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First Half 2008 Highlights

• Revenue momentum continues: above goal range growth at +7%
• Good growth across all categories: revenue growth +13% in emerging markets
• Focus brands +9% driven by CDM +9%, Trident +12% and Halls +13%
• Underlying margins +190bps: good progress on cost reduction initiatives
• Price realisation offsetting increases in input costs
• Demerger of Dr Pepper Snapple Group completed

(except where stated all movements are at constant exchange rates – see Basis of Preparation on page 2 for impact of exchange)

Roger Carr, Cadbury’s Chairman said: “These results demonstrate the merit of focus, the pricing power of the brands and the determination of management to build profitable growth.  Against a background of more challenging economic conditions, we will take whatever measures are necessary in costs, prices, organisation structure and business portfolio to underpin and deliver the performance commitments we have made for 2008 and beyond.”

Todd Stitzer, Cadbury’s CEO said: “We’ve had a strong first half with revenue growth ahead of our goal range and margins significantly ahead of last year. We remain confident of a successful outcome for 2008 with revenue growth around the top end of our goal range and margins in line with current market consensus. Despite difficult economic conditions, we are committed to deliver mid-teens margins by 2011.”

1 Cadbury plc believes that underlying profit from operations, underlying profit before tax and underlying earnings per share provide additional information on underlying trends to shareholders. The term underlying is not a defined term under IFRS, and may not be comparable with similarly titled profit measurements reported by other companies. It is not intended to be a substitute for, or superior to, IFRS measurements of profit. A full reconciliation between underlying and reported measures is included in the segmental reporting and reconciliation of underlying measures note.
2 Constant currency growth excludes the impact of exchange rate movements during the period.
3 As a result of the scheme of arrangement to replace Cadbury Schweppes plc with Cadbury plc as the new holding company of the Group and the subsequent demerger of Americas Beverages, the shares of the Group were restructured with 100 Cadbury Schweppes shares being replaced with 64 Cadbury shares and 12 shares in DPSG. Proforma EPS calculates underlying earnings per share of the continuing Group with reference to the underlying net profit from continuing operations of £158m (2007 - £107m) and assumes that the share consolidation was in place for the entire period in both 2007 and 2008 resulting in the proforma weighted average number of shares used to calculate proforma EPS of 1,345m (2007 – 1,335m).

Basis of Preparation

Following the completion of the demerger on 7 May 2008, Americas Beverages is classified as a discontinued operation in accordance with IFRS 5 “Non-current assets held for sale and discontinued operations” and the results, including prior periods, together with an allocation of interest relating to the debt demerged, is presented within Discontinued Operations at the bottom of the Income Statement. From 2008, certain confectionery costs in respect of central supply chain, commercial and science & technology, previously included in central costs, have been charged to the regions with prior periods represented on a comparable basis. Ongoing business improvement costs of approximately 0.5% of revenue are included within underlying profit from operations as, although the impact on regional profits may vary year on year, these are expected to be incurred at similar levels each year at a consolidated level as they relate to the maintenance of an efficient business.  Comments on the Group and regional performances in the commentaries on pages 2 to 7 are made on the continuing business, excluding discontinued operations. Comments on movements in revenues, underlying profit from operations and margins are made on a constant exchange rate basis. In the first half of 2008, movements in exchange rates, primarily the Euro, US Dollar and the Australian Dollar increased continuing Group Revenue by 7%, Underlying Profit before Tax by 13% and Underlying EPS by 14%. The contribution from acquisitions and disposals during the period equates to the first twelve months’ impact of businesses acquired or disposed of in the current and prior year. Once an acquisition or disposal has lapped its acquisition date then it is included within the base business results.

FIRST HALF RESULTS OVERVIEW (CONTINUING OPERATIONS)

The Group performed strongly in the first half with growth in revenues and margins driving significant increases in underlying profits and earnings. Exchange rate movements, principally the Euro and Australian dollar against sterling, boosted revenues and profits, contributing 20 bps to underlying operating margins. 

Base business revenue growth of 7% was ahead of our 4% - 6% goal range and in line with guidance given at our June trading update. Acquisitions net of disposals had a modest negative impact in the half. Exchange rate movements had a beneficial impact on revenues with reported revenues ahead by 14%.

