July 27, 2016 Mondelez International Reports Q2 Results Diluted EPS was $0.29, up 16%; Adjusted EPS 1 was $0.44, up 4.5% on a constant-currency basis

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1 July 27, 2016 Mondelez Reports Q2 Results Diluted EPS was $0.29, up 16%; Adjusted EPS 1 was $0.44, up 4.5% on a constant-currency basis income margin was 10.1%, down 90 basis points; Adjusted 1 margin expanded 210 basis points to 15.2% Net revenues decreased 17.7%; Organic Net Revenue 1 grew 1.5% Announcing launch of chocolate in China DEERFIELD, Ill., July 27, 2016 (GLOBE NEWSWIRE) --, Inc. (NASDAQ:MDLZ) today reported its second quarter 2016 results. "Despite a challenging macro environment, our strong execution and first-half performance give us confidence in delivering our 2016 outlook and 2018 margin targets," said Irene Rosenfeld, Chairman and CEO. "While our reported margin results reflect the negative impact from the loss of revenue from our coffee joint venture and Venezuela deconsolidation, we continue to drive strong margin expansion on an adjusted basis. Our ongoing focus on operational efficiency enables us to invest for sustainable, profitable growth in our Power Brands, white-space expansion and sales capabilities. This is evidenced by our upcoming launch of Milka chocolate in China, a $2.8 billion market with significant growth potential, and our substantial investment in e-commerce." Net Revenue $ in millions Net Revenues Organic Net Revenue Growth % Chg Q vs PY Q Vol/Mix Pricing Quarter 2 Latin America $ 843 (32.0)% 8.8% (1.5)pp 10.3 pp Asia Pacific 1,023 (0.1) Eastern Europe, Middle East & Africa 648 (25.4) (2.3) (5.3) 3.0 Europe 2,068 (26.5) (0.1) 0.7 (0.8) North America 1, (0.1) $ 6,302 (17.7)% 1.5% (0.1)pp 1.6 pp June Year-to-Date June YTD June YTD Latin America $ 1,660 (33.5)% 6.2% (5.1)pp 11.3 pp Asia Pacific 2,150 (1.2) Eastern Europe, Middle East & Africa 1,195 (23.6) 0.7 (5.1) 5.8 Europe 4,357 (24.7) (0.8) North America 3, $ 12,757 (17.3)% 1.9% (0.4)pp 2.3 pp and Diluted EPS $ in millions Adjusted vs PY vs PY vs PY Q (Rpt Fx) Q (Rpt Fx) (Cst Fx) Quarter 2 Gross Profit $ 2,516 (17.9)% $ 2,530 (2.6)% 1.5% Gross Profit Margin 39.9% (0.1)pp 40.1% 0.0 pp $ 638 (24.1)% $ % 17.4% Margin 10.1% (0.9)pp 15.2% 2.1 pp Net 2 $ % $ 700 (3.0)% 1.0% Diluted EPS $ % $ % 4.5%

2 June Year-to-Date June YTD June YTD Gross Profit $ 5,051 (15.9)% $ 5,092 (1.7)% 3.6% Gross Profit Margin 39.6% 0.7 pp 39.9% 0.9 pp $ 1,360 (17.7)% $ 1, % 18.7% Margin 10.7% 0.0 pp 15.2% 2.3 pp Net $ 1, % $ 1, % 11.5% Diluted EPS $ % $ % 16.9% Second Quarter Commentary Net revenue decreased 17.7 percent, driven by the deconsolidation of the coffee business, currency headwinds and deconsolidation of the company's Venezuela operations. Organic Net Revenue increased 1.5 percent, driven by pricing to recover currency-driven input costs in inflationary markets and continued improvement in overall volume/mix trends. Gross profit margin was 39.9 percent, a decrease of 10 basis points, driven primarily by the negative impact from deconsolidation of the coffee business. Adjusted Gross Profit 1 margin was 40.1 percent, flat to prior year. Strong net productivity was offset by currency driven inflation in excess of pricing and a 60 basis-point impact from mark-tomarket adjustments associated with commodity and currency hedging. income margin was 10.1 percent, down 90 basis points, driven by divestiture-related costs, Program costs and the deconsolidation of the company's Venezuela operations. Adjusted margin expanded 210 basis points to 15.2 percent. These results reflect continued reductions in overhead costs, driven by the ongoing benefits from zero-based budgeting. Diluted EPS was $0.29, up $0.04 or 16.0 percent. The absence of costs from last year's coffee business transactions had a favorable impact, which was partially offset by divestiture-related and Program costs. Adjusted EPS was $0.44 and grew 4.5 percent on a constant-currency basis, driven primarily by Adjusted improvement largely offset by coffee dilution. The company returned approximately $1.8 billion to shareholders through share repurchases and cash dividends through the first half of the year. Outlook provides guidance on a non-gaap basis as the company cannot predict some elements that are included in reported GAAP results, including the impact of foreign exchange. Refer to the 2016 Outlook section in the discussion of non-gaap financial measures below for more details. The company updated Organic Net Revenue guidance, affirmed Adjusted margin and Free Cash Flow excluding items guidance, and updated its outlook for Adjusted EPS. Given the solid operating results year-to-date, lower-than-expected interest expense and strong results from the coffee joint venture investments, the company now expects to deliver incremental EPS of $0.03 to $0.05 for the year, which will effectively offset the impact from a more challenging currency environment, including the impact of the United Kingdom's vote to exit the European Union. Specifically, and based on foreign exchange rates as of July 22, there would be a negative translation impact on 2016 net revenue growth of approximately 4 percentage points 3 (from approximately 3 percentage points) and on Adjusted EPS of approximately $ (from approximately $0.05). Metric Full Year 2016 Outlook Organic Net ~2% Revenue Growth Adjusted 15% to 16% Margin Adjusted EPS Double-digit growth on a constant-currency basis Free Cash Flow At least $1.4 billion excluding items 1

