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Purpose-LedFuture FitUnilever Caribbean LimitedAnnual Report and Accounts 2020

Our PurposeUNILEVER CARIBBEAN LIMITED HAS A CLEAR PURPOSE – TO MAKESUSTAINABLE LIVING COMMONPLACE. WE BELIEVE THIS IS THE BESTWAY TO CREATE LONG TERM VALUE FOR ALL OUR STAKEHOLDERS,ESPECIALLY IN A VOLATILE AND UNCERTAIN WORLD.Our VisionOUR PURPOSE INSPIRES OUR VISION – TO ACCELERATE GROWTH INOUR BUSINESS, WHILE REDUCING OUR ENVIRONMENTAL FOOTPRINTAND INCREASING OUR POSITIVE SOCIAL IMPACT. WE WANT OURBUSINESS TO GROW BUT WE RECOGNISE THAT GROWTH AT THEEXPENSE OF PEOPLE OR THE ENVIRONMENT IS BOTH UNACCEPTABLEAND COMMERCIALLY UNSUSTAINABLE. SUSTAINABLE GROWTH IS THEONLY ACCEPTABLE MODEL FOR OUR BUSINESS.OUR PURPOSE AND VISION COMBINE A COMMERCIAL IMPERATIVE TOSUCCEED AGAINST COMPETITION GLOBALLY AND LOCALLY, WITH THECHANGING ATTITUDES AND EXPECTATIONS OF CONSUMERS.Our PeopleWITHOUT TALENTED AND COMMITTED EMPLOYEES, WE COULD NEVERDELIVER ON OUR AMBITIONS.OUR PEOPLE HAVE BEEN OUR ABSOLUTE PRIORITY THROUGHOUT2020, AND BECAUSE OF THEM WE’VE BEEN ABLE TO MEET THE NEEDSOF CONSUMERS AND GROW OUR BUSINESS.

Unilever Caribbean Limited Annual Report and Accounts 20201Contents2Financial Highlights3Our Strategy4Chairman’s Report6Board of Directors8Governance Report12Report of the Audit Committee14Managing Director’s Review17Leadership Team19Management Discussion and Analysis21Directors' Report22Statement of Management Responsibilities25Independent Auditors’ Report26Statement of Financial Position32Statement of Profit or Loss33Statement of Comprehensive Income34Statement of Changes in Equity35Statement of Cash Flows36Notes to the Financial Statements37OUR ANNUAL REPORT AND ACCOUNTS 2020:We have chosen a new, simpler format for our 2020 Annual Report and Accounts because we are keen todrive economies through our reporting process, one that combines the statutory information along with a fullnarrative to provide a holistic and concise communication about how our strategy, governance, performanceand prospects drive value creation for our stakeholders, and consistent, competitive, profitable and responsiblegrowth for Unilever Caribbean Limited and our shareholders.ONLINEYou can find more information about Unilever online at www.unilever.com. For further information on the UnileverSustainable Living Plan (USLP) visit www.unilever.com/sustainableliving.This annual report can be downloaded at https://www.unilever.tt/investor-relations/Layout: Paria Publishing Co. Ltd.Printing: The Office Authority Ltd.T HE Y EA R I N R EV I EWFive-Year Financial Review

2Unilever Caribbean Limited Annual Report and Accounts 2020Five-Year Financial Review642162401253264240225225032E.P.S. E.P.S.D.P.S. D.P.S.717160600-289 -2892016 20162017 20172018 20182019 20192020 g Margin & Return on CapitalEmployed 300centscentsEarnings (Loss) & Dividends Per Share (cents)20151011%50-5-10-15-20-25-30-35-40ROCE 1%1%7%6%7%6%1%-36% -36%-35% -35%2016 20162017 20172018 20182019 20192020 08.9336.941.302.0959.848.98Operating PerformanceTurnover (TT 000)Earnings (loss) before interest and tax (TT 000)Profit (loss) before taxation (TT 000)Taxation (TT 000)Profit (loss) after taxation (TT 000)Profit (loss) from discontinued operations, net oftax (TT 000)Profit (loss) for the year (TT 000)Return on stockholders' equityReturn on capital employedOperating marginLiquidity IndicatorsCurrent ratioNet current assets (TT 000)Capital Structure and Long-Term Solvency RatiosStated capital (TT 000)Capital reserves (TT 000)Dividends (TT 000)Special dividend (TT 000)Retained earnings (TT 000)Total stockholders' funds (TT 000)Total liabilities (TT 000)Capital employed (TT 000)Earnings and DividendsEarnings (loss) per share (TT )DPS (TT )Special dividend (TT )Market IndicatorsPrice earnings ratioDividend coverDividend yield (%)Share price at 31 December (TT )Net asset value per share unit