Our continued strong revenue momentum reflected a combination of: robust growth in the confectionery category; our greater exposure to higher growth categories and emerging markets; and greater focus on our more advantaged brands, markets and customers. Performance also benefited from a further increase in marketing in the half which was ahead by 12% at constant exchange rates or 70 bps as a percentage of revenues.

Confectionery market growth was robust across all our key markets in both developed and emerging markets with the exception of France and southern Europe where we saw some slowdown in the rate of growth through the half. Growth in revenues was balanced across our three categories with our chocolate revenues ahead by 6%, candy revenues ahead by 7% and gum ahead by 10%.  

Revenues in our emerging markets continued to grow in double-digits with revenues ahead by 13% despite the adverse impact of planned route to market changes in Russia and Turkey. Growth was strong across all our markets with good results in India +25%; South Africa +16% and South America +15%.

Our focus brands, markets and customers revenues benefited from our more co-ordinated global category approach and increased focus on fewer, bigger initiatives. Our 13 focus brands grew by 9% with our three largest brands, Cadbury Dairy Milk, Trident and Halls ahead by 9%, 12% and 13%, respectively. Cadbury Dairy Milk growth was driven by exceptional results in emerging markets. Trident benefited from continued growth in the US, the growth of centre-filled gum in Mexico and South America and the launch of longer-lasting gum in Europe. Our focus markets grew by 9% and focus customers by 7%.

Underlying operating margins at constant exchange rates rose by 190 basis points with exchange rate movements contributing a further 20 basis points. This progress on margins was driven by the combination of: cost efficiencies; improved performance from under-performing emerging markets; strong growth in higher margin brands and operational leverage. Good price realisation in most of our markets enabled us to recover significant increases in input costs.

We have seen good benefits of our Vision into Action (VIA) cost reduction programme, primarily from reductions in sales, general and administration costs (SG&A) but also from reduced supply chain costs. Key projects which benefited the half include:

• Down-sizing of central functions in preparation for the relocation of headquarters from central London to an office west of London shared with the UK business, which took place at the end of June;
• Restructuring of our Americas business with the consolidation of our businesses in the US and Canada, and operations across South America into larger commercial organisations;
• Consolidation of our distribution and warehousing structure in the UK and increased automation at our chocolate production facility in Ireland.

The Board has agreed a 6% increase in the interim dividend to 5.3p, in line with our dividend policy announced in June 2007. The interim dividend will be paid on 17 October 2008 to Ordinary Shareholders on the Register at the close of business on 19 September 2008. As previously indicated, it is the Board’s intention to propose a dividend payout ratio for 2008, ahead of the stated long-term target of between 40% and 50% of underlying earnings.

Restructuring and Non-Underlying Items
The reported results in the first half of 2008 have been impacted by £100 million of restructuring and other non-underlying items. Of this, £71 million is related to restructuring, primarily our VIA cost reduction initiatives (£49 million) and costs relating to the creation of a stand-alone confectionery company following the separation of Americas Beverages (£14 million). Fair value accounting under IAS 39 contributed a loss of £21 million to our reported Profit from Operations due to the difference between market commodity prices and spot exchange rates compared to the hedge rates used in the underlying results.

Strategy Update
On 7 May, the demerger of Americas Beverages (now Dr Pepper Snapple Group) was completed.

In June last year we set out our VIA strategy to maintain our strong revenue momentum and significantly improve our operating margins, from around 10% to mid-teens by 2011. While we have made good progress executing this strategy, we are facing an uncertain economic outlook and further increases in input costs in 2009. In order to underpin the delivery of the performance goals we set out as part of the VIA for 2009 and beyond we are renewing our focus on costs, pricing, organisation structure and business portfolio.

As it relates to our portfolio and following the demerger of the Dr Pepper Snapple Group, we intend to review the position of our remaining beverage business. While this business is integrated with our confectionery operations in Australia, we have been separating key commercial functions, primarily to improve the focus on the individual categories of confectionery and beverages. The review will take some months to complete and we will update shareholders on the conclusions of the review when it is complete. 

We will provide a further update to the market in our October Interim Management Statement. 

