Hindustan Unilever Ltd (NBB: HINL F)Exchange rate used is that of the Year End reported date

As Reported Annual Income Statement Report Date Currency Audit Status Consolidated Scale Sales Other income Total income Operating expenses Depreciation Interest expense Total expenditure Profit before taxation Current tax Deferred tax Fringe benefit tax Adjustments of previous years, net Taxation for the year Profit after taxation before exceptional / extraordinary items Exceptional/extraordinary items (net of tax) Profit before minority interests Minority interests Net profit Weighted average shares outstanding - basic Weighted average shares outstanding - diluted Year end shares outstanding Earnings (loss) per share -basic Earnings (loss) per share - diluted

03/31/2010 INR Not Qualified Yes Thousands 177,642,700 3,439,700 181,082,400 151,883,600 1,919,400 74,700 153,877,700 27,204,700 6,370,500 201,500 419,300 21,052,000 594,100 21,646,100 (79,800) 21,566,300 2,180,819.678 2,183,954.984 2,181,686.781 9.89 9.87

03/31/2009 INR Not Qualified Yes Thousands 205,011,025 5,581,247 210,592,272 177,981,966 1,999,750 264,479 180,246,195 30,346,077 5,446,351 47,388 381,837 483,525 24,954,026 145,299 25,099,325 (54,274) 25,045,051 2,178,639.191 2,183,140.719 2,179,876.077 11.5 11.47

12/31/2007 INR Not Qualified Yes Thousands 139,134,028 4,531,403 143,665,431 120,091,707 1,419,060 264,858 121,775,625 21,889,806 3,464,761 396,518 402,293 50,494 17,676,728 2,204,577.163 2,204,577.163 2,177,463.355 8.69 8.69

12/31/2006 INR Not Qualified Yes Thousands 124,109,761 3,929,188 128,038,949 107,989,083 1,356,661 139,666 109,485,410 18,553,539 2,729,538 228,179 359,731 (4,602) 15,231,489 2,205,519.601 2,205,519.601 2,206,776.097 8.57 8.57

12/31/2005 INR Not Qualified Yes Thousands 115,658,260 3,133,787 118,792,047 101,294,614 1,383,752 242,056 102,920,422 15,871,625 2,376,144 413,952 313,429 460,160 13,228,260 2,201,243.793 2,201,243.793 2,201,243.793 6.16 6.16

12/31/2004 INR Not Qualified Yes Thousands 105,982,001 3,036,107 109,018,108 91,080,671 1,956,795 1,362,494 94,399,960 14,618,148 2,842,366 510,650 139,933 11,405,065 2,201,243.793 2,201,243.793 2,201,243.793 5.49 5.49

12/31/2003 INR Not Qualified Yes Thousands 108,369,478 4,318,247 112,687,725 88,408,332 1,999,869 691,176 91,099,377 21,588,348 4,439,612 625,193 479,950 17,003,493 2,201,243.793 2,201,243.793 2,201,243.793 7.67 7.67

12/31/2002 INR Not Qualified No Thousands 99,548,530 3,845,422 103,393,952 79,989,950 1,341,006 91,840 81,422,796 21,971,156 4,589,400 209,100 17,172,656 2,201,243.793 7.98 7.98

12/31/2001 INR Not Qualified Yes Thousands 109,718,969 3,817,905 113,536,874 92,579,113 1,446,597 77,442 94,103,152 19,433,722 3,976,900 47,300 15,409,522 2,201,243.793 7.46 7.46

12/31/2000 INR Not Qualified No Thousands 106,037,896 3,450,730 109,488,626 91,396,837 1,309,385 131,473 92,837,695 16,650,931 3,550,000 13,100,931 2,200,595.07 5.95 -

12/31/1999 INR Not Qualified No Thousands 101,424,884 3,189,800 104,614,684 89,223,825 1,287,586 223,877 90,735,288 13,879,396 3,180,000 10,699,396 219,569.495 4.86 -

12/31/1998 INR Not Qualified No Thousands 94,818,486 2,447,361 97,265,847 84,658,230 1,010,453 292,810 85,961,493 11,304,354 2,930,000 8,374,354 199,167.286 36.7 -

12/31/1997 INR Not Qualified No Thousands 78,197,084 1,838,731 80,035,815 70,614,787 579,537 338,947 71,533,271 8,502,544 2,700,000 5,802,544 199,167.286 28.14 -

12/31/1996 INR Not Qualified No Thousands 66,001,079 1,180,791 67,181,870 60,006,782 552,586 570,030 61,129,398 6,052,472 1,925,500 4,126,972 145,839 20.8 -

12/31/1995 INR Not Qualified Yes Thousands 33,669,474 666,987 34,336,461 30,176,634 236,131 201,484 30,614,249 3,722,212 1,330,000 2,392,212 145,839 16.4 -

12/31/1994 INR Not Qualified Yes Thousands 28,264,825 562,142 28,826,967 25,268,826 235,617 295,398 25,799,841 3,027,126 1,127,500 1,899,626 145,839 13.02 -

12/31/1993 INR Not Qualified Yes Thousands 20,631,674 297,566 20,929,240 18,207,095 222,166 272,273 18,701,534 2,227,706 955,000 1,272,706 139,987 9.09 -

12/31/1992 INR Not Qualified Yes Thousands 17,570,280 119,970 17,690,250 15,512,568 196,005 321,916 16,030,489 1,659,761 675,000 984,761 7.03 -