3 Conference Call will host a conference call for investors with accompanying slides to review its results at 10 a.m. ET today. Investors and analysts may participate via phone by calling from the United States and from other locations. Access to a live audio webcast with accompanying slides and a replay of the event will be available at The company will be live tweeting from the event at About, Inc. (NASDAQ:MDLZ) is a global snacking powerhouse, with 2015 net revenues of approximately $30 billion. Creating delicious moments of joy in 165 countries, is a world leader in biscuits, chocolate, gum, candy and powdered beverages, with billion-dollar brands such as Oreo, LU and Nabisco biscuits; Cadbury, Cadbury Dairy Milk and Milka chocolate; and Trident gum. is a proud member of the Standard and Poor's 500, NASDAQ 100 and Dow Jones Sustainability Index. Visit or follow us on Twitter at End Notes 1. Organic Net Revenue, Adjusted (and Adjusted margin), Adjusted EPS, Adjusted Gross Profit (and Adjusted Gross Profit margin), Free Cash Flow excluding items and presentation of amounts in constant currency are non-gaap financial measures. Please see discussion of non-gaap financial measures at the end of this press release for more information. 2. Net earnings attributable to. 3. Currency estimate is based on published rates from Oanda on July 22, Additional Definitions Power Brands include some of the company's largest global and regional brands, such as Oreo, Chips Ahoy!, Ritz, TUC/Club Social and belvita biscuits; Cadbury Dairy Milk, Milka and Lacta chocolate; Trident gum; Hall's candy; and Tang powdered beverages. Emerging markets consist of the Latin America and Eastern Europe, Middle East and Africa regions in their entirety; the Asia Pacific region, excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries. Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia Pacific region. Forward-Looking Statements This press release contains a number of forward-looking statements. Words, and variations of words, such as "will," "expect," "may," "would," "estimate," "potential," "deliver," "guidance," "outlook" and similar expressions are intended to identify the company's forward-looking statements, including, but not limited to, statements about: the company's future performance, including its future revenue growth, earnings per share, margins and cash flow; currency and the effect of foreign exchange translation on the company's results of operations, including the impact of the United Kingdom's vote to exit the European Union; the economic, regulatory and business environment and the company's operations in Venezuela; the growth potential of the Chinese market; the timing and completion of the sale of several manufacturing facilities in France and sale or license of several local confectionery brands; the costs of, timing of expenditures under and completion of the company's restructuring program; pension liabilities related to the coffee business transactions; and the company's outlook, including 2016 Organic Net Revenue growth, Adjusted margin, Adjusted EPS and Free Cash Flow excluding items and 2018 margin targets. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control, which could cause the company's actual results to differ materially from those indicated in the company's 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; unanticipated disruptions to the company's business; competition; the restructuring program and the company's other transformation initiatives not yielding the anticipated benefits; changes in the assumptions on which the restructuring program is based; and tax law changes. Please also see the company's risk factors, as they may be amended from time to time, set forth in its filings with the SEC, including the company's most recently filed Annual Report on Form 10- K. disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation. Reconciliation of GAAP and Non-GAAP Financial Measures (Unaudited) The company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). However, management believes that also presenting certain non-gaap financial measures provides additional information to facilitate comparison of the company's historical operating results and trends in its underlying operating results, and provides additional transparency on how the company evaluates its business. Management uses these non- GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. The company also believes that presenting these measures allows investors to view its performance using the same measures that the company uses in evaluating its financial and business performance and trends.

