Form 425

Filed by Kraft Foods Inc.

Pursuant to Rule 425

Under the Securities Act of 1933

Subject Company: Cadbury plc

Commission File No.: 333-06444

The following slide presentation is available at www.transactioninfo.com/kraftfoods and/or www.kraftfoodscompany.com and/or was otherwise disseminated by Kraft Foods Inc. on January 12, 2010.

Forward-Looking Statements

This slide presentation contains forward-looking statements regarding Kraft Foods’ offer to combine with Cadbury plc. Such statements include, but are not limited to, statements about the benefits of the proposed combination and other such statements that are not historical facts, which are or may be based on Kraft Foods’ plans, estimates and projections. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kraft Foods’ control, that could cause Kraft Foods’ actual results to differ materially from those indicated in any such forward-looking statements. Such factors include, but are not limited to, failure to obtain necessary regulatory approvals or required financing or to satisfy any of the other conditions to the offer, and the risk factors set forth in Kraft Foods’ filings with the Securities and Exchange Commission (“SEC”), including the registration statement on Form S-4 filed by Kraft Foods in connection with the offer, Kraft Foods’ most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Kraft Foods disclaims and does not undertake any obligation to update or revise any forward-looking statement in this slide presentation, except as required by applicable law or regulation.

Additional US-Related Information

This slide presentation is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Cadbury plc or Kraft Foods. Kraft Foods has filed a registration statement and tender offer documents with the SEC in connection with the offer. Cadbury plc shareholders should read those filings, and any other filings made by Kraft Foods with the SEC in connection with the proposed combination, as they contain important information. Those documents, as well as Kraft Foods’ other public filings with the SEC, may be obtained without charge at the SEC’s website at www.sec.gov and at Kraft Foods’ website at www.kraftfoodscompany.com.


Kraft Foods
Building on a Global Powerhouse
January 12, 2010


Forward-looking statements
2
This slide presentation contains forward-looking statements regarding our offer to combine with Cadbury, including but not limited to statements regarding
our beliefs that: we will have steady improvement in operating income margin; we are well positioned to deliver top-tier performance; driving high quality
organic revenue growth, executing strong pipeline of cost-savings initiatives, increasing investment in Sales, R&D, A&C; our targets of organic revenue growth
of 4%+, profit margins to industry benchmarks, EPS growth at high end of 7%-9%, and cash flow growth in excess of EPS growth; solid organic revenue
growth going forward, good balance between volume/mix and pricing, sustainable growth objectives for every geography, long-term organic revenue growth
targets; a strong pipeline of cost-savings initiatives target accelerated margin expansion, end-to-end productivity will better leverage scale, overhead cost
reset will further expand margins, and A&C will continue to increase as a percent of net revenue; our priorities of focusing on growth categories, including
transforming into a leading snack, confectionery and quick meals company, exit lower growth and/or lower margin businesses, reinvigorate high cash flow
businesses to fund growth; expanding our footprint in developing markets, capitalize on population growth trends, long-term opportunity as consumer "trade-
up" to our products, provide scale to invest in infrastructure in key geographies; expand presence in growing trade channels, Instant Consumption Channels
("ICC") continue to gain share versus traditional channels in U.S. and EU, increase access to significant parts of our portfolio; enhance our margins, improve
portfolio mix, drive down costs while investing in quality; Cadbury will help accelerate Kraft Foods' strategic plans; Cadbury's footprint is highly
complementary to Kraft Foods', increasing scale in developing markets for both companies; Cadbury has strong infrastructure in instant consumption
channels; a combination with Cadbury provides the potential for meaningful revenue synergies and a significant opportunity to realize cost savings; the
combination has the potential for meaningful revenue synergies with a highly complementary geographic footprint, investments in distribution, marketing and
product development, and annual cost savings of at least $625 million, which is over and above current performance improvement programs at Kraft Foods
and Cadbury, including Cadbury's Vision Into Action program; potential annual pre-tax cost savings of $300 million of operational synergies, $200 million of
general and administrative synergies and $125 million of marketing and selling synergies have been identified thus far; we expect to achieve run-rate savings
by the end of the third year; the total one-off implementation cash costs is $1.2 billion; we have proven our ability to successfully integrate acquisitions;
combined, we would be the global leader in confectionary with a diversified portfolio of leading confectionary brands; our estimated global confectionary
market shares as a combined company; this combination would further accelerate long-term growth; our long-term targets of organic revenue growth and
long-term EPS growth; Kraft Foods delivers attractive and immediate value; provide Cadbury shareholders with both value certainty and the opportunity to
participate in future upside of the combined company; we believe our offer is understated due to recent share pressure; Kraft Foods is offering a significant
premium; we believe that Kraft Foods is by far the best partner for Cadbury; we have strong standalone operating and financial momentum; Kraft Food +
Cadbury is a compelling strategic fit; the combination would further accelerate both companies' long-term growth; our offer delivers attractive and immediate
value to Cadbury shareholders. These forward-looking statements are subject to a number of risks and uncertainties many of which are beyond our control
that could cause our actual results to differ materially from those indicated in any such forward-looking statements. Such factors include, but are not limited
to, continued volatility of input costs, pricing actions, increased competition, our ability to differentiate our products from retailer brands, unanticipated
expenses in connection with litigation, settlement of legal disputes, regulatory investigations or enforcement actions, our indebtedness and ability to pay our
indebtedness, the shift in consumer preference to lower priced products, risks from operating outside the U.S., tax law changes, failure to obtain necessary
regulatory approvals or required financing or to satisfy any of the other conditions to the combination, adverse effects on the market price of our common
stock and on our operating results because of a failure to complete the combination, failure to realize the expected benefits of the combination, significant
transaction costs and/or unknown liabilities and general economic and business conditions that affect the combined companies following the combination. For
additional information on these and other factors that could affect our forward-looking statements, see the risk factors set forth in our filings with the U.S.
Securities and Exchange Commission (the "SEC"), including our registration statement on Form S-4 filed in connection with the offer, our most recently filed
Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. We disclaim and do not undertake any obligation to update or revise any
forward-looking statement in this slide presentation, except as required by applicable law or regulation.
 


