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Strategic Decisions:Vision into Action and Beyond
16 September 2009
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Welcome
Refer you to our forward looking statements
Operating under the UK Takeover Code
Unable to repeat or update near-term targets orgrowth expectations
All our conversations with the market will need to
be monitored by an approved financial adviser
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Todd Stitzer
Chief Executive Officer
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Vision into Action and Beyond
Compelling strategy to drive growth
Bottom up plan of priorities and actions
Stretching but achievable goals Clear differentiation to enable success
Confectionery: an attractive growth market
Investing in and benefiting from growth markets
Delivering on our promises and confident in ourability to execute
Delivering on our Vision into Action targets
Well positioned to capitalise on future growthopportunities
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Our Vision in t o Act ion sets clear goals
Sustainability
Performance Scorecard
Growth Efficiency Capabilities
Priorities
Strong dividendgrowth
Efficient balancesheet
4-6% organic
revenue growth
Mid-teens margins
by 2011
Improved Return
on Capital
Total confectioneryshare gain
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Cadbury5-yearCAGR
6.3% pa
6.4%
4.0%
7.2%
2005 2006 2007 2008
6.9%
Note: Growth rates are rebased to prior periodexchange rates, and exclude Australia Beverages
Over the last five years revenue grow th hasbeen strong
Market5-yearCAGR
5.3% pa
7.2%
2004
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2003 2008
At the same time our market sharehas significantly increased
+100bpsshare
gain
Global Confectionery Share
Source: Euromonitor, Historic regional / global values are the aggregation of local currencycountry data at current prices converted into the common currency using fixed exchange rates.
9.3%
10.3%
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We adapted well to challenges of cost inflationto sustain good levels of revenue grow th
200709 objective has been to recover increased input costs
Price Mix Volume
Up 6.9%
2008
6%
pricemix
Up 4.0%
2006
Up 6.4%
2005
Up 7.2%
2007
5%
pricemix
H1 2009
Up 4%
6%
pricemix
Note: Growth rates are rebased to prior periodexchange rates, and exclude Australia Beverages
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Despite higher prices, our commercial strengthsensure we continue to grow market share
Grow
ing
Declining
H
12009Ma
rke
tShare 50%
25%
25%
Source: IRI/Nielsen and company analysis
sharegrowth
>25 bps
share
declining
>25 bps
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Long-term trend for good grow th inconfectionery looks set to continue
Spend on confectionery remains high, up 4%* in 2009
Our emerging markets are sustaining high levels of growth
Our category mix benefits from stay at home behaviour
Private label remains a small segment of the market
Long-term dynamics for growth in gum remain strong
Functional benefits of the product driving per capita use
Innovation set to broaden mass appeal of the product
Many of our strategic choices focus on driving futurerevenue growth and market share gains
* Euromonitor 2008
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Future growth is expected to be driven byhigher volumes and further share gains
Reduced need for significant price increases
Lower levels of input cost inflation
Stronger growth from traditional gum markets
Activity driven demand should respond to economicgrowth
Relevant innovation is expected to build per capitaconsumption
Our key emerging markets are expected to growover 10%* in next three years
Increased penetration of higher value brands
* Euromonitor 2008
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What key strategic choices are we makingto drive growth and market share gains?
Emerging markets
Marketing & Innovation
White space
Route to Market
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What key strategic choices are we makingto drive growth and market share gains?
Emerging markets
Marketing & Innovation
White space
Route to Market
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Project Mercury
Refreshed talent and leadership
Put our best talent where they could create most value
Re-segmented our customer base
Redeployed resources to win
Independent channel: strongest selling resourcedeployed to influence change at outlet level
Grocery and Impulse channel: 3rd party field teams to
emphasise execution rather than selling
Fewer, better priority in store: 3 objectives per call
Case study
Trans fo rm a t ion o f ou r UK Rou t e t o Mark e t
f h lf h h b f d
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Our first half 2009 growth in the UK benefitedfrom the increased focus on impulse
Market performance
Category grew 2%
Cadbury grew 14%
Market share up 210bps
Overtook Mars as the number one supplier to impulse
+17%
+12%
+14%
Q1 Q2 H1
2009 revenue grow th
+230 bpsshare gain
in impulse
50mrevenue
from new
products in
first half
I d f i i d d t
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Improved performance in independents wasreflected in our 2008 trophy cabinet
O t t di UK f h l d d i
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Outstanding UK performance helped drive astrong chocolate performance
Group chocolate revenue growth by quarter - 2009
Q1 Q2 H1
+7%
+10%
+13%
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Case study
Mexico
Sales force calls directly on 350,000 stores
82% gum share* underpinned by
- 80% distribution in traditional trade
- 100% distribution in organised trade
Brazil
Sales force calls directly on 220,000 stores
Around 45,000 check-outs: 45% ofmodern trade
70% market share* in gum
#1
#1
Mex ico and Braz il
* Source: Nielsen
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Other Route to Market initiatives included
India
South Africa
Turkey
Further opportunities exist tostrengthen competitive advantage
Increase direct distribution andinvestment in sales and
merchandising capabilitiesup 20%
Invest to target key congregationpoints with increased distribution
and coverageup 17%
Integration of Kent
and Intergum sales teams up 320bps
H1 2009 revenue
H1 2009 revenue
YTD May 2009 gum market share*
* Source: Nielsen
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What key strategic choices are we makingto drive growth and market share gains?
