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87
Unilever Annual Report & Accounts and Form 20-F 2000 Financial Statements
Notes to the consolidated accounts
Unilever Group
Unilever Annual Report & Accounts and Form 20-F 2000
86 34 Equity based compensation plans continued
2000 1999 1998
Weighted Weighted Weighted
Number average Number average Number average
of shares price of shares price of shares price
PLC Options
Outstanding at 1 January 5 830 480 US$8.82 3 878 316 US$8.58 2 177 968 US$6.72
Granted 1 975 788 US$6.95 1 968 176 US$9.30 1 747 196 US$10.85
Exercised (47 572) US$6.72 (5 356) US$6.72 (40 552) US$6.72
Forfeited (266 832) US$9.13 (10 656) US$9.46 (6 296) US$6.72
Outstanding at 31 December 7 491 864 US$8.33 5 830 480 US$8.82 3 878 316 US$8.58
Options exercisable at 31 December 3 758 584 US$8.35 1 982 696 US$7.92 688 800 US$6.72
2000 1999 1998
NV Option value information (a)
Fair value per option (b) US$15.97 US$19.45 US$19.67
Valuation assumptions
Expected option term 6 years 5 years 5 years
Expected volatility 24.48% 24.50% 19.48%
Expected dividend yield 1.94% 1.23% 1.30%
Risk-free interest rate 6.19% 5.21% 5.67%
PLC Option value information (a)
Fair value per option (b) US$1.95 US$2.23 US$2.97
Valuation assumptions
Expected option term 6 years 5 years 5 years
Expected volatility 24.34% 24.26% 20.09%
Expected dividend yield 2.71% 2.48% 1.39%
Risk-free interest rate 6.19% 5.21% 5.64%
(a) Weighted average of options granted during each period.
(b) Estimated using Black Scholes option pricing method.
The follow ing table summarises information about fixed price stock options outstanding at 31 December 2000:
Options Outstanding Options Exercisable
Number Weighted Number
outstanding at average Weighted exercisable at Weighted
Range of 31 December remaining average 31 December average
exercise prices 2000 contractual life exercise price 2000 exercise price
NV Options
US$25.69 23 600 1 year US$25.69 23 600 US$25.69
US$26.81 81 336 2 years US$26.81 81 336 US$26.81
US$25.67 197 762 3 years US$25.67 197 762 US$25.67
US$31.95 241 495 4 years US$31.95 241 495 US$31.95
US$31.60 5 200 5 years US$31.60 5 200 US$31.60
US$33.89 362 673 5 years US$33.89 362 673 US$33.89
US$48.74 304 719 6 years US$48.74 304 719 US$48.74
US$76.69 245 823 7 years US$76.69 163 862 US$76.69
US$69.19 279 688 8 years US$69.19 93 213 US$69.19
US$41.16 12 000 9 years US$41.16 — —
US$51.63 239 625 9 years US$51.63 — —
US$56.13 37 020 10 years US$56.13 — —
US$25.67 to US$76.69 2 030 941 US$47.29 1 473 860 US$42.00
PLC Options
US$6.72 2 037 464 6 years US$6.72 2 037 464 US$6.72
US$10.85 1 645 276 7 years US$10.85 1 096 756 US$10.85
US$9.30 1 873 336 8 years US$9.30 624 364 US$9.30
US$5.56 80 000 9 years US$5.56 — —
US$6.90 1 607 356 9 years US$6.90 — —
US$7.73 248 432 10 years US$7.73 — —
US$5.56 to US$10.85 7 491 864 US$8.33 3 758 584 US$8.35