Forward-looking statements
Additional U.S.–related information
This announcement
is
provided
for
informational
purposes
only
and
is
neither
an
offer
to
purchase
nor
a
solicitation
of
an
offer
to
sell
shares
of
Cadbury
or
Kraft
Foods.
Kraft
Foods
has
filed
a
registration
statement
and
tender
offer
documents
with
the
SEC
in
connection
with
the
offer.
Cadbury
shareholders
who
are
U.S.
or
Canadian
residents
and
holders
of
Cadbury
American
Depositary
Shares,
wherever
located,
should
read
those
filings,
and
any
other
filings
made
by
Kraft
Foods
with
the
SEC
in connection
with
the
proposed
combination,
as
they
contain
important
information.
Those
documents,
as
well
as
Kraft
Foods' other
public
filings
with
the
SEC,
may
be
obtained
without
charge
at
the
SEC's
website
at
www.sec.gov
and
at
Kraft
Foods'
website
at
Responsibility Statement
The
directors
of
Kraft
Foods
each
accept
responsibility
for
the
information
contained
in
this
document,
save
that
the
only
responsibility accepted by them in respect of information in this document relating to Cadbury or the Cadbury Group (which has been
compiled
from
public
sources)
is
to
ensure
that
such
information
has
been
correctly
and
fairly
reproduced
and
presented.
Subject
as
aforesaid,
to
the
best
of
the
knowledge
and
belief
of
the
directors
of
Kraft
Foods
(who
have
taken
all
reasonable
care
to
ensure
that
such
is
the
case),
the
information
contained
in
this
document
is
in
accordance
with
the
facts
and
does
not
omit
anything
likely
to
affect the import of that information.
3
.
www.kraftfoodscompany.com


Agenda
Kraft Foods:  A Strong Base to Build On
Kraft Foods + Cadbury:  A Global Powerhouse
Kraft Foods’
Offer
4


5
Three years ago, laid out four strategies to return
Kraft Foods to sustainable growth
Exploit
Sales
Capabilities
Reframe
Categories
Balance
Cost &
Quality
Rewire for
Growth


6
Reframe
Categories
Successfully executed our turnaround despite
a difficult environment
Strengthened senior leadership team
Decentralized to create accountable
business units
Revised incentive systems with right
metrics
Enhanced relevance of core brands
Rebuilt our innovation pipeline
Increased value-oriented marketing
Strengthened our category mix
Focused investments on priority
categories, core brands, key markets
Rewire for
Growth