Emerging markets
Marketing & Innovation
White space
Route to Market
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Sustained growth in emerging markets
Cadbury5-yearCAGR
12.0% pa+14%
+9%
+12% +12%
Market5-yearCAGR*
9.8% pa
+13%
2005 2006 2007 20082004
Double digit compound average growth over last 5 years
* Source: Euromonitor 2008
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Emerging market growth
Em er g i n g m a r k e t co n t r i b u t i o n t o r e v en u e g r o w t h i n H1 2 0 0 9
* Revenue growth in period
Share of revenue Share of revenue growth
31%
69%
Up
7% *
Up
2% *
Emerging markets Developed markets
62%
38%
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Case study
200m business
Over 70% share1 of chocolate
category
Chocolate drinks
Small format indulgences
Sharing products
Pay day
I n d i a
Cadbury growth in India 20% pa*
An indulgenceto share with
the family
198m
04 0705 06 08
97m
Revenue
2004 - 2008
* Revenue CAGR 2004-2008
1 Source: Nielsen
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Case study
Sou t h Am er i ca
Cadbury grow th in South America 17% pa*
430m business
Leading gum brands
Trident
Beldent
Chiclets
Leading candy brand
Halls
80% of products sold through afragmented impulse channel
Serving over 600,000 stores in
the region
430m
04 0705 06 08
233m
Revenue
2004 - 2008
* Revenue CAGR 2004-2008
C d
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Case study
Sou t h A f r i ca
* Revenue CAGR 2004-2008
Cadbury grow th in South Africa 15% pa*
160m business
Leading shares in
chocolate, gum and candy
Well positioned in bothmodern and traditionaltrade
Manufacturing footprint tosupport activities acrossSouthern Africa
163m
04 0705 06 08
93m
Revenue
2004 - 2008
What key strategic choices are we making
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What key strategic choices are we makingto drive growth and market share gains?
Emerging markets
Marketing & Innovation
White space
Route to Market
Since 2002 we have transformed our
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Since 2002 we have transformed ourinvestments in marketing and innovation
Science & TechnologyMarketing spend Innovation*
Ongoing investment is driving volume grow th
213m
584m
4m
67m
13.6%
02 08 02 08 02 0806 07
6.2%
* Share of additional revenue from new products and product extensions in total revenue
World class brands and award winning
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World class brands and award w inningmarketing underpin investments in innovation
Strong pipeline of chocolate innovation to
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g p psupport growth
Fairtrade, innovations in CDMand countlines
CDM relaunch
Chocolate innovationsSnack bars
Chocolate innovations
Wedel relaunch
Efficiencies
Various renovations
CDM relaunch
Drive share of new channels
9majormarkets
UK #1
Australia #1
India #1
Ireland #1
Poland #1
SouthAfrica
#1
Canada #3
NewZealand
#1
France #6
Cadburymarket position*
Growthinitiatives
* Euromonitor 2008
Building innovation momentum to capture
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g pshare
Large bags27m since
April launch*
Fun on the FarmSub-brand
growth +14%
* Source: August YTD
Gum grow th driven by innovation
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Gum grow th driven by innovation
Cen t re - f i l l ed and l on g - last i ng gum
200m
globalplatform
230mglobal
platform
Centre filled gumlaunched 2005
Long-lastingg
um
launched2
006
Gum pipeline focused on leveraging
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Platform innovation, core brandrenovations and new products
Continued roll-out of
new platformsContinued roll-out of
new platforms
Continued roll-out ofnew platforms
Various renovationsand extensions
Leverage new innovationsVarious platform extensions
Continued roll-out of new platformsPlatform extensions
Continued roll-out ofnew platforms
Renovation andplatform extensions
Invest behind stableroute to market
Emerging
Developed
US #2
France #1
Japan #2
Canada #1
Spain #2
Mexico #1
Brazil #1
Argentina #1
Turkey #1
Russia #2
g gplatform innovations
Cadburymarket position*
Growthinitiatives
* Euromonitor 2008
Trident Layers
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Trident Layers
New platform in gum - initially targeted at the US
Positive response from the trade
In-store launch in September
Building innovation momentum
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to capture share
BubbalooCadbury India
bubblegumshare1 10%
ChicletsSugar-free
gum market2
up 500bps
TridentTrident/Beldent
franchise3
up 23%
1 Sourced from Nielsen, 2 Sourced from Euromonitor, 3 Revenue growth in HY 2009
Well positioned brands to capitalise on
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Halls Creamy
Innovation
New flavours
Additional renovation and newformats
Roll-out of The NationalConfectionery Co.
