1

2009 Half Year Results

29 July 2009

2

Roger Carr

Chairman

3

Agenda

Chairman’s comments Roger Carr

First Half Highlights Todd Stitzer

Operational and Financial Review Andrew Bonfield

Strategic Update and Outlook Todd Stitzer

4

Todd Stitzer

Chief Executive Officer

First Half Highlights

5

First half highlights

Good financial performance

• Revenue growth of 4%

• Improved trading momentum as the half progressed

• Underlying operating margins up 145 bps

• Benefit of restructuring, good cost control and media deflation

• Reported currency margin 11.5%

• Pro-forma earnings per share up 12%; reported 24%

• Interim dividend of 5.7p; up 8%

Growth or change shown on a base business, constant currency basis

Vision into Action

Growth Efficiency Capabilities

Sustainability

Total confectionery share gain

Strong dividendgrowth

Efficientbalance sheet

4-6% organicrevenue growth

Mid-teens marginsby 2011

Improved returnon capital

7

Drivers of revenue growth and margin improvement

• Emerging markets

• UK market

• Chocolate category

• Gum and candy recovery

• Pricing power

Growth

Efficiency

8

Emerging market growth Emerging market contribution to revenue

1. Overall revenue growth in period

Emerging markets Developed markets

H1 2009

+31%

+69%

FY 2008

+40%

+60%

4%1

9

Case study

• Revenue up 20%

• Market share up 220bps

India

Consumer preferred brands & products

Internet page views

7m

10

Strong trend toward sugar-free gum up 500bps in five years*

Case study South America

Consumer preferred brands & products

Trident/Beldent up 23% in the first half

Product innovation

Stronger distribution

Creative marketing

+

+

* Source: Euromonitor11

UK market growth

Market performance

• Category grew 2%

• Cadbury grew 14%

• Market share up 210bps

Category focus & innovation

+1

7%

+1

2%

+1

4%

Q1 Q2 H1

2009 revenue growth

+230 bpsshare gainin impulse

£50mrevenue

from newproducts in

first half

12

Customerservicelevel

98.4%

An award winning year

13

Strong chocolate performance Revenue growth by quarter

Q1 Q2 H1

+7%

-2% -2%

+10%

+13%

+2% +2% 0% 0%

Consumer preferred brands & products

Gum

Candy

14

Re-launch of Cadbury Dairy Milk in ANZ

• New format

• Excellent acceptance levels

• Supply chain efficiencies

• Incremental improvements to profitability

* Nielsen: 4 weeks to end of May in Australia

Chocolateshare*

+120bps

15

Improving trend in gum and candy

+16%globally

in Q2

+23%in H1

+6%globally

in Q2

Percentages are year on year growth

+10%in US in

Q2

+15%in Q2

16

Pricing benefits in the first half Price realisation is essential to recover all input cost inflation