4 The company considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of its ongoing financial and business performance or trends. Examples of items for which the company may make adjustments include: charges related to restructuring activities; gains or losses associated with acquisitions and divestitures; gains and losses on intangible asset sales and non-cash impairments; and remeasurements of net monetary assets. See below for a description of adjustments to the company's U.S. GAAP financial measures included herein. Non-GAAP information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with U.S. GAAP. In addition, the company's non- GAAP financial measures may not be the same as or comparable to similar non-gaap measures presented by other companies. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-gaap financial measures in the company's outlook. Refer to the 2016 Outlook section below for more details. DEFINITIONS OF THE COMPANY'S NON-GAAP FINANCIAL MEASURES The company's non-gaap financial measures and corresponding metrics reflect how the company evaluates its operating results currently and provide improved comparability of operating results. As new events or circumstances arise, these definitions could change over time: "Organic Net Revenue" is defined as net revenues excluding the impacts of acquisitions, divestitures (1) ; the historical global coffee business (2) ; the historical Venezuelan operations; accounting calendar changes; and currency rate fluctuations. The company believes that Organic Net Revenue reflects the underlying growth from the ongoing activities of its business and provides improved comparability of results. The company also evaluates Organic Net Revenue growth from emerging markets and its Power Brands. "Adjusted Gross Profit" is defined as gross profit excluding the Program; the Program; acquisition integration costs; incremental costs associated with the Jacobs Douwe Egberts ("JDE") coffee business transactions; the operating results of divestitures (1) ; the historical coffee business operating results (2) ; and the historical Venezuelan operating results. The company believes that Adjusted Gross Profit provides improved comparability of underlying operating results. The company also evaluates growth in the company's Adjusted Gross Profit on a constant currency basis. "Adjusted " and "Adjusted Segment " are defined as operating income (or segment operating income) excluding the impacts of Spin-Off Costs; the Program; the Program; the Venezuela remeasurement and deconsolidation losses and historical operating results; gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture (1) or acquisition gain or losses and related integration and acquisition costs; the JDE coffee business transactions (2) gain and net incremental costs; the operating results of divestitures (1) ; the historical global coffee business operating results (2) ; and equity method investment earnings historically reported within operating income (3). The company believes that Adjusted and Adjusted Segment provide improved comparability of underlying operating results. The company also evaluates growth in the company's Adjusted and Adjusted Segment on a constant currency basis. "Adjusted EPS" is defined as diluted EPS attributable to from continuing operations excluding the impacts of Spin-Off Costs; the Program; the Program; the Venezuela remeasurement and deconsolidation losses and historical operating results; losses on debt extinguishment and related expenses; gains or losses (including non-cash impairment charges) on goodwill and intangible assets; gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; divestiture (1) or acquisition gain or losses and related integration and acquisition costs; the JDE coffee business transactions (2) gain, transaction hedging gains or losses and net incremental costs; gain on the equity method investment exchange; and net earnings from divestitures (1). In addition, the company has adjusted its equity method investment earnings for its proportionate share of unusual or infrequent items, such as acquisition and divestiture-related costs and restructuring program costs, recorded by the company's JDE and Keurig Green Mountain Inc. ("Keurig") equity method investees. The company believes that Adjusted EPS provides improved comparability of underlying operating results. The company also evaluates growth in the company's Adjusted EPS on a constant currency basis. "Free Cash Flow excluding items" is defined as Free Cash Flow (net cash provided by operating activities less capital expenditures) excluding cash payments associated with accrued interest and other related fees due to the company's completion of a $2.5 billion cash tender offer on March 20, As Free Cash Flow excluding items is the company's primary measure used to monitor its cash flow performance, the company believes this non-gaap measure provides investors additional useful information when evaluating its cash from operating activities. (1) Divestitures include completed sales of businesses and exits of major product lines upon completion of a sale or licensing agreement. The company modified its definition of divestitures as it does not anticipate excluding as a divestiture the results of pending business sales for which it has cleared significant sale-related conditions. The company instead anticipates including the results of businesses it controls until a sale of business has been completed. (2) In connection with the JDE coffee business transactions that closed on July 2, 2015, because the company exchanged its coffee interests for similarly-sized coffee interests in JDE at the time of the transaction, the company has deconsolidated and not included its

