Mondelez International (MDLZ) 8-K Regulation FD Disclosure

EXHIBIT 99.1

KRAFT FOODS INC.

and Subsidiaries

Volume by Business Segments

For the Quarters Ended March 31, (*)

(pounds in millions)

	U.S. Beverages				U.S. Cheese, Canada & North America Foodservice				U.S. Convenient Meals		U.S. Grocery		U.S. Snacks & Cereals			Kraft North America Commercial		Europe Middle East & Africa		Latin America & Asia Pacific		Kraft Int’l Commercial		Total Kraft
Volume
2004 Volume	666				1,079				555		404		582			3,286		654		501		1,155		4,441
2003 Volume	670				1,038				560		388		597			3,253		666		499		1,165		4,418
% Change	(0.6	)%			3.9			%	(0.9	)%	4.1	%	(2.5	)%		1.0	%	(1.8	)%	0.4	%	(0.9	)%	0.5	%
Divested Businesses:
- Divested Businesses - 2003	—				—				—		—		—			—		(15	)	—		(15	)	(15	)
Ongoing Volume - Including Acquisitions
2004 Volume	666					1,079			555		404		582			3,286		654		501		1,155		4,441
2003 Volume	670					1,038			560		388		597			3,253		651		499		1,150		4,403
% Change	(0.6		)%			3.9	%		(0.9	)%	4.1	%	(2.5		)%	1.0	%	0.5	%	0.4	%	0.4	%	0.9	%
Memo: Acquired Businesses
Volume	—			—					1		—		—			1		23		—		23		24

(*)     Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Net Revenues by Business Segment

For the Quarters Ended March 31, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Net Revenues	$	671		$	1,708		$	1,048		$	591		$	1,274		$	5,292		$	1,713		$	570		$	2,283		$	7,575
2003 Net Revenues	701			1,551			1,041			552			1,305			5,150			1,548			537			2,085			7,235
% Change	(4.3		)%	10.1		%	0.7		%	7.1		%	(2.4		)%	2.8		%	10.7		%	6.1		%	9.5		%	4.7		%
Reconciliation:
2003 Net Revenues	$	701		$	1,551		$	1,041		$	552		$	1,305		$	5,150		$	1,548		$	537		$	2,085		$	7,235
- Divested Businesses - 2004	—			—			—			—			—			—			—			7			7			7
- Divested Businesses - 2003	—			—			—			—			—			—			(31		)	(9		)	(40		)	(40		)
- Acquired Businesses	—			—			1			—			—			1			12			—			12			13
- Currency	—			72			—			—			—			72			207			26			233			305
- Operations	(30		)	85			6			39			(31		)	69			(23		)	9			(14		)	55
2004 Net Revenues	$	671		$	1,708		$	1,048		$	591		$	1,274		$	5,292		$	1,713		$	570		$	2,283		$	7,575
Memo: Ongoing, Constant Currency Revenues (1)
% Change	(4.3		)%	5.5		%	0.7		%	7.1		%	(2.4		)%	1.4		%	(0.7		)%	1.7		%	(0.1		)%	0.9		%

(1)     The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.

(*)     Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Operating Companies Income by Business Segment

For the Quarters Ended March 31, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery					U.S. Snacks & Cereals				Kraft North America Commercial					Europe, Middle East & Africa				Latin America & Asia Pacific					Kraft Int’l Commercial			Total Kraft
2004 Operating Companies Income	$	169		$	203		$	197		$		212			$		52		$	833				$	155			$			33		$	188		$	1,021
2003 Operating Companies Income	223			309			225			213					268				1,238					194				65					259			1,497
% Change	(24.2		)%	(34.3		)%	(12.4		)%	(0.5				)%	(80.6			)%	(32.7				)%	(20.1			)%	(49.2				)%	(27.4		)%	(31.8		)%
Reconciliation:
2003 Operating Companies Income	$	223		$	309		$	225		$			213		$		268		$		1,238			$		194		$	65				$	259		$	1,497
- Divested Businesses - 2003	—			—			—			—					—				—					(5			)	(2				)	(7		)	(7		)
- Asset Impairment and Exit Costs - 2004	(6		)	(62		)	(9		)	(9				)	(159			)	(245				)	(32			)	(14				)	(46		)	(291		)
- Implementation Costs - 2004	—			—			—			—					—				—					(1			)	—					(1		)	(1		)
- Currency	—			11			—			—					—				11					26				(1				)	25			36
- Operations	(48		)	(55		)	(19		)	8					(57			)	(171				)	(27			)	(15				)	(42		)	(213		)
2004 Operating Companies Income	$	169		$	203		$	197		$	212				$	52			$			833		$	155			$		33			$	188		$	1,021

