Hindustan Unilever buyback at Rs 230 a share

Mumbai, July 29 2007: At a meeting of the Board of Directors of the Company held this afternoon, the Board has considered and approved, subject to the approvals of the members of the Company, and such other approvals/consents, as maybe necessary, the buyback of the Company's equity shares at a price not exceeding Rs. 230.00 per share and up to an aggregate amount of Rs. 630 crores, being within 25% of the total paid-up capital and free reserves as per the audited Balance Sheet as at 31st December 2006.

The Company proposes to buy back shares at a price not exceeding Rs. 230.00 per share on the Bombay Stock Exchange Limited ("BSE") and National Stock Exchange of India Limited ("NSE") where these shares are listed, through open market purchases from time to time. The maximum price is at a premium of 17% over the closing price of the Company's share as on 27th July 2007. The average closing price of HUL share in the BSE for the last six months is Rs 196. The buyback is proposed to effectively utilize the surplus cash and make the balance sheet leaner and more efficient to improve returns. The Board has decided to take shareholders approval to their proposal for purchasing company's shares up to 25% of the paid capital in terms of section 77A of the Companies Act, 1956 and accordingly approved the notice and the explanatory statement for taking shareholders approval through postal ballot. As per the provisions of the Securities and Exchange Board of India (Buyback of Securities) Regulation 1998, the promoters (Unilever) and the directors of the Company shall not participate in the proposed buyback process. About Hindustan Unilever Limited

Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer Goods company, touching the lives of two out of three Indians. HUL's mission is to "add vitality to life" through its presence in over 20 distinct categories in Home & Personal Care Products and Foods & Beverages. The company meets everyday needs for nutrition, hygiene, and personal care, with brands that help people feel good, look good and get more out of life.