5 historical global coffee business results within divestitures in its non-gaap financial measures. The company continues to have an ongoing interest in the coffee business. Beginning in the third quarter of 2015, the company has included the after-tax earnings of JDE, Keurig and of its historical coffee business results within continuing results of operations. For Adjusted EPS, the company has included these earnings in equity method investment earnings and has deconsolidated its historical coffee business results from Organic Net Revenue, Adjusted Gross Profit and Adjusted to facilitate comparisons of past and future coffee operating results. (3) Historically, the company has recorded income from equity method investments within its operating income as these investments operated as extensions of the company's base business. Beginning in the third quarter of 2015, the company began to record the earnings from its equity method investments in after-tax equity method investment earnings outside of operating income following the deconsolidation of its coffee business. In periods prior to July 2, 2015, the company has reclassified the equity method earnings from Adjusted to after-tax equity method investment earnings within Adjusted EPS to be consistent with the deconsolidation of its coffee business results on July 2, 2015 and in order to evaluate its operating results on a consistent basis. See the attached schedules for supplemental financial data and corresponding reconciliations of the non-gaap financial measures referred to above to the most comparable GAAP financial measures for the three and six months ended June 30, 2016 and SEGMENT OPERATING INCOME The company uses segment operating income to evaluate segment performance and allocate resources. The company believes it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes unrealized gains and losses on hedging activities (which are a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures or acquisitions, gain on the JDE coffee business transactions, loss on the deconsolidation of Venezuela and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. The company excludes these items from segment operating income in order to provide better transparency of its segment operating results. Furthermore, the company centrally manages interest and other expense, net. Accordingly, the company does not present these items by segment because they are excluded from the segment profitability measure that management reviews. ITEMS IMPACTING COMPARABILITY OF OPERATING RESULTS The following information is provided to give qualitative and quantitative information related to items impacting comparability of operating results. The company determines which items to consider as "items impacting comparability" based on how management views the company's business; makes financial, operating and planning decisions; and evaluates the company's ongoing performance. In addition, the company discloses the impact of changes in currency exchange rates on the company's financial results in order to reflect results on a constant currency basis. Divestitures On April 23, 2015, the company completed the divestiture of its 50 percent interest in a Japanese coffee joint venture to its joint venture partner, which generated cash proceeds of 27 billion Japanese yen ($225 million as of April 23, 2015) and a pre-tax gain of $13 million (after-tax loss of $9 million) in the three months ended June 30, The company contributed to JDE the net cash proceeds from the sale of the interest. The company did not divest any businesses during the three and six months ended June 30, Divestiture-related costs On March 31, 2016, the company received and accepted a binding offer for the sale of several manufacturing facilities in France and sale or license of several local confectionery brands. The sale transactions are expected to be completed and remaining pre-closing conditions satisfied in the second quarter of The transactions are subject to E.U. and local regulatory approvals, completion of employee consultation requirements and additional steps to prepare the assets for transfer. Additionally, in the three months ended June 30, 2016, the company incurred and accrued $84 million of incremental expenses to ready the business for the sale transactions expected to close in The company recorded these costs within cost of sales and selling, general and administrative expenses of its Europe segment. Acquisitions and acquisition-related costs On July 15, 2015, the company acquired a controlling interest in a biscuit operation in Vietnam, which is now a subsidiary within its Asia Pacific segment. The acquisition added incremental net revenues of $33 million in the three months and $71 million in the six months ended June 30, On February 16, 2015, the company also acquired a U.S. snack food company (Enjoy Life Foods) within its North America segment. The acquisition added incremental net revenues of $5 million in the six months ended June 30, The company recorded acquisition-related costs of $1 million in the three months and $2 million in the six months ended June 30, These acquisition-related costs were recorded in selling, general and administrative expenses. Acquisition integration costs Within the company's Asia Pacific segment, in connection with the July 2015 acquisition of a biscuit operation in Vietnam, the company recorded integration costs of $3 million in the three months and $6 million in the six months ended June 30, 2016 and $1 million in the three and six months ended June 30, The company recorded these acquisition integration costs in selling, general and administrative expenses. Accounting calendar change In connection with moving toward a common consolidation date across the company, in the first quarter of 2015, the company changed the consolidation date for the North America segment from the last Saturday of each period to the last

