Mondelez International 8K Kraft Foods Details Strong 2011 Operating Results | MDLZ 21 Feb 12

Kraft Foods

February 21, 2012

CAGNY Conference

Exhibit 99.2

Forward-looking statements

This

slide

presentation

contains

number

forward-looking

statements.

The

words

“believe,”

“expect,”

“anticipate,”

“optimistic,”

“intend,”

“plan,”

“goals,”

“may,”

“aim,”

“will”

and

similar

expressions

are

intended

identify

our

forward-looking

statements.

Examples

forward-looking

statements

include,

but

are

not

limited

to,

statements

make

regarding

our

virtuous

cycle

growth;

our

5-10-10

strategy;

Kraft

Foods

Developing

Markets

and

Kraft

Foods

Europe

growth

2012;

the

2012

environment;

the

three

priorities

for

the

grocery

and

snacks

businesses’

success;

Power

Brands

and

2012

organic

growth;

product

line

pruning;

factors

that

will

drive

2012

results;

2012

top-line

momentum;

Cadbury

revenue

synergies;

cost

management;

2012

top-tier

growth;

one-time

and

refinancing

costs;

launching

two

investment

grade

companies;

sustainable,

top-tier

performance;

expectations

for

the

North

American

grocery

and

Global

snacks

companies;

steps

the

spin-off;

and

what

shareholders

can

expect

from

2012.

These

forward-looking

statements

involve

risks

and

uncertainties,

many

which

are

beyond

our

control,

and

important

factors

that

could

cause

actual

results

differ

materially

from

those

the

forward-looking

statements

include,

but

are

not

limited

to,

increased

competition,

pricing

actions,

continued

volatility

commodity

costs,

increased

costs

sales,

our

indebtedness

and

our

ability

pay

our

indebtedness,

risks

from

operating

globally,

our

failure

successfully

execute

developing

markets,

our

failure

recognize

the

synergies

from

our

combination

with

Cadbury;

our

failure

launch

two

successful

independent

companies;

and

tax

law

changes.

For

additional

information

these

and

other

factors

that

could

affect

our

forward-looking

statements,

see

our

risk

factors,

they

may

amended

from

time

time,

set

forth

our

filings

with

the

SEC,

including

our

most

recently

filed

Annual

Report

Form

10-K

and

subsequent

reports

Forms

10-Q

and

8-K.

disclaim

and

not

undertake

any

obligation

update

revise

any

forward-looking

statement

this

slide

presentation,

except

as required

by applicable law or regulation.

Agenda

•

Driving sustainable, top-tier growth

•

Building on success in North America

•

2012 guidance

•

The path to separation

Irene Rosenfeld

Chairman and CEO

Virtuous cycle of growth is paying off

Focus on Power

Brands

+8% in 2011

Drive Top-Tier Growth

Organic Net Revenue

+6.6%

(1)

Reported Net Revenue growth was 10.5%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Strong growth in global snacks portfolio

•

Global Biscuits +9%

–

Developing Markets up double-digits

–

Developed Markets up mid-single digits

•

Global Chocolate +6%

–

Developing Markets up double digits

–

Developed Markets up slightly

•

Global Gum & Candy +1%

–

Developing Markets up high-single digits

–

Developed Markets down mid-single digits

(1) Reflects FY 2011 Organic Net Revenue Growth. Reported FY 2011 Net Revenue growth was 11.5% for Biscuits,

16.1% for Chocolate and 11.8% for Gum & Candy. Global Biscuits includes snack nuts. See GAAP to Non-GAAP

reconciliation at the end of this presentation.

(1)

Delivering top-tier organic growth

Organic

Revenue

Growth

(Fiscal

Year)

2009

2010

2011

(1)

(2)

(4)

(2)

(3)

(2)

General Mills

8.5%

Danone

6.9%

Danone

7.8%

ConAgra

7.7%

Hershey

6.1%

Nestlé

7.5%

Heinz

5.5%

Coca-Cola

6.0%

Hershey

6.9%

Nestlé

4.1%

Nestlé

6.0%

Kraft Foods

6.6%

Coca-Cola

4.0%

General Mills

4.0%

PepsiCo

5.0%

Hershey

4.0%

PepsiCo

3.5%

Sara Lee

4.9%

PepsiCo

4.0%

Kraft Foods

3.1/3.2%

Kellogg

4.5%

Danone

3.2%

Heinz

2.1%

Coca-Cola

4.0%

Campbell

3.0%

ConAgra

(0.8)%

General Mills

2.0%

Kellogg

3.0%

Kellogg

(1.3)%

Heinz

1.9%

Sara Lee

2.7%

Campbell

(2.0)%

ConAgra

1.1%

Kraft Foods

1.5%

Sara Lee

(2.8)%

Campbell

(1.0)%

* Source: Thomson First Call.