Unilever Caribbean Limited Annual Report and Accounts 20203Financial HighlightsOPERATING PROFIT(% OF TURNOVER)PROFIT BEFORE TAX(% OF TURNOVER)1.9%7.4%8.6%2019: (36.3)%2019: (34.8)%2019: (10.5)%EARNINGS PER SHARE0.71TOTAL DIVIDEND PERSHARE0.60TT TT 2019: TT (2.89)2019: TT 0.00TOTALSHAREHOLDERS’RETURN(25)%2019: 0%RETURN ON CAPITALEMPLOYED6.4%2019: (34.7)%Looking ahead, even though conditionsare expected to remain challenging, it isclear that COVID-19 will keep affecting ourmarkets for some time. The Company hasdemonstrated that it possesses the abilityto withstand difficult challenges andemerge even stronger from it, and expectsto continue doing so.Rodrigo Sotomayor (Chairman)T HE Y EA R I N R EV I EWTURNOVER

4Unilever Caribbean Limited Annual Report and Accounts 2020Our StrategyA belief that sustainable business drives superiorperformance lies at the heart of our strategyOur purposeis to makesustainable livingcommonplacePeoplri veBrands with purpose lastpurpithswUnilever Caribbean Limited's (UCL's) Strategyis fully aligned with the InternationalUnilever Group to create shareholder valueand to fulfill our purpose and vision. Seenhere is an overview of the Group Strategy, ofwhich UCL is a part.Companierowegsoewit h p u r p o s ethOur strategic choices and actions will help us fulfill our purpose and visionWin with our brands as a force for good, powered by purpose and innovationImprove people’shealth, confidenceand wellbeingContribute to afairer, more sociallyinclusive worldImprove the healthof the planetWin with differentiatedscience and technologyDevelop our portfolio into high-growth spacesSkin careHygienePremium beautyFunctional nutritionand vitamins,minerals &supplementsPlant-based foodsAccelerate in China, India, USA and key emerging marketsBuild further scale inChina, India and USAAccelerate emergingmarkets growthDrive competitivegrowth in EuropeLead in the channels of the futureDevelop eB2Bbusiness platformsAccelerate pure-play andomnichannel eCommerceDrive category leadership throughshopper insightBuild a purpose-led, future-fit organisation and growth cultureUnlock capacity through agilityand digital transformationBe a beacon for diversity, inclusionand values-based leadershipBuild capability throughlifelong learningOur five growth fundamentals help us deliver our pactfulinnovationDesignfor channelFuelfor growth

Unilever Caribbean Limited Annual Report and Accounts 20205Our Strategy (continued)ConsumersOur peoplePlanet & societyCustomersSuppliers & business partnersShareholdersOur enduring values guide our decisions and actionsIntegrityRespectResponsibilityPioneeringWe do the right thing inWe treat people withWe take care of the peopleWe have a passion forevery decision we make,dignity, honesty and fairness,we serve and the world inleading our industry,supporting UCL'sand celebrate the diversitywhich we operate.winning in the market, andlong-term success.of people.intelligent risk-taking.T HE Y EA R I N R EV I EWOur growth creates value in line with our multi-stakeholder model