6 calendar day of each period. The change had a favorable impact on net revenues of $38 million in the six months ended June 30, As a result of this change, each of the company's operating subsidiaries now reports results as of the last calendar day of the period Program In 2012, the company's Board of Directors approved $1.5 billion of restructuring and related implementation costs (" Program") reflecting primarily severance, asset disposals and other manufacturing-related one-time costs. The primary objective of the restructuring and implementation activities was to ensure that and its former North American grocery business, Kraft Foods Group, Inc., were each set up to operate efficiently and execute on their respective business strategies upon separation in the Spin-Off, which was completed on October 1, 2012, and in the future. Of the $1.5 billion of Program costs, the company retained approximately $925 million and Kraft Foods Group retained the balance of the program. Through the end of 2014, the company incurred total restructuring and related implementation charges of $899 million, and completed incurring planned charges on the Program. The company recorded reversals to the restructuring charges of $1 million in the three months and $3 million in the six months ended June 30, 2015 related to accruals no longer required Program On May 6, 2014, the company's Board of Directors approved a $3.5 billion restructuring program, comprised of approximately $2.5 billion in cash costs and $1 billion in non-cash costs (" Program"), and up to $2.2 billion of capital expenditures. The primary objective of the Program is to reduce the company's operating cost structure in both supply chain and overhead costs. The program is intended primarily to cover severance as well as asset disposals and other manufacturing-related one-time costs. The company expects to incur the majority of the program's charges in 2016 and to complete the program by year-end costs The company recorded restructuring charges of $154 million in the three months and $293 million in the six months ended June 30, 2016 and $135 million in the three months and $297 million in the six months ended June 30, 2015 within asset impairment and exit costs. These charges were for asset write-downs (including accelerated depreciation and asset impairments), severance and other related costs. Implementation costs Implementation costs are directly attributable to restructuring activities; however, they do not qualify for special accounting treatment as exit or disposal activities. The company recorded implementation costs of $74 million in the three months and $172 million in the six months ended June 30, 2016 and $47 million in the three months and $109 million in the six months ended June 30, These costs primarily relate to reorganizing the company's operations and facilities in connection with its supply chain reinvention program and other identified productivity and cost saving initiatives. The costs include incremental expenses related to the closure of facilities, costs to terminate certain contracts and the simplification of the company's information systems. The company recorded these costs within cost of sales and general corporate expense within selling, general and administrative expenses. Venezuela remeasurement and deconsolidation losses Effective as of the close of the 2015 fiscal year, the company concluded that it no longer met the accounting criteria for consolidation of its Venezuela subsidiaries due to a loss of control over its Venezuelan operations and an other-thantemporary lack of currency exchangeability. As of the close of the 2015 fiscal year, the company deconsolidated and changed to the cost method of accounting for its Venezuelan operations. The company recorded a $778 million pre-tax loss on December 31, 2015 as it reduced the value of its cost method investment in Venezuela and all Venezuelan receivables held by its other subsidiaries to realizable fair value, resulting in full impairment. The recorded loss also included historical cumulative translation adjustments related to the company's Venezuelan operations that the company had previously recorded in accumulated other comprehensive losses within equity. Beginning in 2016, the company no longer includes net revenues, earnings or net assets of its Venezuelan subsidiaries within its consolidated financial statements. Under the cost method of accounting, earnings are only recognized to the extent cash is received. Given the current and ongoing difficult economic, regulatory and business environment in Venezuela, there continues to be significant uncertainty related to the company's operations in Venezuela, and the company expects these conditions will continue for the foreseeable future. The company will monitor the extent of its ability to control its Venezuelan operations and the liquidity and availability of U.S. dollars at different rates, as the current situation in Venezuela may change over time and lead to consolidation at a future date. The company recorded no revenues, earnings or other financial results from its Venezuelan subsidiaries during the three and six months ended June 30, For the three and six months ended June 30, 2015, the operating results of its Venezuela operations were included in the company's condensed consolidated statements of earnings. During the first quarter of 2015, the company recognized an $11 million currency-related remeasurement loss resulting from a devaluation of the Venezuela bolivar exchange rates the company historically used to source U.S. dollars for purchases of imported raw materials, packaging and other goods and services. Reclassification of historical Venezuela net revenues, operating income and net earnings The company removed its historical operating results for its Venezuelan subsidiaries from its historical Organic Net Revenue, Adjusted Gross Profit, Adjusted and Adjusted EPS to facilitate comparisons of past and future operating results and net earnings. JDE coffee business transactions On July 2, 2015, the company completed transactions to combine the company's wholly owned coffee businesses with those of D.E Master Blenders 1753 B.V. ("DEMB") to create a new company, JDE. Following the exchange of a portion of the company's investment in JDE for an interest in Keurig in March 2016, the company held a 26.5% equity interest in JDE. The

