Unleashing a Global Snacking Powerhouse

September 6, 2012
1

Irene Rosenfeld
Chairman and CEO

Forward-looking statements
This slide presentation contains a number of forward-looking statements. The words plan, will, deliver, drive, continue, focus, maintain, and similar expressions are intended to identify our forward-looking statements. Examples of forward-looking statements include, but are not limited to, our opportunity for growth as two independent companies; setting Kraft Foods on a new trajectory; Mondelz International as an unique investment vehicle; snacks are growth categories; expectations for BRIC countries; expectations for Next Wave markets; 5-year revenue growth outlook for developing markets; our strategy to deliver top-tier performance; North America growth and margin upside; expectations for Europe; driving efficiency; Global Category Teams; global innovation platforms; selling; Priority Markets; maintaining leadership; Power Brands and Priority Markets growth; Gum category, including market share; Chocolate growth and developing markets as primary driver; our virtuous cycle; gross margin; overheads; reinvesting in growth; long-term targets; Free Cash Flow; long-term EPS; 2013 Outlook; and our expectation that efficiency will fuel growth. These forward-looking statements involve risks and uncertainties, many of which are beyond our control, and important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, our failure to successfully create two companies, continued global economic weakness, continued volatility and increase in input costs, increased competition, pricing actions, our debt and our ability to pay our debt and tax law changes. For additional information on these and other factors that could affect our forwardlooking statements, see our risk factors, as they may be amended from time to time, set forth in our filings with the SEC, including 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.

Agenda Unleashing a global snacking powerhouse

Leveraging our global categories

Biscuits Gum and Candy Chocolate

Delivering top-tier financial performance

Successfully set Kraft Foods on a new trajectory Delivered strong performance

Transformed portfolio and geographic footprint

Successfully integrated LU and Cadbury

Enhanced market positions to become #1 or #2 in all core categories

Created a virtuous cycle in each geography

Our world-class leadership will build on these results

Irene Rosenfeld Chairman and Chief Executive Officer

Sanjay Khosla EVP and President, Developing Markets

Tim Cofer Mark Clouse EVP and President, EVP and President, Europe North America

Mary Beth West EVP and Chief Category and Marketing Officer

David Brearton EVP and Chief Financial Officer

Karen May EVP, Human Resources

Gerd Pleuhs EVP, Legal Affairs and General Counsel

Daniel Myers EVP, Integrated Supply Chain

Jean Spence EVP, Research, Development & Quality

Tracey Belcourt EVP, Strategy

Lorna Davis SVP, Global Category Leader Biscuits

Jim Cali SVP, Global Category Leader Gum & Candy

Bharat Puri SVP, Global Category Leader Chocolate

Opportunity to accelerate growth as two independent companies

Kraft Foods Group, Inc.

Mondelz International is a unique investment vehicle

FastGrowing Categories

Advantaged Geographic Footprint

Favorite Snacks Brands

Proven Innovation Platforms

Strong Route-toMarket

World-Class Talent & Capabilities

Snacks are growth categories Well-aligned with consumer trends

Expandable consumption
Developing Markets consumption supported by GDP growth Higher margins

We are a global snacks powerhouse

Cheese & Grocery 10%

Beverages 17%

Biscuits(1) 30%

Nearly 75% of revenues in fast-growing snacks categories Beverages provide multiregion scale, attractive growth and strong margins

Gum & Candy 16%

Chocolate 27%

$36 Billion in Revenues(2)

(1) Biscuits includes salty/other snacks (2) Based on 2011 reported net revenues; includes accounting calendar changes and 53 rd Week.

10

 and a leader in our categories

Market Share Position
Developing Markets North Latin Asia Eastern Middle East Global Share America Europe America Pacific Europe & Africa

Biscuits Chocolate Gum Candy Coffee Powdered Beverages

#1

#1 #1 #3 #2

#1 #2 #1 #2

#1 #1 #3 #3

#1 #2 #2

#1 #1 #1 #1

#1 #1 #2 #1

18% 15% 30% 7% 11% 16%

#5
#2 #3

-#2 #3

---

#2

-#1

#2 #1

#3 #2

#2 #1

--

Source: Euromonitor 2011, Kraft Foods analysis

11

We offer many of the worlds favorite snacks brands

12

Each region plays a critical role in our strategy

North America 19%

Latin America CEE

Large, growing Developing Markets footprint Strong, advantaged positions in North America and Europe Broad-based growth across categories and geographies

Europe 37%

Developing Markets 44% MEA

Asia Pacific

$36 Billion*

* Based on 2011 reported net revenues; includes accounting calendar changes and 53 rd Week.

