from the Listing Standards for
Audit
        Committees
n/a
16
E
Purchases
          of equity securities by the issuer and affiliated
        purchasers
181
PART
        III
17
Financial
        statements
n/a
18
Financial
        statements
78-151,
        157-166
19
Exhibits
*
*Filed with the United States Securities and Exchange Commission.
Unilever's
    agent in the United States is Mr R Soiefer, Senior Vice-President, General
    Counsel and Secretary, Unilever United States, Inc., 700 Sylvan Avenue, Englewood
    Cliffs, NJ 07632.
Unilever
Annual
      Report and Accounts 2005
191
Back to Contents
Designed
        and produced by Addison Corporate Marketing
Photography by Igor Emmerich
Typeset by Pauffley, London
Printed
    by St Ives Westerham Press under ISO 14001 environmental accreditation.
All paper used in the production of this report is recyclable and bio degradable

and
contains 50% recovered fibre. The paper was manufactured under ISO 9002 and
ISO 14001 environmental accreditation.
Back to Contents
Unilever
       N.
V.
Weena
    455, PO Box 760
3000
    DK Rotterdam
The Netherlands
T  +31
    (0)10 217 4000
F  +31 (0)10 217 4798
Unilever
      PLC
PO Box 68, Unilever House
Blackfriars, London EC4P 4BQ
United
Kingdom
T  +44 (0)20 7822 5252
F  +44 (0)20 7822 5951
Unilever
    PLC registered office
Unilever PLC
Port Sunlight
Wirral
Merseyside
    CH62 4ZD
United Kingdom
www.unilever.com
Back to Contents
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 N.V.
(Registrant)
/s/ J A A van der Bijl
(Signature)
J A A van der Bijl, Joint Secretary
Date: 29 March 2006
Back to Contents
Item 19. Exhibits
Exhibit Number Description of Exhibit
1.1
Articles of Association of Unilever NV, as amended
2.1
Indenture dated as of August 1, 2000, among Unilever Capital Corporation,
    Unilever N.V., Unilever PLC, Unilever United States, Inc. and The Bank of
    New York, as Trustee, relating to Guaranteed Debt Securities
1
2.2
Trust Deed dated as of July 22, 1994, among Unilever N.V., Unilever PLC,
    Unilever Capital Corporation, Unilever United States, Inc. and The Law Debenture
    Trust Corporation p.l.c., relating to Guaranteed Debt Securities
2
4.1
Equalisation Agreement between Unilever N.V. and Unilever PLC
3
4.2
Service Contracts of the Executive Directors of Unilever NV
4.3
Letters regarding compensation of Executive Directors of Unilever NV
4.4
Unilever North America 2002 Omnibus Equity Compensation Plan
4
4.5
The Unilever NV International 1997 Executive Share Option Scheme
5
4.6
The Unilever Long Term Incentive Plan
6
7.1
Computation of Ratio of earnings to fixed charges and Return on invested
    capital
7
8.1
List of Subsidiaries
8
10.1
Consent of PricewaterhouseCoopers Accountants N.V. and PricewaterhouseCoopers
    LLP
12.1
Certifications of the Group Chief Executive and Financial Director/Chief
    Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1
Certifications of the Group Chief Executive and Financial Director/Chief
    Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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 the Form 6-K furnished to the SEC on October
    23, 2000.
2
Incorporated by reference to Exhibit 2.2 of Form 20-F filed with the SEC
    on March 28, 2002.
3
Incorporated by reference to Exhibit 4.1 of Form 20-F filed with the SEC
    on March 27, 2003.
4
Incorporated by reference to Exhibit 99.1 of Form S-8 filed with the SEC
    on February 27, 2003.
5
Incorporated by reference to Exhibit 4.5 of Form 20-F filed with the SEC
    on March 28, 2002.
6
Incorporated by reference to Exhibit 4.7 of Form 20-F filed with the SEC
    on March 28, 2002.
7
The required information is set forth on page 152 of the Annual Report and
    Accounts on Form 20-F.
8
The required information is set forth on pages 167-168 of the Annual Report
    and Accounts on Form 20-F.