30th October , 2002

JP M organ Investor C onference,G oa 30th O ct,2002

 Contents

• Company Overview

• Indian Economy - Snapshot

• Strategy Update

• SQ & YTD SQ Results - Highlights

• 2003 & Beyond…..

• Performance Trends

JP M organ Investor C onference,G oa 30th O ct,2002

 H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

Company Overview
 Hindustan Lever
…. India’s largest& leading FM C G com pany

Turnover Rs 110 Bln

EBITDA (Operational) Rs 18 Bln

Net Profit (bei) Rs 16 Bln

EPS (Re 1) Rs 7.46

ROCE 62 %

Economic Value Added Rs 11 Bln

Market Capitalisation - Oct ‘02 Rs 385 Bln

* Figures based on last published Annual Accounts - 2001

JP M organ Investor C onference,G oa 30th O ct,2002

 Corporate Purpose

Our purpose is to meet the

everyday needs of people everywhere -

to anticipate the aspirations of our

customers and consumers and to

respond creatively and competitively

with branded products and services

which raises the quality of life

JP M organ Investor C onference,G oa 30th O ct,2002

 M arketC apitalisation

550
500
450
Rs Bln

400
350
300
250
200
ONGC HLL Reliance Wipro Infosys
Market Cap 537 385 340 340 247
% of Total Mkt 9.8 7.0 6.2 6.2 4.5

Source : Mkt Capitalisation at BSE ( 16th October 2002 )

JP M organ Investor C onference,G oa 30th O ct,2002
 Product Portfolio
Others SALES PROFILE
Exports 3% Soaps &
12% Dets Home & Personal Care 64%
Ice Creams 43% Foods & Beverages 21%
1%
FMCG (HPC + Foods) 85%
Foods Exports 12%
7%
Others 3%

Beverages VOLUMES SOLD

13%
Soaps 3.9 LTPA
Synthetic Detergents 8.9 LTPA
Personal Products 4.8 Bln units
Personal
Prod Beverages 1.5 LTPA
21%
Branded Staple Foods 3.7 LTPA
* Based on 2001 volumes
* Based on FH 2002 segmental revenues
JP M organ Investor C onference,G oa 30th O ct,2002
 Market Shares
HPC FOODS
Market Share % Aug 2002 Market Share % Aug 2002
Personal Wash 59.6 Packet Tea 34.5
Detergent Powders 39.3 Coffee 45.7

Detergents Bars 46.6 Atta 11.1

Dishwash 58.8 Branded Salt 14.5

Toothpaste 34.2
Jams 75.0

Shampoo 59.5 Ketchup 32.5

Skin (excl. Talc) 53.6 Vanaspati 20.4

Talcum Powder 65.4

Source :O R G Value Shares (urban+rural)

JP M organ Investor C onference,G oa 30th O ct,2002

 Market Share %

0
100

10
20
30
40
50
60
70
80
Personal Wash 90

Fabric Wash

Household Care

Skin

Toothpaste

JP M organ Investor C onference,G oa

Talcum Powder

Hair Wash

Hair Oils

Deodrants

Packet Tea

R&G Coffee

Instant Coffee
Market Leader

Jams

Ketchups

Ice Creams

Branded Staples

Branded Salt
Strong No. 2

30th O ct,2002
….dom inantplayer across FM C G

Oils & Fats

Hindustan Lever
categories
H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

Indian Economy
 The Indian Economy
snapshot
• GDP 2002-03 estimated at USD 500 Bln 67%

• Preponderance of population in agriculture 47%

• Rising share of services
29%
24% 21%
• Per Capita Income growing at 9% CAGR
12%
• Concern over Fiscal Deficit

• Infrastructure constraints
Agriculture Industry Services
- power, telecom, roads
Popluation GDP

Intellectual capital to leverage ‘knowledge’ industries

JP M organ Investor C onference,G oa 30th O ct,2002

 The Indian Economy
em erging scenario
• GDP growth for 2002-03 estimated to be 5%
• Poor monsoons lead to a fall in Kharif output - overall impact on agri growth to be assessed
based on Rabi crop ( 50% contribution )
– impact on inflation curtailed in view of adequate foodgrain stocks of 60 Mln Tons

