#1Mondelēz International CAGNY 2019 Dirk Van de Put Chief Executive Officer OREO#22 FORWARD-LOOKING STATEMENTS This presentation contains a number of forward-looking statements. Words, and variations of words, such as "will," "expect," "may," "believe," "should," "plan," "estimate," "deliver," "position," "potential," "opportunity," "target," "commitment," "outlook” and similar expressions are intended to identify our forward-looking statements, including, but not limited to, statements about: our future performance, including our future revenue growth, earnings per share, interest expense and cash flow; currency and the effect of foreign exchange translation on our results of operations; the company's strategic plan to drive accelerated growth by adopting a more consumer-centric commercial approach, focusing on operational excellence and building a winning growth culture; our ability to lead the future of snacking; snacks category growth, including in emerging markets; volume growth; market share gains; innovation; investments and the results of and return on those investments; our structural advantages; cost discipline including the impact of our procurement capabilities, operational efficiency, factory design and overhead savings; the sustainability of our growth algorithm; restructuring spending; capital expenditures; working capital; strategic transactions; share repurchases; dividends; value creation and returns for shareholders; our long-term financial targets; and our outlook, including Organic Net Revenue growth, Adjusted EPS growth, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2019. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to, risks from operating globally including in emerging markets; changes in currency exchange rates, controls and restrictions; continued volatility of commodity and other input costs; weakness in economic conditions; weakness in consumer spending; pricing actions; tax matters including changes in tax rates and laws, disagreements with taxing authorities and imposition of new taxes; use of information technology and third party service providers; unanticipated disruptions to our business, such as the malware incident, cyberattacks or other security breaches; competition; protection of our reputation and brand image; our ability to innovate and differentiate our products; the restructuring program and our other transformation initiatives not yielding the anticipated benefits; and changes in the assumptions on which the restructuring program is based. Please also 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. Mondelēz International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this presentation, except as required by applicable law or regulation. NON-GAAP FINANCIAL MEASURES All results contained within this presentation are non-GAAP unless otherwise noted. Please see GAAP to non-GAAP reconciliations at the end of this presentation for comparable GAAP measures. Refer to the definitions of these measures in our earnings release for Q4 2018 located at www.mondelezinternational.com/investors. Mondelez. International SNACKING MADE RIGHT#3AGENDA 3 < Global Snacking Leadership Our Strategy to Drive Growth ✓ Strong Financial Outlook Halbes Mondelez. International SNACKING MADE RIGHT#44 SNACKING IS AN ATTRACTIVE GROWTH SPACE, AND WE ARE MARKET LEADERS Large Market On Trend Well Positioned Leadership Castory CLUB SOCIAL IGINAL $1.2T Consumer Behavior Growing faster than food across the world Core categories are ~45% of packaged snacks REO OREO Loriginal OREO inal ORF vigin We are the global packaged snacks leader Mondelez. International SNACKING MADE RIGHT#55 OREO Cadbury TANG Trident LU Stride Côte d'Or Since 1883- LACTA belVita KINH DO Milka MISSION THE RIGHT SNACK FOR THE RIGHT MOMENT MADE THE RIGHT WAY Mondelēz International SNACKING MADE RIGHT#66 WE HAVE A SNACK FOR EVERY OCCASION Snacking Made Right - We are leading the future of snacking by offering the right snack, for the right moment, made the right way CÔTE D'OR Encore! INDULGENT 奥利典 8926 1 Сабоичи Break Bar 5x RITZ RITZ NEW VISAR Melting Middle NEW belVita CRISP &THINS SALT & VINEGAR SORD CRISP &THINS 50% RITZ CRISP &THINS 50% CHEAN DRESE Breakfast Soft Bakes Red Berries belita ORGANIC triscuit ORIGINAL STARTS 3SIMPLE 5x- MARD WHOLESOME Mondelez. International SNACKING MADE RIGHT#77 IN OUR CORE SNACKS CATEGORIES, MOMENTUM IS INCREASING MDLZ Snacks Category Growth 2.8% MDLZ 2.3% 2.1% 2016 2017 2018 Source: Based on available Nielsen Global Data through Jan 2019. Category growth from measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. 