6Unilever Caribbean Limited Annual Report and Accounts 2020Chairman’s ReportThe COVID-19 pandemic has had unprecedented effects on ouremployees and consumers, the business environment and thelocal and Caribbean economies during 2020. The pandemic hastested the resilience of our business and our people, however, theCompany moved quickly to support its stakeholders, whilstsimultaneously stabilising and maintaining its operations.OverviewThe major areas of focus throughout the year havebeen the health and safety of our employees,ensuring continuous product supply, adapting to thechanging demand patterns and strengthening theCompany’s cash position. All of these having beenachieved with great success and resulting in a Profitfor the Year of 18.6m.Despite this challenging environment, the Companycontinued to invest in its brands, while adapting to theshifting consumer demand, and delivered a strongtopline growth of 1.9% with Revenue of 290.0m,while simultaneously improving it’s profitabilitysignificantly. The change in business model hasproven to be successful, with Gross Profit increasingby 23.7% to 130.4m, and Operating Profit increasingto 22.0m. As a result of the strong top and bottomline performance, together with an aggressive focuson credit collection and working capital optimisation,the Company generated 64.1m from operatingactivities, which is more than double that of the prioryear. This resulted in an increase in the final cashposition to 75.4m.Returns to ShareholdersAs a result of the strong performance of the year,with an earnings per share of 0.71, and takinginto consideration the favourable cash position ofthe Company, the Directors have declared a finaldividend of 0.60 per ordinary share.GloballyUnilever Caribbean Limited is part of the UnileverGroup, which provides strategic guidance, technologyand training to the local operations. Globally, thegroup is focused on the Beauty and Personal Care,Foods and Refreshment and Home Care Categories,and the Company has aligned itself strategicallyto take full advantage of the group’s capabilities.We delivered astrong toplinegrowth of 1.9%with Revenue of 290.0m, whilesimultaneouslyimproving ourprofitabilitysignificantly.Rodrigo SotomayorChairman

Unilever Caribbean Limited Annual Report and Accounts 20207Chairman's Report (continued)Having access to the global network of the group’ssourcing units proved to be an essential advantagein ensuring continuous product supply during a yearwhere supply chains were disrupted globally due tothe COVID-19 pandemic.Board Composition and SuccessionIn 2020, Nuria Hernández Crespo retired as mypredecessor as Chairman, and John De Silva andNanda Persad resigned as Executive Directors. Theysteered the Company through some particularlychallenging times which has prepared it for improvedefficiencies and growth and I would like to thankNuria, John and Nanda for their valued contributionsover the years to Unilever Caribbean Limited.Jean-Marc Mouttet and Tim Grothauzen joined theBoard of Directors, replacing John and Nanda asManaging Director, and Finance Director. Jean-Marcand Tim bring a tremendous amount of expertise,and are very welcome additions to the board.Looking AheadEven though conditions are expected to remainchallenging, it is clear that COVID-19 will keepaffecting our markets for some time. The Companyhas demonstrated that it possesses the ability towithstand difficult challenges and emerge evenstronger from it and expects to continue doing so.We will keep focusing on delivering sustainable andprofitable growth through our brands with purpose,while simultaneously ensuring the health and safetyof our staff.AcknowledgementThe Company appreciates the continued support ofour customers and shareholders over the past year,and we would like to thank them for their loyalty, trustand support. I would like to express a special gratitudeto all the Unilever Caribbean Limited employees fortheir commitment, flexibility, and resilience duringthese trying times. I am confident, that together wecan continue to grow and evolve the business.Rodrigo SotomayorChairmanT HE Y EA R I N R EV I EWAs a result of the strong performance of the year,with an earnings per share of 0.71, and takinginto consideration the favourable cash positionof the Company, the Directors have declared afinal dividend of 0.60 per ordinary share.

8Unilever Caribbean Limited Annual Report and Accounts 2020Board of DirectorsRodrigo SotomayorJean-Marc MouttetChairmanManaging DirectorNicholas GomezCamille ChatoorDirectorDirectorDanielle ChowAlejandro GraterolDirectorDirectorTim GrothauzenJorge EnriqueRodriguezDirectorDirector