• Industrial growth showing marginal upturn - buoyed by infrastructure projects

• Steady rupee - can affect exports if remains overvalued
• Fiscal deficit continues to be under pressure - divestments remain critical
• Foreign exchange reserves of USD 63 Bln at all time high
• Interest rates remain soft - yield on 10-yr Govt bonds fall below 7%
• Marginal increase in inflation - likely to be contained at single digit level
• FMCG markets continue to remain depressed - slight pick up in July

JP M organ Investor C onference,G oa 30th O ct,2002

 Market Growth
G ro w th % 2000 2001 Y T D A u g ‘0 2
P e rs o n a l W a s h 6 .1 (9 .6 ) (8 .1 )
F a b ric W a s h 5 .7 (2 .1 ) (3 .4 )

D is h w a s h 1 9 .2 1 2 .4 0 .1
T o o th p a s te 1 0 .0 2 .0 (4 .9 )
Sham poo 1 2 .5 1 1 .1 1 0 .1
S k in P ro d u c ts 1 2 .9 3 .1 (3 .2 )
Packaged Tea 0 .3 (6 .6 ) (1 0 .5 )
A tta 3 8 .1 6 .9 (1 1 .6 )
HPC 7 .6 (1 .7 ) (4 .3 )
FM CG 6 .7 (1 .9 ) (3 .5 )

Source: ORG Value

JP M organ Investor C onference,G oa 30th O ct,2002

H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

Strategy Update
 Strategy Recap

KEY STRATEGIC OBJECTIVES

Securing the
Growth thru’ Improving
future of the
focus on Foods
Non-FMCG
Power Brands Profitability
businesses

…..sustained profitable “quality” growth

JP M organ Investor C onference,G oa 30th O ct,2002

 Strategy Recap

Focus on Improve Secure the

Power Foods future of
Brands Profitability non FMCG

sustainable profitable “quality” growth

JP M organ Investor C onference,G oa 30th O ct,2002

 Profitable growth of FMCG business

• Focus on fewer , stronger Power Brands

• Creating space for growth by redefining potential

• Growth the the Power Brands by

– consumer relevant innovation
– cross category extensions
– leveraging channel opportunities

JP M organ Investor C onference,G oa 30th O ct,2002

 Focus on Power Brands
30 10
63 Brands
• Focus resources on 30 Power brands Power Regional
110 Variants
Brands Jewels
• Power brands selected to deliver ✔ Greater rigour
✔ Focused advertising and promotion spend
sustainable profitable growth ✔ Reduction in brand cannibalisation
✔ Brandextension across categories to
leverage brand personality
• Marketing spend, level of innovation
✔ Efficient supply chain
✔ Effective market activation
supported by consumer insight & new

less
more
technology platforms

is
JP M organ Investor C onference,G oa 30th O ct,2002
 Redefining Potential
opportunity in ‘m ature’H PC categories… ...
22 20.0 400
DETERGENTS 358.0 TOOTHPASTE
20
350
18 Per Capita ( Kgs ) 299.0 Per Capita ( Ml )
16 300
14 250
12 10.0 200
10
8 150
6
3.7 100
4 2.7
50
2 4.0
0 0
West Europe USA Phillipines India Brazil USA India

1100 1018.0 1000 902

1000 SHAMPOO 900 843 SKIN CARE PRODUCTS
900 800
Per Capita ( Ml ) Per Capita ( Rs )
800 700
700
600
600
500
500 444.0 353
400
400
300
300
200
200
100 16.0 100 20
0 0
USA Brazil India UK USA Argentina India

JP M organ Investor C onference,G oa 30th O ct,2002

 Redefining Potential
… … … .& in Foods

TEA ICE CREAMS

5 24 22.00
Per Capita ( Kgs ) Per Capita ( Ltr )
22
4 20
18
16
3 2.60 14
12
2 10
8
0.95 6
1 0.64 4
2 1.00 0.98
0 0
UK Pakistan India USA Pakistan India

JP M organ Investor C onference,G oa 30th O ct,2002

 G rowth in current categories
Penetration % Clearly differentiated strategies for :
ToiletSoaps
• High penetration categories > 50%
90% - drive upgradation / consumption
Tea • Low penetration categories
Laundry -N SD - drive penetration
70%