Board Structure
We are currently in the process of reviewing our Board structure and composition to ensure that it has the appropriate balance of financial, performance management and commercial experience.

Investor Relations
We are today announcing that Sally Jones, Director of Investor Relations for the last ten years has decided to step down. The Board would like to thank Sally for her significant contribution to the group and wish her well. Sally will leave in mid-October after the third quarter IMS. We are pleased to announce the appointment of John Dawson, who will succeed Sally as Director of Investor Relations following her departure. John has extensive investor relations experience most recently as VP Investor Relations and Corporate Communications at ICI.

2008 Outlook
For the full year, we expect revenue growth around the top end of our 4% - 6% goal range and margin growth in line with current market consensus. As we have previously indicated, we will be cycling demanding 2007 second half revenue and margin comparatives. While we expect our commodity cost increases for the year to remain in the 5% - 6% range, these increases will be weighted toward the second half. However, based on the strength of our revenue momentum, the commercial programmes we have planned for the second half and the continuing benefits of our cost reduction initiatives, we are confident of a successful outcome for 2008.

Dividend Reinvestment Policy
Those shareholders who participated in the Group’s Dividend Reinvestment Policy (DRIP) prior to the demerger will be able once again to participate in respect of the interim dividend.

Next Events
Forthcoming Group announcements/events are listed below:

14 October 2008 - Interim Management Statement
16 December 2008 - Preliminary Trading Update

OPERATING REVIEW (CONTINUING BUSINESSES)
Britain, Ireland, Middle East and Africa (BIMA)

In Britain, Ireland, the Middle East and Africa (BIMA), base business revenues grew by 5% with the disposal of Monkhill reducing total revenues by 4%. Growth was driven by higher marketing investment and double-digit growth from emerging markets. Profit and margin progress in the first half was strong with base business margins (before the impact of acquisitions and disposals) ahead by 160 bps benefiting from a further improvement in Nigeria, cost reduction initiatives and the absence of one-off costs in Britain and Ireland relating to the 2007 Easter product recall.

In Britain, revenues grew by 3% with the planned exit from some less profitable promotions more than offset by good growth in core brands, including Cadbury Dairy Milk and the launch of the Creme Egg Twisted Bar. In gum, we have recently launched four new products, including chocolate centred Trident Sweet Kicks and a range of other new centre-filled flavours, which extend the Trident offer into the more traditional breath freshening sector of the market. Our supply chain reconfiguration projects are progressing in line with plan with improved efficiencies benefiting margins.

Our emerging market businesses in the region grew revenues by 14% despite significant portfolio rationalisation in Egypt where we are undertaking a significant rationalisation of our mass-market portfolio in candy and chocolate. While this is improving overall price realisation, volumes are lower We saw an excellent performance in South Africa, our largest business in the region, with revenues ahead by 16%:All categories grew strongly and our share increased by more than 200 basis points to over 32%. We also had a good half in Nigeria with revenues strongly ahead and profitability improved.

Europe

In Europe, planned route to market changes in Russia and Turkey, portfolio rationalisation and lower market growth in Southern Europe and France have impacted revenue and margin performance in the half. Base business revenues grew by 3% with the route to market changes reducing growth by an estimated 2 percentage points in the half. Acquisitions (Intergum in Turkey and Kandia in Romania) net of disposals (Cadbury Italia) increased revenues by 9%. Base business underlying operating margins were down 20 bps in the half, primarily reflecting investments in the route to market changes.

We made good progress in gum across the region with share gains in many markets including France, Spain and Russia. Performance was driven by the continued growth in centre-filled gum and the roll-out of our longer-lasting gum technology under our strong local brand names. Longer-lasting gum was launched in the first half in Spain and Portugal under the Trident brand and in northern Europe under the Stimorol brand with further flavour roll-outs planned for the second half. Candy performance benefited from strong growth in Halls in Poland and Russia and our candy brands in Turkey.