(*)     Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Volume by Business Segments

For the Quarters Ended June 30, (*)

(pounds in millions)

	U.S. Beverages		U.S. Cheese, Canada & North America Foodservice		U.S. Convenient Meals		U.S. Grocery		U.S. Snacks & Cereals		Kraft North America Commercial		Europe, Middle East & Africa		Latin America & Asia Pacific		Kraft Int’l Commercial		Total Kraft
Volume
2004 Volume	907		1,147		562		510		597		3,723		729		589		1,318		5,041
2003 Volume	757		1,110		561		509		600		3,537		735		584		1,319		4,856
% Change	19.8	%	3.3	%	0.2	%	0.2	%	(0.5	)%	5.3	%	(0.8	)%	0.9	%	(0.1	)%	3.8	%
Divested Businesses:
- Divested Businesses - 2004	—		—		—		—		—		—		—		(1	)	(1	)	(1	)
- Divested Businesses - 2003	—		—		—		—		—		—		(16	)	(1	)	(17	)	(17	)
Ongoing Volume - Including Acquisitions
2004 Volume	907		1,147		562		510		597		3,723		729		588		1,317		5,040
2003 Volume	757		1,110		561		509		600		3,537		719		583		1,302		4,839
% Change	19.8	%	3.3	%	0.2	%	0.2	%	(0.5	)%	5.3	%	1.4	%	0.9	%	1.2	%	4.2	%
Memo: Acquired Businesses
Volume	117		18		1		—		—		136		17		—		17		153

(*)     Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Net Revenues by Business Segment

For the Quarters Ended June 30, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals				Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Net Revenues	$	683		$	1,838		$	1,053		$	689		$		1,333		$	5,596		$	1,812		$	683		$	2,495		$	8,091
2003 Net Revenues	635			1,665			1,014			699			1,356				5,369			1,677			660			2,337			7,706
% Change	7.6		%	10.4		%	3.8		%	(1.4		)%	(1.7			)%	4.2		%	8.1		%	3.5		%	6.8		%	5.0		%
Reconciliation:
2003 Net Revenues	$	635		$	1,665		$	1,014		$	699		$		1,356		$	5,369		$	1,677		$	660		$	2,337		$	7,706
- Divested Businesses - 2004	—			—			—			—			—				—			—			8			8			8
- Divested Businesses - 2003	—			—			—			—			—				—			(33		)	(8		)	(41		)	(41		)
- Acquired Businesses	39			7			1			—			—				47			9			—			9			56
- Currency	—			40			—			—			—				40			169			28			197			237
- Operations	9			126			38			(10		)	(23			)	140			(10		)	(5		)	(15		)	125
2004 Net Revenues	$	683		$	1,838		$	1,053		$	689		$	1,333			$	5,596		$	1,812		$	683		$	2,495		$	8,091
Memo: Ongoing, Constant Currency Revenues (1)
% Change	7.6		%	8.0		%	3.8		%	(1.4		)%	(1.7			)%	3.5		%	(0.1		)%	(0.8		)%	(0.3		)%	2.4		%

(1)     The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.