7
Successfully executed our turnaround despite
a difficult environment (continued)
Leveraging our scale in the marketplace
Established Wall-to-Wall in the U.S.
Taking Wall-to-Wall to next level with High
Visibility Wall-to-Wall
Expanded reach in growing trade
channels
Improved coverage in traditional trade
Improved product quality from parity to
vastly preferred
Leveraged tailwind of restructuring
program to invest in growth
Moved to a model of continuous
improvement
Exploit
Sales
Capabilities
Balance
Cost &
Quality


8
Growth from volume/mix
improving sequentially
Product line
discontinuations
Volume/Mix
Easter Shift
(3.4)pp
0.2 pp
0.7 pp
~(0.8)pp
~(1.0)pp
~(0.8)pp
~(0.8)pp
~0.8 pp
Q1 ‘09
Q2 ‘09
Q3 ‘09


9
Steady improvement in operating margins
Operating Income Margin
Q1’08
Q1’09
Q2’08
Q2’09
Q3’08
Q3’09
11.8%
13.5%
11.8%
15.0%
15.1%
14.5%
10.6%
13.2%
9.8%
Reflects reported operating income margins in Q1, Q2 and Q3 2008.
See GAAP to Non-GAAP reconciliation at the end of this presentation.
Reflects operating income margins excluding items in Q1, Q2 and Q3 2008


10
Cash flow up strongly
Improved gains from working capital efficiency programs and
disciplined management of capital expenditures
$2.2
$2.4
FY’07
FY’08
$2.7
9 Months Ending
30 September 2009
Discretionary
Cash
Flow
($ billions)
*
Excluding Post cereals and adjusted for the timing of deferred interest payments.  See GAAP to Non-GAAP
reconciliation at the end of this presentation.
*


11
Well-positioned to deliver
top-tier performance
Driving high quality organic revenue growth
Executing strong pipeline of cost-savings initiatives
Increasing investment in Sales, R&D, A&C
Targets
Organic revenue growth of 4%+
Profit margins to industry benchmarks
EPS growth at high end of 7%-9%
Cash flow growth in excess of EPS growth


12
Solid organic revenue growth going forward
Good balance between volume/mix and pricing
Sustainable growth objectives for every geography
North America
3-5%
Europe
1-3%
Developing Markets       
8-10%
Total Kraft Foods          
4%+
Long-Term
Organic
Revenue
Growth
Targets


13
A strong pipeline of cost-savings initiatives
target accelerated margin expansion
*
End-to-End Productivity
will better leverage scale
Overhead Cost Reset will
further expand margins
A&C will continue to
increase as a percent of
net revenue
(1)
Reflects Operating Income Margin ex. Items.  Reported 2008 Operating Income Margin was 9.2%. 
See GAAP to Non-GAAP Reconciliation at the end of this presentation.
Operating
Income Margin
2008
2011
Target
12.3%
(1)
Mid-Teens
*
Nothing in this presentation is intended to be a profit forecast and the statements in this presentation should not be interpreted to mean that
the earnings per Kraft Foods share for the current or future financial periods will necessarily be greater than those for the relevant preceding
financial period.


14
Focus on growth categories
Transform into a leading snack, confectionery and quick meals
company
Exit lower growth and/or lower margin businesses
Reinvigorate high cash flow businesses to fund growth
Four priorities shape Kraft Foods’
long-term strategy
Growth
Categories
Expand footprint in Developing Markets
Capitalize on population growth trends
Long-term opportunity as consumers “trade-up”
to our
products
Provides scale to invest in infrastructure in key geographies
Expand presence in growing trade channels
Instant Consumption Channels (“ICC”) continue to gain share
versus traditional channels in U.S. and EU
Increase access to significant parts of our portfolio
Enhance margins
Improve portfolio mix
Drive down costs while investing in quality
Developing
Markets
Growing
Channels
Margin
Expansion


Agenda
Kraft Foods:  A Strong Base to Build On
Kraft Foods + Cadbury:  A Global Powerhouse
Kraft Foods’
Offer
15


16
Cadbury has a strong portfolio with leading market
positions in the fast-growing confectionery category
Cadbury will help accelerate Kraft Foods’
strategic plans
Developing
Markets
Growth
Categories
Growing
Channels
Cadbury’s footprint is highly complementary to Kraft Foods’,
increasing scale in developing markets for both companies
Cadbury has strong infrastructure in instant consumption
channels
A combination with Cadbury provides the potential for
meaningful revenue synergies and a significant opportunity
to realize cost savings
Margin
Expansion