50% Toothpaste
Sham poo
D ishW ash
30% Ice-C ream s Skin C ream s
C olourC osm etics Staples
Tom ato D eodorant

5% 10% 15% G row th %

JP M organ Investor C onference,G oa 30th O ct,2002

 Growing the Power Brands
consum er relevantinnovation
LIFEB U O Y K N O R R A N N A PU R N A R IC E
LIR IL

K ISSA N

FA L A YU R VED A

LEVER A YU SH D A LD A A C TIV LIPTO N IC E TEA

JP M organ Investor C onference,G oa 30th O ct,2002

 Growing the Power Brands
cross category extensions
FAIR & LOVELY
Skin Creams to Soaps

MAX
Ice Creams to Confectionery

LAKME
Colour Cosmetics to Skin
Products & Beauty Salons

JP M organ Investor C onference,G oa 30th O ct,2002

 Growing the Power Brands
leveraging channelopportunities

• New ‘OOH’ consumption opportunities for Tea, Coffee, Ice Cream

• Develop services business (Lakme, Aviance)
• Out-of-Home business unit in Bangalore to lead the activity
• Dedicated resources to grow institutional business in 3 regions
• Wholesale channel opportunity
• Concern approach to Modern Trade servicing - differentiated service mix,
key account management
• E-Tailing

JP M organ Investor C onference,G oa 30th O ct,2002

 Leveraging Channel Opportunities
prom oting ‘O O H ’consum ption thru’Tea
Vending

JP M organ Investor C onference,G oa 30th O ct,2002

 Leveraging Channel Opportunities
prom oting ‘O O H ’consum ption thru’Softy
Vending

JP M organ Investor C onference,G oa 30th O ct,2002

 Leveraging Channel Opportunities
Lakm e B eauty Salons

JP M organ Investor C onference,G oa 30th O ct,2002

 Leveraging Channel Opportunities
A viance

JP M organ Investor C onference,G oa 30th O ct,2002

 Power Brands drive HPC growth
… ...beatthe m arket
MQ 2002 JQ 2002 SQ 2002
%
8
5.9 6.3
6 5.4
4.3
4

-2
-1.6
-4 -3.0
-4.5
-6
-5.7
-6.6
-8
HPC MARKET HLL GROUP HPC GROUP POWER BRANDS

* Figures restated for change in policy

JP M organ Investor C onference,G oa 30th O ct,2002
 Power Brands lead HPC growth
… … .yetagain in SQ ’02

Fair & Lovely : 43% Lifebuoy : 35% Pears : 24% Lakme : 16%

Wheel : 12% Lux : 11% Ponds : 11% Clinic : 9%

JP M organ Investor C onference,G oa 30th O ct,2002

 Strategy Recap

Focus on Improve Secure the

Power Foods future of
Brands Profitability non FMCG

sustainable profitable “quality” growth

JP M organ Investor C onference,G oa 30th O ct,2002

 Profitability ofthe Foods business
• Reasonable scales of operations achieved
• Focus now on improving profitability
• Portfolio rationalisation
• Value added innovation
• Re-engineering the supply chain
• Improve margins on traditional portfolios -Tea, Oils
• Stop value destruction in Ice Creams - new strategy formulated
• Turnaround Modern Foods
•Aggressive investments in brand building & developing new categories

Foods business to be “fit for growth & scale”

JP M organ Investor C onference,G oa 30th O ct,2002

 Sustained improvement in
underlying profitability of Foods
Beverages Foods
+350 bps +810 bps +330 bps +140 bps

SQ YTD SQ YTD
2001 2002
2001 2002 G ross M argin Im provem ent

• Beverages & Foods gross margins up by 530 bps in YTD ‘02 (SQ ‘02 : + 240 bps)

• Modern Foods continues to perform well - margins up 580 bps in YTD ‘02

JP M organ Investor C onference,G oa 30th O ct,2002

 Ice Creams : new strategy paying off...
G ross M argin Im provem ent

+1600 bps +1250 bps

focus
on prem ium products
in prem ium outlets
in few citadels
• New Strategy delivers sustained improvement in
Gross Margins SQ YTD
• Focussed business model
2001 2002
• Significantly improved results
JP M organ Investor C onference,G oa 30th O ct,2002
 Strategy Recap