(1)

Reported Net Revenue growth was 27.0%; Combined Organic Net Revenue Growth was 3.1%; Kraft Foods Base Organic Net Revenue growth

was 3.2%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Per company reports.

(3)

Reported net revenue growth was 10.5%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(4)

Reflects Wall Street estimate.

Virtuous cycle of growth is paying off

Focus on Power

Brands

+8% in 2011

Reduce Costs

Productivity

>4%% COGS

Drive Top-Tier Growth

Organic Net Revenue

+6.6%

(1)

Reported Net Revenue growth was 10.5%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Virtuous cycle of growth is paying off

Focus on Power

Brands

+8% in 2011

Reduce Costs

Productivity

>4%% COGS

Leverage Overheads

% of NR down (60)bps

(2)

Drive Top-Tier Growth

Organic Net Revenue

+6.6%

(1)

Reported Net Revenue growth was 10.5%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Underlying overheads as a % of net revenue excludes Integration Program costs, acquisition-related costs and costs associated with the proposed spin-off of the North American

grocery business. Reported overheads as a % of net revenue was down (130) bps versus 2010. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Virtuous cycle of growth is paying off

Focus on Power

Brands

+8% in 2011

Reinvest in Growth

A&C 8% of NR

NPD 10%+ of NR

Reduce Costs

Productivity

>4%% COGS

Leverage Overheads

% of NR down (60)bps

(2)

Drive Top-Tier Growth

Organic Net Revenue

+6.6%

(1)

Reported Net Revenue growth was 10.5%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Underlying overheads as a % of net revenue excludes Integration Program costs, acquisition-related costs and costs associated with the proposed spin-off of the North American

grocery business. Reported overheads as a % of net revenue was down (130) bps versus 2010. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Operating gains fueling EPS growth

2010

Diluted

EPS

2010

Adjustments

(1)

Operating

Gains

(2)

Other,

net

(3)

2011

Operating

EPS

(5)

$2.39

$(0.37)

$0.25

$0.02

$2.29

2010

Operating

EPS

(5)

$2.02

Non-

Operating

Items

(4)

$(0.30)

2011

Diluted

EPS

$1.99

+13%

+10% constant FX

(1)

2010 Adjustments include earnings and gain from discontinued operations, acquisition-related costs, Integration Program costs and the U.S. Healthcare legislation

impact on deferred taxes.

(3)

“Other, net” includes the impact of: decreases in operating income from divestitures, primarily the loss of the Starbucks CPG business; the increase in operations from

one month of Cadbury; the change in restructuring accrual reversals and asset impairments; the change in unrealized gains/losses

from hedging activities; favorable foreign currency; higher interest expense; changes in taxes; and changes in shares outstanding.

(4)

Non-operating items include Integration Program costs and costs related to the proposed spin-off of the North American Grocery business.

(5)

See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Includes

the

benefit

accounting

calendar

changes

(including

the

impact

the

week

shipments).

Delivering top-tier earnings growth

2009

2010

2011

(2)

(4)

(3)

(4)

Operating EPS Growth

(1)

Hershey

15.4%

Hershey

17.5%

Kraft Foods

13.4%

General Mills

13.1%

General Mills

15.6%

Hershey

10.6%

Heinz

10.3%

ConAgra

14.5%

Coca-Cola

10.0%

Kraft Foods

8.0%

Coca-Cola

14.1%

General Mills

7.8%

Campbell

6.2%

PepsiCo

11.3%

Heinz

7.3%

Kellogg

5.7%

Campbell

11.3%

Danone

6.6%

PepsiCo

0.8%

Nestlé

7.4%

PepsiCo

6.5%

Nestlé

0.7%

Danone

5.4%

Campbell

2.8%

Danone

(0.8)%

Kraft Foods

4.7%

Sara Lee

2.6%

Coca-Cola

(2.9)%

Kellogg

4.4%

Kellogg

2.4%

Sara Lee

(15.2)%

Heinz

(1.0)%

ConAgra

0.6%

ConAgra

(20.0)%

Sara Lee

(9.5)%

Nestlé

(7.2)%

(1)

Source: Thomson First Call.

(2)

Represents

Operating

EPS.

Diluted

EPS

declined

17.7%.

See

GAAP

Non-GAAP

reconciliation

the

end

this

presentation.

(3)

Diluted EPS declined 16.7%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(4)

Per company reports.

Kraft Foods Developing Markets

Sanjay Khosla

President

Kraft Foods Developing Markets

Kraft Foods Developing Markets is driving a

virtuous cycle

Focus on Power

Brands

+17% in 2011

(1)

Reported

Net

Revenue

growth

was

16.2%.

See

GAAP

Non-GAAP

reconciliation

the

end

this

presentation.

