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EXHIBIT 99.1
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Nabisco Acquisition
. Acquire all outstanding shares for
Philip Morris Companies Inc. $55 per share in cash
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Nabisco Acquisition Initial Public Offering
. Acquire all outstanding shares for . Less than 20% of the newly combined
$55 per share in cash. company, formed through the merger
of Kraft and Nabisco
. Enterprise value of $18.9 billion, . Targeted for completion in early
including the assumption of 2001
approximately $4.0 billion in net debt
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Acquisition Rationale Acquisition Rationale
. Kraft was ready to absorb a . Kraft was ready to absorb a sizeable
sizeable acquisition acquisition
- Portfolio actions
- Emphasis on Productivity and
innovation
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Acquisition Rationale Acquisition Rationale
. Kraft was ready to absorb a sizeable acquisition . Kraft was ready to absorb a sizeable acquisition
- Portfolio actions - Portfolio actions
- Emphasis on productivity and innovation - Emphasis on productivity and innovation
- Caliber and depth of our world-class - Caliber and depth of our world-class
management team management team
- Operating income margins - Operating income margins
. Kraft is undeniably the most efficient food
company in the world
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Acquisition Strategy Acquisition Strategy
. Disciplined approach . Disciplined approach
. Yield attractive returns
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Acquisition Strategy Acquisition Strategy
. Disciplined approach . Disciplined approach
. Yield attractive returns . Yield attractive returns
. Provide strong brands in leadership . Provide strong brands in leadership
positions positions
. Fuel earnings growth rates
. Rapidly accretive to cash earnings
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Acquisition Strategy Acquisition Strategy
. Disciplined approach . Disciplined approach
. Yield attractive returns . Yield attractive returns
. Provide strong brands in leadership . Provide strong brands in leadership
positions positions
. Fuel earnings growth rates . Fuel earnings growth rates
. Rapidly accretive to cash earnings . Rapidly accretive to cash earnings
. Low risk of integration . Low risk of integration
. Maintain credit ratings
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Acquisition Strategy Scale Advantages
. Disciplined approach . Creates global leader
. Yield attractive returns . Increases efficiency and
effectiveness
. Provide strong brands in leadership
positions . Leverages our service to
the trade
. Fuel earnings growth rates
. Benefits consumers
. Rapidly accretive to cash earnings
. Low risk of integration
. Maintain credit ratings
. Fuel shareholder value
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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[Bar chart showing North American Food Kraft Foods North America
1999 Revenue ($ Billions) for Kraft, Financial Progress
PepsiCo, ConAgra Branded, Nestle,
Coca-Cola, Sara Lee, Nabisco, Pillsbury, % CAGR/pts.
Mars and General Mills as indicated in (In Billions) 1994 1999 1994-'99
the following table] ----- ----- ----------
Volume (lbs.) 7.7 9.0 3.3%
North American Food Revenue $14.7 $17.5 3.5%
1999 Revenue ($ Billions) IFO $ 2.2 $ 3.2 8.2%
------------------------- ROOR 14.8% 18.5% 3.7pts.
Kraft $17.5
PepsiCo $13.2
ConAgra Branded $10.1
Nestle $9.5
Coca-Cola $8.1
Sara Lee $6.9
Nabisco $6.6
Pillsbury $6.1
Mars $5.5
General Mills $5.4
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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[Bar chart showing Three-Year Organic IFO [Bar chart showing North American Food
Growth (%) for Kraft Foods N. America, 1999 Revenue ($ Billions) for Kraft (as
