Q2 Pre-Close Presentation

Unilever PLC
24 June 2002


Release: Immediate

                      UNILEVER TELECONFERENCE PRESENTATION

              -- 'Unilever remains confident of achieving earnings

                        and growth targets for 2002' --

The following is the presentation text for the Unilever pre-close
teleconference, given by Howard Green, head of investor relations, at 1400 hrs
GMT today (June 24, 2002).

The purpose of this teleconference is to update the market on the progress of
our business and is a precursor to our 'close' period, ahead of the second
quarter results announcement. The timetable for future updates remains unchanged
from that previously announced.

I would remind you that this update is based on the first two months of trading
in the quarter. Comments on EPS and operating margin are made on a before
exceptional items and goodwill amortisation basis.

Let me start by saying that we remain confident of achieving our targets for the
year of low double digit growth of earnings per share and of sustaining the
growth of our leading brands.

Within the second quarter we expect:


  • EPS growth of some 20%. We estimate that operating margin will be ahead by
    well over 100 bps. We continue to see the benefits of both our savings
    programmes, which deliver according to plan, and also of price increases
    designed to recover increases in costs driven by devaluation in a number of
    our developing and emerging markets.


    We continue to raise the real level of investment behind our brands and
    within this we would expect to see an A&P spend rate higher than last year.


  • Let me turn to sales growth. We expect underlying sales growth of between
    3 and 4% and growth of the leading brands of around 4.5%. We are seeing the
    expected pick-up in the rate of underlying sales growth and we see broad
    based progress across our Home and Personal Care and ambient and chilled
    distribution food businesses.


    However, in Ice Cream, whilst we see good growth in North America and D&E
    markets, our strong innovation programme in Western Europe is being
    constrained by poor weather as are sales of ready to drink tea.

    The overall rate of underlying sales growth is also being influenced by an
    accelerated rate of planned tail attrition.

    The impact of disposals will be to reduce sales by some 400 bps, equivalent
    to €530 million of sales in the quarter. Thus reported sales are expected to
    be flat to down by 1%.

Turning now to the other elements of the profit and loss account.

Associated costs, at around €60 million compare to €114 million in Q2 of 2001.
Operating profit progression is after the short-term dilution effect of
disposals, which we expect to be the equivalent of €60 million in this quarter.

Goodwill amortisation is estimated at €350 million in the quarter.

Net interest is estimated at €330 million and reflects the benefits of
continuing strong cash flow and lower interest rates.

Gross restructuring exceptional items are forecast to be around €250 million
before tax.

We expect the underlying tax rate in the quarter to be between 33 and 34%.

The number of shares for calculating EPS is 982 million NV equivalent share
units or 6.55 billion if you take the PLC equivalent share units.

Let me summarise and remind you of what we have said previously.

Our innovation and other marketing plans for 2002 are on track and we continue
to manage the tail of our business to maximise value.

Growth in sales and earnings per share will continue to be driven by:


  • Firstly, an increase in the momentum of growth of our leading brands
    through the year fuelled by our planned innovation and market place activity
    programmes backed by an increased investment in advertising & promotion. Our
    innovation programme for 2002 is at least as intensive as last year with a
    sustained rate in HPC and a step-up in Foods.

  • Secondly, the benefits of global procurement, the Path to Growth
    restructuring and Bestfoods integration, programmes that continue to deliver
    savings at least in line with plan with regard to both amount and timing.

                                     -o0o-

June 24 2002

SAFE HARBOUR STATEMENT: This presentation may contain forward-looking statements
(within the meaning of the U.S. Private Securities Litigation Reform Act 1995)
based on our best current information and what we believe to be reasonable
assumptions about anticipated developments. Words such as 'expects',
'anticipates', 'intends' and other similar expressions are intended to identify
such forward looking-statements. Because of the risks and uncertainties that
always exist in any operating environment or business we cannot give any
assurance that the expectations reflected in these statements will prove
correct. Actual results and developments may differ materially depending upon,
among other factors, currency values, competitive pricing, consumption levels,
costs, environmental risks, physical risks, risks related to the integration of
acquisitions, legislative, fiscal and regulatory developments and political and
social conditions in the economies and environments where Unilever operates.
Further details of these potential risks and uncertainties are given in the
Unilever Annual Report and Accounts and Form 20-F. You are cautioned not to
place undue reliance on these forward-looking statements.



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