Drive Top-Tier Growth

Organic Net Revenue

+11.2%

(1)

5-10-10 strategy drives revenue growth

Categories

2.7%

7.1%

2011 $ Growth

Source: 52-weeks ending Dec. 24, 2011. 4-outlet data, Nielsen.

Kraft Foods North America is driving a

virtuous cycle

Focus on Power

Brands

+4.5% in 2011

Leverage Overheads

% of NR down (60)bps

(2)

Drive Top-Tier Growth

Organic Net Revenue

+4.8%

(1)

Reduce Costs

Productivity

>4% COGS

(1)

Reported Net Revenue growth was 5.1%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Reflects underlying overheads as a % of net revenue, which excludes Integration Program costs, acquisition-related costs and costs associated with the proposed spin-off of the North

American grocery business. Reported overheads as a % of net revenue was down (60) bps versus 2010. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Focus on cost reduction is paying off

Productivity as % of

Cost of Goods Sold

4.0%

4.4%

Overheads as % of

Net Revenue

(1)

12.0%

11.4%

(1)

Reflects underlying overheads as a % of net revenue, which excludes Integration Program costs, acquisition-related costs and

costs associated with the proposed spin-off of the North American grocery business. Reported overheads as a % of net revenue

were 12.2% and 11.6% in 2010 and 2011, respectively. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Reflects Kraft Foods base business only.

(3)

Pro forma combined Kraft Foods base business and Cadbury.

3.5%

(2)

12.6%

(3)

2009

2010

2011

2009

2010

2011

Kraft Foods North America is driving a

virtuous cycle

Focus on Power

Brands

+4.5% in 2011

Leverage Overheads

% of NR down (60)bps

(2)

Reinvest in Growth

A&C 6% of NR

NPD 9% of NR

Drive Top-Tier Growth

Organic Net Revenue

+4.8%

(1)

Reduce Costs

Productivity

4.4% COGS

(1)

Reported Net Revenue growth was 5.1%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Reflects underlying overheads as a % of net revenue, which excludes Integration Program costs, acquisition-related costs and costs associated with the proposed spin-off of the North

American grocery business. Reported overheads as a % of net revenue was down (60) bps versus 2010. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Distorting brand building investments to

Power Brands

KFNA A&C as a Percentage of Net Revenues

(1)

(1) Pro forma for Cadbury acquisition.

A&C % of net revenues for total KFNA

A&C % of net revenues for KFNA Power Brands

6.2%

6.5%

6.3%

6.6%

7.2%

2009

2010

2011

Driving growth in our iconic brands

+12%

+5%

+8%

+9%

+6%

+11%

+7%

+20%

+44%

+5%

Stepping up growth from new products

(1)

Reflects percentage of net revenue derived from products introduced within the prior 3 years.

(2)

Reflects Kraft Foods base business only.

New Product Development as % of Net Revenue

6.5%

(1)

(2)

2009

2010

2011

•

Weak GDP rebound

•

High unemployment

•

Commodity costs

expected to remain

high / volatile

•

Low consumer

confidence, but

improving

•

F&B demand

recovering, but

remains weak

•

Value focus will

remain; more than

just low price

•

Rising prices driving

dollar growth but

volume softness

•

Dynamic retail

environment

•

Customers looking

for Kraft to bring

category leadership,

innovation, value

and H&W

Economy

Consumer

Customer

2012 environment will remain difficult

Three priorities will position both grocery and

snacks businesses for success

Strategically distort portfolio

–

Drive break-through innovation

–

Skew A&C investments to Power Brands

–

Discontinue products with low profitability

2012 Innovation

•

Higher-than-average gross margins

•

Vibrant categories

•

Outsized investments behind product news

A&C investments skewed to 21 Power Brands

will drive 2012 organic growth

Selective product line pruning will

improve mix

•

Eliminating product lines with low profitability

–

40% from North America Foodservice

–

60% from other business units

•

Impacts organic net revenue growth

–

Up to 2 percentage points in North America

–

Up to 1 percentage point for total Kraft

•

Manageable impact to operating income

Three priorities will position both grocery and

snacks businesses for success

Strategically distort portfolio

Drive towards best-in-class costs

–

Deliver productivity of 4%+

–

Streamline manufacturing and distribution networks

–

Reduce overhead

Realigning U.S. Sales organization

Grocery

Business

Snacks

Business

Retail Execution

HQ Sales

Three priorities will position both grocery and

snacks businesses for success

Strategically distort portfolio

Drive towards best-in-class costs

Reignite a winning culture

–

Spirit of a start up, soul of a powerhouse

–

Recruit the best talent

–

Reinvest in our employees

Summary

•

Kraft Foods North America is driving a

virtuous cycle

•

We will continue to deliver industry-leading

results

•

We will launch two businesses positioned

for success

Executive Vice President

and CFO

2012 Guidance

Dave Brearton

2012 results will be driven by multiple factors

•

Strong organic growth from Power Brands

•

Full Cadbury synergies

•

Further gains from End-to-End Cost

Management

•

One-time costs to achieve peak performance

•

Financing costs to execute the separation

2012 will benefit from the tailwind of top-line

momentum in each region

Kraft

Foods

(1)