Quaker (NA), ConAgra (Branded Food), combined with Nabisco), PepsiCo, ConAgra
Bestfoods (NA), General Mills (US), Branded, Nestle, Coca-Cola, Sara Lee,
Campbell (Total Co.), Sara Lee (WW Pillsbury, Mars and General Mills as
Meats/Bakery), Heinz (NA) and Kellogg indicated in the following table]
(US) as indicated in the following table]
Three-Year Organic North American Food
IFO Growth 1999 Revenue ($ Billions)
------------------- -------------------------
Kraft Foods N. America 8.5% Kraft (as
Quaker (NA) 7.5% combined with
ConAgra (Branded Nabisco) $24.1
Foods) 6.9% PepsiCo $13.2
Bestfoods (NA) 6.5% ConAgra Branded $10.1
General Mills (US) 5.8% Nestle $9.5
Campbell (Total Co.) 5.4% Coca-Cola $8.1
Sara Lee (WW Meats/ Sara Lee $6.9
Bakery) 5.2% Pillsbury $6.1
Heinz (NA) 5.2% Mars $5.5
Kellogg (US) 4.2% General Mills $5.4
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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[Bar chart showing Worldwide Food 1999 [Bar chart showing Worldwide Food 1999 IFO
Revenue ($ Billions) for Nestle, Kraft ($ Billions) for Kraft (as combined with
(as combined with Nabisco), Unilever Nabisco), Nestle, Coca-Cola, Unilever &
& Bestfoods, Coca-Cola, PepsiCo, Mars, Bestfoods, PepsiCo, Heinz and Danone as
Danone, Sara Lee, ConAgra Branded and indicated in the following table]
Heinz as indicated in the following
table]
Worldwide Food Worldwide Food
1999 Revenue ($ Billions) 1999 IFO ($ Billions)
------------------------- --------------------
Nestle $46.8 Kraft $5.5
Kraft (as Nestle $5.0
combined with Coca-Cola $4.9
Nabisco) $34.9 Unilever &
Unilever & Bestfoods $3.5
Bestfoods $30.4 PepsiCo $2.9
Coca-Cola $19.8 Heinz $1.7
PepsiCo $18.6 Danone $1.4
Mars $15.6
Danone $13.7
Sara Lee $10.6
ConAgra Branded $10.1
Heinz $ 9.3
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Major Snack Businesses [Pie chart showing U.S. Sales ($ Billions)
---------------------- and 1999 growth (%) by Snack Category as
. Cookies indicated in the following table]
. Crackers
. Nuts 1999 Sales 1999 Growth
. Candy Snack Category ($ Billions) (%)
. Gum -------------- ------------ -----------
. Dry Mix Desserts Breakfast Snacks $ 3.2 +8.3%
. Cereal Bars Salty Snacks $13.6 +1.6%
. Easy Cheese Cookies/Crackers $10.1 +4.4%
. Toaster Pastries Candy/Gum $14.7 +3.6%
Bakery Snacks $ 4.6 +3.2%
[Bar chart showing Snacks % of Nabisco Nuts/All Other $ 3.5 +8.3%
1999 Revenue in U.S. (89%) and
Worldwide (82%)] 1999 Total Sales = $50 Billion
+4% Growth
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Share of Meal Occasions (U.S.) Worldwide Cookie & Cracker
Leadership
Kraft Nabisco Total Share
----- ------- ----- -----
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Snacks 5.9% 13.5% 19.4% Nabisco 13.3%
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Breakfast 2.8 0.1 2.9 Danone 9.0
Keeber 5.4
Lunch 6.9 0.5 7.4 ------------------------------------------
Nabisco JV 5.0 (United Biscuits)
Dinner 4.4 0.2 4.6 ------------------------------------------
Nestle 4.0
Bahlsen 4.0
Others 59.3
----------
100.0%
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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[Bar chart showing U.S. Cookie & Cracker International Cookie & Cracker
Leadership ($ Share % and $ Share Pt. Chg.) Category
of Nabisco, Keebler Food, Pepperidge Farm Country Share
and Private Label as indicated in the ------- -----
following table]
Canada 50%
$ Share $ Share Pt. Chg.
------- ---------------- China 13
Nabisco 44.5% 0.4
Argentina 32
Keebler Food 22.9% 0.3
Venezuela 45
Pepperidge
Farm 6.6% (0.2) Peru 30
Private Label 9.7% (0.2)
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Snack Nuts Category Sugar Confectionery Category
1999 1999 Share
$ Share $ Share Change
------- -------- ------
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Planters 42.7% Nabisco 21.5% +3.5 Pts.