21% SHARE Mondelez. International SNACKING MADE RIGHT#88 WELL-POSITIONED TO LEAD THE FUTURE OF SNACKING 1 A leader in high-growth categories 2 Powerful global brands and local jewels 5 3 Global presence and scale 4 Strong value chain Our committed people Mondelez. International SNACKING MADE RIGHT#9ADVANTAGE 1: LEADERSHIP IN HIGH-GROWTH CATEGORIES AND FOCUSED PORTFOLIO $26B in Net Revenue Beverages Market Position 5% Cheese & Grocery 7% Gum & Candy 13% Chocolate 32% 9 Source: Nielsen Global Data Biscuits 43% Biscuits #1 Chocolate #1 (TIED) Candy #1 Gum #2 Mondelez. International SNACKING MADE RIGHT#1010 ADVANTAGE 2: POWERFUL GLOBAL BRANDS AND LOCAL JEWELS Global Brands OREO Milka Cadbury Dairy Milk, CÔTE D'OR -SINCE 1889- PHILADELPHIA belVita Breakfast HALLS Trident TANG A TOBLERONE Local Jewels LU Créateur de biscuits depuis 1846 THE NATURAL NO A NOCOLOURS FLAVOURS OPAVIA KINH DO 1840 LACTA Triscuit Юбилейное CLUB SOCIAL Marabou Alpen Gold CHOCOLATE Enjoy Pacific 太平 Chips life Ahoy eatfreely 9 Global Leaders 2 43% of Total Revenue ~65 Local Jewels ~ 47% of Total Revenue Mondelez, International SNACKING MADE RIGHT#11ADVANTAGE 2: BRANDS THAT CAN EXPAND INTO ADJACENT CATEGORIES Milka Cadbury LACTA Chocobakery Extending our iconic chocolate brands into biscuits and cakes Milka Moelleux choca Milka Milka Choco Cook choco foodang Tender RITZ CRACKERS Building a global savory snacks platform D RITZ 3 OMGINAL RITZ bits Chesse NOUVEAU 18 RITZ Break Chulbury cookies choc centre illed fingers LACTA Biscoito Rechende SABOR STANO CATE AO LEITE 6x RITZ CRISP &THINS 50% CHEDDAR NEW RITZ TOASTED CHIPS 55% ORIGINAL CARE OREO Expanding the world's favorite cookie across snacking OREO CHOCOLATE CANDY BA OREO THINS SARA coconut NEW OREO THINS BITES WHITE DOE ORIGINAL OREO Fills VoCrunc OREO OREO BROWnie Creme Filled OREO Mondelez. International SNACKING MADE RIGHT#12ADVANTAGE 3: STRONG GLOBAL PRESENCE AND SCALE United States UK France Brazil China Germany India Australia Canada Russia 12 Source: 2018 FY Nielsen Size of Market #1/#2 Position Biscuits Choc Gum Candy www Mondelēz International SNACKING MADE RIGHT#13ADVANTAGE 3: STRENGTH IN EMERGING MARKETS 13 International ~75% Emerging Markets ~37% 2018 Net Revenue +5.7% 1 Emerging Market Organic Net Revenue Growth in 2018 Mondelez. International SNACKING MADE RIGHT#1414 Millk Mondelēz International Celebrations B urnvita बिस्कि Cadbury Pourn#15ADVANTAGE 4: STRONG VALUE CHAIN 15 Route-to-Market Supply Chain Cost Excellence C41 Everyday 2.99 2.99 low prices O STUP Cost Mondelez. International SNACKING MADE RIGHT#16ADVANTAGE 5: OUR COMMITTED PEOPLE ARE POSITIONED FOR GROWTH 16 2012 LAUNCH COMPANY • Establish standalone snacks business • Strong emerging market exposure 2013-2018 MARGIN FOCUS • Cost-focused playbook • Portfolio optimization to focus on snacking 2019-2023 GROWTH FOCUS • Consumer-centric and agile • mindset Top-line growth & share gain . Profit dollar emphasis Mondelez. International SNACKING MADE RIGHT#17WE HAVE THE OPPORTUNITY TO ACCELERATE GROWTH 17 3%+ Share Gains Adjacencies 2.8% White Space MDLZ LT MDLZ 2018 Category Growth Organic Net Revenue Growth Target Source: Based on available Nielsen Global Data through January 2019. Category growth from measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. Mondelez. International SNACKING MADE RIGHT#18AGENDA 18 Global Snacking Leadership Our Strategy to Drive Growth Strong Financial Outlook Halbes Mondelez. International SNACKING MADE RIGHT#19DELIVERING ON