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FACTS AND FIGURESUnilever’s contributionsAs we mentioned in our ‘Trusteeupdate’ at the start of this issue, thereis no funding level to report to you thistime as the formal valuation is still inprogress.Following each valuation, the actuaryadvises what changes might beneeded, if any, to the level ofcontributions going into the plans.If there is a deficit – that is, the assetsare currently lower than the fundingtarget, giving a funding level below100% – we agree an action plan withUnilever and the actuary for makingit up.This means that for now, Unilever ispaying contributions in line with theplan we agreed after the 2013valuation, when the funding level wasmeasured at 85%. Since then, ourupdates have shown it rise to 95%at 31 March 2014, then fall to 87%at 31 March 2015.Unilever currently contributes: 90.6 million a year towardsmaking up the deficit; and Around 19% of all planmembers’ pensionableearnings (between the lowerand higher levels) towardsthe benefits they are stillbuilding up.The funding level will rise and fall inline with changes in marketconditions, and we are able to monitorit regularly through the updates wereceive from our advisers.Depending on the results of the latestvaluation, the actuary will recommendany changes needed to Unilever’scontribution rates. We will reportback with the details in the specialsummary funding statement earlyin 2017.There were78,887people inthe Fund at31 March 20167

Investment overviewDefined benefit funds(Career average and Final salary plans)PerformanceOverall, the investment return for the Fund over the year to 31 March 2016was -0.2%.We measure the performance of the investment funds in two ways:Against benchmarks – the benchmarks help us gauge how the returns on theindividual funds compare to the market average. These in turn allow us toassess the fund manager’s performance.Asset classFund returnBenchmark The 1.5%Property9.2%3.6%5.6%-2.8%-4.3%1.5%Hedge FundsAgainst liabilities – We track how the overall Fund return measures against thechange in the value of our liabilities.Asset returnYear ended 31 March 2016Since introducing thisapproach (1 July 2008)-0.2%Total change The differencein liabilities3.3%7.5% a year6.4% a yearInvesting plan fundsMember fund choicesThis chart shows how members withInvesting plan accounts have decidedto invest them, at 31 March 2016. Youcan see how the overall amount ofmoney is invested in the plan acrossthe funds, alongside the number ofmembers choosing each fund. As weare responsible for deciding whichfunds to include in the Investing planrange, it helps us to see which optionsare popular and which may have lessappeal.8 FUND FOCUSFund name-3.5%1.1% a yearThis is the firstissue of FundFocus to showfigures from the newrange of Investing planfunds (we made thechanges in October 2015).If you need any more informationabout the current Investingplan funds, please visitFidelity’s PlanViewer site(www.planviewer.co.uk).Fund value at31/03/16 ( 000)Number ofmembersModerate Growth Fund73,4646,334Cautious Growth Fund4,821944Cash Fund3,885255Global Equity Fund1,35494Bond Fund68756Emerging Markets Fund596684594Real Return Fund

INVESTMENTInvestment plan returnsHere are the returns for the funds on the Investing plan range for the year to31 March 2016 (these figures are net of fees):Fund nameActual return(%)Moderate Growth Fund-2.5Cautious Growth Fund-0.7Cash Fund0.3Global Equity Fund-5.2Bond Fund1.4Emerging Markets FundWe’re currently looking at eachtype of investment in turn – thefunds involved, and how theirreturns measured up against therisks they carry – to make surethey are still the most suitablechoices for the Fund. Our mostrecently completed check was onthe LDI investments, and wedecided that no changes wereneeded.-10.7Real Return Fundn/a** This is a new fund introduced in October 2015, so we do not have full yearperformance figures at 31 March 2016.Investment strategy latestAs you can see from the ‘Membershipprofile’ chart in our ‘Facts and figures’section, the Fund is relatively ‘mature’– that is, the pensioners and deferredmembers far outnumber the activemembers still building up benefits.This is why, in recent years, we’ve beentaking a ‘de-risking’ approach to ourinvestment strategy. As the fundinglevel improves and there is less needfor assets that aim solely to giveparticularly high returns, we canreduce the risk the Fund carries byshifting its assets away from the‘growth’ funds towards more stableinvestments.In this table, you can get an idea of thisgradual shift. It shows the spread ofthe Fund’s assets we’re aiming for atany given time. (In the real world, ofcourse, the individual funds rise andfall all the time in line with themarkets, so we re-balance themregularly.)Here is the asset allocation at31 March 2016, and we’ve keptthe figures from last year, at31 March 2015, in the table so youcan compare them easily. You cansee we’ve reduced the Fund’s equityinvestments (higher growth, buthigher risk) and increased – forexample – the ‘liability-driveninvestments’ (‘LDI’), which are chosenspecifically because their valueschange more closely in line with theFund’s outgoings.Growth assetsYou can readfurther in thelonger versionof this item on our‘Fund Focus Online’page and find out moreabout our strategy in the‘Investment report’ section ofthe annual report andaccounts – all on the dge Funds7.57.5Total7.57.5Property7.57.5HLV Property2.52.510.010.0High Yield Debt2.73.7Emerging Markets Debt3.83.8Private Debt5.53.0Corporate 0100.0EquitiesPrivate EquityTotalOther diversifying assetsInflation assetsTotalIncome assetsLDITOTAL9