13

Developing Markets: Strong geographic and category footprint

70%+ Snacks Cheese & Grocery (1) 10% Biscuits 22% Beverages 19% Gum & Candy 20% Chocolate 29%

Asia Pacific 31%

Latin America 35%

Middle East & Africa Central & Eastern 10% Europe 24%
$16 billion(2)
(1) Biscuits includes salty/other snacks (2) Based on 2011 reported net revenues; includes accounting calendar changes and 53 rd Week.

14

We rank among the leading CPG players in developing markets

Percentage of Revenues from Developing Markets
54% 51% 50% 45% 44% 40% 39% 36% 34%

21%

14% 13%

10%

8%

3%
Unilever Danone Colgate Coca- Mondelz Nestl Cola International P&G Kimberly Clark PepsiCo Heinz Kellogg Clorox Hershey General Mills Campbell

Source: Company reports and presentations. See page 93 for source details.

15

5-10-10 focus strategy has driven both top- and bottom-line growth
Kraft Foods Developing Markets
Organic Net Revenue
11.2% 9.9% 9.5% 13.1%

Growth(1)

Adjusted Segment Operating Income Margin(2)

14.0% 14.2%

2010
(1) (2)

2011

H1 2012

2010

2011

H1 2012

Organic Net Revenue growth excludes the impact of acquisitions in the first 12 months after the acquisition date. Reported Net Revenue growth for 2010, 2011 and 1H 2012 was 71.1%, 16.2% and 2.2%, respectively. See GAAP to Non-GAAP Reconciliation at the end of this presentation. Adjusted Segment Operating Income margin excludes Integration Program costs and Restructuring Program costs. Reported Segment Operating Income Margin for 2010, 2011 and 1H 2012 was 11.6%, 13.0% and 13.7%, respectively. See GAAP to Non-GAAP reconciliation at the end of this presentation.

16

Three priority clusters within Developing Markets

% DM 2011 Revenue
China India

5-Yr Revenue Growth Outlook

BRIC

33%

Mid-to-High Teens

Russia

Brazil

17

Win in BRIC
Brazil
Revenue: $2+ billion Portfolio 80% Snacks 15% Beverages (powdered) 5% Cheese & Grocery Strategic Priorities Strengthen the Fortress Drive growth in North/NE Region Strategic Priorities Focus on premium brands Drive global platforms Expand distribution
18

Russia
Revenue: $1+ billion Portfolio 70% Snacks 30% Beverages (soluble coffee)

Win in BRIC
India
Revenue: $0.7 billion Portfolio 80% Snacks, primarily Chocolate 20% Beverages (malt) Strategic Priorities Expand Chocolate distribution Launch White Space categories
Launched Oreo and Tang in 2011; Toblerone in 2012

China
Revenue: $0.8 billion Portfolio 90% Snacks, primarily Biscuits 10% Beverages (powdered, coffee) Strategic Priorities Expand Biscuits distribution Launch White Space categories
Launched Stride in August 2012

19

Three priority clusters within Developing Markets

% DM 2011 Revenue
China India

5-Yr Revenue Growth Outlook

BRIC

33%

Mid-to-High Teens

Russia

Brazil

Next Wave Markets

12%
Middle East Indonesia & Africa

Mid-to-High Teens

20

Next Wave Markets: Middle East & Africa

Region full of opportunities 2 billion consumers by 2020* Additional $1 trillion of wealth from aspirant and middle class by 2020* Snacks growing double-digits Well-positioned to capture growth Focused snacks portfolio Broad geographic footprint
2011 Revenue: $1.6B

Established routes-to-market
Strong profitability

* Source: Canback Global Income Distribution Database and Euromonitor.

21

Three priority clusters within Developing Markets

% DM 2011 Revenue
China India

5-Yr Revenue Growth Outlook

BRIC

33%

Mid-to-High Teens

Russia

Brazil

Next Wave Markets

12%
Middle East Indonesia & Africa

Mid-to-High Teens

Scale Markets

Australia

Japan

27%
Central Europe Mexico

Low-to-Mid Single Digits

22

North America: Solid growth with margin upside

Snacks pure play
Other 1%

Gum & Candy 20%

Chocolate 5% Biscuits(1) 74%

Leading share of U.S. Biscuit category, 2x closest competitor Strong #2 player in Gum Opportunity to improve growth and profitability through
Focusing on Power Brands Driving global innovation platforms Harnessing power of DSD

$7 billion(2)

Optimizing end-to-end supply chain

(1) Biscuits includes salty/other snacks (2) Based on 2011 reported net revenues; includes accounting calendar changes and 53 rd Week.