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Private Label 21.8 Hershey 16.5 (1.6)
Diamond 6.1 Mars 11.4 (0.6)
Fisher-Sanfilippo 4.0 Others 50.6 (1.3)
Others 25.4
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Specialty Categories International
1999 . More than double our Latin American
$ Share presence
--------
Steak Sauce . Increase revenue in Asia to $1.7
------------------------------------------ billion
A.1. 62%
------------------------------------------ . $2.1 billion United Biscuits
Heinz 19 European business
Others 19
Premium Mustard
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Grey Poupon 68%
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French's Dijon 11
Others 21
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[LOGO] Philip Morris Companies Inc. [LOGO]
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[PICTURE OF KRAFT AND NABISCO PRODUCTS [KRAFT AND NABISCO LOGOS APPEAR HERE]
APPEARS HERE]
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Direct Store Delivery Direct Store Delivery
. Effective direct store . Effective direct store
delivery system delivery system
. Leverage to achieve wider
distribution
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Direct Store Delivery Synergies
. Effective direct store . Significant synergies will
delivery system be captured
. Leverage to achieve wider
distribution
. Improve ability to effectively
meet needs of trade partners
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Synergies Synergies
. Significant synergies will . Significant synergies will
be captured be captured
. Increased productivity, higher . Increased productivity, higher
margins, improved returns and margins, improved returns and
accelerated growth accelerated growth
. Annual cost savings:
- $400 million in 2002
- $600 million in 2003
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Synergies Cost Synergies
. Significant synergies will
be captured . Procurement
. Increased productivity, higher . Manufacturing
margins, improved returns and
accelerated growth . Distribution
. Annual cost savings: . Sales
- $400 million in 2002 . Administration
- $600 million in 2003
. Kraft's proven track record in
generating impressive productivity
savings
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Revenue Synergies Transition
Opportunities . Confident integration will
------------- be smooth, rapid and
successful
Brand line extensions
Scale merchandising
Consumer promotions
Cheese crackers/snacks
Kid cereals
Cereal snacks
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Transition Transition
. Confident integration will . Confident integration will
be smooth, rapid and be smooth, rapid and
successful successful
. Considerable experience . Considerable experience
integrating acquisitions integrating acquisitions
. Share similar culture and
management practices
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Pro Forma Financial Data
. Acquisition initially financed
through debt
[PICTURE OF KRAFT AND NABISCO PRODUCTS . IPO proceeds used to pay down debt
APPEARS HERE]
. Debt/EBITDA ratio 1.06
. Interest coverage ratio 8.0x
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Financial Implications Financial Implications
. Immediately accretive to cash EPS . Strong performance due to several
factors
. Accretive to EPS in 2002
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Financial Implications Financial Implications
. Strong performance due to several . Strong performance due to several
factors factors
- Value - Value
- Significant level of synergies
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Financial Implications IPO Advantages
. Strong performance due to several . Terrific for our shareholders
factors
- Value
- Significant level of synergies
- Maintain share repurchase program
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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IPO Advantages IPO Advantages
. Terrific for our shareholders . Terrific for our shareholders
. Enhances financial flexibility . Enhances financial flexibility
. Preserves our options going forward
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IPO Advantages IPO Advantages
. Terrific for our shareholders . Terrific for our shareholders
. Enhances financial flexibility . Enhances financial flexibility
. Preserves our options going forward . Preserves our options going forward
. Provides potential acquisition . Provides potential acquisition
currency for the future currency for the future
. Tool to motivate and retain employees
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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IPO Advantages IPO
. Terrific for our shareholders . Less than 20% of the "new" Kraft
. Enhances financial flexibility . Proceeds will be used to retire debt
. Preserves our options going forward
. Provides potential acquisition
currency for the future
. Tool to motivate and retain employees
. Underscore the value of Kraft's
superb business
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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IPO IPO
. Parameters of the IPO will include: . Parameters of the IPO will include:
- Optimal level of liquidity to ensure
success
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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IPO IPO
. Parameters of the IPO will include: . Confident that equity markets will
respond positively
- Optimal level of liquidity to ensure
success
- Debt level that Kraft can maintain to
assure a strong credit rating
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IPO IPO
. Confident that equity markets will . Confident that equity markets will
respond positively respond positively
. World's most profitable food company . World's most profitable food company
. Significant top-line momentum
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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IPO Strong Organization
. Confident that equity markets will . World-class management team and
respond positively workforce
. World's most profitable food company
. Significant top-line momentum
. Unmatched earnings growth rates in
the global food industry
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Strong Organization Strong Organization
. World-class management team and . World-class management team and
workforce workforce
. Focused on growth, innovation, . Focused on growth, innovation,
productivity and results productivity and results
. Talented Nabisco team
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Milestones Summary
. Acquisition estimated completion . Truly compelling transactions
date by October, 2000
. Subject to shareholders and
customary regulatory approvals
. No anticipated impediments to
closure foreseen
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[LOGO] Philip Morris Companies Inc. [LOGO] [LOGO] Philip Morris Companies Inc. [LOGO]
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Summary Summary
. Truly compelling transactions . Truly compelling transactions
. Creating an outstanding global . Creating an outstanding global
food company food company
. Phillip Morris Companies 1999
Pro Forma:
- Revenues of $86.6 billion
- Operating companies income
$16.3 billion
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[LOGO] Philip Morris Companies Inc. [LOGO]
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Summary
. Truly compelling transactions
. Creating an outstanding global
food company
. Phillip Morris Companies 1999
Pro Forma: [PICTURE OF KRAFT AND NABISCO PRODUCTS
APPEARS HERE]
- Revenues of $86.6 billion
- Operating companies income
$16.3 billion
. Earnings and EPS growth rates
enhanced
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