Company newsHellmann’s Grilltopia!Hellmann’s, the UK’s number onemayonnaise brand, is takingconsumers on a journey aroundthe world, helping them FINDGRILLTOPIA! 2.5 billion in 2020, it’s no surprisethat three fiery sauces – MexicanChipotle, Jamaican Habanero andMoroccan Harissa – were also addedto the range. And last but not least,three creamy mayo-based sauces –burger, hot garlic chilli and garlic andherb – have been added to the mix tokeep traditional burger fans happy.Take your tastebuds to GRILLTOPIA!While sausages and burgers are stillfirm favourites, families are nowspending more money on food to puton the grill. These more sophisticatedfood choices have also created anopportunity for more sophisticatedcondiments - a great opportunity forHellmann’s to launch a new range ofBBQ and Hot Sauces and add to itsmayonnaise products.Each new flavour matches a differentBBQ experience from around theworld – yakuniku grilling from Japan,churrasco from Brazil, outside grillingfrom Australia and low ’n’ slow fromthe US. As global sales of hot chillisauces are likely to surpassCIF cleans the O2On 20 July - Cif finished its epic task of cleaning the roof of theO2 in Greenwich! It took Cif’s cleaning squad -- a team of sevenprofessionals -- a total of 450 hours (72 days) to clean one ofLondon’s most iconic landmarks.It’s all part of Cif’s Before & After Project. British gymnast LouisSmith MBE teamed up with Cif to launch the community cleancampaign, which will give five community spaces the spruce upthey deserve to make them look and work at their very best.10 FUND FOCUSDare to go doublewith MagnumMagnum has launched its most indulgent icecream yet, the Magnum Double. Making everymoment of indulgence count, the MagnumDouble is available in three decadent flavours– Magnum Double Caramel, Magnum DoubleChocolate and Magnum Double Peanut Butter.Presenting layer upon layer of velvety smoothMagnum ice cream wrapped in a cocoa coating,the Magnum Double is further smothered in arich sauce enclosed with the famous Magnumcracking chocolate.