+4%

Price mix

Volumes RevenueGrowth

Price

MixDestocking

PortfolioRationalisation

• Price realisation by…

• Price point movements

• Resizing

• Changes in promotion

• Successful delivery through…

• Relevant innovation

• Effective marketing

17

Drivers of revenue growth and margin improvement

Efficiency• Vision into Action projects

• Effective cost control with supply chain and SG&A

• Emerging markets

• UK market

• Chocolate category

• Gum and candy recovery

• Pricing power

Growth

18

Impact of efficiency

SG&A

0

50

100

2008 2009 2010 2011

Central costs, SG&Aand outsourcing

Supply chainreconfiguration

% o

f ex

pect

ed a

nnua

l sav

ings

• Reduced head office costs

• SG&A cost savings

• De-layered organisation

Supply Chain

• Closure of gum facility in Barcelona

• Integration of Turkish gum manufacturing

19

Sustainability commitments

Performance driven, values led

20

Conclusions

Good revenue growth

• Market share gains

• Effective price realisation

• Steady volumes

UP4%

UP145bps

Growth

Efficiency

Excellent margin progress

• Gross margins broadly unchanged

• Media deflation and marketing phasing

• Significant Vision into Action cost savings

• Effective cost control with supply chain and SG&A

21

Andrew Bonfield

Chief Financial Officer

Operational and Financial Review

22

+1% volume

Growth drivers: price, volume & mix

FY 2008 H1 2009

+6%price mix

+6%price mix

4%growth

Destocking

PortfolioRationalisation

23

Margin analysis

Gross Margin

• Price, product mix and input costs

• Category mix

• Volume de-leverage

Gross Margin2008: 47.3%Net movement -20bps

2009: 47.1%

Trading Margin2008: 9.7%

Gross Margin -20bpsMarketing +90bpsSG&A & Other +100bpsInflation SG&A -25bps

2009: 11.2%

Trading Margin

• Marketing: media deflation and re-phasing to match second half innovations

• Vision into Action:reduction of SG&A costs

• Cost inflation, particularlyin emerging markets

24

Operating margin trackDetailed drivers of margin progression

+100 bps

-20 bps

-25 bps

Gross Margin

Inflation on SG&A

Vision intoAction

Savings

ForeignExchange

ConstantCurrency

+90 bps

Marketing

9.7%

11.5%

HY 2008 H1 2009

+35 bps

145 bps improvementat constant currencies

11.2%

25

Margin outlook

• Overall gross margin expectations remain unchanged reflecting:

• A more balanced recovery of higher input costs; and

• Modest improvement in category mix

• Improvement in marketing as a percentage of sales will be less than seen in the first half

• Fewer SG&A initiatives delivering full benefits, therefore cost improvement will be lower

Expected full year margin increase 80-100bps

26

Revenue and profit growthContinuing Operations

(57)Net interest

Half Year (£m) 2009 %Reported

% Constant currency

Revenue 2,767 13% 4%

Underlying profit from operations 319 35% 19%

margin 11.5% +180 bps +145 bps

Pension charge (3)

Underlying profit before tax 262 24% 11%

Underlying profit after tax 189 26% 13%

Pro forma EPS 13.9p 24% 12%

27

Britain & Ireland23% of group

revenues +12% revenuegrowth1 +220bps underlying

margin2

• Strong revenue growth and margin improvement

• Growth driven by market share gains led by innovation and strong seasonal sales

• Gross margins were slightly lower, reflecting input cost inflation

• Operating margins improved by 220bps

revenuegrowth1

underlyingmargin27% of group

revenues +11% +400bps• Strong first half performance

• South Africa driving top line growth

• Change programmes in Nigeria and Egypt help deliver good margin progress

Middle East & Africa

1. Defined as base business revenue growth2. Defined as base business underlying operating margin excluding BIC

Asia7% of group

revenues +12% +330bps• Strong growth in India as business continues to gain share

• Tough conditions in South East Asia start to ease

• Strong first half margin performance driven by increased revenues, partially offset by increased absolute marketing investment

13% of grouprevenues +3% +20bps

• Steady performance in the first half

• Good growth in Chocolate reflected share improvements

Pacificrevenuegrowth1

underlyingmargin2

revenuegrowth1

underlyingmargin2

1. Defined as base business revenue growth2. Defined as base business underlying operating margin excluding BIC

North America21% of group

revenues -3% +110bps• Modest growth in the second quarter after a slow start due to de-stocking

• In the US candy remained strong with Swedish Fish and Sour Patch Kids performing very well

• Mexican market is an area of modest concern due to weak economicconditions and Swine flu concerns

8% of grouprevenues +12% +170bps

• Sustained strong first quarter progress through the first half

• Good revenue growth helped generate a strong improvement in margins

South Americarevenuegrowth1

underlyingmargin2

revenuegrowth1

underlyingmargin2

1. Defined as base business revenue growth2. Defined as base business underlying operating margin excluding BIC

Europe18% of group

revenues -5% -310bps• Markets in Europe remained challenging

• Some improvements in the half, but remains a major cause for concern

• Acceleration of restructuring through management and organisational changes with an additional cost of £25m

revenuegrowth1

underlyingmargin2

1. Defined as base business revenue growth2. Defined as base business underlying operating margin excluding BIC

down £9m£52m total costsin first half

• Central costs reduced reflecting VIA initiatives implemented in 2008

• Benefits from VIA initiatives are weighted to the first half

Central(reported currency)

