Exhibit 12

Calculation of Ratio of Earnings to Fixed Charges

The ratio of earnings to fixed charges is determined using the following applicable factors:

Earnings available for fixed charges are calculated, first, by determining the sum of: (a) net profit before taxation and the Unilever Group’s share of net profit/(loss) of joint ventures and associates; (b) dividend income receivable from joint ventures and associates; and (c) fixed charges, as defined below.

Fixed charges are calculated as the sum of: (a) finance costs (both expensed and capitalized); and (b) one-third of lease costs (e.g., that portion of rental expense that is representative of the interest factor).

	Six months ended June 30,		Year ended December 31,
	2014		2013		2012		2011		2010		2009
	(€ million)
Earnings
Net profit	2,995		5,263		4,836		4,491		4,465		3,646
Add: Taxation	1,223		1,851		1,697		1,575		1,486		1,253
(Less)/Add: Share of net profit/(loss) of joint ventures and associates	(61	)	(113	)	(105	)	(113	)	(111	)	(115	)
Add: Dividend income receivable from joint ventures and associates	60		110		119		111		141		177
Add: Fixed charges	354		663		712		691		634		640
	4,571		7,774		7,259		6,755		6,615		5,601
Fixed charges
Finance costs	273		500		526		540		480		483
Add: One-third of lease costs	81		163		186		151		154		157
	354		663		712		691		634		640
Ratio of earnings to fixed charges (times)	12.9		11.7		10.2		9.8		10.4		8.8