23

Europe: Continue to drive top-tier performance in a challenging environment

Cheese & Grocery 13% Beverages 24%

60%+ of revenues in Snacks

Biscuits(1) 20%

#1 or #2 share in each category Continued margin opportunities

Portfolio mix Productivity Overheads

Gum & Candy 8%

Chocolate 35%

$13 billion(2)
(1) Biscuits includes salty/other snacks (2) Based on 2011 reported net revenues; includes accounting calendar changes and 53 rd Week.

24

Our strategies to deliver top-tier performance

Build global Power Brands Leverage global innovation platforms Revolutionize selling Drive efficiency to fuel growth

Consistently Deliver Top-Tier Revenue and EPS Growth

25

Build Global Power Brands

Biscuits Gum & Candy Chocolate

40% of Biscuit Revenue

60% of Gum & Candy Revenue

50% of Chocolate Revenue

Drive 70% of Growth

26

Leverage Global Innovation Platforms

Biscuits Gum & Candy Chocolate

Sustaining Energy

Teen Market Penetration

Bubbly

Advantaged Candy Brands

Hunger Satisfaction Bitesize Hollow Wafer Children Wholesome

Drive Frequency Choco-Bakery

27

Revolutionize Selling Near-term focus:

Complete integration of Cadbury Capitalize on route-to-market capabilities

Long-term focus:
Develop best-in-class Instant Consumption Channel / Hot Zone sales and distribution capabilities

28

Drive Efficiency to Fuel Growth Expand gross margin

Price to offset input cost inflation Optimize product mix Deliver industry-leading productivity

Reduce overheads as a percent of revenue

Drive top-line growth Capture Restructuring Program savings Align overhead support to growth priorities

29

Global Category Teams are the cornerstone of these strategies

Integrated, cross-functional teams driving a common category agenda

Build brand equity Develop innovation platforms Prioritize resources

Drive Bigger, Faster, More Profitable Initiatives

30

 with highly experienced leaders

Lorna Davis SVP and Global Category Leader Biscuits

Jim Cali SVP and Global Category Leader Gum & Candy

Bharat Puri SVP and Global Category Leader Chocolate

31

Lorna Davis
SVP and Global Biscuit Category Leader

32

Our global Biscuits business 2011 Revenue: $11 billion

2011 Growth:

+9%*

Developing Markets up double-digits Developed Markets up mid-single digits

Global Share Position: #1

$500+ Million Brands:

* Reflects Mondelz International Pro Forma Organic Net Revenue growth. Mondelz International Pro Forma Continuing Net Revenue growth was 11.8% in 2011. See GAAP to Non-GAAP reconciliation at the end of the presentation.

33

$75B Biscuit category with developing markets as the primary driver

CAGR Biscuits Retail Value ($B)
(Cst Fx '09-'11)

Global

$75

8%

Developing

$45

11%

Developed

$30

2%

Source: Euromonitor 2011 estimates

34

We are the clear global leader

Global Biscuits Market Share
18%
>4x Closest competitor

4%

3%

Kellogg

Campbell

Source: 2011 Euromonitor for global shares

35

35

Well-positioned to maintain leadership

Focus resources in Developing Markets

Focus on Power Brands

Drive Global Innovation Platforms

Hunger Satisfaction

Sustaining Energy

Children Wholesome

36

Focusing resources on Priority Markets

% Total Biscuits Revenue 12%

Large, high-growth markets that will drive revenue growth Strong share in 3 of 4 markets Larger Next Wave markets with strong growth potential Solid market share positions Mature markets with margin upside to fund growth in Developing Markets Leading market share positions Mature markets with an opportunity to develop significant biscuit presence Leverage leadership positions in other categories
37