Technical guidance: 2009 update

• Vision into Action restructuring spend expected to be around £550m up from £450m due to:

• Increased costs as a result of sustained Sterling weakness

• Provisions on redundant properties increased to reflect property market deterioration

• Restructuring of European business

• £40m of the additional money should be charged this year

• 2009 Vision into Action restructuring now expected at £160m

• Period end net debt is £1.8bn reflecting higher levels of working capital

£75m

£25m

32

Financial highlights

• Good progress in revenue, market shares and margin

• Progress driven by the successful implementation of our Vision into Action business plan

• Strengthened financial position;

• Issuance of a £300m bond in March

• Receipt of proceeds for Australia Beverages

• Renewal of £450m banking facility for three years

Strong financial performance in first half of 2009

33

Todd Stitzer

Chief Executive Officer

Strategic Update and Outlook

34

First half category trends

Chocolate• Benefiting from a strong ‘stay at home’ trend

• Mainstream benefiting from trading down

• Affordable treats and gifts for the consumer

Gum• Greater impact from economic downturn

• In certain markets, consumer behaviour changed dramatically

• Innovation and marketing underpinning share gains and helping market growth

Candy• Performing well in traditional indulgent candies

• Improving in the cough/cold segment

35

Confectionery market growth

Average developed market growth

Average emergingmarket growth

Cadbury’s markets continue to show resilience

Average of Cadbury’s top 5 developed and top 5 emerging markets.Growth rates taken from Euromonitor

4%

2006

9%

3%

2008

12%

4%

2007

10%

3%

2011E

9%

2%

2010E

10%

2%

2009E

10%

First half market share performance

Gro

win

gD

eclin

ing

Mar

ket

Sha

re

50%

25%

25%

37

Building innovation momentum to capture share

Large bags£15m sinceApril launch

Fun on the FarmSub-brand

growth +14%

38

Building innovation momentum to capture share

BubbalooCadbury India

bubblegumshare 10%

ChicletsSugar-free

gum marketup 500bps

TridentTrident/Beldent

franchiseup 23%

39

Chocolate

Developed markets account for over 70% of Cadbury revenue

Source: Euromonitor and company estimates, average for 2005 - 2008

Market

Cadbury

0

1

2

3

4

5

6

7

2005 2006 2007 2008 2009E

+5.6%

+4.6%

%Average

Chocolate market remains positive for Cadbury’s business

Wedel relaunch

Drive share of new channels

CDM relaunch

Various renovations

Efficiencies

Chocolate innovations

Chocolate innovationsSnack bars

CDM relaunch

Fairtrade, innovations in CDM and countlines

9 m

ajo

r m

ark

ets

* Euromonitor 2008

France

NewZealand

Canada

SouthAfrica

Poland

Ireland

India

Australia

UK

#1

#6

#1

#3

#1

#1

#1

#1

#1

Cadburymarket position*

Growth initiatives

41

Fairtrade

• First major confectionery brand to go Fairtrade

• Builds brand equity

• Ensures security of supply of cocoa

• Will benefit several thousand farmers and their communities

Gum

Innovation driven strong out-performance

Market

Cadbury

+6.8%

+11.2%

Average

0

2

4

6

8

10

12

14

16

2005 2006 2007 2008 2009E

%

Source: Euromonitor and company estimates, average for 2005 - 2008

Invest behind stableroute to market

Renovation and platform extensions

Continued roll-out of new platformsPlatform extensions

Leverage new innovationsVarious platform extensions

Various renovations and extensions

Continued roll-out of new platforms

Continued roll-out of new platforms

Platform innovation core brand renovations and new products

Em

erg

ing

Deve

lop

ed

#2Russia

#1Turkey

#1Brazil

#1Mexico

#2Spain

#2Japan

#1France

#2US

Gum market outlook increasingly positive

* Euromonitor 2008

Cadburymarket position*

Growth initiatives

44

Trident Layers

• New platform in gum - initially targeted at the US

• Positive response from the trade

• In-store launch in September

45

Candy

Momentum building after period of SKU rationalisation

Market

Cadbury+3.6%

+3.2%

Average

0

1

2

3

4

5

6

7

2005 2006 2007 2008 2009E

%

Source: Euromonitor and company estimates, average for 2005 - 2008

Halls Creamy

Innovation

New flavours

Additional renovation and new formats

Eclairs renovation inIndia and China

Roll-out of The National Confectionery Co.