(*)     Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Operating Companies Income by Business Segment

For the Quarters Ended June 30, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Operating Companies Income	$	139		$	215		$	187		$	268		$	225		$	1,034		$	140		$	81		$	221		$	1,255
2003 Operating Companies Income	170			335			199			295			297			1,296			229			106			335			1,631
% Change	(18.2		)%	(35.8		)%	(6.0		)%	(9.2		)%	(24.2		)%	(20.2		)%	(38.9		)%	(23.6		)%	(34.0		)%	(23.1		)%
Reconciliation:
2003 Operating Companies Income	$	170		$	335		$	199		$	295		$	297		$	1,296		$	229		$	106		$	335		$	1,631
- Divested Businesses - 2004	—			—			—			—			—			—			—			2			2			2
- Divested Businesses - 2003	—			—			—			—			—			—			(7		)	—			(7		)	(7		)
- Asset Impairment and Exit Costs - 2004	(4		)	(27		)	1			—			(9		)	(39		)	(81		)	(9		)	(90		)	(129		)
- Implementation Costs - 2004	—			(1		)	—			(2		)	(6		)	(9		)	—			—			—			(9		)
- Currency	—			7			—			—			—			7			19			(1		)	18			25
- Operations	(27		)	(99		)	(13		)	(25		)	(57		)	(221		)	(20		)	(17		)	(37		)	(258		)
2004 Operating Companies Income	$	139		$	215		$	187		$	268		$	225		$	1,034		$	140		$	81		$	221		$	1,255

(*)     Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Volume by Business Segments

For the Quarters Ended September 30, (*)

(pounds in millions)

	U.S. Beverages		U.S. Cheese, Canada & North America Foodservice		U.S. Convenient Meals		U.S. Grocery		U.S. Snacks & Cereals		Kraft North America Commercial		Europe, Middle East & Africa		Latin America & Asia Pacific		Kraft Int’l Commercial		Total Kraft
Volume
2004 Volume	738		1,069		558		364		613		3,342		695		542		1,237		4,579
2003 Volume	655		1,036		544		370		590		3,195		685		559		1,244		4,439
% Change	12.7	%	3.2	%	2.6	%	(1.6	)%	3.9	%	4.6	%	1.5	%	(3.0	)%	(0.6	)%	3.2	%
Divested Businesses:
- Divested Businesses - 2003	—		—		—		—		—		—		(9	)	—		(9	)	(9	)
Ongoing Volume - Including Acquisitions
2004 Volume	738		1,069		558		364		613		3,342		695		542		1,237		4,579
2003 Volume	655		1,036		544		370		590		3,195		676		559		1,235		4,430
% Change	12.7	%	3.2	%	2.6	%	(1.6	) %	3.9	%	4.6	%	2.8	%	(3.0	) %	0.2	%	3.4	%
Memo: Acquired Businesses
Volume	96		14		1		—		—		111		—		—		—		111

(*)Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Net Revenues by Business Segment

For the Quarters Ended September 30, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Net Revenues	$	607		$	1,788		$	1,088		$	520		$	1,368		$	5,371		$	1,736		$	611		$	2,347		$	7,718
2003 Net Revenues	562			1,621			1,038			531			1,333			5,085			1,637			628			2,265			7,350
% Change	8.0		%	10.3		%	4.8		%	(2.1		)%	2.6		%	5.6		%	6.0		%	(2.7		)%	3.6		%	5.0		%
Reconciliation:
2003 Net Revenues	$	562		$	1,621		$	1,038		$	531		$	1,333		$	5,085		$	1,637		$	628		$	2,265		$	7,350
- Divested Businesses - 2004	—			—			—			—			—			—			—			4			4			4
- Divested Businesses - 2003	—			—			—			—			—			—			(27		)	(3		)	(30		)	(30		)
- Acquired Businesses	31			5			1			—			—			37			—			—			—			37
- Implementation Costs	—			—			—			—			(5		)	(5		)	—			—			—			(5		)
- Currency	—			13			—			—			—			13			91			(21		)	70			83
- Operations	14			149			49			(11		)	40			241			35			3			38			279
2004 Net Revenues	$	607		$	1,788		$	1,088		$	520		$	1,368		$	5,371		$	1,736		$	611		$	2,347		$	7,718
Memo: Ongoing, Constant Currency Revenues (1)
% Change	8.0		%	9.5		%	4.8		%	(2.1		)%	3.0		%	5.5		%	2.2		%	0.5		%	1.7		%	4.3		%

(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.