Focus on Improve Secure the

Power Foods future of
Brands Profitability non FMCG

sustainable profitable “quality” growth

JP M organ Investor C onference,G oa 30th O ct,2002

 Securing the future of Non FMCG

N on
DIVESTED
FM C G TRANSFER
busine
ss Leather
AFS
Mushrooms
Quest

Adhesives
Transferred to subsidiaries
Nickel Catalyst for potential JV / disposal
Seeds

Diversey Lever
Sales impact of Divestments / Transfers
Rs 202 Crores ( YTD ‘02 vs ‘01 )

JP M organ Investor C onference,G oa 30th O ct,2002

 H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

Results Highlights
 SQ ‘02 Results - Snapshot
• HPC Power Brands up by 6.8%, driving HPC growth of 4.9%

• Foods decline by 15.7% leading to flat FMCG sales

• Operating Profits (PBIT) up 16.6%, Margin Expansion by 390 bps

• Declining yields impact financial income (-9.5%) despite increase in invested surpluses

• Profit after tax ( before exceptional items ) grows by 11.2%

• Exceptional Cost of Rs 6.8 Cr ( SQ’01 - Income Rs 21.5 Cr ) due to Mushrooms transfer

• Progress on strategy well on course

JP M organ Investor C onference,G oa 30th O ct,2002

 HPC Category Performance
• Detergents grow by 2.8%
– Growth led by Personal Wash (+11.1%) : Lux, Lifebuoy, Pears do well
– Mass markets do well in laundry, however impacting value growth (-2.0%)
– Dishwash sales bounce back - up 5.5% driven by market activation in Vim
• Personal Products back on track for near double digit growth (+9.5%)
– Skin continues to report strong growth (+48.6%)
– Shampoo bounces back to growth (+2.9%) - driven by strategic responses on pricing
& volume gains from introduction of new sachets / bottles
– Talcs recover - driven by Ponds, Lakme drives growth in colour cosmetics
– Toothpaste & Hair Oil sales decline - impact overall growth

HPC Share YTD 01 YTD 02

% Revenue 56.4 64.1
% Profit 83.8 86.6

JP M organ Investor C onference,G oa 30th O ct,2002

 Foods Performance

• Tea sales impacted by weak commodity prices & intense low cost local competition

• Instant coffee registers strong growth

• Oils & Fats affected by structural issues & tariffs

• Branded staples - focus on margin correction

Portfolio restructuring & margin expansion well on course

JP M organ Investor C onference,G oa 30th O ct,2002

 SQ 2002 Sales Summary
R s C ro re s SQ 2001 S Q 2 0 0 2 G r o w th %
D o m e s tic F M C G 2066 2048 (0 .9 )
- HPC 1486 1559 4 .9
- Foods 579 489 (1 5 .7 )
E x p o rts 273 280 2 .5
- FM CG 173 164 (5 .2 )
- Non FM CG 101 116 1 5 .6
O th e rs 52 39 (2 5 .2 )
C O N T IN U IN G B U S IN E S S E S 2391 2366 (1 .0 )
D is p o s a ls / D is c o n tin u e d 160 1 (9 9 .1 )
NET SALES 2551 2367 (7 .2 )

JP M organ Investor C onference,G oa 30th O ct,2002

 YTD 2002 Sales Summary
R s C ro re s Y T D 2 0 0 1 Y T D 2 0 0 2 G ro w th %
D o m e s tic F M C G 6342 6301 (0 .6 )
- HPC 4613 4746 2 .9
- Foods 1729 1556 (1 0 .0 )
E x p o rts 883 853 (3 .4 )
- FM CG 539 485 (1 0 .0 )
- Non FM CG 344 368 6 .9

O th e rs 123 116 (5 .9 )
C O N T IN U IN G B U S IN E S S E S 7348 7270 (1 .1 )
D is p o s a ls / D is c o n tin u e d 623 50 (9 1 .9 )
NET SALES 7971 7320 (8 .2 )

JP M organ Investor C onference,G oa 30th O ct,2002

 SQ 2002 Results

Rs.Crores SQ 2001 SQ 2002 Growth %

PBIT 389 454 16.6

Fin Income (net) 89 81 -8.9

PBT 478 535 11.9

Tax ( incl Deferred ) 101 115 14.2

PAT ( bei ) 378 420 11.2

Exceptional Item 22 (7)

