Q1 Pre-Results Update

Unilever PLC
24 March 2003


Release: Immediate

                      UNILEVER TELECONFERENCE PRESENTATION

    - Unilever Remains Comfortable With Delivery Of Targets For Full Year -

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 (March 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 first
quarter results announcement, on Friday May 2, 2003.

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 comfortable with delivery of our targets
for the year of low double digit growth of earnings per share and for growth of
our leading brands between 5 and 6%.

For the first quarter we expect:


  • firstly, EPS growth of around 5%. We estimate that operating margin will
    be ahead by around 50 bps driven by a continuing contribution from our
    savings programmes, partly offset by planned increases in A&P.

  • secondly, we expect leading brand growth of some 4 to 5%, consistent with
    our plan for the year, but reflecting a reduction equivalent to 200 bps in
    the quarter primarily related to calendar effects, which reverse later in
    the year.

Underlying sales growth, after the impact of tail attrition, is expected to be
around 3%.

The net of disposals and acquisitions will be to reduce sales by the equivalent
of some €700 million, leading to a reported sales decline of around 3%.

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

Operating margin progression is after the short-term dilution effect of
disposals, which we expect to be the equivalent of around €80 million in this
quarter. The impact of disposals on EPS growth is a dilution of around 3%.

Goodwill amortisation is estimated at €315 million in the quarter.

Net interest is estimated at some €300 million, reflecting the benefits of
continuing strong cash flow and lower interest rates. The funding cost of
adopting FRS17 is reported on the interest line and is €48 million of the €300
million.

Restructuring exceptional items are forecast to be around €100 million before
tax.

We expect the underlying tax rate in the quarter to be around 31%.

The number of shares for calculating EPS is 975 million NV equivalent share
units or 6.50 billion if you take the PLC equivalent share units.

Let me summarise:

We have an annual operating plan that again sustains the rate of innovation in
HPC and includes a further step-up in Foods. This underpins our confidence in
the delivery of our annual growth target of 5-6% leading brand growth.

In addition, with the 2002 fourth quarter results we set out the drivers of
operating margin to 2004. With two months actual results under our belt we can
confirm that these are delivering as expected keeping us on track for the
achievement of low double digit EPS beia growth for the year.

                                     -o0o-

March 24, 2003

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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