Re Joint Venture

Unilever PLC
14 October 2003

Release: Immediate


            UNILEVER AND PEPSICO CREATE 'PEPSI LIPTON INTERNATIONAL'
             RTD TEA JOINT VENTURE IN SELECTED INTERNATIONAL MARKETS

• New JV Combines Lipton Brand Equities with Pepsi Bottling Sales &
  Distribution Strengths
• Meets Unilever 'Path to Growth' Strategy, targeting 'white space' markets
• Augments Pepsi Portfolio of Healthy Refreshment Beverages
• Builds Upon Successful North American Tea Partnership

Unilever and PepsiCo have created a joint venture to expand significantly the
marketing and distribution in selected markets of Unilever's range of Lipton
ready-to-drink (RTD) tea - strengthening Lipton's lead position within the
fast-growing $23bn (€23bn) global RTD tea market.

The creation of the 50-50 JV - 'Pepsi Lipton International' - is in line with
Unilever's Path to Growth strategy in its focus on a leading brand, its move
into new channels and its drive into new markets for sustained future growth. It
will enable Lipton to accelerate its growth, building on its current leading
share of the 16 billion litre global RTD tea market.

The JV will target the 'white space' markets where Lipton has no current
presence and it is anticipated that significant business opportunities will come
from the key high-potential markets where Pepsi is already strong. A large
number of markets with existing Lipton RTD tea business will also be targeted in
coming months - Brazil, Spain, Greece, Poland, Czech Republic, Slovakia,
Hungary, Albania, Romania, Thailand, Singapore, Vietnam, Australia, Turkey,
Egypt, Saudi and the 6 Gulf States.

Pepsi Lipton International is seen as a logical expansion of an earlier joint
venture - the Pepsi Lipton Tea Partnership - set-up by the two companies for the
North American market some 10 years ago and firmly established as the leading
RTD tea player in both the United States and Canada.

The joint venture will leverage the strengths of both parents to create
significant value. It will principally sell RTD tea concentrate to franchise
bottlers, thus augmenting Pepsi's portfolio of healthy refreshment beverages.

As the world's largest tea producer, Unilever will bring the brand, world-class
knowledge of tea and its research and development capability to the JV; Pepsi
will contribute access to its extensive bottling and distribution network with
strong customer relations.

Pepsi Lipton International will be headed by a general manager reporting to a
board of directors drawn equally from Unilever Bestfoods and Pepsi.

Lipton is one of Unilever's largest foods brands with sales to the trade well in
excess of €2.8 billion and is the world's third largest beverage brand as
measured by volume. Patrick Cescau, director of Unilever Foods Division, said:
'We have a strong presence in the developing and emerging markets yet there is
plenty of 'white space' to move into. These markets are the next in our planned
rollout and we see Pepsi as the best partner to help us achieve this. This new
joint venture marks a truly significant step in the expansion of the brand,
bringing it within the reach of many millions of new consumers.'

Said Peter Thompson, president and CEO of PepsiCo Beverages International (PBI):
'We are creating a common vision and tremendous synergies together. This new
alliance will enable Lipton to strengthen its global position. At the same time,
we are rounding out our portfolio with a strategic partnership in one of the
fastest growing beverage segments and providing consumers with Lipton, the world
leader in tea.'

Unilever is one of the world's largest consumer products companies with annual
sales in excess of €48 billion. It produces and markets a wide range of foods
and home and personal care products, its internationally known brands including
Lipton, Knorr, Hellmann's, Dove, Axe and Surf. It operates in 150 countries and
employs some 247,000 people worldwide.

PepsiCo is one of the world's largest food and beverage companies, with annual
revenues of $27 billion. Its principle businesses include Frito-Lay snacks,
Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods.
PepsiCo's portfolio includes 15 brands that each generate $1 billion or more in
annual retail sales.

                                     -o0o-

October 14 2003

Contact:
- Mike Haines, Unilever PLC, Tel: [phone], [e-mail]
- Larry Jabbonsky, PepsiCo, Tel: [phone], [e-mail]

SEE ALSO SEPARATE PEPSI ANNOUNCEMENT

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