+6.6%

+4.8%

North

America

(1)

+4.6%

Europe

(1)

+11.2%

Developing

Markets

(1)

Pricing

Vol/Mix

6.0

0.6

6.1

(1.3)

4.4

0.2

7.3

3.9

2011 Organic Net Revenue Growth

(1)

Reported Net Revenues in FY 2011 increased 10.5%, 5.1%, 14.9% and 16.2% for Kraft Foods, North America, Europe and

Developing Markets, respectively. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Cadbury revenue synergies will escalate

•

Achieved $400 million revenue run-rate

–

Drove 2011 revenue synergies of $300+ million

–

~60 bps of growth

•

On-track to reach $1 billion target

–

Roughly two-thirds from Developing Markets

–

50-100 bps of growth in 2012

Exceeding Cadbury cost synergy targets

(Cumulative P&L Impact, % of Original $750 Million Target)

Cost Synergies

~25%

~80%

105%+

~15%

Actual

2011

2012

Original

Estimate

2010

Actual

Original

Estimate

~70%

~$800

Million

End-to-End Cost Management will drive

further gains

•

Productivity

–

Procurement

–

Manufacturing

–

Customer Service & Logistics

•

Overhead Cost Reset

–

North America: NOG

–

Europe: NOG

–

Developing Markets: HOG

Productivity % of COGS

Overheads % of Net Revenue

~4%

4%+

2010

2012E

2011

13.8%

14.4%

13%-13.5%

2010

2012E

2011

(2)

(3)

(4)

(1)

Kraft Foods Base Business only

(2)

Excludes integration and acquisition-related costs associated with the Cadbury acquisition, and costs associated with the proposed spin-off of

the North American grocery business.

(3)

Reported Overheads as a % of Net revenues for FY 2010 was 16.0%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(4)

Reported Overheads as a % of Net revenues for FY 2011 was 14.7%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Targeting top-tier growth in 2012

•

Organic revenue growth consistent with

5%+ long-term guidance

Strong momentum, Power Brands in each region

Revenue synergies from Cadbury

Low/mid-single-digit benefit from pricing

–

Macroeconomic environment

–

Product pruning in North America of up to 1 pp

Organic Net Revenue growth

of approximately 5%

Targeting top-tier growth in 2012

•

Organic revenue growth consistent with

5%+ long-term guidance

•

Operating EPS growth consistent with

9%-11% constant-currency, long-term guidance

Strong operating momentum

Further gains from End-to-End Cost Management, synergies

–

Pension cost headwind ~4 pp

–

Higher effective tax rate (~28%)

Constant Currency Operating EPS growth

at low end of 9%-11% range

Setting up each company for future success

•

“Clean sheet”

approach

–

Lean corporate structures

–

Tailoring support functions to needs of each company

–

Streamlining manufacturing and distribution infrastructures

•

Transition and transaction costs to execute

separation

•

$1.6-$1.8 billion of one-time costs

–

Approximately two-thirds in cash

–

Most expected to be booked in 2012

•

Key enabler to achieving peak performance for

each company

Refinancing costs to be incurred

to set up capital structures

•

Debt breakage and financing fees from

migrating debt to North American grocery

•

$400 million to $800 million cost

Generating strong free cash flow

(1)

Adjusted free cash flow is defined as net cash from operating activities less capital expenditures plus voluntary pension

contributions and taxes paid on the gain on the 2010 sale of North America pizza business. See GAAP to Non-GAAP

reconciliation at the end of this presentation.

Adjusted

Free

Cash

Flow

(1)

($ billions)

$2.3

$2.8

$4.2

$3.3

$3.2

2007

2008

2009

2010

2011

Well-positioned to launch two investment

grade companies with access to CP

•

Successfully delevered from Cadbury acquisition

–

Gross debt-to-underlying EBITDA of 3.1x

–

Total debt down $4+ billion since March 2010

•

Taking actions to create space, flexibility

–

Issued $800 million floating rate notes in Jan. 2012

–

More to come

•

Several options to migrate debt to North

American grocery company

Driving sustainable, top-tier performance

for the long term

•

Top-tier operating performance on both

top and

bottom lines

•

Setting stage for strong, future gains through a

clean-sheet approach

•

On track to launch two investment-grade

entities with low-cost debt

The Path to Separation

Irene Rosenfeld

Chairman and CEO

North American grocery will be a major force

in the industry

U.S. Beverages

16%

$18 Billion in Revenues*

U.S. Cheese

21%

U.S. Convenient

Meals

18%

U.S. Grocery

25%

Canada &

NA Foodservice

20%

Growth in line with

categories

Strong margins with

upside opportunity

Highly competitive

dividend payout

* Based

2011

reported

net

revenues

adjusted

for the

week

shipments

and

divestitures,

including

the

Starbucks

CPG

business.