BRIC

Scale Markets

Next Wave

2%

58%

White Space

2%

Priority Markets case study: Oreo in China

+68% CAGR

$130MM Revenue 2009

$375MM Revenue 2011

Oreo GLOCAL model: Local Form, Flavors, Formats Form Flavor Packaging

Oreo Wafer

Oreo Green Tea Oreo for Traditional Trade

38

Power Brand case study: Oreo

Capitalize on Strength in Developed Markets

Leverage successful US experience, up 7%+ in 2011

Expand in Developing Markets

Use the China template of the Oreo playbook

Enter White Space Opportunities

Recent launches in Germany, France, UK, Czech Republic & India nearly $100MM revenue in 2011

39

Global innovation case study: Sustaining Energy Focused on Breakfast

#2 Snacking Moment

Proprietary Sustaining Energy Bundle

Anchors health and wellness credentials

Driving Category Growth

50%+ incremental to category

40

Fast track global rollout for belVita

2011 Launches Generated nearly $50MM of revenue Spain, Belgium, UK and Brazil 2012 Launches United States Canada

Australia
41

Drive Power Brands and innovation platforms

Focus on Power Brands and Priority Markets

2011 Revenues $11 Billion Continue to grow Mid-to-High Single Digits

Rapidly expand innovation platforms globally

42

Jim Cali
SVP and Global Gum & Candy Category Leader

43

Our global Gum & Candy business 2011 Revenue: $6 billion

2011 Growth:

+1%*

Developing Markets up mid-single digits Developed Markets down mid-single digits

Global Share Position: #2 in Gum, #1 in Candy

$500+ Million Brands:

* Reflects Mondelz International Pro Forma Organic Net Revenue growth. Mondelz International Pro Forma Continuing Net Revenue growth was 8.9% in 2011. See GAAP to Non-GAAP reconciliation at the end of the presentation.

44

Gum and Candy are high margin categories with attractive growth rates
CAGR Gum & Candy Retail Value ($B)
(Cst Fx '08-'11)

Gum
Global 26

Candy
57 $83

Gum

Candy

Total

3%

4%

4%

Developing

15

32

$48

6%

7%

7%

Developed

10

26

$35

2%

0%

1%

Source: Euromonitor 2011 estimates (Gum Adjusted Nielsen Estimate 2011)

45

After a decade of strong growth, the Gum category decelerated over the past 3 years
Gum Category Growth (%CAGR)
7%

Key Drivers to Gum Category Slowdown Weak macroeconomy

GDP softness Unemployment Declining distribution (TDPs)

3%

Brand and A&C support reduced and fragmented Over premiumization

'98-'08

'08-'11

Penetration losses among teens and lower frequency among adults

46

Source: Euromonitor (1998-2010), adjusted Nielsen estimates (2011)

 but the Gum category has strong underlying fundamentals Expandable Consumption
Snack occasions Impulse-driven Responsive to innovation and marketing

Strong margins fund A&C and innovation investments Led by global players, with product quality and innovation insulated by proprietary technologies

47

We are a leader in Gum, with a strong #2 position

Global Gum Market Share
32% 30%

7%

Mars-Wrigley

Perfetti-Van Melle

Source: Gum Adjusted Nielsen Estimate

48

48

 and a proven ability to grow share

Global Gum Market Share

34.2%

34.8%

34.3%

34.8%

34.5% 33.7% 32.1%

MarsWrigley 32.2%

30.5%
28.9% 28.0% 26.6% 25.5% 04 05 06 07 08 09 10 29.2% 29.4%

30.5%

11

Value Share based on Euromonitor (04-10), Adjusted Nielsen Estimates (11)

49

We have taken near-term actions to grow share and expand the category
Brand Architecture

Simplify brand architecture

Roll-out integrated marketing campaign Restore A&C support to mid-teens Drive penetration with entry offers Expand consumption trading up to larger / premium offers

A&C Support

Price/Size Architecture

Entry

Mid Size
50

Value

Well-positioned to restore growth and increase market share in the long-term

Focus resources on Priority Markets

Focus on Power Brands

Drive Global Innovation Platforms

Drive Frequency Pleasure/Freshness

Teen Market Penetration

Advantaged Candy Brands

51

Focusing resources on Priority Markets

Large, critical markets with strong growth potential Strong market share

% Total Gum & Candy Revenue

28%

Big Bets

Larger Next Wave markets with strong growth potential Ability to build on solid market share Mature markets with slow category growth Strong market position White Space market opportunity for Gum Launched in China in August 2012
52