Extend strong brands, rationaliseweak SKUs
Eclairs renovation inIndia and China
#1
US
Mexico
Brazil
Venezuela
Spain
Canada
Traditionalbags
IndulgentOther
Halls
Candy market grow th
Cadburymarket position*
Growth initiatives
* Euromonitor 2008
Capitalising on Candy innovations
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Capitalising on Candy innovations
Halls Creamy
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Halls Creamy
Double-digit growth in the first half
Excellent trade buy-in
Encouraging repeat sales
280 bps share gain* in Brazil
* Source: Nielsen
Our commercial strengths leave us w elliti d t d i th
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positioned to drive growth
Strong innovation pipelines
Market Leading Positions
4-6% Revenue Growth
+
=
Marketing Capabilities
+
What key strategic choices are we makingt d i th d k t h i ?
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to drive growth and market share gains?
Emerging markets
Marketing & Innovation
White space
Route to Market
Cadbury benefits from significant geographicand category white space opportunities
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and category white space opportunities
Geographic
Cadbury has strong brand recognition in many
markets with weak local representation
Category
Opportunities to capitalise on strong routes tomarket in many geographies
Innovation and category expansion to drive growth
Bolt-on acquisitions to strengthen brand portfolio andRoute to Market
Case Study
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y
Four
brandscontribute
86% ofrevenue
Cadbury DairyMilk
+76% 1
Perk
+102% 1Softmints+40% 1
Eclairs
+36% 1
* Source: Euromonitor 2008, 1 Revenue growth CAGR 2004-2008
Key highlights
Delivered strong growth as the business accelerated
Transition from candy-led to chocolate-led growth
Established leadership in chocolate with 30% share
Pak is tan
0
10
20
30
40
50
60
70%
Revenue Growth
Market * Cadbury Pakistan2005 2006 2007 2008
Indian Sub-continent
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Existing Cadbury markets
Adjacent market opportunities
1.1
0.6
0.5
1.8
1.1
Pakistan 170
Bangladesh 150
Nepal 26
Sri Lanka 19
Bhutan 0.7
Population US$ per capitaconsumption
* Source: Euromonitor 2008
Southern Africa
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Existing Cadbury markets
Adjacent market opportunities
0.6
0.2
0.5
0.4
2.6
5.0
Angola 18
Malawi 17
Zambia 13
Zimbabwe 12
Namibia 2
Botswana 2
Population US$ per capitaconsumption
* Source: Euromonitor 2008
South America
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Existing Cadbury markets
Adjacent market opportunities
13.7
38.7
12.5
Peru 29
Chile 17
Ecuador 14
Population US$ per capitaconsumption
* Source: Euromonitor 2008
Category led white space opportunities canleverage our strongest chocolate markets
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leverage our strongest chocolate markets
9majorm
arkets
UK #1
Australia #1
India #1
Ireland #1
Poland #1
SouthAfrica
#1
Canada #3
NewZealand
#1
France #6
Cadburymarket position*
Gum
Gum
Gum
Gum
Gum, Candy
Gum
White spaceopportunity
* Euromonitor 2008
Additional opportunities to leverage ourstrong gum positions in key emerging markets
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Emer
ging
Develope
d
US #2
France #1
Japan #2
Spain #2
Mexico #1
Brazil #1
Turkey #1
Russia #2
strong gum positions in key emerging markets
* Euromonitor 2008
Cadburymarket position*
Chocolate
Chocolate
Chocolate
Chocolate
Chocolate
Candy, chocolate
White spaceopportunity
Acquisition priorities
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Bolt-on in nature
Likely to be emerging market focused
Objective to strengthen our
Route to market
Brand positions
Consumer relevant products or technologies
Earnings and Return on Invested Capital
accretive
Case Studies
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Cadbu r y and Dan Pr odu c ts
Ken t an d I n t e r g u m
Th e Natu r a l Con fec t i on ery Co
Acquired the leading gum brand in South Africa
Successful integration drove gum share for last two years
Integration of leading Gum and Candy businesses in Turkey
Strong platform for growth in Middle East and former CIS
Expanded business out of core Australian markets into theUK and Ireland driving average growth of 15% per annum
Further markets targeted in next two years
Exploiting the breadth of our participation