Includes Planters. All figures are unaudited.

Latin

America

CEEMA

Asia

Pacific

Europe

37%

North

America

19%

Developing

Markets

44%

$35 Billion in Revenues*

Industry-leading growth

Drive margin gains

through revenue growth

and cost containment

Invest to support future

growth

Top-tier EPS growth plus

a modest dividend

* Based

2011

reported

net

revenues

adjusted

for

accounting

calendar

changes,

the

53rd

week

shipments

and

divestitures.

Excludes Planters. All figures are unaudited.

Global snacks’

geographic profile is unique

within consumer products

What’s next

•

Continue to report as one company

•

Initial Form 10 filing, carve-out financials in Q2

•

Tax Rulings around mid-year

•

Management structures and personnel decisions

finalized by mid-year

•

Complete separation no later than

Dec. 31, 2012

•

Investor events close to separation date

2012 will be an exciting year for Kraft Foods

and our shareholders

•

Strong operating momentum

•

Executing separation from position of strength

•

The best is yet to come!

Kraft Foods

Organic Net

Revenue

Growth

(1)

•

Revenue growth in top-tier of

peer group

–

Positive vol/mix despite significant

pricing

•

Power Brands +8%

•

Underlying OI +10%

(3)

–

Pricing fully covered $2.6 billion

increase in raw material costs

•

Underlying OI Margin

essentially flat due to

denominator effect of pricing

FY 2011

+6.6%

Pricing

+6.0 pp

Vol/Mix

+0.6 pp

Operating

Income Margin

FY 2010

FY 2011

11.5%

(reported)

13.3%

13.4%

12.2%

(reported)

(2)

(1)

Reported Net Revenues increased 10.5% in FY 2011. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Underlying Operating Income margin excludes Integration Program costs, acquisition-related costs and costs associated with the

proposed spin-off of the North American grocery business. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(3)

Reported Operating Income increased 17.5%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Kraft Foods North America

Organic Net

Revenue

Growth

(1)

•

Pricing and new products drove

revenue growth

–

Vol/mix in line with expectations

–

Power Brands +6%

–

New products contributed 9%+

of revenue

•

Underlying SOI +4%

(3)

–

(3)pp impact from divestitures,

primarily Starbucks CPG business

–

Pricing fully covered increase in

raw material costs

•

Underlying SOI Margin

essentially flat due to

denominator effect of pricing

FY 2011

+4.8%

Pricing

+6.1 pp

Vol/Mix

(1.3)pp

Segment Operating

Income Margin

FY 2010

FY 2011

16.8%

(reported)

16.8%

17.0%

16.5%

(reported)

(2)

(1)

Reported Net Revenues increased 5.1% in FY 2011. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Underlying Operating Income margin excludes Integration Program costs, acquisition-related costs and costs associated

with the proposed spin-off of the North American grocery business. See GAAP to Non-GAAP reconciliation at the end of

this presentation.

(3)

Reported Operating Income increased 3.6%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

Kraft Foods Europe

Organic Net

Revenue

Growth

(1)

•

Strong performance in each

quarter this year

–

8 straight quarters of top-

and

bottom-line gains

–

Positive vol/mix despite significant

pricing

•

Power Brands +7%

•

Underlying SOI +19%

(3)

–

Pricing and productivity essentially

covered increase in raw material

costs

FY 2011

+4.6%

Pricing

+4.4 pp

Vol/Mix

+0.2 pp

Segment Operating

Income Margin

FY 2010

FY 2011

9.6%

(reported)

12.4%

12.0%

(1)

Reported Net Revenues increased 14.9% in FY 2011. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Underlying Operating Income margin excludes Integration Program costs, acquisition-related costs and costs associated

with the proposed spin-off of the North American grocery business. See GAAP to Non-GAAP reconciliation at the end of this

presentation

(3)

Reported Operating Income increased 26.1%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

10.5%

(reported)

(2)

Kraft Foods Developing Markets

Organic Net

Revenue

Growth

(1)

•

Strong revenue performance in

each region despite volatile

market conditions

–

Latin America and Asia Pacific

both up double-digits

–

CEEMA up high single-digits

•

Power Brands +17%

•

Underlying SOI +24%

–

Pricing fully covered increase in

raw material costs

–

Vol/mix and overhead leverage

drove margin expansion

FY 2011

+11.2%

Pricing

+7.3 pp

Vol/Mix

+3.9 pp

Segment Operating

Income Margin

FY 2010

FY 2011

11.6%

(reported)

14.0%

13.1%

13.0%

(reported)

(2)

(1)

Reported Net Revenues increased 16.2% in FY 2011. See GAAP to Non-GAAP reconciliation at the end of this presentation.