Next Wave

20%

Scale Markets

19%

White Space

1%

Power Brand case study: China

Launched Stride in China in August 2012
Launch Bundle
Supply Chain Sales

Preferred brand proposition Product and packaging superiority

Best in class manufacturing start up Growth/capacity plans in place

Built strong Hot-Zone/ Impulse capabilities Strong trade reception

53

Power Brand case study: Trident

Unleash Power of One Trident

Strong Rights to Win

#1 global gum brand High historic growth driven by innovation

Simplify brand architecture New master brand campaign Innovation to drive growth, new occasions
Brazil U.S. 54

Global innovation case study: ID

Teen-Specific Gum Heaviest user cohort Cocreated via teen immersion First-to-Market Technologies Gum/Candy flavor blends Printed flavor swirls Magnetic closure Artwork from emerging young artists

Global Roll-Out Launched in U.S. in August 2012 Europe roll-out in Q4 2012 Further geographic expansion 2013-14
55

Rebuild category growth

Focus on Power Brands and Priority Markets Rebuild category growth

Simplify brand and price/size architectures Step-up innovation Restore A&C support

2011 Revenues $6 Billion Return to Mid-Single Digit Growth

56

Bharat Puri
SVP and Global Chocolate Category Leader

57

Our global Chocolate business 2011 Revenue: $10 billion

2011 Growth:

+6%*

Developing Markets up double digits Developed Markets up low-single digits

Global Share Position: #1

$500+ Million Brands:

* Reflects Mondelz International Pro Forma Organic Net Revenue growth. Mondelz International Pro Forma Continuing Net Revenue growth was 15.6% in 2011. See GAAP to Non-GAAP reconciliation at the end of the presentation.

58

$101B Chocolate category growth driven by developing markets

Chocolate Retail Value ($B)

CAGR (Cst Fx '08-'11)

Global

$101

5%

Developing

$35

10%

Developed

$66

2%

Source: Euromonitor 2011 estimates

59

We are a leading chocolate company

Global Chocolate Market Share
15%
15% 12%

7%

7% 4%

Mars

Nestle

Ferrero

Hershey

Lindt

Source: 2011 Euromonitor for global shares

60

60

Well-positioned to continue top-tier growth in Chocolate

Focus resources on Priority Markets

Focus on Power Brands

Drive Global Innovation Platforms

Bubbly

Hollow Wafer

Choco-Bakery

Bitesize

61

Focusing resources on Priority Markets

Big Bets

Large, fastest growing markets Market share leader or strong #2 with fabric-of-the-nation Power Brands Scale advantage; able to step change growth trajectory Large markets, big growth potential Able to leverage route-to-market capabilities

% Total Chocolate Revenue 20%

Next Waves

4%

Scale

Big, mature markets with strong presence Leveraging Power Brands to compete and win in broader Snacking

42%

62

Developing Markets will be the primary driver of our future growth

GDP growth will power consumption in Developing Markets

India

Brazil

Russia

Belgium

UK

GDP/capita ($) GDP growth (%) Snacks pcc (kg)

3,400 8.3

10,900 7.5

15,900 3.8

37,900 2.1

35,100 1.6

2.0

18.6

22.2

42.5

55.7

Chocolate pcc (kg)

Affinity Countries:

0.1
So. Africa Indonesia China Egypt

1.4
Argentina Mexico Turkey

4.6
Ukraine Poland

5.2
France Austria

10.5
USA Germany

Source: Euromonitor, AC Nielsen/ TNS Worldpanel, Kraft Market Maturity modeling

63

Priority Markets case study: India

$0.25B Revenue 2009

+37% CAGR

$0.5B Revenue 2011

Category growth delivered through a consumer & portfolio strategy Aspirants Mainstream More Special Gifting

64

Power Brand case study: Cadbury Dairy Milk & Milka, together over $3B

65

Global innovation case study: Bubbly

An aerated chocolate with an innovative, playful mood that makes chocolate tablets more exciting
United Kingdom Launched February 2012 Most successful NPD in the UK in the last 5 years Germany & Austria Launched May 2012 Biggest selling SKU in the Big Size range Brazil Launched June 2012 Performing above expectations

Will be in 20 major countries by end of 2013!

66

Global innovation case study: Bitesize

Bringing the magic of our Power Brands into new incremental snacking occasions United Kingdom Launched in 2009 NPDs growing the category: Twirl Bites, Bitsa Wispa, Popcorn

Continental Europe Launched in 2011 Strong share performance and repeat in all key markets

Rolling-out to over a dozen countries by end of 2012!

