1103982--2/25/2010--KRAFT_FOODS

related topics

{condition, economic, financial}

{operation, international, foreign}

{product, market, service}

{cost, operation, labor}

{acquisition, growth, future}

{competitive, industry, competition}

{customer, product, revenue}

{product, liability, claim}

{cost, regulation, environmental}

{gas, price, oil}

We operate in a highly competitive industry, which may affect our profitability. The consolidation of retail customers, the loss of a significant customer or a material reduction in sales to a significant customer could affect our operating margins, our profitability, our net revenues and our results of operations. Increased price volatility for commodities we purchase may affect our profitability. Our product sales depend on our ability to predict, identify and interpret changes in consumer preferences and demand, and our ability to develop and offer new products rapidly enough to meet those changes. As a multinational corporation, our operations are subject to additional risks. If we are unable to expand our operations in certain emerging markets, our growth rate could be negatively affected. We may not be able to consummate proposed acquisitions or divestitures successfully or integrate acquired businesses successfully. Business process improvement initiatives to harmonize our systems and processes may fail to operate as designed and intended. Changes in our debt ratings and the effects of volatile economic conditions on the credit market could adversely affect our borrowing costs and liquidity. Legal claims, product recalls or other regulatory enforcement actions could affect our sales, reputation and profitability. Increased regulation could increase our costs and affect our profitability. Volatility in the equity markets or interest rates could substantially increase our pension costs and have a negative impact on our operating results and profitability.

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1103982--2/25/2010--KRAFT_FOODS_INC