(2)

Underlying Operating Income margin excludes Integration Program costs, acquisition-related costs and costs associated with the

proposed spin-off of the North American grocery business. See GAAP to Non-GAAP reconciliation at the end of this presentation

(3)

Reported Operating Income increased 30.2%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

GAAP to Non-GAAP Reconciliation

As Reported

(GAAP)

Impact of

Divestitures

Impact of

Acquisitions

(2)

Impact of

Integration

Program

Impact of

Accounting

Calendar

Changes

(3)

Impact of

Currency

Organic

(Non-GAAP)

As Reported

(GAAP)

Organic

(Non-GAAP)

2011

Biscuits

12,010

(235)

(219)

11,556

11.5%

8.7%

Confectionery

Chocolate

9,607

(287)

(143)

(361)

8,816

16.1%

6.4%

Gum & Candy

5,575

(379)

(2)

(151)

5,044

11.6%

1.0%

Other Confectionery

293

(3)

(6)

(7)

277

(32.6)%

(12.9)%

15,475

(669)

(151)

(519)

14,137

12.9%

4.0%

Snacks

(1)

27,485

(669)

(386)

(738)

25,693

12.3%

6.1%

2010

Biscuits

10,775

(147)

10,628

Confectionery

Chocolate

8,276

(3)

8,285

Gum & Candy

4,996

Other Confectionery

435

(117)

318

13,707

(106)

(3)

13,599

Snacks

(1)

24,482

(106)

(150)

24,227

Net Revenues to Organic Net Revenues by Consumer Sector

For the Twelve Months Ended December 31,

($ in millions, except percentages) (Unaudited)

Kraft Foods

% Change

(1)

Snacks is defined as the combination of the Biscuits sector, which includes cookies, crackers and salted snacks, and the Confectionery sector,

which includes chocolate, gum & candy and other confectionery.

(2)

Impact of acquisitions reflects the incremental January 2011 operating results from our Cadbury acquisition on February 2, 2010.

(3)

Includes

the

impacts

accounting

calendar

changes

and

the

week

shipments

2011.

GAAP to Non-GAAP Reconciliation

(1)

Impact of divestitures includes for reporting purposes Starbucks CPG business.

(2)

Impact of acquisitions reflects the incremental January 2011 operating results from our Cadbury acquisition on February 2, 2010.

(3)

As Reported

(GAAP)

Impact of

Divestitures

(1)

Impact of

Acquisitions

(2)

Impact of

Integration

Program

Impact of

Accounting

Calendar

Changes

(3)

Impact of

Currency

Organic

(Non-GAAP)

As Reported

(GAAP)

Organic

(Non-GAAP)

2011

Kraft Foods North America

25,188

(91)

(117)

(294)

(136)

24,550

5.1%

4.8%

Kraft Foods Europe

13,356

(201)

(403)

(632)

12,120

14.9%

4.6%

Kraft Foods Developing Markets

15,821

(379)

(183)

(397)

14,863

16.2%

11.2%

Kraft Foods

54,365

(91)

(697)

(880)

(1,165)

51,533

10.5%

6.6%

2010

Kraft Foods North America

23,966

(547)

23,419

Kraft Foods Europe

11,628

(45)

11,583

Kraft Foods Developing Markets

13,613

(105)

(148)

13,361

Kraft Foods

49,207

(652)

(193)

48,363

Net Revenues to Organic Net Revenues

For the Twelve Months Ended December 31,

($ in millions, except percentages) (Unaudited)

% Change

Includes

the

impacts

accounting

calendar

changes

and

the

week

shipments

2011.

GAAP to Non-GAAP Reconciliation

As Reported

(GAAP)

Impact of

Divestitures

Impact of

Acquisitions

(1)

Impact of

Integration

Programs

Impact of

Accounting

Calendar

Changes

Impact of

Currency

Organic

(Non-GAAP)

Impact of

Acquisitions -

Cadbury

(1)

Divestitures -

Cadbury's

Poland and

Romania

Operations

(1)

Impact of

Currency -

Cadbury

(1)

Cadbury

Organic

(Non-GAAP)

(1)

Combined

Organic

(Non-GAAP)

As Reported

(GAAP)

Organic

(Non-GAAP)

Cadbury

Organic

(Non-GAAP)

(1)

Combined

Organic

(Non-GAAP)

2010

Kraft Foods North America

23,966

(21)

(1,498)

$ ��

(251)

22,196

1,498

(35)

1,463

23,659

8.8%

1.1%

0.8%

1.1%

Kraft Foods Europe

11,628

(2,892)

(51)