(*) Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Operating Companies Income by Business Segment

For the Quarters Ended September 30, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Operating Companies Income	$	118		$	279		$	209		$	196		$	254		$	1,056		$	167		$	57		$	224		$	1,280
2003 Operating Companies Income	133			282			222			187			261			1,085			235			97			332			1,417
% Change	(11.3		)%	(1.1		)%	(5.9		)%	4.8		%	(2.7		)%	(2.7		)%	(28.9		)%	(41.2		)%	(32.5		)%	(9.7		)%
Reconciliation:
2003 Operating Companies Income	$	133		$	282		$	222		$	187		$	261		$	1,085		$	235		$	97		$	332		$	1,417
- Divested Businesses - 2004	—			—			—			—			—			—			—			(1		)	(1		)	(1		)
- Divested Businesses - 2003	—			—			—			—			—			—			(3		)	—			(3		)	(3		)
- Asset Impairment and Exit Costs - 2004	—			(1		)	—			—			(4		)	(5		)	(36		)	(3		)	(39		)	(44		)
- Asset Impairment and Exit Costs - 2003	—			—			—			—			—			—			6			—			6			6
- Implementation Costs - 2004	—			(1		)	—			—			(3		)	(4		)	(3		)	—			(3		)	(7		)
- Gains/(Losses) on Sales of Businesses - 2004	—			—			—			—			—			—			—			(8		)	(8		)	(8		)
- (Gains)/Losses on Sales of Businesses - 2003	—			—			—			—			—			—			(23		)	—			(23		)	(23		)
- Currency	—			3			—			—			—			3			11			(4		)	7			10
- Operations	(15		)	(4		)	(13		)	9			—			(23		)	(20		)	(24		)	(44		)	(67		)
2004 Operating Companies Income	$	118		$	279		$	209		$	196		$	254		$	1,056		$	167		$	57		$	224		$	1,280

(*) Due to a change for Discontinued Operations, results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Volume by Business Segments

For the Quarters Ended December 31, (*)

(pounds in millions)

	U.S. Beverages		U.S. Cheese, Canada & North America Foodservice		U.S. Convenient Meals		U.S. Grocery		U.S. Snacks & Cereals		Kraft North America Commercial		Europe, Middle East & Africa		Latin America & Asia Pacific		Kraft Int’l Commercial		Total Kraft
Volume
2004 Volume	657		1,232		530		412		632		3,463		837		641		1,478		4,941
2003 Volume	552		1,189		506		411		602		3,260		867		653		1,520		4,780
% Change	19.0	%	3.6	%	4.7	%	0.2	%	5.0	%	6.2	%	(3.5	)%	(1.8	)%	(2.8	)%	3.4	%
Divested Businesses:
- Divested Businesses - 2003	—		—		—		—		—		—		(9	)	—		(9	)	(9	)
Ongoing Volume - Including Acquisitions
2004 Volume	657		1,232		530		412		632		3,463		837		641		1,478		4,941
2003 Volume	552		1,189		506		411		602		3,260		858		653		1,511		4,771
% Change	19.0	%	3.6	%	4.7	%	0.2	%	5.0	%	6.2	%	(2.4	)%	(1.8	)%	(2.2	)%	3.6	%
Memo: Acquired Businesses
Volume	86		15		—		—		—		101		—		4		4		105

(*) Due to a change for Discontinued Operations, prior period results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Net Revenues by Business Segment

For the Quarters Ended December 31, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Net Revenues	$	594		$	2,086		$	1,061		$	625		$	1,435		$	5,801		$	2,261		$	722		$	2,983		$	8,784
2003 Net Revenues	535			1,879			965			606			1,348			5,333			2,152			722			2,874			8,207
% Change	11.0		%	11.0		%	9.9		%	3.1		%	6.5		%	8.8		%	5.1		%	0.0		%	3.8		%	7.0		%
Reconciliation:
2003 Net Revenues	$	535		$	1,879		$	965		$	606		$	1,348		$	5,333		$	2,152		$	722		$	2,874		$	8,207
- Divested Businesses - 2003	—			—			—			—			—			—			(24		)	(10		)	(34		)	(34		)
- Acquired Businesses	24			8			—			—			—			32			—			2			2			34
- Implementation Costs	(1		)	—			—			(1		)	—			(2		)	—			—			—			(2		)
- Currency	—			39			—			—			—			39			182			(8		)	174			213
- Operations	36			160			96			20			87			399			(49		)	16			(33		)	366
2004 Net Revenues	$	594		$	2,086		$	1,061		$	625		$	1,435		$	5,801		$	2,261		$	722		$	2,983		$	8,784
Memo: Ongoing, Constant Currency Revenues (1)
% Change	11.2		%	8.9		%	9.9		%	3.3		%	6.5		%	8.1		%	(2.3		)%	2.5		%	(1.1		)%	4.9		%

(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.