67

Continue to exceed category growth rates

Focus on Power Brands Focus on Priority Markets

Lead Developing Markets growth Drive category growth in Developed Markets through broader Snacking

2011 Revenues $10 Billion Continue to Grow Mid-to-High Single Digits

Expand innovation platforms globally

68

Dave Brearton
EVP and CFO

69

Growth algorithm driven by virtuous cycle

Focus on Power Brands & Priority Markets

Reinvest in Growth

Expand Gross Margin

Leverage Overheads
70

Expand gross margin

Key Enablers
Focus on Power Brands & Priority Markets

Price to offset input cost inflation

Expand Gross Margin

Reinvest in Growth

Optimize product mix Target productivity of 4%+ of COGS

Leverage Overheads

71

Leverage overheads

Key Enablers
Focus on Power Brands & Priority Markets

Top-Line Growth
Expand Gross Margin

Reinvest in Growth

Capture Restructuring Program savings Align overhead spending to growth priorities

Leverage Overheads

72

Reinvest in Growth

Priorities
Focus on Power Brands & Priority Markets

Investments weighted towards Developing Markets

Expand Gross Margin

Reinvest in Growth

Focus investments on Power Brands and innovation platforms Capitalize on White Space opportunities

Leverage Overheads

73

Strong KFT results in 1H 2012 Kraft Foods (KFT) 2012 guidance

Organic Net Revenue growth of around 5% Operating EPS of at least 9% on a constant currency basis

1H12 results in-line with guidance

Organic Net Revenue growth +4.9%* Operating EPS +11.4%* on a constant currency basis

Confirmed constant currency EPS guidance in early August

1H12 FX impact was $(0.02) Estimate ~$(0.08) total FX impact for FY12 (using average August 2012 currency rates)
* Reported Net Revenues declined (0.3)%. Diluted EPS increased 2.0%. See GAAP to Non-GAAP reconciliation at the end of this presentation.

74

2012 full year financials represent blend of KFT and Mondelz results Q1-Q3 to reflect Kraft Foods Group as Discontinued Operations Q4 presentation to be based on actual revenue realized and costs incurred

Full year results include variety of items

Stranded costs Tax rate anomalies Cadbury Integration Program 2012-2014 Restructuring Program Spin-Off Costs and debt migration costs
75

Transaction-related and restructuring costs

($ billions)

KFT PreSpin
$0.5 $0.3 $0.2

MDLZ PostSpin
$0.1 $0.8 $0.4 - $0.6

Spin-Off Costs Restructuring & Implementation Costs Debt Migration Costs

76

Long-term financial targets will deliver top-tier performance

Long-Term Target Organic Net Revenue Growth Operating EPS Growth 5%-7% Double-Digit (constant FX)

Driving Shareholder Value

77

Revenue growth target reflects large, growing Developing Markets contribution

5%-7% Organic Growth $36B*
Developing

DM

Double Digit Growth

DM

Developed

EU NA
2011

EU
Low-to-Mid Single Digit Growth

NA
Long-Term

* Based on 2011 reported net revenues; includes accounting calendar changes and 53 rd Week.

78

Long-term EPS target reflects the following assumptions Operating income growth of high single digits

Interest expense essentially flat

Opening debt balance of ~$20B, weighted average interest rate of ~5.75%

Tax rate in the mid-20s

Double-Digit Operating EPS Growth

(constant FX)

79

Priorities for free cash flow

Reinvest in the business to drive top-tier growth

Tack-on M&A, especially in Developing Markets Return of capital to shareholders Pay down debt to preserve balance sheet flexibility

Disciplined Capital Deployment

80

2013 outlook consistent with long-term profile Organic net revenue growth of 5%-7%

Operating EPS of $1.50 - $1.55

Strong Operating Income growth at constant FX Significant FX headwind of $(0.15) vs. average 2011 rates* Tax rate in the mid-20s

* Based on average August 2012 currency rates

81

Long-term targets reflect benefits of driving a virtuous cycle

Long-Term Targets Organic Net Revenue Growth 5%-7%

Reinvest in Growth

Focus on Power Brands & Priority Markets

Expand Gross Margin

Operating EPS Growth

Double-Digit (constant FX)