Net Profit 399 413 3.5

JP M organ Investor C onference,G oa 30th O ct,2002

 YTD 2002 Results

Rs.Crores YTD 2001 YTD 2002 Growth %

PBIT 1094 1300 18.8

Fin Income (net) 239 207 (13.5)

PBT 1333 1506 13.0

Tax ( incl Deferred ) 292 332 13.6

PAT ( bei ) 1041 1174 12.8

Exceptional Item 164 115 (30.0)

Net Profit 1205 1289 7.0

JP M organ Investor C onference,G oa 30th O ct,2002

 Segmental Revenue
SQ SQ % YTD YTD %
Rs.Crores
2001 2002 Change 2001 2002 Change
Soaps & Detergents 1032 1062 3.0 3151 3253 3.2
Personal Products 459 508 10.7 1473 1524 3.5
Beverages 336 270 (19.6) 1046 914 (12.6)
Foods 203 184 (9.1) 550 522 (5.2)
Ice Cream 33 23 (29.6) 124 90 (27.6)
Exports 420 280 (33.3) 1361 888 (34.8)
Others 149 86 (42.2) 490 261 (46.6)
Total Segment Revenue 2632 2415 (8.2) 8196 7451 (9.1)
Less: Inter Segment Revenue (74) (28) (61.7) (207) (71) (65.4)
Net Segment Revenue 2558 2386 (6.7) 7989 7380 (7.6)

JP M organ Investor C onference,G oa 30th O ct,2002

 Segmental Results
SQ SQ % YTD YTD %
Rs.Crores
2001 2002 Change 2001 2002 Change
Soaps & Detergents 271 288 6.4 675 800 18.6
Personal Products 145 164 12.8 436 502 15.2
Beverages 52 54 5.3 156 173 10.9
Foods (10) (7) 24.2 (7) (22) (241.9)
Ice Cream (9) (2) 81.7 (18) (4) 75.1
Exports 11 12 7.2 46 58 25.3
Others 1 2 97.6 36 (2)
Total Segment Results 461 511 10.8 1325 1504 13.6
Less: Interest Expense (3) (2) (30.7) (6) (8) (34.1)
Add: Unallocable net income 20 26 30.3 14 10 (30.6)

Total Profit Before Tax 478 535 11.9 1333 1506 13.0

JP M organ Investor C onference,G oa 30th O ct,2002

 Focus on Profitability
… … im proved segm entalm argins in SQ ‘02
%
40

35 31.6 32.2
Segmental Margins

30 26.3 27.1
25 22.5
20.0 18.8
20
15.3
15

10
4.2
5 2.6

0
Detergents Personal Prod Beverages Exports Overall

SQ 2001 SQ 2002

JP M organ Investor C onference,G oa 30th O ct,2002

 Focus on Profitability
… … continued trend on im proved segm entalm argins

%
40

35 32.9
Segmental Margins

29.6
30
24.6
25 21.4 20.5
19.0
20 16.8
15.0
15

10 6.5
5 3.4

0
Detergents Personal Prod Beverages Exports Overall

YTD SQ 2001 YTD SQ 2002

JP M organ Investor C onference,G oa 30th O ct,2002

 Focus on profitability continues

Rs Crore SQ 2001 SQ 2002 % Growth

Operating Profit (PBIT) 389 454 16.6

Operating Margin % 15.3 19.2 +390 bps

% YTD 2001 YTD 2002

Return on Net Worth 49.1 45.3

ROCE 61.9 58.1

JP M organ Investor C onference,G oa 30th O ct,2002

 EBITDA Margin Progression
Portfolio Focus on Foods Cost Management
Rationalisation Profitability Initiatives

% Sales
20

18

16

14

12
Rolling 12-month EBITDA Margins
10
2000 2001 2002
8
1996 1997 1998 1999 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

JP M organ Investor C onference,G oa 30th O ct,2002

 H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

2003 & Beyond….