Extend strong brands, personalise week status

#1Canada

Spain

Venezuela

Brazil

Mexico

US

Indulgent

Traditional bags

Oth

er

Hall

s

Well positioned brands to capitalise on Candy market growth

* Euromonitor 2008

Cadburymarket position*

Growth initiatives

47

Halls Creamy

• Double-digit growth in the first half

• Excellent trade buy-in

• Encouraging repeat sales

• 280 bps share gain in Brazil

Recent growth has been price driven

2005 – 2006 figures not like for like

Price increases successfully recovered cost of raw materials

Price Mix Volume

Up 7%

2008

6%pricemix

Up 6%

2006

Up 5%

2005

Up 7%

2007

5%pricemix

H1 2009

Up 4%

6%pricemix

49

Continuing to invest in marketing and innovation

% of NSVTarget 1.5%

Science & Technology

% of NSV

Marketing spend

% of NSVTarget 15%

Innovation

Ongoing investment is driving volume growth

9

11

2006 2007 20081.0

1.5

2006 2007 20080

2

4

6

8

10

12

14

16

2003 2006 2007 2008

50

Well positioned to generate revenue growth in the future

momentum in market share

momentum in innovation

Need to continue momentum …

momentum in marketing

+

+

51

Improving efficiency

• Efficiency benefits of Vision into Action will come through

• Supply chain projects set to deliver expected savings in 2010 and 2011

• Central costs under control

• Well on track with SG&A savings

• Sustaining our investments in growth opportunities

• Further important initiatives in Europe

• Generate greater efficiencies to offset sustained economic weakness

52

Investor seminars

• Provide more insights into a pure-play confectionery business

• Our businesses

• Our categories

• Our change programmes

• Provide exposure to more of the Cadbury management

First seminar

• 11 November – Britain and Ireland

• Hosted by Trevor Bond and his leadership team

53

Positive outlook

2009

• Strong first half performance

• Expect to deliver against forecasts

Looking beyond 2009

• On track to deliver Vision into Action

• Good revenue growth of 4-6% per annum

• Mid-teens margins by 2011

54

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

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 industry’s 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 forward looking 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 plc’s website www.cadbury.com. These materials 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 Commission’s website at www.sec.gov. Cadbury plc does not undertake publicly to update or revise any forward looking statement that may be made in these

materials, 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.

55

Supplementary Information

56

Sales analysis – seven business basis

57

35238-10304Pacific

63512(9)67565B&I

21124-19168MEA

Half year (£m) 2008 Base Business M&A FXeffects

2009

Europe 496 (26) - 37 507

North America 553 (15) - 110 648

South America 196 23 - (6) 213

Asia 154 19 - 25 198

Central 4 (1) - - 3

Continuing Group 2,440 96 (9) 240 2,767

Underlying profit from operations– seven business basis

58

477-139Pacific

79111958B&I

224-810MEA

Half year (£m) 2008 Base Business M&A FXeffects

2009

Europe 35 (13) - 4 26

North America 108 2 - 25 135

South America 37 8 - (3) 42

Asia 11 7 - 2 20

Central (61) 12 - (3) (52)

Continuing Group 237 44 1 37 319

Input cost increases

Commodities: rising input costs

£m 2008 H1average

2009 H1 average

%Change

Current*

World sugar, c/lb 13.2 14.7 11% 19.4

Cocoa, £/tonne 1,306 1,701 30% 1,819

Oil, $/barrel 109 55 -49% 71

Milk, p/litre 26.8 27.8 4% 26.1

* Source: Bloomberg as at 23 July 2009

2009 price realisation should offset input cost inflation

59

Non-trading items

60

-1Sale of intellectual property

Half year (£m) 2009 2008

Disposal of non-core businesses - (6)

Reported 1 (6)

EPS drivers

Continuing ops UEPS pro forma

2008 11.2p*

Base business growth 1.4p 12.5%

Change in number of shares (0.1)p (0.9)%

Foreign exchange 1.4p 12.5%

2009 13.9p 24.1%

* Assumes share consolidation relating to the demerger was in place for all of 2008

