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Goldman SachsGlobal Beverage, Food and Tobacco Conference

8th May 2001

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This presentation may be deemed to include forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. It should be read in conjunction with our periodic interim and annual reports and registration statements filed with the Securities and Exchange Commission, copies of which are available from Cadbury Schweppes plc, 25 Berkeley Square, London, W1J 6HB, UK.

SAFE HARBOUR STATEMENT

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John SunderlandChief Executive Officer

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AGENDA

• Overview of business

• Objectives and Strategy

• Growing shareowner value

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CADBURY SCHWEPPES

Dr Pepper1885

Cadbury1824

Schweppes1783

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N.America Beverages33%

Europe Confectionery

31%

2000 SALES - $7bn

BEVERAGES AND CONFECTIONERY

Europe Beverages10%America

Confectionery7%

Asia Pacific12%

Africa, India, Middle East7%

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MANAGING FOR VALUE

Phase One Performance Targets : 1997 - 2000 GROWING SHAREOWNER VALUE

• double digit earnings growth per annum

• £150m free cashflow per annum

• double shareowner value over 4 years

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MFV – PHASE 1 RESULTS : 1997 - 2000

Underlying EPS growth**

Free cash flow

TSR# growth

Trading marginMarketing/sales

ROIC – WACCEconomic Profit* growth

Average

# Total Shareholder Return (capital appreciation plus reinvested dividends)

*before restructuring

**at constant currencies and excluding restructuring and exceptional items

6%c£100m

+9%

12.3%13.7%

nilN/A

1989-1996

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MFV – PHASE 1 RESULTS : 1997 - 2000

Underlying EPS growth**

Free cash flow

TSR# growth

Trading marginMarketing/sales

ROIC – WACCEconomic Profit* growth

Average1997 1998 1999 2000

# Total Shareholder Return (capital appreciation plus reinvested dividends)

*before restructuring

**at constant currencies and excluding restructuring and exceptional items

6%c£100m

+9%

12.3%13.7%

nilN/A

10%£157m+14%

14.9%16.7%

-1.1%+14%

11%£157m+57%

15.6%17.7%

0.0%+8%

8%£292m+2%

16.3%18.1%

1.8%+18%

13%£401m+2%

16.9%19.4%

2.4%+16%

1989-1996 Total

49%£1,007m

+84%

n/a£3,759m

3.1%+68%

Average

11%£252m+16%

16.0%17.6%

0.8%+14%

1997- 2000

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MFV PHASE 2 TARGETS : 2001 - 2004

• double digit earnings growth per annum

• £300m free cashflow per annum

• double shareowner value over 4 years

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THE EPS GROWTH MODEL

VolumePrice / MixOperational GearingEfficiency*Cash GenerationAcquisitionsTotal

2001/22%3%4%-

2%1%12%

* efficiencies net of re-investment in marketing

2003/43%3%4%-

2%-

12%

Underlying Earnings GrowthModel

2%2%4%-

2%2%-5%

12%-15%

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STRATEGY

• Committed to beverages and confectionery:- attractive growth rates- strong brands- ubiquity of distribution- high margin- cash generative

• Seek to develop robust and sustainable positions in regional markets

• Focused on growth:- organically- via acquisition

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ROBUST AND SUSTAINABLE

1997 1998 1999 2000 2001

Disposals: $2.0bn

Beverages: 23xEBITDA

Joint Venture Bottling: 9X EBITDA

Acquisitions: $3.5bn

Confectionery: 7X EBITDA

Beverages: 11X EBITDA

Joint Venture Bottling: 7X EBITDA

La Pie Qui ChanteBim BimJaret

Coca Cola Schweppes Beverages

Beverage brands in 160 markets

American Bottling Co

Wedel

Hawaiian Punch

Dr Pepper Bottling Co

HollywoodWuxi

SnappleLion NathanMauna La’iGrant Lydick

Confectionery Beverages Joint Venture Bottling

Mantecol

Spring ValleyCarteretSlush Puppie

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BEVERAGES – THE FUTURE

• To consolidate our positions in North America, Continental Europe and Australia

• Broaden our participation beyond CSDs into refreshment beverages

• Encourage further route to market consolidation in the US

Continue :

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ColaFlavored CSD

WaterSS Fruit Bev.

RTD TeaSports Drinks

1% 4%

29%5%7%9%

Average Growth 1995 - 2000

-√√√√-√√√√√√√√-

Significant CSPresence

US REFRESHMENT BEVERAGES

Sources: Beverage Marketing and Beverage Digest (1999)* - excludes bulk waters and bulk pure fruit juice; all $ values are wholesale values

Colas

Flavoured CSDs$17.0bn

New Age Beverages

Water$2.3bn

$26.1bn

$5.6bn

Others27%

Cadbury Schweppes33%

Coca-Cola23%

PepsiCo21%

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US BEVERAGE BRANDS

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DR PEPPER SEVEN UP BOTTLING

States of franchise territory

Manufacturing plant

Buena ParkVernon

Irving

Houston

Ottumwa Northlake

Holland

Columbus

Franchise Territories

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EUROPE BEVERAGES

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AUSTRALIA BEVERAGES

• No.2 in CSDs with a share of 25%• Strong brand portfolio• Profit growth 17% CAGR over 5 years• Acquisitions :

- Lion Nathan Bottling- Spring Valley fruit juices- Wave flavoured milk

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CONFECTIONERY

#1 Canada

#1 Nigeria#1 Ghana

#1 South Africa

#1 Kenya

#1 India#1 Egypt #2 China

Malaysia

#1 Australia

#1 New Zealand

#1 Ireland#1 UK

#1 France#1 Poland

Key Cadbury Schweppes Markets

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CONFECTIONERY – THE FUTURE

• Broaden our representation• Invest in emerging markets• Leverage our brands• Drive Innovation• Increase availability

Continue to

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BROADEN REPRESENTATION

• 40% of volumes in sugar confectionery

• An integrated approach

• To leverage our distribution muscle

• And reinvest savings to drive growth

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EMERGING MARKETSPer Capita Consumption (kg/head/pa)

Sources: Euromonitor 2000

South Africa Australia

Malaysia

ChinaIndia

Russia

Egypt

PolandW. Europe

N. America

Latin America

10.3

2.3 2.0

7.96.3 6.5

1.20.1

0.1

1.3

8.0

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BRAND LEVERAGE

The Cadbury Endorsement

Biscuits

Cakes

Desserts Ice-cream

Hot Drinks

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BRAND LEVERAGE

Cadbury Masterbrand

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BRAND LEVERAGE

Russia

UK and Ireland

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INNOVATION

UK and Ireland

New Zealand

Australia

UK and Ireland

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Source: CTB Estimates / IAMCO

1991 1999

No.

of o

utle

ts

6.0k 6.5k

106k75 k

20 k

158 k

1991 19996.5k 6.5k

106k 106k

20 k

No.

of o

utle

ts

Others (eg foodservice)Traditional Impulse/RetailGrocery

GROWTH THROUGH AVAILABILITY

Availability in the UK

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2001 OUTLOOK

• Confident of meeting financial targets for the year

• US beverage volumes up 10% in Q1

• Performing in line with the soft CSD market

• Confectionery volume growth

• Major confectionery markets remain competitive

• Good growth in Emerging Markets

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SUMMARY

• Strong and enduring brands

• Committed to growing value

• Strategically more robust/focused on growth

• Confident of achieving financial objectives

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