7 remaining 73.5% interest in JDE was held by a subsidiary of Acorn Holdings B.V., ("AHBV", owner of DEMB prior to July 2, 2015). At the close of June 30, 2016, the company held a 26.4% equity interest in JDE following the execution of agreements with AHBV and its affiliates to establish a new stock-based compensation arrangement tied to the issuance of JDE equity compensation awards to JDE employees. In connection with the contribution of the company's global coffee business to JDE, the company recorded a final pre-tax gain of $6.8 billion (or $6.6 billion after taxes) in the second half of 2015 after final adjustments were reflected as described below. The company also recorded approximately $1.0 billion of net gains related to hedging the expected cash proceeds from the transaction as described below. During the fourth quarter of 2015, the company and JDE concluded negotiations of a sales price adjustment and completed the valuation of the company's investment in JDE. Primarily due to the negotiated resolution of the sales price adjustment in the fourth quarter, the company recorded a $313 million reduction in the pre-tax gain on the coffee transaction, reducing the $7.1 billion estimated gain in the third quarter to the $6.8 billion final gain for As part of the company's sales price negotiations, the company retained the right to collect future cash payments if certain estimated pension liabilities come in over an agreed amount in the future. As such, the company may recognize additional income related to this negotiated term in the future. In connection with the expected receipt of cash in euros at the time of closing, the company entered into a number of consecutive currency exchange forward contracts in 2014 and 2015 to lock in an equivalent expected value in U.S. dollars as of the date the coffee business transactions were first announced in May Cumulatively, the company realized aggregate net gains and received cash of approximately $1.0 billion on these hedging contracts that increased the cash the company received in connection with the coffee business transactions from $4.2 billion in cash consideration received to $5.2 billion. In connection with these currency contracts, the company recognized a net loss of $144 million in the three months and a net gain of $407 million in the six months ended June 30, 2015 within interest and other expense, net. The company also incurred incremental expenses related to readying its coffee businesses for the transactions that totaled $157 million in the three months and $185 million in the six months ended June 30, These expenses were recorded within selling, general and administrative expenses of primarily the company's Europe and EEMEA segments and within general corporate expenses. Gain on equity method investment exchange On March 3, 2016, a subsidiary of AHBV completed the $13.9 billion acquisition of all of the outstanding common stock of Keurig through a merger transaction. On March 7, 2016, the company exchanged with a subsidiary of AHBV a portion of the company's equity interest in JDE with a carrying value of 1.7 billion (approximately $2.0 billion as of March 7, 2016) for an interest in Keurig with a fair value of $2.0 billion based on the merger consideration per share for Keurig. The company recorded the difference between the fair value of Keurig and its basis in JDE shares as a $43 million gain on equity method investment exchange in March Following the exchange, the company's ownership interest in JDE was 26.5% and its interest in Keurig is 24.2%. The company accounts for its investments in JDE and Keurig under the equity method and recognizes its share of their earnings within equity method investment earnings and its share of their dividends within the company's cash flows. Reclassification of historical coffee business net revenues, operating income and net earnings The company removed its historical coffee business operating results from its historical Organic Net Revenue, Adjusted Gross Profit and Adjusted and reclassified historical coffee business after-tax earnings to equity method investment earnings to facilitate comparisons of past and future operating results and net earnings. Reclassification of equity method investment earnings Historically, the company recorded income from equity method investments within operating income as these investments operated as extensions of its base business. Beginning in the third quarter of 2015, to align with the accounting for JDE earnings, the company began to record the earnings from equity method investments in equity method investment earnings outside of segment operating income. In periods prior to July 2, 2015, the company has reclassified the equity method investment earnings from Adjusted to evaluate operating results on a consistent basis. Equity method investee adjustments The company adjusts its equity method investment earnings for its proportionate share of unusual or infrequent items, such as acquisition and divestiture-related costs and restructuring program costs, recorded by the company's JDE and Keurig equity method investees. Loss on debt extinguishment and related costs On March 20, 2015, the company completed a cash tender offer and retired $2.5 billion of its outstanding high coupon longterm debt. The company recorded, within interest and other expense, net, a pre-tax loss on debt extinguishment and related expenses of $713 million in the three months ended March 31, 2015, for the amount paid in excess of the carrying value of the debt and from recognizing in earnings the related unamortized discounts, deferred financing costs and deferred cash flow hedges. Loss related to interest rate swaps The company recognized pre-tax losses of $97 million in the three months ended March 31, 2016, and $34 million in the three months ended March 31, 2015, within interest and other expense, net related to certain U.S. dollar interest rate swaps that the company no longer designated as accounting cash flow hedges due to a change in financing and hedging plans. Intangible assets gains and losses Impairment charges In connection with the planned sale of a confectionery business in France, on March 31, 2016, the company recorded a $14 million impairment charge for a gum & candy trademark as a portion of its carrying value would not be recoverable based on