COMPANY NEWSSurf sensationsPG Tips & Walls for the Queen’s90th birthdayOn Sunday 12 June 2016, a truly magnificent event took place: The Patron’sLunch; a classic British ‘street party’ lunch for 10,000 guests, and the first of itskind ever to be held on The Mall. The event celebrated the Queen’s patronage ofmore than 600 charity and community organisations in the UK andCommonwealth, and many were in attendance on the day. Unilever was one ofjust 5 official partners to The Patron’s Lunch and we were honoured to bechosen to help celebrate Her Majesty’s charitable service.Surf, the number one fragrance brandin the market, has launched its newpremium range, Surf Sensationsnationally. The range includes threenew fragrances: Golden Blossom,Delicate Moonflower and EnchantingDahlia. Each one has been crafted byperfume experts, with an exclusiveblend of perfume oils.Surf Sensations bring luxurious scentall day long and a brilliant clean. Therange is across all three formats:powder, liquid and capsules.156 Unilever volunteers made sure that the 10,000 guests had a day toremember by serving them a total of 33,000 cups of PG tips tea, 12,000 Wall’sice-creams, 10,000 PG tips commemorative cups and saucers and a helpinghand whenever they needed it. Despite the rain, spirits were high and the eventtruly brought this community of people together.Team updateSince our last update in 2014 the team remains the same –but while you may recognise the faces, one of the names has changed!“While I still have overall responsibilityfor the Unilever Pensioners Association(UPA) and host pensioner events atvarious locations around the UK, I alsomanage the team’s workload. Morerecently, I’ve started working withcolleagues in the UK PensionsDepartment on business continuity,along with handling and protectingmember details, to make sure wecomply with company policies.” KAREN ABBOTTMICHAELA HARVEY “Yes – I got married inSeptember 2015, sochanged from Miss Ayresto Mrs Fennemore. Mymain role is still PA toAndy Rowell (Head ofTrustee Services). I alsoprovide admin support forthe Unilever UK Trustee LAUREN FENNEMOREBoard and othercolleagues in the UKPensions Department, as well as the UPA.Since last year, I’m also working with ourCommunications Manager, Andy Dunlop,to develop the Financial EducationProgramme for all Unilever UK employees.”“I still carry out most of the day to day UPA admin and I’m in frequentcontact with our regional groups and visitors to make sure their needsare met. I also support other colleagues in the UK PensionsDepartment, in particular the Finance Team, where I help withpreparing various payments, postings and monthly reports.”11

Making a willWe’re sure that many of you havealready considered the importance ofwriting a will and may already haveone in place. If so, that’s great.However, there are far too manypeople who don’t, and die intestate(that is, without making a will). Thismakes things very difficult for thoseleft behind, especially if you are notmarried.Many people think that all of theirestate will pass automatically to theirhusband, wife, civil partner, or next ofkin when they die, but this is only thecase if you specify it in your will.There are strict rules about whathappens to your estate if you diewithout making a will, and these varydepending on where you live in the UK.But whatever the case – if you’re notmarried or in a civil partnership andyou don’t have a will, your partner willinherit nothing following your death.A will is a legal document, so it’s agood idea to seek legal advice andhave it prepared by someone qualifiedto do so. It can be costly, but it’sparticularly important - especially ifyour financial affairs are complex – tomake sure that everything is correctand that the document itself has beensigned and witnessed correctly.The notes on the right are examples ofsome of the issues you might want toconsider – they are not legal advice.12 FUND FOCUSIf you want to use a solicitor,but have not been in contact withone before, the Law Society have adatabase on line which you can check(www.solicitors.lawsociety.org.uk),or if you need one that provides specialistlegal advice for older and vulnerablepeople, their families and carers try Solicitors for theElderly (www.solicitorsfortheelderly.com).When you write a will, you can state:Your executors –You should know your executors well and trust them towho will look after carry out your wishes. Ideally, they should also beyour financialyounger than you.affairs after you diePlease check they are happy to carry out the role beforeyou name them in the will.You can ask a bank or solicitor to be your executor, butremember they will charge fees for this.Your beneficiaries– who will receivesomething fromyour estatePlease make sure you say clearly what you want eachbeneficiary to receive – especially if this includes valuableor sentimental objects (such as jewellery, ornaments orphotographs). This can avoid potential disagreements!For those who have simpler financial affairs, or just want to investigate thealternatives available, you may wish to consider the following:Will-writingserviceYour home or car insurance may include this as an extra– saving you some expense.Charity schemeSome charities offer a free will-writing service – in thehope that you may donate, or leave them something inreturn.‘Do it yourself’You can buy a ‘kit’ from a stationery shop or download ablank will from the internet. Bear in mind, though, that ifyou make any mistakes, your will won’t be ‘protected’, inthe way it is when a solicitor prepares it. So, if there areany problems, it could cause upset or delay for yourbeneficiaries later on.