Leverage Overheads

82

Irene Rosenfeld
Chairman and CEO

83

Mondelz International is a unique investment vehicle

FastGrowing Categories

Advantaged Geographic Footprint

Favorite Snacks Brands

Proven Innovation Platforms

Strong Route-toMarket

World-Class Talent & Capabilities

84

Joining for Q&A

Sanjay Khosla President Developing Markets

Tim Cofer President Europe

Mark Clouse President North America

Mary Beth West EVP and Chief Category and Marketing Officer

85

86

Average foreign currency rates for key countries

August 2011
Australian Dollar Brazilian Real Canadian Dollar Euro Indian Rupee Mexican Peso Russian Ruble Swiss Franc Pound Sterling US$1.05 / AUD 1.59 / $US US$1.02 / $Cdn US$1.43 / 45.28 / $US 12.20 / $US 28.67 / $US 0.78 / $US US$1.64 /

August 2012
US$1.05 / AUD 2.03 / $US US$1.01 / $Cdn US$1.24 / 55.51 / $US 13.17 / $US 31.92 / $US 0.88 / $US US$1.57 /

Source: Oanda

87

Key to flags used in presentation

Argentina

Australia

Austria

Belgium

Brazil

Canada

China

Colombia

Czech Republic

Egypt

European Union

France

Germany

Hungary

India

Indonesia

Japan

Mexico

Poland

Saudi Arabia

South Africa

Spain

Switzerland

Russia

Turkey

Ukraine

United Kingdom

United States

88

Developing Markets as a percentage of revenue source detail

Unilever Emerging markets per 2011 annual report Danone Emerging markets per 2011 results presentation Colgate Emerging markets per 2011 annual report Coca-Cola Pacific, Latin America, Eurasia & Africa, Bottling Investments per 2011 10-K (note: developing and emerging markets represent 57% of volume per CAGNY 2012 presentation) Nestl Emerging markets per 2011 annual report P&G Developing markets per fiscal 2012 earnings call Kimberly-Clark Asia, Latin America and Other per 2011 10-K PepsiCo Developing and emerging markets per CAGNY 2012 presentation Heinz Emerging markets per fiscal 2012 annual report Kellogg Emerging markets pro forma for Pringles per CAGNY 2012 presentation Clorox Latin America and Asia fiscal 2011 per CAGNY 2012 presentation Hershey Sales outside NA are 10% of net revenue with Mexico, Brazil, China and India about 7% of net revenue per Investor Day presentation June 2012. General Mills Asia Pacific, Latin America per fiscal 2012 earnings release Campbell Developing markets per Deutsche Bank Consumer Conference presentation June 2012

89

GAAP to Non-GAAP Reconciliation

Net Revenues to Organic Net Revenues

For the Six Months Ended June 30, ($ in millions, except percentages) (Unaudited)

% Change Impact of Accounting Calendar Changes

As Reported (GAAP) 2012 Kraft Foods $ 26,379

Impact of Divestitures (1)

Impact of Currency

Organic (Non-GAAP)

As Reported (GAAP)

Organic (Non-GAAP)

884

27,263

(0.3)%

4.9%

2011 Kraft Foods $ 26,451 $ (91) $ (361) $ $ 25,999

(1)

Impact of divestitures includes for reporting purposes Starbucks CPG business.

90

GAAP to Non-GAAP Reconciliation

Diluted Earnings per Share to Operating EPS

For the Six Months Ended June 30, (Unaudited)

% Growth

As Reported (GAAP) 2012 Diluted EPS attributable to Kraft Foods $ 1.03

Integration Program costs (1)

Spin-Off Costs (2)

2012 - 2014 Restructuring Program costs (3)

Operating (Non-GAAP)

Currency

(4)

Operating Constant FX (Non-GAAP)

As Reported EPS Growth (GAAP)

Operating EPS Growth (Non-GAAP)

Operating Constant FX EPS Growth (Non-GAAP)

0.04

0.12

0.06

1.25

0.02

1.27

2.0%

9.6%

11.4%

2011 Diluted EPS attributable to Kraft Foods $ 1.01 $ 0.13 $ $ $ 1.14 $ $ 1.14

(1)

(2)

(3)

(4)

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 $78 million, or $73 million after-tax including certain tax costs associated with the integration of Cadbury, for the six months ended June 30, 2012, as compared to $240 million, or $234 million after-tax for the six months ended June 30, 2011. Spin-Off Costs represent non-recurring transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication, and financing and related costs to redistribute debt and secure investment grade ratings for both the North American Grocery Business and the Global Snacks Business. Spin-Off Costs for the six months ended June 30, 2012 were $301 million, or $202 million after-tax and include $162 million of pre-tax financing and related costs recorded in interest and other expense, net. Restructuring Program costs for the six months ended June 30, 2012 were $169 million, or $107 million after-tax and represent non-recurring restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related non-recurring costs. Includes the favorable foreign currency impact on Kraft Foods foreign denominated debt and interest expense due to the strength of the U.S. dollar.