8 future cash flows expected under a planned license agreement with the buyer. In May 2016, the company recorded an additional $5 million impairment charge for another candy trademark to reduce the overall net assets to the estimated net sales proceeds after transaction costs. In addition, on June 30, 2016, in connection with the company's global supply chain reinvention initiatives, the company made a determination to discontinue manufacturing a candy product that resulted in a $7 million impairment charge in its North America segment. Gain on sale of an intangible asset On May 2, 2016, the company completed the sale of certain local biscuit brands in Finland as part of the company's strategic decisions to exit select small and local brands and shift investment towards its Power Brands. Upon closing, the company divested $8 million of indefinite lived intangible assets and less than $1 million of other assets. After transaction costs, the company recorded a pre-tax gain of $6 million ($5 million after-tax) in the three months ended June 30, 2016 within selling, general and administrative expenses of its Europe segment. Constant currency Management evaluates the operating performance of the company and its international subsidiaries on a constant currency basis. The company determines its constant currency operating results by dividing or multiplying, as appropriate, the current period local currency operating results by the currency exchange rates used to translate the company's financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior year period OUTLOOK The company's outlook for 2016 Organic Net Revenue growth, Adjusted margin, Adjusted EPS growth on a constant currency basis and Free Cash Flow excluding items 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. The company is not able to reconcile its full-year 2016 projected Organic Net Revenue growth to its full-year 2016 projected reported net revenue growth because the company is unable to predict the 2016 impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of the company's operations are outside the U.S. The company is not able to reconcile its full-year 2016 projected Adjusted margin to its full-year 2016 projected reported operating income margin because the company is unable to predict the timing of its Program costs and impacts from potential acquisitions or divestitures. The company is not able to reconcile its full-year 2016 projected Adjusted EPS to its full-year 2016 projected reported diluted EPS because the company is unable to predict the timing of its Program costs, 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 the company's operations are outside the U.S. The company is not able to reconcile its full year 2016 projected Free Cash Flow excluding items to its full year 2016 projected net cash from operating activities because the company is unable to predict the timing of potential significant items impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, the company is unable to provide a reconciliation of these measures without unreasonable effort. Condensed Consolidated Statements of (in millions of U.S. dollars and shares, except per share data) (Unaudited) For the Three Months For the Six Months Ended June 30, Ended June 30, % Change Fav / (Unfav) Schedule 1 % Change Fav / (Unfav) Net revenues $ 6,302 $ 7,661 (17.7)% $ 12,757 $ 15,423 (17.3)% Cost of sales 3,786 4, % 7,706 9, % Gross profit 2,516 3,066 (17.9)% 5,051 6,007 (15.9)% Gross profit margin 39.9 % 40.0 % 39.6 % 38.9 % Selling, general and administrative expenses 1,668 1, % 3,283 3, % Asset impairment and exit costs % % Gain on divestiture - (13) n/m - (13) n/m Amortization of intangibles % % income (24.1)% 1,360 1,652 (17.7)% income margin 10.1 % 11.0 % 10.7 % 10.7 % Interest and other expense, net % %

9 before income taxes (7.6)% % Provision for income taxes (118) (100) (18.0)% (167) (213) 21.6% Effective tax rate 24.2 % 19.0 % 17.3 % 22.4 % Gain on equity method investment exchange - - n/m 43 - n/m Equity method investment net earnings n/m n/m Net earnings % 1, % Noncontrolling interest (7) (21) 66.7% (10) (9) (11.1)% Net earnings attributable to $ 464 $ % $ 1,018 $ % Per share data: Basic earnings per share attributable to $ 0.30 $ % $ 0.65 $ % Diluted earnings per share attributable to $ 0.29 $ % $ 0.64 $ % Average shares outstanding: Basic 1,557 1, % 1,563 1, % Diluted 1,576 1, % 1,581 1, % Condensed Consolidated Balance Sheets (in millions of U.S. dollars) (Unaudited) Schedule 2 June 30, December 31, ASSETS Cash and cash equivalents $ 1,755 $ 1,870 Trade receivables 2,796 2,634 Other receivables 1,123 1,212 Inventories, net 2,713 2,609 Other current assets Total current assets 8,979 8,958 Property, plant and equipment, net 8,425 8,362 Goodwill 20,741 20,664 Intangible assets, net 18,781 18,768 Prepaid pension assets Deferred income taxes Equity method investments 5,618 5,387 Other assets TOTAL ASSETS $ 63,271 $ 62,843 LIABILITIES Short-term borrowings $ 2,691 $ 236 Current portion of long-term debt 1, Accounts payable 4,562 4,890 Accrued marketing 1,489 1,634 Accrued employment costs Other current liabilities 2,545 2,713 Total current liabilities 12,996 10,922 Long-term debt 13,578 14,557 Deferred income taxes 4,801 4,750 Accrued pension costs 1,715 2,183 Accrued postretirement health care costs Other liabilities 2,008 1,832

10 TOTAL LIABILITIES 35,595 34,743 EQUITY Common Stock - - Additional paid-in capital 31,771 31,760 Retained earnings 21,127 20,700 Accumulated other comprehensive losses (9,768) (9,986) Treasury stock (15,538) (14,462) Total Shareholders' Equity 27,592 28,012 Noncontrolling interest TOTAL EQUITY 27,676 28,100 TOTAL LIABILITIES AND EQUITY $ 63,271 $ 62,843 June 30, December 31, Incr/(Decr) Short-term borrowings $ 2,691 $ 236 $ 2,455 Current portion of long-term debt 1, Long-term debt 13,578 14,557 (979) Total Debt 17,280 15,398 1,882 Cash and cash equivalents 1,755 1,870 (115) Net Debt (1) $ 15,525 $ 13,528 $ 1,997 (1) Net debt is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents. Condensed Consolidated Statements of Cash Flows (in millions of U.S. dollars) (Unaudited) Schedule 3 For the Six Months Ended June 30, CASH PROVIDED BY / (USED IN) OPERATING ACTIVITIES Net earnings $ 1,028 $ 739 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization Stock-based compensation expense Deferred income tax benefit (86) (52) Gain on divestiture - (13) Asset impairments Loss on early extinguishment of debt JDE coffee business transactions currency-related net gains - (407) Gain on equity method investment exchange (43) - from equity method investments (173) (56) Distributions from equity method investments Other non-cash items, net Change in assets and liabilities, net of acquisitions and divestitures: - - Receivables, net (27) (143) Inventories, net (63) (181) Accounts payable (319) (49) Other current assets Other current liabilities (457) (694) Change in pension and postretirement assets and liabilities, net (338) (193) Net cash provided by operating activities CASH PROVIDED BY / (USED IN) INVESTING ACTIVITIES