OUR STRATEGY TO DRIVE GROWTH 1 GROWTH Accelerating Consumer-Centric Growth 2 3 EXECUTION Driving Operational Excellence CULTURE Build winning growth culture . Attractive Long-term Total Returns 3%+ Organic Net Revenue growth HSD Adjusted EPS growth¹ Dividend growth > Adj. EPS growth FCF $3B+ per year 19 1 at cst FX Mondelez. International SNACKING MADE RIGHT#201. GROWTH A CLEAR SET OF STRATEGIC INITIATIVES CENTERED ON THE CONSUMER Strategic Initiatives Growth Activation of New Marketing Playbook Agile Innovation Approach Investment in Global and Local Brands 20 20 Expansion of Channels & Key Markets Focus on Broader Snacking DEEP CONSUMER INSIGHTS Leverage of Partnerships and M&A Mondelez. International SNACKING MADE RIGHT#21#1 Global Chocolate Brand Cadbury MSD 2018 Organic Net Revenue Growth ~$4B 2018 Net Revenues Across 40+ Countries 21 Source: Euromonitor Cadbury Dairy Milk#221. GROWTH CADBURY UK: GROWING FAST IN A MATURE MARKET NEW MARKETING PLAYBOOK Award-Winning Campaign Cadbury AGILE INNOVATION Reduced Sugar, Freddo Treasures Cadbury Dairy Milk, 30% LESS New SUGAR ATRIAL SWEETENERS Bestwie.net Dairy Milk Freddo Treasures MSD 2018 Organic 22 22 Net BROADER SNACKING Chocobakery & Soft Cakes Cadbury Brownie Chocolate Chip Dairy Milk Caram Dairy Milk es Revenue Growth Mondelez. International SNACKING MADE RIGHT#2323 1. GROWTH CADBURY INDIA: EXPANSION FROM A POSITION OF LEADERSHIP Сабвичи NEW MARKETING PLAYBOOK AGILE INNOVATION The New Generosity Campaign Ga Dairy Milk कुछ अच्छा हो जाये कुछ छ मीठा हो जाये Cadbury Fuse, Crispello & Spready Cadbury Fuse Bhook ko manao, dabaa ke khao. Dairy Milk FUSE Crispello Crispy Chocolaty Fingers Capello Caloons Vir Dairy Milk Spready CHANNELS & KEY MARKETS +200K Outlets +70K Visi-Coolers DD 2018 Organic Net Revenue Growth Mondelez. International SNACKING MADE RIGHT#24CADBURY AP/AFRICA: LOCALIZATON OF GLOBAL APPROACH 1. GROWTH MALAYSIA Cadbury Dairy Milk KOPI-C Сабвичи MARKET SHARE 23% +1.0 pp LOCALIZATION OF GLOBAL BRANDS Leverage Cadbury Dairy Milk equity by introducing local flavors & activating local-market occasions 24 24 Source: AC Nielsen SOUTH AFRICA Dairy Milk. 5Star Dairy Milk Dairy Milk Caramilk, Edition MARTIANS EGYPT 39% +0.5 pp Calbary Dairy Milk, Los minis Callove Dairy Milk OREO Cathery Dairy Milk HAZELNUT Lots of minis minis 40% +2.8 pp Mondelez. International SNACKING MADE RIGHT#25#1 Global Cookie Brand OREO HSD 2018 Organic Net Revenue Growth ~$3B 2018 Net Revenues Source: AC Nielsen Mondelez. International SNACKING MADE RIGHT#2626 1. GROWTH OREO U.S.: REIGNITING AMERICA'S FAVORITE COOKIE NEW MARKETING LIMITED EDITION MICKEY CELEBRATE MICKEY 20 OREO PLAYBOOK INTRODUCING LIMITED EDITION LEFT-HANDED OREO COOKIES. Birthday WARE Que say to Playful Moments Expanding Reach NEW NEW AGILE INNOVATION OR THIN BITE FUDGE DIP CARA COCONVE REO OREO THINS BITES HINS ITES GE DIPPED CORO FUDGE DIPPED ORIGINA New Products STUF INSIDE PARTY 33% MORE THAN FAMILY SIZE Milk's Favorite Cookie OREO OREO HSD 2018 Organic Net Revenue Growth SAPH New Pack Sizes OREO KING 80% OF CATEGORY GROWTH CHANNELS & KEY MARKETS aa aa E Jecal Leveraging DSD SIZE! ORED OREOSE OREO ORE Golden OREO Expanding in C-Stores Mondelez. International SNACKING MADE RIGHT#271. GROWTH OREO CHINA: LOCAL INSIGHTS DRIVE TURNAROUND IN KEY MARKET OREO 27 27 NEW MARKETING PLAYBOOK AGILE RENOVATION CHANNELS & KEY MARKETS Twist together "Oreo People" Campaign 奥利奥 ˙陪我玩会儿 奥利奥小游戏 好吗? WARR 「打开支付宝 ARE-B Augmented Reality DD 1169) 97g> 奥利 奥利典 利物 奥利奥 46697 233g> 3880 1949) New Packaging OREO OREO 刮典 OREO 奥利典 CANEY Oreo Rainbow for Alibaba OREO New Formulation 2nd Gen Music Box for Tmall 2018 Organic Net Revenue Growth Mondelez. International SNACKING MADE RIGHT#281. GROWTH OREO GLOBAL: AN ICONIC COOKIE, WITH A LOCAL TWIST Western Andean¹ BROADER SNACKING OREO EXTENSIONS Original OREO NEW MARKETING PLAYBOOK DIGITAL CAMPAIGNS AGILE INNOVATION OREO THINS DREO WI 28 1 Western Andean region includes Western Andean, Central America, Caribbean and Chile France NUEVO OREO Chocolate DO YOU -SPEAK OREO? Indonesia OREO