267

8,952

2,892

2,983

11,935

32.6%

2.3%

0.7%

1.9%

Kraft Foods Developing Markets

13,613

(4,753)

(150)

8,726

4,753

(105)

(302)

4,346

13,072

71.1%

9.9%

5.1%

8.2%

Kraft Foods

49,207

(21)

(9,143)

(201)

39,874

9,143

(105)

(246)

8,792

48,666

27.0%

3.2%

2.9%

3.1%

2009

Kraft Foods North America

22,030

(80)

21,950

1,452

23,402

Kraft Foods Europe

8,768

(15)

8,753

2,961

11,714

Kraft Foods Developing Markets

7,956

(14)

7,942

4,341

(207)

4,134

12,076

Kraft Foods

38,754

(109)

38,645

8,754

(207)

8,547

47,192

(1)

Kraft Foods acquired Cadbury plc on February 2, 2010. Cadbury data, shown above, is for February through December 2010 and 2009, adjusted from IFRS to U.S. GAAP and translated to US$ from local countries' currencies.

Net Revenues to Combined Organic Net Revenues

For the Twelve Months Ended December 31,

($ in millions, except percentages) (Unaudited)

Add back:

% Change

GAAP to Non-GAAP Reconciliation

As Reported

(GAAP)

Integration

Program Costs

(1)

Acquisition-

Related Costs

(2)

Spin-off Costs

(3)

Underlying

(Non-GAAP)

As Reported

(GAAP)

Integration

Program Costs

(1)

Acquisition-

Related Costs

(2)

Underlying

(Non-GAAP)

Kraft Foods

Operating Income

6,657

521

7,224

5,666

646

273

6,585

Growth vs. Prior Year

17.5%

9.7%

Operating Income Margin

12.2%

13.3%

11.5%

13.4%

Kraft Foods North America

Segment Operating Income

4,167

4,233

4,021

4,082

Growth vs. Prior Year

3.6%

3.7%

Segment Operating Income Margin

16.5%

16.8%

17.0%

Kraft Foods Europe

Segment Operating Income

1,406

256

1,662

1,115

256

1,394

Growth vs. Prior Year

26.1%

19.2%

Segment Operating Income Margin

10.5%

12.4%

9.6%

12.0%

Kraft Foods Developing Markets

Segment Operating Income

2,053

161

2,214

1,577

181

1,783

Growth vs. Prior Year

30.2%

24.2%

Segment Operating Income Margin

13.0%

14.0%

11.6%

13.1%

(1)

Integration Program costs are defined as the costs associated with combining the Kraft Foods and Cadbury businesses,

and are separate from those costs associated with the acquisition.

(2)

Acquisition-related costs include transaction advisory fees, U.K. stamp taxes and the impact of the Cadbury inventory revaluation.

(3)

Spin-off costs include transaction fees and other costs associated with the proposed spin-off of the North American grocery business.

Operating Income To Underlying Operating Income

For the Twelve Months Ended December 31,

($ in millions, except percentages) (Unaudited)

2011

2010

GAAP to Non-GAAP Reconciliation

2011

Reported

(GAAP)

Integration

Program

Costs

(1)

Acquisition-

Related Costs

(2)

and Financing

Fees

(3)

U.S. Health Care

Legislation

Impact on

Deferred Taxes

Spin-off Costs

(4)

Operating

(Non-GAAP)

Currency

Operating

Constant Fx

(Non-GAAP)

Reported

EPS Growth

(GAAP)

Operating

EPS Growth

(Non-GAAP)

Operating

Constant

Fx EPS

Growth

(Non-GAAP)

Diluted EPS

Continuing operations

1.99

0.28

0.02

2.29

(0.06)

2.23

38.2%

13.4%

10.4%

Discontinued operations

Net earnings attributable to Kraft Foods

1.99

(16.7)%

2010

Diluted EPS

Continuing operations

1.44

0.29

0.21

0.08

2.02

Discontinued operations

0.95

Net earnings attributable to Kraft Foods

2.39

(1)

Integration Program costs are defined as the costs associated with combining the Kraft Foods and Cadbury businesses, and are separate from those costs

associated with the acquisition. Integration Program costs were $521 million, or $497 million after-tax including certain tax costs associated with the integration of Cadbury,

for the twelve months ended December 31, 2011, as compared to $657 million, or $497 million after-tax for the twelve months ended December 31, 2010.

(2)

Acquisition-related costs include transaction advisory fees, U.K. stamp taxes and the impact of the Cadbury inventory revaluation.

(3)

Acquisition-related financing fees include hedging and foreign currency impacts associated with the Cadbury acquisition and

other fees associated with the Cadbury bridge facility.

(4)

Spin-off costs include transaction fees and other costs associated with the proposed spin-off of the North American grocery business.