(*) Due to a change for Discontinued Operations, prior period results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Operating Companies Income by Business Segment

For the Quarters Ended December 31, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Operating Companies Income	$	53		$	292		$	178		$	218		$	206		$	947		$	221		$	79		$	300		$	1,247
2003 Operating Companies Income	104			345			171			199			220			1,039			344			123			467			1,506
% Change	(49.0		)%	(15.4		)%	4.1		%	9.5		%	(6.4		)%	(8.9		)%	(35.8		)%	(35.8		)%	(35.8		)%	(17.2		)%
Reconciliation:
2003 Operating Companies Income	$	104		$	345		$	171		$	199		$	220		$	1,039		$	344		$	123		$	467		$	1,506
- Divested Businesses - 2003	—			—			—			—			—			—			(2		)	—			(2		)	(2		)
- Asset Impairment and Exit Costs - 2004	1			(21		)	(33		)	1			(50		)	(102		)	(31		)	(6		)	(37		)	(139		)
- Integration Costs - 2003	(3		)	(1		)	(2		)	(7		)	—			(13		)	—			—			—			(13		)
- Implementation Costs - 2004	(4		)	(6		)	(4		)	(4		)	(9		)	(27		)	(5		)	(1		)	(6		)	(33		)
- Gains/(Losses) on Sales of Businesses - 2004	—			—			—			—			—			—			5			—			5			5
- (Gains)/Losses on Sales of Businesses - 2003	—			—			—			—			—			—			(8		)	—			(8		)	(8		)
- Investment Impairment	—			—			—			—			—			—			(47		)	—			(47		)	(47		)
- Currency	—			8			—			—			—			8			22			(3		)	19			27
- Operations	(45		)	(33		)	46			29			45			42			(57		)	(34		)	(91		)	(49		)
2004 Operating Companies Income	$	53		$	292		$	178		$	218		$	206		$	947		$	221		$	79		$	300		$	1,247

(*) Due to a change for Discontinued Operations, prior period results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Volume by Business Segments

For the Years Ended December 31, (*)

(pounds in millions)

	U.S. Beverages		U.S. Cheese, Canada & North America Foodservice		U.S. Convenient Meals		U.S. Grocery		U.S. Snacks & Cereals		Kraft North America Commercial		Europe, Middle East & Africa		Latin America & Asia Pacific		Kraft Int’l Commercial		Total Kraft
Volume
2004 Volume	2,968		4,527		2,205		1,690		2,424		13,814		2,915		2,273		5,188		19,002
2003 Volume	2,634		4,373		2,171		1,678		2,389		13,245		2,953		2,295		5,248		18,493
% Change	12.7	%	3.5	%	1.6	%	0.7	%	1.5	%	4.3	%	(1.3	)%	(1.0	)%	(1.1	)%	2.8	%
Divested Businesses:
- Divested Businesses - 2004	—		—		—		—		—		—		—		(1	)	(1	)	(1	)
- Divested Businesses - 2003	—		—		—		—		—		—		(49	)	(1	)	(50	)	(50	)
Ongoing Volume - Including Acquisitions
2004 Volume	2,968		4,527		2,205		1,690		2,424		13,814		2,915		2,272		5,187		19,001
2003 Volume	2,634		4,373		2,171		1,678		2,389		13,245		2,904		2,294		5,198		18,443
% Change	12.7	%	3.5	%	1.6	%	0.7	%	1.5	%	4.3	%	0.4	%	(1.0	)%	(0.2	)%	3.0	%
Memo: Acquired Businesses
Volume	299		47		3		—		—		349		40		4		44		393

(*) Due to a change for Discontinued Operations, prior year results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Net Revenues by Business Segment