91

GAAP to Non-GAAP Reconciliation

Net Revenues to Organic Net Revenues
($ in millions, except percentages) (Unaudited)

Kraft Foods Developing Markets

% Change Impact of Accounting Calendar Changes (2)

As Reported (GAAP) For the Twelve Months Ended December 31, 2010 $ 13,613 $

Impact of Divestitures

Impact of Acquisitions

(1)

Impact of Integration Programs

Impact of Currency

Organic (Non-GAAP)

As Reported (GAAP)

Organic (Non-GAAP)

(4,753)

(150)

15

8,726

71.1%

9.9%

2009

7,956

(14)

7,942

For the Twelve Months Ended December 31, 2011 $ 15,821 $ $ (379) $ 1 $ (183) $ (397) $ 14,863 16.2% 11.2%

2010

13,613

(105)

(148)

13,361

For the Six Months Ended June 30, 2012 $ 7,821 $ $ $ $ 459 $ 8,280 2.2% 9.5%

2011

7,656

(92)

7,564

(1) (2)

Impact of acquisitions reflects the operating results from our Cadbury acquisition on February 2, 2010. Includes the impacts of accounting calendar changes and the 53 rd week of shipments in 2011.

92

GAAP to Non-GAAP Reconciliation

Operating Income To Adjusted Operating Income
($ in millions, except percentages) (Unaudited)

Kraft Foods Developing Markets

As Reported (GAAP) For the Twelve Months Ended December 31, 2010 Segment Operating Income Segment Operating Income Margin $ 1,577 11.6% Integration Program Costs $
(1)

AcquisitionRelated Costs (2) $ 25

Spin-off Costs $

(3)

2012 - 2014 Restructuring Program Costs (4) $ -

Adjusted (Non-GAAP) $ 1,783 13.1%

181

For the Twelve Months Ended December 31, 2011 Segment Operating Income Segment Operating Income Margin

2,053 13.0%

161

2,214 14.0%

For the Six Months Ended June 30, 2012 Segment Operating Income Segment Operating Income Margin

1,069 13.7%

39

1,113 14.2%

(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. Acquisition-related costs include transaction advisory fees, U.K. stamp taxes and the impact of the Cadbury inventory revaluation. Spin-Off Costs represent non-recurring transaction and transition costs associated with preparing the businesses for independent operations consisting primarily of financial advisory fees, legal fees, accounting fees, tax services and information systems infrastructure duplication. Restructuring Program costs represent non-recurring restructuring and related implementation costs reflecting primarily severance, asset disposals and other manufacturing related non-recurring costs.

(2) (3)

(4)

93

GAAP to Non-GAAP Reconciliation

Net Revenues to Organic Net Revenues by Global Category

For the Twelve Months Ended December 31, ($ in millions, except percentages) (Unaudited)

Mondelz International Pro Forma Continuing (1) (GAAP) 2011 Biscuits Chocolate Gum & Candy 2010 Biscuits Chocolate Gum & Candy $ 9,837 8,276 5,231 $ $ 10,997 9,566 5,698 $

Impact of Divestitures -

Impact of Acquisitions $

(2)

Impact of Integration Program $ 1 $

Impact of Accounting Calendar Changes (221) (143) (3) $

Impact of Currency (219) (361) (158)

Mondelz International Pro Forma Organic (Non-GAAP) $ 10,556 8,775 5,155

% Change Mondelz Mondelz International International Pro Forma Pro Forma Continuing (1) Organic (GAAP) (Non-GAAP) 11.8% 15.6% 8.9% 8.9% 5.9% 0.8%

(287) (382)

11 (117)

1 -

(147) (3) (0)

9,690 8,285 5,114

(1)

Pro Forma results for Mondelz International were adjusted to remove the North American grocery business results. Within the above global category disclosures, we reclassified certain net revenues to conform to the current presentation of these categories. (2) Impact of acquisitions reflects the incremental January 2011 operating results from our Cadbury acquisition.

94