In Turkey, we are integrating our existing distribution infrastructure with the Intergum business we acquired last year. Although this had a negative impact on revenue performance in the first half, recent sales into the trade through the new route to market have improved and we are expecting a return to growth in the second half. In Russia, toward the end of the half, we signed an agreement with Megapolis, the largest tobacco distributor in Russia, to distribute our products into smaller outlets outside our key markets of Moscow and St Petersburg. This is expected to strengthen the availability of our key brands in this large customer base and reduce costs with the benefits starting to come through in the second half

America

In the Americas, performance in the half was outstanding with continued strong growth in both revenues and margins. Base business revenues grew by 12% with strong growth in both developed and emerging markets. Underlying base business operating margins increased by 230 basis points reflecting strong growth coupled with the benefits of the first half 2007 pricing initiatives and the significant benefits from the SG&A and supply chain cost reduction initiatives across the region which were implemented toward the end of 2007.

In the US, revenues grew by nearly 20% with excellent performances across our whole gum and candy portfolio. The US gum market was 8% ahead benefiting from price increases implemented in the first half of 2007 and continued high levels of innovation activity. Our growth continued to be driven by our Trident and Stride brands with Stride share reaching 6.9% of the total US gum market in June.  In April, Trident Xtracare, containing our proprietary Recaldent technology was launched. In candy, growth was driven by all key brands: Halls, Sour Patch Kids and Swedish Fish. In Canada, revenues were modestly lower, in part reflecting further portfolio optimisation.

In Latin America, revenue growth remained strong with good results from both gum and candy. All countries in the region performed well. In Mexico, our share of the gum market increased to nearly 80% reflecting the continued success of Trident centre-filled gum coupled with the benefits of our investment in expanding our route to market. In Venezuela, revenues were significantly ahead as we increased pricing to cover higher import tariffs.

Asia Pacific

In Asia Pacific, base business revenue growth was 8% ahead with the disposal of Cottees Foods reducing growth by 1%. Underlying base business margins were 50 bps ahead driven by both improved cost efficiencies and operating leverage. Reported margins were 200 basis points ahead benefiting from lower business improvement costs and movements in exchange rates.

In developed markets, revenues grew by 4%. In Australia confectionery, growth benefited from the combination of successful innovation and the phasing of promotional activity.  While our beverage business in Australia had a good half with share ahead in a market which increased by 3%, revenues were impacted by the planned exit from a non-core manufacturing contract. We have recently been given notification by Red Bull that it intends to assume the distribution for Red Bull in Australia from January 2009. In 2007, this distribution arrangement contributed around 6% to our beverage gross profits in Australia.

In Japan, the launch of centre-filled gum under the Clorets brand drove our share to an all time high of 21.7% and Halls revenues benefited from the national roll-out of the brand.

Our emerging markets in the region had an excellent half with revenues up by over 20% with results driven by continued strong growth in India and improved results in Thailand. In India, revenues were up by 25% with all focus brands growing strongly and continued success of our Bubbaloo bubblegum brand which was launched last year. In South East Asia, performance was strengthened by improved results from Thailand which benefited from the launch of sugar-free and centre-filled gum under the Dentyne brand and expansion into chocolate with the launch of Cadbury Dairy Milk.

FINANCIAL REVIEW

1 Following the completion of the demerger on 7 May 2008, Americas Beverages is classified as a discontinued operation in accordance with IFRS 5 “Non-current assets held for sale and discontinued operations” and the results, including prior periods, together with an allocation of interest relating to the debt demerged, are presented within Discontinued Operations at the bottom of the Income Statement.
2 As a result of the scheme of arrangement to replace Cadbury Schweppes plc with Cadbury plc as the new holding company of the group and the subsequent demerger of Americas Beverages, the shares of the Group were restructured with 100 Cadbury Schweppes shares being replaced with 64 Cadbury shares and 12 shares in DPSG. Proforma EPS calculates underlying earnings per share of the continuing Group with reference to the underlying net profit from continuing operations and assumes that the share restructure was in place for the entire period in both 2007 and 2008.

Continuing Operations
Revenues at £2.7 billion were 14% higher than last year at actual exchange rates. On a base business basis (excluding the impact of acquisitions, disposals and exchange rates), revenues grew by 7%.
 
Underlying profit from continuing operations was up 48%, or 35% at constant exchange rates, with underlying operating margin increasing by 210bps to 9.3% or 190bps at constant exchange rates. This was primarily as a result of the continued successful implementation of our confectionery cost reduction programme.