For the Years Ended December 31, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Net Revenues	$	2,555		$	7,420		$	4,250		$	2,425		$	5,410		$	22,060		$	7,522		$	2,586		$	10,108		$	32,168
2003 Net Revenues	2,433			6,716			4,058			2,388			5,342			20,937			7,014			2,547			9,561			30,498
% Change	5.0		%	10.5		%	4.7		%	1.5		%	1.3		%	5.4		%	7.2		%	1.5		%	5.7		%	5.5		%
Reconciliation:
2003 Net Revenues	$	2,433		$	6,716		$	4,058		$	2,388		$	5,342		$	20,937		$	7,014		$	2,547		$	9,561		$	30,498
- Divested Businesses - 2004	—			—			—			—			—			—			—			19			19			19
- Divested Businesses - 2003	—			—			—			—			—			—			(115		)	(30		)	(145		)	(145		)
- Acquired Businesses	94			20			3			—			—			117			21			2			23			140
- Implementation Costs	(1		)	—			—			(1		)	(5		)	(7		)	—			—			—			(7		)
- Currency	—			164			—			—			—			164			649			25			674			838
- Operations	29			520			189			38			73			849			(47		)	23			(24		)	825
2004 Net Revenues	$	2,555		$	7,420		$	4,250		$	2,425		$	5,410		$	22,060		$	7,522		$	2,586		$	10,108		$	32,168
Memo: Ongoing, Constant Currency Revenues (1)
% Change	5.1		%	8.0		%	4.7		%	1.6		%	1.4		%	4.6		%	(0.4		)%	1.0		%	(0.0		)%	3.2		%

(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure

(*) Due to a change for Discontinued Operations, prior year results have been restated.

KRAFT FOODS INC.

and Subsidiaries

Operating Companies Income by Business Segment

For the Years Ended December 31, (*)

($ in millions)

	U.S. Beverages			U.S. Cheese, Canada & North America Foodservice			U.S. Convenient Meals			U.S. Grocery			U.S. Snacks & Cereals			Kraft North America Commercial			Europe, Middle East & Africa			Latin America & Asia Pacific			Kraft Int’l Commercial			Total Kraft
2004 Operating Companies Income	$	479		$	989		$	771		$	894		$	737		$	3,870		$	683		$	250		$	933		$	4,803
2003 Operating Companies Income	630			1,271			817			894			1,046			4,658			1,002			391			1,393			6,051
% Change	(24.0		)%	(22.2		)%	(5.6		)%	0.0		%	(29.5		)%	(16.9		)%	(31.8		)%	(36.1		)%	(33.0		)%	(20.6		)%
Reconciliation:
2003 Operating Companies Income	$	630		$	1,271		$	817		$	894		$	1,046		$	4,658		$	1,002		$	391		$	1,393		$	6,051
- Divested Businesses - 2004	—			—			—			—			—			—			—			1			1			1
- Divested Businesses - 2003	—			—			—			—			—			—			(17		)	(2		)	(19		)	(19		)
- Asset Impairment and Exit Costs - 2004	(9		)	(111		)	(41		)	(8		)	(222		)	(391		)	(180		)	(32		)	(212		)	(603		)
- Asset Impairment and Exit Costs - 2003	—			—			—			—			—			—			6			—			6			6
- Integration Costs - 2003	(3		)	(1		)	(2		)	(7		)	—			(13		)	—			—			—			(13		)
- Implementation Costs - 2004	(4		)	(8		)	(4		)	(6		)	(18		)	(40		)	(9		)	(1		)	(10		)	(50		)
- Gains/(Losses) on Sales of Businesses - 2004	—			—			—			—			—			—			5			(8		)	(3		)	(3		)
- (Gains)/Losses on Sales of Businesses - 2003	—			—			—			—			—			—			(31		)	—			(31		)	(31		)
- Investment Impairment	—			—			—			—			—			—			(47		)	—			(47		)	(47		)
- Currency	—			29			—			—			—			29			78			(9		)	69			98
- Operations	(135		)	(191		)	1			21			(69		)	(373		)	(124		)	(90		)	(214		)	(587		)
2004 Operating Companies Income	$	479		$	989		$	771		$	894		$	737		$	3,870		$	683		$	250		$	933		$	4,803

(*) Due to a change for Discontinued Operations, prior year results have been restated.