 Shaping Brands for Growth
brand vision

grow th
opportunities
g new categories
g new consum ers
g new consum ption
opportunities
innovation

JP M organ Investor C onference,G oa 30th O ct,2002

 The ‘HLL Way in Sales’

i R eorganised sales force by custom er type

i Single m inded focus on secondary sales

i “B ack-to-B asics”

JP M organ Investor C onference,G oa 30th O ct,2002

 A New Exports Horizon
grow ing a $ B ln sourcing business outofIndia

g Leveraging on cost arbitrage opportunities with Unilever 3P

the West & Unilever sourcing
13
g Focus on categories with company / country 27
specific advantage
g Build sourcing partnerships on the basis of 100
- World class quality 87
73
- Technological / process expertise
- Customer service
- Cost competitiveness
g Export sourcing opportunities not at the cost of
domestic business
HPC Foods Others
g Sourcing business will improve Exports margin
Leveraging
basket U nilever

JP M organ Investor C onference,G oa 30th O ct,2002

 A New Paradigm Supply Chain
• RS-net implementation
- Connectivity with HLL RSs ...m ake today
i B enefits w hatw e
q System cost reduction
q Secondary Sales Tracking
sold yesterday
q Robust sales & production planning
q Higher ROI for Redistribution Stockist
q Field force focus on “the HLL Way of Sales”

• Project Leap
- Personal wash pilot
- Phased roll-out
• Shared services:
- Technical capability established
- Roll-out in progress
JP M organ Investor C onference,G oa 30th O ct,2002
 Driving New Initiatives

Water
Rural
Connectivity

E-Tailing
JP M organ Investor C onference,G oa 30th O ct,2002
 Team w orking drives
Enterprise Culture

i Goal Alignment

i Emotional Bonding

i Shared Values

Truth Courage
Growth
Action Caring

Values form the bedrock of our Culture to drive Growth

JP M organ Investor C onference,G oa 30th O ct,2002

 H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

Performance Trends
 Net Sales

C A G R 8.8%
120

100

80
R s B ln

60

40

20

0
1997 1998 1999 2000 2001
Net Sales 78.2 94.8 101.5 106.0 109.7

JP M organ Investor C onference,G oa 30th O ct,2002

 Operating Profits / Margins
Rs Bln % Sales
25 20%

20 16%

15 12%

10 8%

5 4%

0 0%
1997 1998 1999 2000 2001

EBITDA % on Sales
EBITDA=PBT ( bei ) + Depn + Interest

JP M organ Investor C onference,G oa 30th O ct,2002

 Net Margins
% Sales
15

12 14.0
12.4
9 10.6
8.8
6 7.4

0
1997 1998 1999 2000 2001

Based on PAT (before exceptionalitem s )

JP M organ Investor C onference,G oa 30th O ct,2002

 Earnings Per Share

C A G R 27.6%
8
7
R upees per Share

6
5
4
3
2
1
0
1997 1998 1999 2000 2001
EPS ( Re 1 ) 2.81 3.67 4.86 5.95 7.46

JP M organ Investor C onference,G oa 30th O ct,2002

 Dividend Per Share
C A G R 31 %
6

5
R upees per Share

0
1997 1998 1999 2000 2001
DPS ( Re 1 ) 1.7 2.2 2.9 3.5 5.0

JP M organ Investor C onference,G oa 30th O ct,2002

 Asset Turnover
Tim es
70
WW or
orki
king
ng CCapi
apittal
al
60 Negative
63.9 Working Capital
50
54.2
40
41.9
30

20 Fi
Fixed
xed AAsset
ssetss
9.8 9.0 9.3 8.8 8.3
10

0
1997 1998 1999 2000 2001

JP M organ Investor C onference,G oa 30th O ct,2002

 Returns
%
70
65
61 62 62
59
60
RROO CCEE

50 53 54
51 RROO NNWW
49
46
40

30
1997 1998 1999 2000 2001

R O N W based on PAT (before exceptionalitem s )

JP M organ Investor C onference,G oa 30th O ct,2002

 Economic Value Added
C A G R 31.2 %
Rs. Bln 12
10.8

10
8.6
8
6.9

6 5.5

4 3.7

0
1997 1998 1999 2000 2001

EVA / Cap Empl % 28.4 33.2 33.5 35.9 38.4

* EVA = Net Operating Profit after Taxes - Cost of capital Employed

JP M organ Investor C onference,G oa 30th O ct,2002

H IN D U STA N LEVER LIM ITED
JP Morgan Conference , Goa

Thank You