11 Capital expenditures (604) (790) Proceeds from JDE coffee business transactions currency hedge settlements - 1,235 Acquisition, net of cash received - (81) Proceeds from divestiture, net of disbursements Proceeds from sale of property, plant and equipment and other 99 - Net cash (used in) / provided by investing activities (505) 583 CASH PROVIDED BY / (USED IN) FINANCING ACTIVITIES Issuances of commercial paper, maturities greater than 90 days Repayments of commercial paper, maturities greater than 90 days (68) (405) Net issuances of other short-term borrowings 2,008 2,980 Long-term debt proceeds 1,149 3,606 Long-term debt repaid (1,757) (4,539) Repurchase of Common Stock (1,312) (2,132) Dividends paid (537) (495) Other Net cash provided by / (used in) financing activities 28 (297) Effect of exchange rate changes on cash and cash equivalents 25 (88) Cash and cash equivalents: (Decrease) / increase (115) 769 Cash balance included in current assets held for sale - (442) Balance at beginning of period 1,870 1,631 Balance at end of period $ 1,755 $ 1,958 Reconciliation of GAAP to Non-GAAP Measures Net Revenues (in millions of U.S. dollars) (Unaudited) Schedule 4a For the Three Months Ended June 30, 2016 Latin Asia North America Pacific EEMEA Europe America (GAAP) $ 843 $ 1,023 $ 648 $ 2,068 $ 1,720 $ 6,302 Acquisitions - (33) (33) Currency Organic (Non-GAAP) $ 1,022 $ 1,029 $ 722 $ 2,083 $ 1,729 $ 6,585 For the Three Months Ended June 30, 2015 (GAAP) $ 1,240 $ 1,024 $ 869 $ 2,815 $ 1,713 $ 7,661 Historical Venezuelan operations (301) (301) Historical coffee business - (15) (130) (730) - (875) Organic (Non-GAAP) $ 939 $ 1,009 $ 739 $ 2,085 $ 1,713 $ 6,485 % Change (GAAP) (32.0)% (0.1)% (25.4)% (26.5)% 0.4% (17.7)% Historical Venezuelan operations 21.8 pp - pp - pp - pp - pp 3.3 pp Historical coffee business Acquisitions - (3.3) (0.6) Currency Organic (Non-GAAP) 8.8% 2.0% (2.3)% (0.1)% 0.9% 1.5% Vol/Mix (1.5)pp 1.3 pp (5.3)pp 0.7 pp 1.0 pp (0.1)pp Pricing (0.8) (0.1) 1.6

12 For the Six Months Ended June 30, 2016 Latin Asia North America Pacific EEMEA Europe America (GAAP) $ 1,660 $ 2,150 $ 1,195 $ 4,357 $ 3,395 $ 12,757 Acquisitions - (71) - - (5) (76) Currency Organic (Non-GAAP) $ 2,100 $ 2,197 $ 1,327 $ 4,445 $ 3,415 $ 13,484 For the Six Months Ended June 30, 2015 (GAAP) $ 2,497 $ 2,177 $ 1,564 $ 5,790 $ 3,395 $ 15,423 Historical Venezuelan operations (519) (519) Historical coffee business - (33) (246) (1,348) - (1,627) Accounting calendar change (38) (38) Organic (Non-GAAP) $ 1,978 $ 2,144 $ 1,318 $ 4,442 $ 3,357 $ 13,239 % Change (GAAP) (33.5)% (1.2)% (23.6)% (24.7)% 0.0% (17.3)% Historical Venezuelan operations 17.4 pp - pp - pp - pp - pp 2.9 pp Historical coffee business Acquisitions - (3.3) - - (0.1) (0.5) Accounting calendar change Currency Organic (Non-GAAP) 6.2% 2.5% 0.7% 0.1% 1.7% 1.9% Vol/Mix (5.1)pp 1.3 pp (5.1)pp 0.9 pp 1.5 pp (0.4)pp Pricing (0.8) Reconciliation of GAAP to Non-GAAP Measures Net Revenues - Power Brands and Emerging Markets (in millions of U.S. dollars) (Unaudited) Schedule 4b Power Non- Power Emerging Developed Brands Brands Markets Markets For the Three Months Ended June 30, 2016 (GAAP) $ 4,358 $ 1,944 $ 6,302 $ 2,343 $ 3,959 $ 6,302 Acquisitions - (33) (33) (33) - (33) Currency Organic (Non-GAAP) $ 4,574 $ 2,011 $ 6,585 $ 2,595 $ 3,990 $ 6,585 For the Three Months Ended June 30, 2015 (GAAP) $ 5,284 $ 2,377 $ 7,661 $ 3,039 $ 4,622 $ 7,661 Historical Venezuelan operations (212) (89) (301) (301) - (301) Historical Coffee Business (629) (246) (875) (236) (639) (875) Organic (Non-GAAP) $ 4,443 $ 2,042 $ 6,485 $ 2,502 $ 3,983 $ 6,485 % Change (GAAP) (17.5)% (18.2)% (17.7)% (22.9)% (14.3)% (17.7)% Historical Venezuelan operations 3.4 pp 3.2 pp 3.3 pp 8.5 pp - pp 3.3 pp Historical Coffee Business Acquisitions - (1.6) (0.6) (1.3) - (0.6) Currency

13 Organic (Non-GAAP) 2.9% (1.5)% 1.5% 3.7% 0.2% 1.5% Power Non- Power Emerging Developed Brands Brands Markets Markets For the Six Months Ended June 30, 2016 (GAAP) $ 8,891 $ 3,866 $ 12,757 $ 4,649 $ 8,108 $ 12,757 Acquisitions - (76) (76) (71) (5) (76) Currency Organic (Non-GAAP) $ 9,455 $ 4,029 $ 13,484 $ 5,237 $ 8,247 $ 13,484 For the Six Months Ended June 30, 2015 (GAAP) $ 10,717 $ 4,706 $ 15,423 $ 6,012 $ 9,411 $ 15,423 Historical Venezuelan operations (366) (153) (519) (519) - (519) Historical Coffee Business (1,179) (448) (1,627) (442) (1,185) (1,627) Accounting calendar change (29) (9) (38) - (38) (38) Organic (Non-GAAP) $ 9,143 $ 4,096 $ 13,239 $ 5,051 $ 8,188 $ 13,239 % Change (GAAP) (17.0)% (17.8)% (17.3)% (22.7)% (13.8)% (17.3)% Historical Venezuelan operations 2.9 pp 2.7 pp 2.9 pp 7.3 pp - pp 2.9 pp Historical Coffee Business Acquisitions - (1.9) (0.5) (1.4) - (0.5) Accounting calendar change Currency Organic (Non-GAAP) 3.4% (1.6)% 1.9% 3.7% 0.7% 1.9% Reconciliation of GAAP to Non-GAAP Measures Gross Profit / (in millions of U.S. dollars) (Unaudited) Schedule 5a For the Three Months Ended June 30, 2016 Gross Net Gross Profit Revenues Profit Margin Margin (GAAP) $ 6,302 $ 2, % $ % Program costs Acquisition integration costs Gain on sale of intangible asset - - (6) Intangible asset impairment charges Costs associated with the JDE coffee business transactions Divestiture-related costs Rounding GAAP) $ 6,302 $ 2, % $ % Currency Constant FX (Non-GAAP) $ 2,637 $ 998 For the Three Months Ended June 30, 2015 Gross Net Gross Profit Revenues Profit Margin Margin