Restructuring costs

62

(5)(13)Acquisition integration costs

(105)

-

(1)

(91)

2009

(3)Gumlink

Half year (£m) 2008

Restructuring

Restructuring - Vision into Action (48)

Separation and creation of stand-alone confectionery costs (14)

Total (70)

Net financing

63

(92)

(22)

(10)

(60)

(3)

(57)

2009

21

-

IAS 39 adjustments

Interest on tax and other provisions

£m 2008

Net interest (45)

Pension (charge) credit 16

Underlying net financing charge (29)

Statutory net financing cost (8)

Balance sheet

64

3,087

7

3,080

3,087

(1,763)

(552)

(482)

2

287

5,595

2009Half year (£m) 2008

Non-current assets 5,137

Net working capital 51

Assets held for sale less associated liabilities 3

Net retirement benefit liability (18)

Provisions and deferred tax liabilities (458)

Net borrowings – continuing group (1,700)

Net assets 3,015

Ordinary shareholders’ funds 3,006

Minority interests 9

Total capital employed 3,015

Cash flow

18-Pension funding

(216)

(163)

(53)

(102)

(66)

(213)

26

104

(3)

201

2009con’t ops

3Cash generated from operations

(63)Interest

(127)

(148)

(62)

(129)

18

98

3

138

2008con’t ops

Half Year (£m)

Profit from operations*

Restructuring

Depreciation

Other items

Working capital

Tax

Capital expenditure

Free cash outflow

* Profit from operations before intangibles amortisation, goodwillimpairment, restructuring, non-trading items and IAS39 adjustment

Borrowing profile

66

Half year 2009 2008

Net debt maturity profile

Less than 1 year 20% 37%

1-3 years 9% 8%

More than 3 years 71% 55%

Fixed rate debt:

% total net debt 53% 71%

Average interest rate 5.3% 4.6%

Group average interest rate 5.6% 5.5%

Debt profile

• Issued £300m 5-year bond at 5.375% in March 2009;

• Refinanced £450m revolving credit facility matures June 2012;

• After repayment of €600m bond in June 2009, £1.4bn of long term debt; V

alue

of

debt

inst

rum

ents

Total 0-1yrs 1-5 yrs 6-10 yrs

£3

50

m

£1

04

0m

Maturity profile

£1

,76

0m

£3

70

m

Strong balance sheet with good long-term financing

67

Sales, profits and borrowings by currency

Half year (£m) 2009 %

Sales generated in:US dollars 368 13%Sterling 551 20%Euro 363 13%Australian dollars 203 7%Other 1,282 47%

Underlying operating profit* generated in:US dollars 74 23%Sterling (5) (2)%Euro 44 14%Australian dollars 31 10%Other 175 55%

Net borrowings before currency swaps held in:US dollars 1,119 64%Sterling 621 35%Euro (89) (5)%Other 112 6%

* Profit from operations before intangibles amortisation,restructuring, non-trading items and IAS39 adjustment.Excludes American and Australian beverages.

68

Exchange rates

69

Rate vs Sterling 2008average

2009average

% change

US $ 1.85 1.50 (19)%

Canadian $ 1.96 1.80 (8)%

Euro 1.26 1.12 (11)%

Australian $ 2.20 2.10 (5)%

South African Rand 15.23 13.68 (10)%

Brazilian Real 3.35 3.27 (2)%

Mexican Peso 20.48 20.66 (1)%

Technical guidance: 2009 update

Includes £100m related toVision into Action£360-400mCapital expenditure

Unchanged28%Underlyingtax rate

Reflects a fall in asset values plus changes in actuarial assumptions at the end of 2008 used to derive the non-cash P&L charge under IAS19 - £33m unfavourable versus the prior year

£6m chargein 2009

Post retirementbenefits

Interest rate expected to reduce in 2009, reflecting improved financing spreads~ 6%Underlying

interest rate

Includes £160m related toVision into Action~£220mRestructuring

Assumes current exchange rates remain unchanged for the balance of the year

NSV ~ +5%UOP ~ +6%

Foreignexchange

Comment2009 Guidance

70