OREO THANS > +DD OREO 2018 Organic Net Revenue Growth +DD 2018 Organic Net Revenue Growth +DD 2018 Organic Net Revenue Growth Mondelez. International SNACKING MADE RIGHT#2929 1. GROWTH NEW STRATEGY TO REINVIGORATE LOCAL JEWEL BRANDS GAINING MOMENTUM CHINA Stride® DD Consumption Growth TATE'S BAKE SHOP SOUTHAMPTON, NY CRAFT BAKED DEEPLY DELICIOUS USA DD Enjoy life Consumption Growth eat freely R INDIA RUSSIA Сабвичи Bourn Vita 5Star Barni HSD Cons. Growth DD Cons. Growth DD Consumption Growth BRAZIL VIETNAM JACTA BIS MSD Consumption Growth KINH DO Record MoonCake Season Mondelez. International SNACKING MADE RIGHT#3030 1. GROWTH RUSSIA: COMBINING GLOBAL AND LOCAL BRANDS TO WIN Accelerating Growth in Russia Market Share Chocolate 22% +2.1pp Biscuits 30% +2.5pp Revenue ~$700M +DD 2018 Organic Net Revenue Growth Profitability DD Operating Income Dollar Growth #1 Packaged Snacks Brand Alpen Gold Alpen Alpen Gold Gold DARK DARK OREG OREO OREO Source: AC Nielsen, latest YTD Nov'2018 & Fact 2018, Chocolate + Biscuits Milka Milka Milka Milka Юбилейное Barni Барни DUO Барни סטן Mondelez. International SNACKING MADE RIGHT#31DELIVERING ON OUR STRATEGY TO DRIVE OUR GROWTH 1 GROWTH Accelerating Consumer-Centric Growth 2 3 EXECUTION Driving Operational Excellence CULTURE Build winning growth culture . Attractive Long-term Total Returns 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth¹ • Dividend growth > Adj. EPS growth FCF $3B+ per year 31 1 at cst FX Mondelez. International SNACKING MADE RIGHT#3232 2. EXECUTION OPERATIONAL EXCELLENCE: CONTINUOUS IMPROVEMENT ACROSS THE BUSINESS Sales Execution Net Revenue Management, DSD, In-store Execution Marketing Excellence World Class Digital Marketing and Maximizing ROI Supply Chain Digitalization, Operational Efficiency Continuous Cost Improvement Supply Chain, ZBB and MBS STUF INSIDE SCAN AN OR YOU COULD W STUP STUF INSIDE INSIDE MILLION PRIZES! VISIT OREO COM <STUFINSIDE MILLION P 8:30 AM SHOPPING CART Chips! Ahoy CHE View my items Checkout Chipi Ahoy Mondelez. International SNACKING MADE RIGHT#332. EXECUTION WORLD-CLASS PROCUREMENT FUNCTION, DRIVING EXCELLENCE AND FUELING GROWTH 33 2014-2018 2019-2022 World Class Procurement ✓ Digitalization +42 Days Payable +4B Gross Productivity 40% Less Specs 70% Fewer Suppliers Parametric Bidding Robotics ☑ ✓ Automation Tools Mondelez. International SNACKING MADE RIGHT#342. EXECUTION REINVENTING MANUFACTURING CAPABILITIES AT OUR SITE IN CURITIBA, BRAZIL Disruptive Solutions to Increase Competitiveness Curitiba KPIs - 5-Year Evolution 34 . . Flexible smart factory Real time analytics Robots, Cobots and cognitive automations Industry-leading cyber security Gross Margin +600bp Gross Productivity +260% Global Efficiency +18pp Gross tons per employee +4X Mondelez. International SNACKING MADE RIGHT#3535 2. EXECUTION DRIVING TOP-LINE WITH BEST-IN-CLASS SALES EXECUTION IN EUROPE Seasonals Winsed M Catbury Santa Pasties & Pies Callery Santa Free Santa when you spend Son Catury Chris products Gift MSD 2018 Organic Net Revenue Growth Catere Santa Gallery Milka Mitha Mondelez. International SNACKING MADE RIGHT#3636 DELIVERING ON OUR STRATEGY TO DRIVE OUR GROWTH 1 GROWTH 2 3 Accelerating Consumer-Centric Growth EXECUTION Driving Operational Excellence . Attractive Long-term Total Returns 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth¹ Dividend growth > Adj. EPS CULTURE ● Build winning growth culture . FCF $3B+ per year 1 at cst FX Mondelez. International SNACKING MADE RIGHT#3737 3. GROWTH CULTURE DRIVING FUTURE GROWTH THROUGH INNOVATION Applying Test, Learn & Scale Investing in Breakthroughs 40+ Test and Learns in 2019 11 Global Innovation Centers SNACKFUTURES INVENT. REINVENT. VENTURE. Mondelez, International SNACKING MADE RIGHT#383. GROWTH CULTURE IMPROVING EXECUTION WITH NEW MODEL AND INCENTIVES 38 Local-First Commercial Model NEW Performance-Based Incentive Structure Volume Growth Adj Gross Profit Dollars Adj Ol Dollars Market Share Org Net Revenue Growth Free Cash Flow Mondelez. International SNACKING MADE RIGHT#39AGENDA 39 ✓ Global Snacking Leadership Our Strategy to Drive Growth Strong Financial Outlook Halbes Mondelez. International SNACKING MADE RIGHT#40Mondelēz International CAGNY 2019 Luca Zaramella Chief Financial Officer OREO#41AGENDA 1 Building on a strong foundation and performance record 2 Our growth model 3 Continued focus on cost excellence 41 4 Free cash flow and capital allocation 5 Growth algorithm and outlook (新) 发 REG Mondelēz International SNACKING MADE RIGHT#42A NEW ALGORITHM FOR SUSTAINED GROWTH 42 THE FOUNDATION THE PIVOT THE CASH FLOW THE OUTLOOK Building on a strong foundation of margin expansion and capabilities Pivoting to accelerated top-line growth with investments funded by next wave of savings opportunities Targeting strong FCF generation of $3B+ annually powered by a better growth model • New MDLZ expects high quality, 3%+ Organic Net Revenue growth & HSD Adjusted EPS growth Mondelez, International SNACKING MADE RIGHT#43WE HAVE CREATED A STRONG FOUNDATION FOR SUSTAINABLE PERFORMANCE Organic Net Revenue Growth % Adjusted Ol Margin % Adjusted EPS $ Free Cash Flow $ 43 +1.6% CAGR 2014-18 2.4% IT 10.6 +610 bps 2013-18 +18% cst fx 2013-18 16.7 $2.43 $2.2 $1.37 -61 CCC days 2013-18 $2.9 2014 2018 2013 2018 2013 2018 2015 2018 Mondelez. International SNACKING MADE RIGHT#44STRONG 2018 PERFORMANCE, DELIVERED ON OUR COMMITMENTS Commitment Actual Met Target Organic Net Revenue Growth ~2% 2.4% Adjusted EPS Growth¹ Double-digit 15% Free Cash Flow ~$2.8B $2.9B > Adj EPS Dividend Growth² +18% Growth Capital Return N/A $3.4B 44 44 1. Adjusted EPS growth at cst fx 12 2. Quarterly Dividend Rate increase > > > Mondelez. International SNACKING MADE RIGHT#45STRONG VALUE CHAIN ADVANTAGES 45 ROUTE TO MARKET SUPPLY CHAIN COST DISCIPLINE Unique and scalable assets in all major developing markets Efficient and scalable assets in mature markets Simplified and modernized Supply Chain with state of the art plants Procurement competitive advantage . 1 Established ZBB Created MDLZ Business Services Mondelez, International SNACKING MADE RIGHT#461. ACCELERATE GROWTH A GREAT FOUNDATION THAT CAN BE LEVERAGED THROUGH ACCELERATED GROWTH Core Snacks Category Growth % Organic Net Revenue Growth % 46 46 2.3% 2.1% ~3% 2.8% 1.6% 1.5% 1.5% 0.9% 2016 2017 2018 LT 2014 Improved categories Selective adjacencies $ Focus Global & local brands Higher growth geographies 1. Category growth based on available Nielsen Global Data through Jan 2019 for measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. Long-term estimate based on company projections. 2.4% 3%+ 2018 LT Channel expansion Mondelez. International SNACKING MADE RIGHT#472. DRIVE SAVINGS NEXT WAVE OF COST SAVINGS DRIVING INVESTMENT AND PROFIT DOLLAR EXPANSION 47 PROCUREMENT SERVICE & LOGISTICS NETWORK OPTIMIZATION G&A EFFICIENCIES Build next generation of capabilities through digital Drive best in class service levels and optimize cost & network Continue to upgrade production network Most efficient and effective organization Mondelez. International SNACKING MADE RIGHT#483. HIGHER QUALITY EARNINGS IMPROVING GROWTH AND SAVINGS TO DRIVE SUSTAINABLE, HIGH QUALITY EARNINGS INCREASE 48 1 at cst FX Accelerating Growth Cost Excellence High Quality Earnings Operating Leverage Volume Growth Continuous Productivity & ZBB HSD Adjusted EPS Growth¹ Profit Dollar Focus Reinvested Savings Mondelez. International SNACKING MADE RIGHT#49DELIVERING $3B+ OF FREE CASH FLOW ON AN ONGOING BASIS 49 49 2.2 Free Cash Flow $ billions 1.6 1.6 2.9 $3B+ . 