Marketing spend at £297 million was £52 million higher than 2007 at actual rates and £34 million higher at constant exchange rates reflecting continued investment behind our brands. This represents a marketing to sales ratio of 11.2%; an increase of 70bps at both constant and actual exchange rates.

Central costs fell by £4 million to £61 million as a result of initiatives to reduce our central costs. Excluding the impact of associated business improvement costs, central costs were £11 million lower in 2008 than 2007. For the full year, we expect central costs to be within our target of 2% of revenues. From 2008, certain of our central supply chain, commercial and science and technology costs previously included within central costs are being charged to the regions and 2007 results have been re-presented on a consistent basis.

Restructuring & Other Non-Underlying Items
The charge in respect of business restructuring reported outside underlying profit was £71 million. Included in this amount are costs relating to the separation of Americas Beverages and the creation of a stand-alone confectionery company (£14 million) and restructuring costs relating to the Vision into Action (VIA) cost reduction programme (£49 million). As previously announced, the decision to reduce contract manufacturing volumes with Gumlink, a third party supplier, will result in penalties and has given rise to a further restructuring charge in the first half of £3 million. A further £5 million of costs were incurred as we continued to integrate our 2007 acquisitions. For the full year, we expect restructuring charges in respect of VIA initiatives to be around £130 million.

Amortisation and impairment of intangibles was £2 million.

The loss on non-trading items of £6 million relates primarily to the disposal of our Monkhill business announced in January 2008.

Fair value accounting under IAS 39 contributed a loss of £21 million to our reported Profit from Operations due to the difference between market commodity prices and spot exchange rates compared to the hedge rates used in the underlying results.

Profit from Operations (excluding associates) was up 29%. The Group’s share of profits in associates (net of interest and tax) at £4 million was £1 million lower than in the first half of 2007.

The underlying net financing charge for the Continuing Group, after reflecting a pension financing credit of £16 million (2007: £15 million), at £29 million was £9 million higher than the prior year. Finance costs, excluding the pension finance credit, rose from £35 million to £45 million due to an increase in the average level of net debt following acquisitions made in the second half of 2007, an increase in interest rates and exchange rate movements. The average net interest rate in the half was 5.5%. For the full year we expect the average to be around 6% reflecting the refinancing of a maturing bond and higher short-term rates. As indicated previously, an allocation of interest relating to the debt demerged with Americas Beverages has been included within Discontinued Operations.

The reported net financing charge was £9 million, £20 million lower than the underlying financing charge, reflecting the impact of the IAS 39 financing adjustment, including a £21 million gain on marking our commodity derivatives to market prices at 30 June 2008.

Underlying Profit before Tax was up 46% to £223 million as a result of the improved underlying operating performance. Reported Profit before Tax was up by 28% to £143 million reflecting the flow through of improved underlying operating performance and the beneficial impact of exchange rates.

The underlying tax rate in first half 2008 was 29% as against 30% in 2007. For the full year 2008, we expect the underlying tax rate to remain at around 29%. As a result of certain reorganisations relating to the continuing Group carried out in preparation for the demerger of Americas Beverages and other non-underlying items, the Group has recognised a non-underlying tax credit of £88 million.

Discontinued Operations
Discontinued operations relate to the pre-demerger results of Americas Beverages (now Dr Pepper Snapple Group) and transaction costs incurred as a result of the separation. For the period through to demerger on May 7, Americas Beverages reported a net underlying profit of £79 million. After reflecting the £132 million cost, including associated tax, of the demerger reported within discontinued operations, a net charge of £53 million is reflected within Discontinued Operations. A full income statement, including comparatives, for Americas Beverages is included in note 10.

Demerger Costs
The total separation costs relating to the demerger of Americas Beverages were £143 million of which £45 million was charged in 2007.

Earnings
Continuing Group underlying earnings per share were up 62% to 8.4p principally as a result of improved base business performance, the change in share structure following the demerger of Americas Beverages and exchange rates.

Total Group earnings per share were 6.0p, down 2.7p on 2007 as a result of the dilutive impact of the Americas Beverages demerger and the recognition of costs associated with the demerger.

