Q3 Pre-Close Presentation

Unilever PLC
23 September 2002

Release: Immediate

                      UNILEVER TELECONFERENCE PRESENTATION

                   --'Unilever on course for 2002 targets'--

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 (September 23, 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 third
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 comfortable with delivery of our targets
for the year of mid-teens growth of earnings per share and of sustaining the
growth of our leading brands at between 4.5 and 5%.

For the third quarter we expect:


  • firstly, EPS growth of some 10%. 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, underlying sales growth of the leading brands to be some 5%
    notwithstanding a dilution of 50 bps from softer sales of ice cream and
    ready to drink tea in Europe.

Underlying sales growth, after the impact of planned tail attrition, is expected
to be in the range of 4 to 4.5%.

The net of disposals and acquisitions will be to reduce sales by the equivalent
of some €700 million, or around 5% leading to a reported sales decline of around
1%.

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

Associated costs, at around €40 million compare to some €80 million in Q3 of
2001. Operating margin progression is after the short-term dilution effect of
disposals, which we expect to be the equivalent of €80 million in this quarter.

Goodwill amortisation is estimated at €345 million in the quarter.

Net interest is estimated at €320 million and reflects the benefits of
continuing strong cash flow and lower interest rates.

Restructuring exceptional items are forecast to be around €280 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 980 million NV equivalent share
units or 6.53 billion if you take the PLC equivalent share units.

Let me summarise:

The third quarter is developing in line with the outlook we have previously
given. This was that growth in sales and earnings per share would 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 strong 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-

 September 23, 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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