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Unilever announces sale of South Africa spreads business to Remgro

London/Rotterdam – Unilever to acquire Remgro’s interest in Unilever South Africa in exchange for the Unilever South Africa spreads business plus cash consideration

Unilever logo on the entrance of deodorant factory in Jiutepec Mexico

Unilever and Remgro announced today that Unilever will acquire Remgro’s 25.75% shareholding in Unilever South Africa Holdings (Pty) Ltd (Unilever SA) in exchange for the Unilever Spreads business in Southern Africa as well as a cash consideration of ZAR4.9 billion, representing a transaction value of ZAR11.9 billion.

This transaction values the Spreads business at ZAR7.0 billion, representing a 13.4 multiple of 2016 EBITDA.

Luc-Olivier Marquet, Executive Vice President of Unilever SA said: “Unilever South Africa is a great business, well positioned for sustainable long-term growth. By giving us full ownership of the business, this transaction means we are better placed to accelerate that growth while the Spreads business moves on to Remgro where it augments their current portfolio and can be sure of a great future”.

Jannie Durand, CEO of Remgro, said: “Through this transaction, Remgro has exchanged its minority stake in Unilever South Africa for full ownership and control of the Unilever Spreads business in South Africa, Botswana, Lesotho, Namibia and Swaziland plus cash. We believe the Unilever Spreads business in these Southern Africa countries is an attractive business, with leading brands which include Rama, Stork, Flora and Rondo with good growth prospects”.

“This transaction is a vote of confidence in the future of South Africa, Botswana, Lesotho, Namibia and Swaziland”.

“We thank Unilever for the longstanding relationship and wish Unilever and the employees of Unilever South Africa well for the future. We welcome the prospect of having the Spreads business as part of the Remgro Group”.

The transaction is subject to customary regulatory approvals.

ENDS

Unilever PLC

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+44 (0) 207 822 5252
Press-Office.London@Unilever.com

Unilever NV

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3013AL Rotterdam

www.unilever.nl

+31 (0) 10 217 4000
mediarelations.rotterdam@Unilever.com

Safe Harbour

This announcement 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 ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, 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 Unilever Group (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. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially are: Unilever's global brands not meeting consumer preferences; Unilever's ability to innovate and remain competitive; Unilever's investment choices in its portfolio management; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; the effect of climate change on Unilever's business; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. These forward-looking statements speak only as of the date of this announcement. 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. Further details of potential risks and uncertainties affecting the Group are described in the Group's filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2016 and the Unilever Annual Report and Accounts 2016.

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