2015 2016 2017 2018 LT . . Key Drivers Improved earnings, MSD growth Continue driving working capital improvements Lower capex spend, ~3.5% net revenue Lower Restructuring ~90% FCF conversion* (based on Net Income) Mondelēz International SNACKING MADE RIGHT#5050 50 DISCIPLINED AND GROWTH ORIENTED CAPITAL ALLOCATION STRATEGY 1 2 Invest for Growth A&C, sales, quality, R&D High return restructuring Disciplined capex Targeted M&A High-growth markets, adjacencies, new capabilities Efficiency synergies Strong strategic and cultural fit • Financial discipline 3 Dividend & Share Repurchase Dividend growth > Adj EPS growth Opportunistic and programmatic share repurchases Balance share repurchases with M&A 4 Debt Repayment . Solid investment grade, access to tier 2 CP • Maintain flexibility for M&A Mondelez. International SNACKING MADE RIGHT#5151 COFFEE AND BEVERAGE REPRESENT FLEXIBLE FINANCIAL ASSETS • 26.4% stake - JDE MDLZ book value of ~$3.4B(1) ― Significant value created Innovation and strategic M&A JACOBS MOCCONA PILÃO TASSIMO EST 1523 KENCO PICKWICK Senseo PIAZZA DORO Douwe EGBERTS THE COFFEE COMPANY 1. MDLZ book value for JDE represents book value as of Dec 31, 2018 2. Represents market value of MDLZ stake in KDP, based on KDP closing share price as of February 15, 2019 + • 13.8% stake Keurig DrPeper - MDLZ stake worth $5.4B (2) Significant revenue and cost synergies • NYSE listed company GREEN MOUNTAIN COFFEE ROASTERS LAUGHING MAN COFFEE DONUT COMPANY HOUSE collection TULLY'S Popper Tup bai CANADA DRY Schweppes VAN HOUTTE Timothy's Snapple since 1842 MOTTS Mondelez. International SNACKING MADE RIGHT#52DEMONSTRATED STRONG TRACK RECORD OF CAPITAL RETURN Dividend Growth¹ % Share Repurchase ($B) 52 52 13.9% 12.5% 10.3% 17.1% > Adj EPS² $3.6 $2.6 $2.2 $2.0 2015 2016 2017 2018 LT 2015 2016 2017 2018 1. Dividends declared growth. 2. Adjusted EPS Growth ++ LT Mondelez. International SNACKING MADE RIGHT#53OUTLOOK: ACCELERATING TOPLINE AND INVESTMENTS FOR SUSTAINABLE GROWTH 20191 Long Term Targets Organic Net Revenue growth² 2-3% 3%+ Adj. EPS growth² (cst fx) 3-5% HSD Free Cash Flow ~$2.8B $3B+ Interest expense, net ~$450 million Adj. Effective Tax Rate % Share repurchase 1. Please see slide at end of deck regarding GAAP to Non-GAAP reconciliations on our 2019 outlook 53 2. 2019 Currency Impact on Revenue of (3)% and Adjusted EPS of $(0.07), based on Jan 25, 2019 published FX rates (source: XE.com) Low 20s ~$2B Mondelez. International SNACKING MADE RIGHT#54OUR MODEL FOR SUSTAINED GROWTH IS WORKING 54 1 Accelerating Growth Building off strong foundation, new strategy and growth priorities 2 Driving Savings 3 Leveraging cost excellence capabilities to deliver next wave of beginning to deliver results + savings for margin and reinvestment + $1 Improving Capital Efficiency Improving net income. conversion, reducing capital intensity and clear capital allocation priorities Mondelez. International SNACKING MADE RIGHT#55SUMMARY MDLZ... ATTRACTIVE TOTAL RETURN STORY 55 1 at cst FX GROWTH Accelerate consumer-centric growth EXECUTION Drive operational excellence CULTURE Build winning growth culture 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth¹ Dividend growth > Adj. EPS growth ● FCF $3B+ per year Mondelez. International SNACKING MADE RIGHT#56Mondelēz International SNACKING MADE RIGHT#5744 57 AVERAGE FX RATES FOR KEY COUNTRIES Source: XE.com Full Year 2018¹ Argentine Peso Australian Dollar 28.12/$US US$0.75/AUD Brazilian Real 3.66 / $US Canadian Dollar US$0.77 / CAD Jan. 25th Rate² Impact vs 2018 37.05/$US US$0.72 / AUD 3.77/$US US$0.75 / CAD Chinese Yuan 6.62/$US 6.79 / $US Euro US$1.18 / € US$1.14 / € Indian Rupee 68.41 / $US 70.89 / $US Mexican Peso 19.23/$US 18.98/$US Russian Ruble 62.80 / $US 65.75 / $US NZ Pound Sterling US$1.33 / £ US$1.32 / £ 1. Average of 2018 monthly fx rates 2. January 25, 2019 published fx rates were used to estimate $(0.07) impact to 2019 Adjusted EPS Mondelez. International SNACKING MADE RIGHT#5858 OUTLOOK Our outlook for Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2019 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in foreign currency exchange rates, restructuring activities, acquisitions and divestitures. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, we have not provided that information with regard to the non-GAAP financial measures in our outlook. We are not able to reconcile our projected Organic Net Revenue growth to our projected reported net revenue growth for full-year 2019 because we are unable to predict during those periods the impacts from potential acquisitions or divestitures as well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of our operations are outside the U.S. We are not able to reconcile our projected Adjusted EPS growth on a constant currency basis and Adjusted Effective Tax Rate to our projected reported diluted EPS growth and reported effective tax rate, respectively, for full-year 2019 because we are unable to predict during those periods the timing of our restructuring program costs, mark-to-market impacts from commodity and forecasted currency derivative contracts, impacts from potential acquisitions or divestitures as well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of our operations are outside the U.S. We are not able to reconcile our projected Free Cash Flow to our projected net cash from operating activities for full-year 2019 because we are unable to predict the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, we are unable to provide a reconciliation of these measures without unreasonable effort. Mondelez. International SNACKING MADE RIGHT#59GAAP TO NON-GAAP RECONCILIATIONS 59 Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Emerging Markets Developed Markets Mondelēz International For the Twelve Months Ended December 31, 2018 Reported (GAAP) $ 9,659 $ 16,279 $ 25,938 Acquisition (52) (52) $ 604 10,263 $ (261) 15,966 343 $ 26,229 Currency Organic (Non-GAAP) For the Twelve Months Ended December 31, 2017 Reported (GAAP) $ 9,707 $ 16,189 $ 25,896 Divestitures Organic (Non-GAAP) $ 9,707 $ (270) 15,919 (270) $ 25,626 % Change Reported (GAAP) Divestitures (0.5)% 0.6 % 0.2 % - pp 1.7 pp 1.0 pp (0.3) (0.2) Acquisition 6.2 (1.7) Currency 5.7 % 0.3 % 1.4 2.4 % Organic (Non-GAAP) Mondelez. International SNACKING MADE RIGHT#60GAAP TO NON-GAAP RECONCILIATIONS 60 Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) 5 Year CAGR % % For the Twelve Months Ended December 31, 2014 2013 Change 2015 2014 Change 2016 2015 % Change 2017 2016 % Change 2018 2017 % Change 2014-2018 Mondelēz International, Inc. and Subsidiaries Reported (GAAP) $ 34,244 $ 35,299 (3.0)% $ 29,636 $ 34,244 (13.5)% Divestitures Historical Venezuelan operations (831) (760) (1,006) (695) (831) (795) (1,217) (760) $ 25,923 $ 29,636 (653) (695) (1,217) (12.5)% $ 25,896 (270) $ 25,923 (0.1)% (653) $ 25,938 $ 25,896 (270) 0.2 % (6.0)% Historical coffee business (3,776) (3,904) (1,627) (3,776) (1,627) Acquisitions (14) (165) (92) (59) (52) Accounting calendar change (28) (78) (76) Currency 1,170 3,445 1,233 (77) 343 Organic (Non-GAAP) $ 30,033 $ 29.566 1.6 % $ 29,299 $ 28,877 1.5% $ 26,411 $ 26,021 1.5 % $ 25,490 $ 25,270 0.9% $ 26.229 $ 25,626 2.4 % 1.6 % Mondelez. International SNACKING MADE RIGHT#61GAAP TO NON-GAAP RECONCILIATIONS Mondelēz International, Inc. and Subsidiaries Reported (GAAP) Spin-Off Costs 2012-2014 Restructuring Program costs Simplify to Grow Program Intangible asset impairment charges Mark-to-market (gains)/losses from derivatives Integration Program and other acquisition integration costs. Net benefit from indemnification resolution Malware incident incremental expenses Acquisition-related costs Divestiture-related costs Operating income from divestitures Historical Venezuelan operations Historical coffee business. (Gains)/losses on acquisition and divestitures, net Loss on deconsolidation of Venezuela Gain on the JDE coffee business transactions (Income)/costs associated with the JDE coffee business transactions Gain on sale of intangible asset Remeasurement of net monetary assets in Venezuela Remeasurement of net monetary position Impact of pension participation changes Impacts from resolution of tax matters CEO transition remuneration Reclassification of equity method investment earnings Rounding Adjusted (Non-GAAP) 61 Operating Income to Adjusted Operating Income (in millions of U.S. dollars) (Unaudited) For the Twelve Months Ended December 31, 2013 For the Twelve Months Ended December 31, 2014 For the Twelve Months Ended December 31, 2015 For the Twelve Months Ended December 31, 2016 For the Twelve Months Ended December 31, 2017 For the Twelve Months Ended December 31, 