Diluted Earnings per Share to Operating EPS

For the Twelve Months Ended December 31,

(Unaudited)

% Growth

GAAP to Non-GAAP Reconciliation

As Reported

(GAAP)

Integration

Program

Costs

(1)

Acquisition-

Related Costs

(2)

and Financing

Fees

(3)

U.S. Health Care

Legislation

Impact on

Deferred Taxes

Operating

(Non-GAAP)

As Reported

EPS Growth

(GAAP)

Operating

EPS Growth

(Non-GAAP)

2010

Diluted EPS

- Continuing operations

1.44

0.29

0.21

0.08

2.02

(23.8)%

4.7%

- Discontinued operations

0.95

- Net earnings attributable to Kraft Foods

2.39

17.7%

2009

Diluted EPS

- Continuing operations

1.89

0.04

1.93

- Discontinued operations

0.14

- Net earnings attributable to Kraft Foods

2.03

(1)

Integration Program costs are defined as the costs associated with combining the Kraft Foods and Cadbury businesses, and are separate from those costs associated with

the acquisition.

(2)

Acquisition-related costs include transaction advisory fees, U.K. stamp taxes and the impact of the Cadbury inventory revaluation.

(3)

Acquisition-related financing fees include hedging and foreign currency impacts associated with the Cadbury acquisition and

other fees associated with the Cadbury bridge facility.

Diluted Earnings per Share to Operating EPS

For the Twelve Months Ended December 31,

(Unaudited)

% Growth

GAAP to Non-GAAP Reconciliation

As Reported

(GAAP)

Integration

Program

Costs

(1)

Acquisition-

Costs

(2)

Spin-off

Costs

(3)

Underlying

(Non-GAAP)

Currency

Underlying

Constant Fx

(Non-GAAP)

As Reported

(GAAP)

Integration

Program

Costs

Acquisition-

Costs

(2)

Underlying

(Non-GAAP)

As Reported

(GAAP)

Underlying

(Non-GAAP)

Underlying

Constant Fx

(Non-GAAP)

Kraft Foods

Net Revenues

54,365

54,366

(1,165)

53,201

49,207

49,208

Overheads

7,980

(405)

(46)

7,529

(174)

7,355

7,894

(574)

(218)

7,102

1.1%

6.0%

3.6%

Overheads as % of Net Revenues

14.7%

13.8%

16.0%

14.4%

(1.3)pp

(0.6)pp

Kraft Foods North America

Net Revenues

25,188

(136)

25,052

23,966

Overheads

2,932

(52)

2,880

(14)

2,866

2,933

(51)

2,882

(0.1%)

(0.6%)

Overheads as % of Net Revenues

11.6%

11.4%

12.2%

12.0%

(0.6)pp

Kraft Foods Europe

Net Revenues

13,356

(632)

12,724

11,628

Overheads

2,072

(170)

1,902

(93)

1,809

2,031

(209)

1,822

2.0%

4.4%

(0.7%)

Overheads as % of Net Revenues

15.5%

14.2%

17.5%

15.7%

(2.0)pp

(1.5)pp

Kraft Foods Developing Markets

Net Revenues

15,821

15,822

(397)

15,425

13,613

13,614

Overheads

2,476

(145)

2,331

(65)

2,266

2,187

(158)

2,029

13.2%

14.9%

11.7%

Overheads as % of Net Revenues

15.7%

14.7%

16.1%

14.9%

(0.4)pp

(0.2)pp

(1)

Integration Program costs are defined as the costs associated with combining the Kraft Foods and Cadbury businesses, and are separate from those costs associated with the acquisition.

(2)

Acquisition-related costs include transaction advisory fees, U.K. stamp taxes and the impact of the Cadbury inventory revaluation.

(3)

Spin-off costs include transaction fees and other costs associated with the proposed spin-off of the North American grocery business.

Overheads

For the Twelve Months Ended December 31,

millions,

except

percentages)

(Unaudited)

2011

2010

Increase/(Decrease)

(1)

GAAP to Non-GAAP Reconciliation

2007

2008

2009

2010

2011

Net Cash Provided by Operating Activities (GAAP)

3.6

4.1

5.1

3.7

4.5

Capital Expenditures

(1.2)

(1.4)

(1.3)

(1.7)

(1.8)

Free Cash Flow (Non-GAAP)

(1)

2.3

2.8

3.8

2.1

2.7

Taxes Paid on Frozen Pizza Business Divestiture

1.2

Voluntary Pension Contributions

0.4

0.5

Adjusted Free Cash Flow (Non-GAAP)

2.3

2.8

4.2

3.3

3.2

(1)

May not add due to rounding

Net Cash Provided by Operating Activities to Adjusted Free Cash Flow

For the Twelve Months Ended December 31,

($ in billions) (Unaudited)

Mondelez International (MDLZ) 8-KKraft Foods Details Strong 2011 Operating Results