This combination would provide for meaningful
synergies and cost savings
Potential for meaningful revenue synergies
A highly complementary geographic footprint
Investments in distribution, marketing and product development
Annual cost savings of at least $625 million*
Over and above current performance improvement programs at
Kraft Foods and Cadbury
Including Cadbury's Vision Into Action program
Potential annual pre-tax cost savings identified thus far:
$300 million of operational synergies
$200 million of general and administrative synergies
$125 million of marketing and selling synergies
Expect to achieve run-rate savings by end of third year
Total one-off implementation cash costs of $1.2 billion
17
*
There are several material assumptions underlying the synergies estimate which might therefore be materially greater or less than those estimated. 
This estimate of cost synergies was announced on 7 September 2009, and repeated in the offer documentation published on 4 December 2009, and
has been reported on under the U.K. Takeover Code by Ernst & Young LLP and by Lazard & Co., Limited.  Copies of their reports are included in
Appendix V of the U.K. offer document dated 4 December 2009, which can be found at www.transactioninfo.com/kraftfoods, and the Form 8-K filed
with the SEC on 4 December 2009.  The estimate of cost synergies should be read in conjunction with Appendix II of that announcement, which
contains, among other information, certain key assumptions underlying the estimate.   The board of Kraft Foods confirms that the synergies estimate
remains valid for the purposes of the offer and that Ernst & Young LLP and Lazard & Co., Limited have indicated that they have no objection to their
reports continuing to apply.


18
We have proven our ability to successfully
integrate acquisitions
Expansion of global core category, providing strong third leg in
Europe and increased Developing Markets presence
Added $2.6B in revenue and $400MM in operating profit
Synergies ahead of plan
Acquisition of Spain and Portugal biscuit business, bringing
European manufacturing base and return of Nabisco trademarks
Added $400MM in revenue and $70MM in operating profit
Integration proceeded on track
Entered rapidly growing snacks category
Increased worldwide revenues by 30%
Scale step up in Latin America and to lesser extent Asia Pacific
Smooth integration, synergies exceeded original targets
GROUP DANONE’S
GLOBAL BISCUIT
BUSINESS
(2007)
UNITED BISCUITS’
IBERIAN
OPERATIONS
(2006)
NABISCO
(2000)


Combined, we would be the global
leader in confectionery …
Kraft Foods
+ Cadbury
Mars
Wrigley
Cadbury
Nestlé
Kraft Foods
Hershey
Ferrero
Perfetti
Van Melle
Lindt &
Sprungli
14.8%
14.6%
10.1%
7.8%
4.7%
4.5%
4.5%
2.9%
2.0%
Chocolate
15.2%
14.6%
6.9%
12.6%
8.3%
6.7%
7.3%
NA
3.6%
Gum
28.9%
35.4%
28.8%
0.1%
0.1%
0.6%
NA
6.8%
NA
Sugar Confectionery
7.6%
5.0%
7.3%
2.6%
0.3%
2.6%
1.5%
6.4%
NA
Global Confectionery Market Shares
Global
Share
“…
we all know that the world of retailers
is consolidating and it’s better to have
a stronger position when you’re
standing in front of your retail partner
to say, we can be your category
captain and leader as it relates to
confectionery.”
Todd Stitzer, Cadbury CEO,
16 September 2009
19
Source: Euromonitor 2008.


with a diversified portfolio of leading
confectionery brands
Key
global
brands
led
by
Milka,
Cadbury,
Trident
and
Halls
40+ confectionery brands over $100 million with iconic status in
respective markets
Chocolate
Kraft Foods
Gum
Candy
Cadbury
20


This combination would further accelerate
long-term growth
Organic Revenue Growth
4%+
5%+
Long-Term EPS Growth*
7% -
9%
9% -
11%
Long-Term Targets
21
*  Nothing in this presentation is intended to be a profit forecast and the statements in this presentation should not be interpreted to mean that the earnings per Kraft
Foods share for the current or future financial periods will necessarily be greater than those for the relevant preceding financial period.
Kraft Foods
+ Cadbury
Kraft Foods


Agenda
Kraft Foods:  A Strong Base to Build On
Kraft Foods + Cadbury:  A Global Powerhouse
Kraft Foods’
Offer
22