Net Sales in Thousands starting from 2010 till 1992 Year +1 177,642,700 205,011,025 139,134,028 124,109,761 115,658,260 105,982,001 108,369,478 99,548,530 109,718,969 106,037,896 101,424,884 94,818,486 78,197,084 66,001,079 33,669,474 28,264,825 20,631,674 Year 205,011,025 139,134,028 124,109,761 115,658,260 105,982,001 108,369,478 99,548,530 109,718,969 106,037,896 101,424,884 94,818,486 78,197,084 66,001,079 33,669,474 28,264,825 20,631,674 17,570,280

SUMMARY OUTPUT Regression Statistics Multiple R 0.928972786 R Square 0.862990437 Adjusted R Square 0.85320404 Standard Error 17382881.58 Observations 16 ANOVA df Regression Residual Total 1 14 15 SS MS F Significance F 2.66457E+16 2.66457E+16 88.18264828 2.02377E-07 4.2303E+15 3.02165E+14 3.0876E+16 Standard Error t Stat P-value 10604286.69 0.49054011 0.631350721 0.114715513 9.390561659 2.02377E-07

Intercept

Coefficients 5201827.955 205011025 1.077243097

Lower 95% Upper 95% Lower 95.0%pper 95.0% U -17542104.91 27945761 -1.8E+07 27945761 0.831202793 1.323283 0.831203 1.323283

From B18, growth rate in net sales calculated from regression = 7.72%

Last Price

Market Cap.(Rs. cr.)

Sales Net Profit Turnover 2,874.60 433.15

Total Assets

Debt

Equity

D/E

Beta Unlevered Weight Beta

Dabur India Godrej Consumer Colgate Marico Emami P and G Jyothy Labs

96.35

16,771.87

855.45

106.07

749.38 0.141544

0.465 0.407343 0.2645

403.6 863.9 125.25 403.45 1,792.00 275.9

13,060.10 11,748.42 7,693.56 6,104.67 5,816.96 2,224.64

1,267.88 1,770.82 2,030.85 1,006.86 904.46 579.87

248.12 290.22 235.02 165.4 179.76 80.05

839.87 12.4 330.7 4.59 948.58 376.92 874.02 253.25 534.65 0.00 399.1 0.17

827.47 0.014985 326.11 0.014075 571.66 0.659343

620.78 0.407955 534.64 0398.92 0.000426

0.541 0.533013 0.2059 0.359 0.354017 0.1852 0.461 0.277821 0.1213 0.758 0.53837 0.0963 0.601 0.601 0.0917 0.76 0.759676 0.0351

63,420.22

Industry Beta D/E for HUL HUL Beta Market Return Bond Rate Cost of Equity Cost of Debt Cost of Capital

0.4503650 0.450365 14.03% 7.84% 10.63% 0.00% 10.63% HUL Beta is same as Industry beta since its D/E=0

Long Term Growth Rate Long Term rate of return

5%

11%

2009 SALES (Rs. Crores) Fixed asset turnover ratio Net Fixed Assets (Rs. Crores) Gross Fixed Assets (Rs. Crores) Depreciation % Total asset turnover ratio Total assets (Rs. Crores) Investment (Rs. Crores) Deferred tax assets (Rs. Crores) Deferred tax liabilities Net current assets (Rs. Crores) D/E EBIT (Rs. Crores) Return EBT (Rs. Crores) Tax Rate Taxes (Rs. Crores) EAT (Rs. Crores) Capex (Rs. Crores) Sales to Capex Ratio Current Assets (Rs. Crores) Current Liabilities (Rs. Crores) Working Capital (Rs. Crores) Change in WC (Rs. Crores) Sales to change in WC Free cash flow to firm (Rs. Crores) Continuing Value (Rs. Crores) Cost of Capital PV (Rs. Crores) Total PV upto 2015 PV of CV (Rs. Crores) Enterprise Value (Rs. Crores)

5601 5783.8 -182.8

2010 17,523.80 7.19 2436.06 3581.96 31.99% 6.78 2583.53 1264.08 451.13 202.31 -1365.43 0 2813.40 0.16 2813.40 35% 984.69 1828.71 357.23 49.05 5367.76 6733.21 -1365.45 -1182.65 -14.82 2654.13

2011 18,877.39 7.19 2624.23 3463.74 31.99% 6.78 2783.09

2012 20,335.54 7.19 2826.93 3731.29 31.99% 6.78 2998.06

2013 21,906.32 7.19 3045.29 4019.51 31.99% 6.78 3229.64

2014 23,598.43 7.19 3280.52 4329.99 31.99% 6.78 3479.11

158.86 0 3265.08 0.16 3265.08 35% 1142.78 2122.30 384.82 49.06

171.13 0 3782.19 0.16 3782.19 35% 1323.77 2458.42 414.54 49.06

184.35 0 4381.19 0.16 4381.19 35% 1533.42 2847.77 446.56 49.06

198.59 0 5075.06 0.16 5075.06 35% 1776.27 3298.79 481.06 49.06

-1274.00 -14.82 3011.49 10.63% 2722.18

-1372.41 -14.82 3416.29 10.63% 2791.43

-1478.42 -14.82 3879.63 10.63% 2865.48

-1592.62 -14.82 4410.34 10.63% 2944.53

14352.39 53003.44 67355.83

2015 25,421.25 7.19 3533.92 4664.45 31.99% 6.78 3747.84

213.92 0 5878.81 0.16 5878.81 35% 2057.58 3821.23 518.22 49.06

Remark: The Debt to Equity ratio has been very low, near to zero for the past many years.

Refer Page 65 in annual report HUL

-1715.63 -14.82 5018.65 87826.32 10.63% 3028.77