On a proforma basis, that is after taking into consideration the impact of the capital restructure as a result of the demerger of Americas Beverages and re-presenting comparatives on a consistent basis, underlying proforma earnings per share for the continuing group increased by 46% from 8.0p to 11.7p with the increase driven by the growth in base business (3.4p) and exchange rates (1.0p) partially offset by acquisitions and disposals (-0.6p) and an increase in the proforma number of shares (-0.1p).

Dividends
The Board has agreed a 6% increase in the interim dividend per share to 5.3p. This will be paid on 17 October 2008 to Ordinary Shareholders on the Register at the close of business on 19 September 2008.

Cash Flow Statement
Free cash outflow in the first half was £109 million compared with a £2 million inflow in 2007 as a result of 2007 including 2 more months of free cash flow generation from Americas Beverages, a £67 million increase in net capital expenditure reflecting lower disposal proceeds, investment in our new gum factory in Poland and a £37 million increase in restructuring spend. Net capital spend for the ongoing confectionery business was £153 million in the half: for the full year 2008, we continue to expect confectionery net capital spend to be around £400 million.

Net Debt
Net debt decreased from £3.2 billion at the end of 2007 to £1.7 billion at the half year reflecting the demerger of debt with Americas Beverages partially offset by the settlement of transaction related costs, the payment of the 2007 final dividend and exchange rates. In July 2008 the Group issued a £350 million bond under its EMTN programme. The bond has a coupon of 7.25% and expires in 2018. We expect net debt at the end of the year to be modestly higher than the half year reflecting the timing of restructuring and capital spend payments.

ENDS

Contact Details:

Presentation

A presentation on the results will be webcast live on the Group’s website http://www.cadbury.com at 9.30am (BST) today. Copies of the presentation will be available on the website from 9.00am (BST).

Teleconference Call

A teleconference call for analysts and investors will take place at 3pm (BST) today, 4pm (central Europe), 10am (EST).

The teleconference call will be archived on the Cadbury corporate website at www.cadbury.com.

Video Interview

A video interview with Chairman Roger Carr, CEO Todd Stitzer and CFO Ken Hanna is available from 7.00am (BST) today on www.cadbury.com

High resolution images to accompany this announcement are available for the media to view and download free of charge from www.visimedia-online.com.

About Cadbury plc

Cadbury plc is the world's largest confectionery business with number one or number two positions in over 20 of the world's 50 largest confectionery markets. It also has the largest and most broadly spread emerging markets business of any confectionery company. With origins stretching back nearly 200 years, Cadbury's brands include many global, regional and local favourites including Cadbury, Creme Egg and Green & Black's in chocolate; Trident, Dentyne, Hollywood and Bubbaloo in gum; and Halls, Cadbury Eclairs, Bassett’s and the Natural Confectionery Company in candy.

Our Performance Scorecard
Our ambition to maintain revenue growth while improving margins and returns is reflected in our new financial scorecard for the 2008 to 2011 period:

• Annual organic revenue growth of 4-6%
• Total confectionery share gain
• Mid teens trading margin by 2011
• Strong dividend growth
• Efficient balance sheet
• Growth in return on invested capital

Commercial Strategy: Focus on Top Markets, Brands and Customers
To help drive further revenue growth, under a new category management structure, we are focusing our resources on a fewer number of markets, brands and customers:

• Our 12 focus markets include the UK, US, Australia, Mexico, Brazil, India and Russia.  Together, these markets represent around 60% of our total revenues and are forecast to account for over 60% of expected category growth over the next five years.
• Our 13 focus brands, include our biggest brands such as Cadbury Dairy Milk, Trident, Halls, Dentyne and Flake and our newer fast growing brands, Green & Black’s and The Natural Confectionery Company. Together, our 13 focus brands account for around 50% of our confectionery revenues and have above average revenue growth and operating returns.
• Our 10 focus customers comprise 7 top retailers (including WalMart, Tesco, Carrefour and Lidl) and 3 trade channels (impulse in developed markets; traditional trade in emerging markets; and international travel retail). Together, these customers account for over 50% of our revenues.

Forward Looking Statements:

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 various factors including the risk factors outlined in our Form 20-F filed with the US Securities and Exchange Commission posted on Cadbury plc’s website www.cadbury.com.  These materials should be viewed in conjunction with our periodic half yearly and annual reports, registration statements 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.

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