Kraft Foods delivers attractive and
immediate value
300p in cash and 0.2589 Kraft Foods shares per
Cadbury share
Values each Cadbury share at 767p based on the 8 January 2010
closing stock prices and exchange rates
(1)
Shareholders may elect to accept an additional 60p in cash in lieu
of a similar value of Kraft Foods shares under the partial cash
alternative
Provides Cadbury shareholders with both value
certainty and the opportunity to participate in future
upside of combined company
Through the partial cash alternative and a mix-and-match facility,
Cadbury shareholders have the opportunity to receive a higher
proportion of their consideration as cash or stock
1)
Based
on
Kraft
Foods’
stock
price
of
$28.93
as
of
8
January
2010,
and
an
exchange
rate
of
1.6022
$/£.
23


We believe our offer is understated due to
recent share pressure
Short interest has increased sharply since the announcement of
the Kraft Foods offer on 4 September
(a)
Source: Bloomberg.
Short interest
KFT stock price
24


Kraft Foods is offering a significant premium
Premia
to Cadbury’s Recent Trading Levels
Offer
of
767p
per
Ordinary
Share
or
$49.19
per
ADR
(a)
568p
$37.46
35%
31%
555p
$36.68
38%
34%
524p
$34.66
46%
40%
4
September
(b)
90-Day Average
Ending
4
September
(b)
3
July
(c)
25
Price per ordinary share
Price per ADR
(a)
Reflects Kraft Foods closing stock price as of 8 January 2010 of $28.93 and a $/£ exchange rate of $1.6022.
(b)
The last business day preceding the announcement by Kraft Foods of a possible offer for Cadbury.
(c)
The day prior to analyst suggestions regarding potential sector consolidation.


We believe that Kraft Foods is by far the
best partner for Cadbury
We have strong standalone operating and financial
momentum
Kraft Foods + Cadbury is a compelling strategic fit
The combination would further accelerate both
companies’
long-term growth
Our offer delivers attractive and immediate value to
Cadbury shareholders
26



GAAP to Non-GAAP Reconciliation
28
As
Reported
(GAAP)
Asset
Impairment,
Exit and
Implementation
Costs -
Restructuring
Asset Impairments
/ Other Expenses -
Non-Restructuring
(Gains) /
Losses on
Divestitures,
Net
Excluding
Items    
(Non-GAAP)
Kraft Foods
Net Revenues
41,932
$     
-
                    
-
                        
-
                 
41,932
$     
Operating Income
3,843
$      
989
                   
223
                       
92
                  
5,147
$       
Operating Income Margin
9.2%
12.3%
Kraft Foods
Reconciliation of GAAP to Non-GAAP Information
Operating Income Margin
For the Twelve Months Ended December 31, 2008
($ in millions) (Unaudited)


GAAP to Non-GAAP Reconciliation
29
For the Three Months Ended:
As Revised
(GAAP)
Asset Impairment, Exit
and Implementation
Costs -
Restructuring
Asset Impairments /
Other
Expenses
-
Non-
Restructuring
(Gains) / Losses on
Divestitures, net
Excluding Items
(Non-GAAP)
March 31, 2008
Net Revenues
10,046
$        
-
-
-
10,046
$         
Operating Income
1,067
$          
98
3
18
1,186
$           
Operating Income Margin
10.6%
11.8%
June 30, 2008
Net Revenues
10,804
$        
-
-
-
10,804
$         
Operating Income
1,423
$          
121
1
74
1,619
$           
Operating Income Margin
13.2%
15.0%
September 30, 2008
Net Revenues
10,401
$        
-
-
-
10,401
$         
Operating Income
1,023
$          
90
112
1
1,226
$           
Operating Income Margin
9.8%
11.8%
Kraft Foods Inc.
Operating Income Margins
($ in millions, except percentages) (Unaudited)


GAAP to Non-GAAP Reconciliation
30
9 Months
Ending
2007
2008
Sep. 30, 2009
Net Cash Provided by Operating Activities (GAAP)
3.6
$     
4.1
$     
3.3
$             
Capital Expenditures
(1.2)
(1.4)
(0.7)
Voluntary Pension Contribution
0.1
-
0.2
Discretionary Cash Flow
2.4
$     
2.8
$     
2.7
$             
Discretionary cash flow from the
Post
cereals business
(0.2)
(0.1)
-
Timing of Deferred Interest Payments on debt issuances for the
LU
Biscuit acquisition
-
(0.3)
-
Discretionary Cash Flow excluding
Post
cereals and
adjusted for Timing of Deferred Interest Payments
2.2
$     
2.4
$     
2.7
$             
(1)
May not add due to rounding
Kraft Foods
Reconciliation of GAAP to Non-GAAP Information
Cash Flows
For the Twelve Months Ended December 31,
($ in billions) (Unaudited)
(1)