COMPANY NEWSIf you already have a will Check regularly that it’s still up to date.We recommend you do this every 4-5 years – and especially if youexperience a major ‘life change’ (for example, you gain or lose a partner,or become a parent).Make sure your partner and executors know where your will is.If you have used a solicitor to make your will, they will usually keep it at theiroffices - so make sure that at least your partner and executor(s) know who theyshould contact. If you have not used a solicitor, or placed your will with one forsafekeeping, tell your partner and executors where it is. Please note: it’s notenough to give them a copy of the will – copies are not legally valid. If a grant ofprobate is required, the Probate Registry will need to see the original will – if itcan’t be found, you will be treated as dying intestate.Tell them where your other paperwork is, as well.Your partner and executors may also need other important documents(for example, your insurance policies, prepaid funeral plans, or carregistration documents).Finally, you may want to consider nominating a Lasting Power of Attorney.While a will deals with your affairs following your death, a Lasting Power ofAttorney is someone you trust to make financial decisions on your behalf if you’reno longer capable of doing so while you’re still alive. For further advice on this, go g-power-of-attorneyThe Unilever StateBenefits helplineThe Unilever State Benefits helpline exists to help you findout if you are entitled to claim extra benefits from the State,such as Pension Credit, Council Tax Benefit and AttendanceAllowance. If you have any queries relating to the Statebenefits, or are unsure if you or your family qualify for anyextra benefits from the State, call our confidential helplinefor advice. Thousands of Unilever pensioners have discoveredthat they are entitled to extra State benefits through callingthe helpline.01494 729796If you: are interested in joining anyof the regional groups, orbecoming a pensioner visitor have a query about the visitingscheme, or need a LARGE PRINT versionof “Fund Focus” or haveany other questions aboutreceiving your copy pleasecontact Karen Abbott on01372 945671or by email atkaren.abbott@unilever.com.13

Partner and dependant benefitsWhether or not you have already made a will, it’s also worthreminding yourself about the benefits the plan pays outfollowing your death. There may be some actions you needto take to make sure the benefits go to the people you wantto receive them.The benefits in brief The ‘partner’s pension’ is normally half the pension youwere receiving when you died – ignoring any reductionmade because:– you exchanged some pension for a cash sum; orBefore you read on:The term partner means your eligible husband or wife(opposite or same sex), or civil partner. If you marry orregister a civil partnership after leaving Unileveremployment, your husband or wife (opposite or samesex) or civil partner does not become ‘eligible’ until youhave been married or in a registered civil partnershipfor six months.A dependant is someone who relies on you financially(or on your joint income), or because they arepermanently disabled.– you retired early (this only applies to Final salary planpension). The pension will be lower, however, if your partner ismore than ten years younger than you. Your children will receive pensions up to age 18 (or 23,if they’re in full-time education or training). If you die within five years of retiring, the rest of yourfull pension for that five year period will be payable asa cash sum.What if ?If you die and leave a partner, then, they will usually receive the ‘partner’spension’ – as described above – automatically. However, there are somecircumstances when you may need to let us have some details, or send in acertain form. Please look through the situations below to see if any apply to you.You can find copiesof both forms onthe Fund website, inthe ‘Downloadabledocuments’ area.If you do not have a partner, butwant another dependant to receivethe pension If the person you have in mind qualifies as a dependant, you can nominate themusing the ‘Dependant pension request form’.If you want to provide an income toanother dependant as well as yourpartner You can apply for a dependant to receive a pension in addition to your partner’spension. Your partner’s pension would be reduced to take account of theamount payable to the dependant you nominate. If you are planning to do this,please contact the Unilever Pensions Team.If you retired from Unilever lessthan five years ago You need to keep the ‘Nomination form for lump sum death benefit’ up to date– in the same way you did when you were an active member – so we know whoyou want to receive the cash sum payable.Please note: we must receive this form and accept the nomination before you die.(We, the Trustees, have the final decision over who receives this benefit – soeven if it seems obvious to you, please make your wishes clear on this form.)There are two sections:Section A is for filling in the names of close family only. We will follow theseinstructions automatically unless something has clearly happened since tomake us question them (for example, if you nominated family members whileyou were single, then got married without updating your form).Section B is for any person – or other third party (for example, a charity). UnlikeSection A, we would not pay benefits to your Section B nominationsautomatically, but we’ll take your wishes into account.14 FUND FOCUS

Please make the website your first port ofcall if you want more information aboutanything to do with the Fund:FINDINGFINDINGOUTOUTMOREMOREFinding out moreRemember that all the Fund’s official documentsare on the site – look in the ‘Downloadabledocuments

4 FUND FOCUS New administration provider Aon Hewitt became our administrators in 2003, and our latest five-year contract with them runs out in 2017. While we have always had a strong relationship with Aon Hewitt, we decided that it was time - not to mention best practice - to look at the market and see what