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Leverag ing ou r st reng t hs i n t o t o t a l con fect i one ry pos it i ons
* Euromonitor 2008
Total ConfectioneryStrength
Dual CategoryStrength
Single Category
Strength
Entry Level
1 2 3
Category Participation
South Africa
Canada
US
UK
France
Australia
MexicoBrazil
IndiaJapan
Russia
China
Painting the World Purple
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Globa l Choco la te : Coun t r ies w her e Cadbu ry r evenues > 5 m
Painting the World Purple
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Globa l Gum : Coun t r i es w he re Cadbu r y r evenu es > 5 m
Painting the World Purple
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Globa l Candy : Coun t r ies w her e Cadbu r y r evenu es > 5 m
Our efficiency priorities are deliveringbenefits in line w ith our expectations
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Sources of annual saving
0
50
100
2008 2009 2010 2011
Central costs, SG&Aand outsourcing
Supply chainreconfiguration
%o
fexpected
annualsavin
gs
Strong free cash flow
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2007-09 free cash flow drivers
Negatives
Restructuringinvestments
Restructuring-
related workingcapital
Positives
Revenue growth& improvingoperating margin
2010+ free cashflow drivers
Positives
Revenue growth &improving operatingmargin
Working capitalmovements
Decliningrestructuring spendthrough to 2011
Lower capital
expenditure
Vision into Action
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Well positioned to capitalise on revenue growthopportunities, sustain best-in-class margins whilst
reinvesting in further efficiency initiatives
Strong dividendgrowth
Efficient balancesheet
4-6% organic
revenue growth
Mid-teens margins
by 2011
Improved Return
on Capital
Total confectioneryshare gain
Performance Scorecard
Sustainability
Average annual grow th 2004 - 2008
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Underlying operating margin pa Total shareholder return pa*
Revenue CAGR Global market share pa
Growth or change shown on a base business, constant currency basis
* Past performance is not a guide to future performance
+20
bps+6.3%
+10%+40bps
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Except for historical information and discussions contained herein, statements contained in these
materials may constitute forward looking statements within the meaning of Section 27A of the US
Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as
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, , g ,
amended. Forward looking statements are generally identifiable by the fact that they do not relate only
to historical or current facts or by the use of the words may, will, should, plan, expect,anticipate, estimate, believe, intend, project, goal or target or the negative of these words
or other variations on these words or comparable terminology. Forward looking statements involve a
number of known and unknown risks, uncertainties and other factors that could cause our or our
industrys actual results, levels of activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements expressed or implied by such forwardlooking statements. These forward looking statements are based on numerous assumptions regarding
the present and future strategies of each business and the environment in which they will operate in the
future. In evaluating forward looking statements, you should consider general economic conditions in the
markets in which we operate, as well as the risk factors outlined in our Form 20-F filed with the US
Securities and Exchange Commission and posted on Cadbury plcs website www.cadbury.com. Thesematerials should be viewed in conjunction with our periodic half yearly and annual reports and other
filings filed with or furnished to the Securities and Exchange Commission, copies of which are available
from Cadbury plc, Cadbury House, Uxbridge Business Park, Sanderson Road, Uxbridge UB8 1DH, UK and
from the Securities and Exchange Commissions website at www.sec.gov. Cadbury plc does not
undertake publicly to update or revise any forward looking statement that may be made in thesematerials, whether as a result of new information, future events or otherwise. All subsequent oral or
written forward-looking statements attributable to Cadbury plc or any person acting on their behalf are
expressly qualified in their entirety by the cautionary statements above.
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