2018 Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin $ 35,299 $ 4,107 11.6 % $ 34,244 $ 3,332 9.7 % $ 29,636 $ 8,954 30.2 % $ 25,923 $ 2,554 9.9% $ 25,896 $ 3,462 13.4 % $ 25,938 $ 3,312 12.8% 62 35 315 456 (4) 376 994 57 71 (43) 220 (336) 73 (56) (4) 9 1,072 137 94 7 777 109 96 3 626 68 (141) 3 84 2 2 8 1 13 86 31 (1) (1,006) (198) (831) (204) (695) (182) (653) (153) (270) (61) (795) (192) (760) (175) (1,217) (281) (3,904) (729) (3,776) (670) (1,627) (357) (30) (13) 778 77 (6,809) 278 གྱེསྱི,,Ê (15) (186) 167 11 (209) 14 11 423 (15) 22 (101) (104) (51) (1) $ 29,594 $ 3,131 10.6 % $ 28.877 $ 3,418 11.8 % $ 26,097 $ 3,350 12.8% $ 25.270 $ 3,773 14.9 % $ 25,626 $ 4,119 16.1 % $ 25,938 $ 4,321 16.7 % Mondelēz International SNACKING MADE RIGHT#62GAAP TO NON-GAAP RECONCILIATIONS 62 For the Twelve Months Ended December 31, Diluted EPS attributable to Mondelēz International (GAAP) Discontinued operations Diluted EPS attributable to Mondelēz International from continuing operations Spin-Off Costs 2012-2014 Restructuring Program costs Simplify to Grow Program Intangible asset impairment charges Mark-to-market (gains)/losses from derivatives Integration Program and other acquisition integration costs Net Benefit from Indemnification Resolution Residual Tax Associated with Starbucks Arbitration Diluted EPS to Adjusted EPS (Unaudited) 5 Year CAGR 2014-2018 2014 2013 % Change 2015 2014 % Change 2016 2015 % Change 2017 2016 % Change 2018 2017 % Change $ 1.28 $ 2.19 (41.6)% $ 4.44 $ 1.28 246.9 % $ 1.04 $ 4.44 (76.6)% $ 1.85 $ 1.04 77.9 % $ 2.28 $ 1.85 23.2 % 0.8 % 0.90 $ 1.28 $ 1.29 (0.8)% $ 4.44 $ 1.28 246.9 % $ 1.04 $ 4.44 (76.6)% $ 1.85 $ 1.04 77.9 % $ 2.28 $ 1.85 23.2% 12.1 % 0.01 0.02 0.01 0.21 0.14 0.21 0.16 0.45 0.16 0.51 0.45 0.39 0.51 0.32 0.39 0.02 0.03 0.02 0.06 0.03 0.05 0.06 0.03 0.05 0.03 (0.02) (0.03) 0.03 0.05 (0.03) 0.06 0.05 (0.09) 0.06 0.10 0.01 0.01 (0.20) (0.02) Malware incident incremental expenses Acquistion-related costs Divestiture-related costs. Net earnings from divestitures 0.04 0.04 0.01 0.01 0.05 0.02. 0.05 0.02 (0.10) (0.09) (0.07) (0.10) (0.08) (0.07) (0.03) (0.08) (0.03) Net earnings from Venezuelan subsidiaries (0.05) (0.07) (0.10) (0.05) (0.10) (Gains)/losses on acquisition and divestitures, net (0.04) 0.01 0.01 (0.11) (0.11) Loss on deconsolidation of Venezuela 0.48 0.48 Gain on the JDE coffee business transactions (4.05) (4.05) (Income)/costs associated with the JDE coffee business transactions (0.19) (0.01) (0.19) (0.01) Gain on sale of intangible asset (0.01) Remeasurement of net monetary assets in Venezuela 0.09 0.03 0.01 0.09 0.01 Remeasurement of net monetary position Impact of pension participation changes Impacts from resolution of tax matters CEO transition renumeration (Gain)/loss related to interest rate swaps Loss on debt extinguishment and related expenses U.S. tax reform discrete net tax (benefit)/expense Gain on equity method investment transactions Equity method investee acquisition-related and other adjustments Adjusted EPS (Non-GAAP) Impact of currency Adjusted EPS @ Constant FX (Non-GAAP) (0.01) 0.01 0.22 (0.13) (0.01) (0.13) 0.01 0.01 0.01 0.18 0.22 0.01 0.29 0.04 0.01 0.04 (0.01) 0.18 0.17 0.29 0.17 0.07 (0.03) 0.01 (0.03) (0.03) (0.02) (0.03) (0.39) (0.02) 0.07 0.03 0.07 0.04 0.03 (0.03) 0.04 $ 1.64 $ 1.37 19.7 % $ 1.53 $ 1.64 (6.7)% $ 1.84 $ 1.53 20.3 % $ 2.14 $ 1.84 16.3 % $ 2.43 $ 2.14 13.6 % 12.1 % 0.07 0.27 0.06 (0.01) 0.03 $ 1.71 $ 1.37 24.8 % $ 1.80 $ 1.64 9.8 % 1.90 $ 1.53 24.2 % $ 2.13 $ 1.84 15.8 % 2.46 $ 2.14 15.0 % 17.8 % Mondelez. International SNACKING MADE RIGHT#6363 63 GAAP TO NON-GAAP RECONCILIATIONS Net Cash Provided by Operating Activities to Free Cash Flow (in millions of U.S. dollars) (Unaudited) For the Twelve Months Ended December 31, 2015 2016 2017 2018 Mondelēz International, Inc. and Subsidiaries Net Cash Provided by Operating Activities (GAAP) $ 3,728 $ 2,838 $ 2,593 3,948 Capital Expenditures (1,514) (1,224) (1,014) (1,095) Free Cash Flow (Non-GAAP) $ 2,214 $ 1,614 $ 1,579 2,853 Mondelez. International SNACKING MADE RIGHT