The following slides were used on March 20, 2008 in a

presentation to certain employees of Kraft Foods Inc.

Filed by Ralcorp Holdings, Inc.

Pursuant to Rule 425 under the Securities Act of 1933

and Deemed Filed Pursuant to Rule 14a-12

Under the SecuritiesExchange Act of 1934

Subject Company:  Kraft Foods Inc.

Commission File No. 001-16483

Niagara Falls

1

Ralcorp Attendees

Joe OrolinVice President of Product Supply - Ralston Foods

Ralcorp Holdings

Jack OwczarczakVice President & Director of Human Resources

Ralcorp Holdings

Larry Vawter Director of Human Resources - Ralston Foods

Ralcorp Holdings

2

Agenda

uIntroduction to Ralcorp

- History

- Current State

¿Post Transaction Strategy and
Status

¿Comp / Benefit Plan Overview

¿Culture / Work Environment

3

ADDITIONAL INFORMATION

In connection with the proposed transaction between Ralcorp and Kraft, Ralcorp and/or a newly formed subsidiary
of Kraft that will acquire the Post cereals business will file a proxy statement/prospectus and other documents
regarding the proposed transaction with the U.S. Securities and Exchange Commission.Shareholders are urged
to read the proxy statement/prospectus and any other relevant documents when they become available, because
they will contain important information about Kraft, Ralcorp and the proposed transactions. The proxy
statement/prospectus and other documents relating to the proposed transaction (when they are available) can be
obtained free of charge from the SEC’s website at http://www.sec.gov. These documents (when they are
available) can also be obtained free of charge from Kraft upon written request to Kraft Foods Inc., Three Lakes
Drive, Northfield, Illinois 60093, or by calling (847) 646-5494, or from Ralcorp upon written request to Ralcorp
Holdings, Inc., 800 Market Street, Suite 2600, Saint Louis, Missouri 63101, or by calling (314) 877-7113.

This communication is not a solicitation of a proxy from any security holder of Ralcorp and shall not constitute an
offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any
jurisdiction in which such solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. However, Kraft, Ralcorp and certain of their respective directors and executive
officers may be deemed to be participants in the solicitation of proxies from shareholders in connection with the
proposed transaction under the rules of the SEC. Information about the directors and executive officers of Kraft
may be found in its 2006 Annual Report on Form 10-K filed with the SEC on March 1, 2007, definitive proxy
statement relating to its 2007 Annual Meeting of Shareholders filed with the SEC on March 13, 2007 and current
reports on Form 8-K filed with the SEC.Information about the directors and executive officers of Ralcorp may be
found in its 2007 Annual Report on Form 10-K filed with the SEC on November 29, 2007, definitive proxy
statement relating to its 2008 Annual Meeting of Shareholders filed with the SEC on November 29, 2007 and
current reports on Form 8-K filed with the SEC. These documents can be obtained free of charge from the
sources indicated above. Additional information regarding the interests of these participants will also be included
in the proxy statement/prospectus regarding the proposed transaction when it becomes available.

4

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS

This document contains forward-looking statements which are within the safe harbor provisions for forward-
looking statements contained in the Private Securities Litigation Reform Act of 1995.  These forward-looking
statements include statements with respect to the expected timing, completion and effects of the proposed
merger and the financial condition, results of operations, plans, objectives, future performance and business of
Ralcorp and the combined company, including statements preceded by, followed by or that include the words
“believes,” “projects,” “targets,” “should,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “will,” “can” or
similar expressions. These forward-looking statements are not guarantees of future performance and involve
certain risks and uncertainties. There are a number of important factors which could cause Ralcorp’s actual
results to differ materially from those anticipated by the forward-looking statements. Therefore, actual outcomes
and results may differ materially from what is expressed or forecasted in such forward-looking statements. These
factors include, but are not limited to: (1) the ability to consummate the proposed transaction; (2) receipt of
regulatory and shareholder approvals without unexpected delays or conditions, including without limitation a
private letter ruling from the Internal Revenue Service; (3) changes in estimates of future earnings and cash flows;
(4) certain financial information included in this document and information that was used in preparation of our
estimates is based on unaudited "carved out" financial statements which information may be different once
audited; (5) changes in expectations as to the closing of the transaction; (6) an increase in costs of packaging
materials, ingredients, or raw materials, including wheat and corn products, oats, rice, sugar and soybean oil; (7)
competitive pressures among branded and private label manufacturers increasing significantly; (8) general
economic and business conditions that adversely affect Ralcorp or its suppliers, distributors or customers; (9)
Ralcorp’s ability to maintain and/or improve sales and earnings performance; (10) expected synergies and cost
savings are not achieved or achieved at a slower pace than expected; (11) integration problems, delays or other
related costs; (12) retention of customers and critical employees; (13) the interest rate Ralcorp pays on its
borrowings; (14) unanticipated changes in laws, regulations, or other industry standards affecting Ralcorp; and
(15) those referenced in Item 1A of Ralcorp’s Annual Report on Form 10-K for the year ended September 30,
2007, under the heading “Risk Factors.”

Further information on other factors which could affect the financial results of Ralcorp after the transactions
contemplated by the agreement referred to in this press release is included in Ralcorp’s filings with the SEC.
 These documents are available free of charge at the SEC’s website at http:\\www.sec.gov or from Ralcorp.

5

In the Beginning

¿1994:Spun-off from Ralston-Purina

¿Traded on NYSE:RAH symbol

¿Original Businesses:

–Branded Cereal (Chex)

–Branded Baby Food (Beechnut)

–Colorado Ski Resorts

–Private Label Cereal, Crackers and Cookies

¿Ralcorp today is:

–Largest Store Brand food manufacturer in North America

–Leading manufacturer in Frozen Foodservice

–Leading manufacturer in In-store bakery

6

Defining Events

¿1996 branded cereal producers announced $1
drop in the price ofbranded cereal.

¿Ralcorp transformed its focus from a company
with varied interests to a company clearly focused
on store brand and value brand foods

¿Sold branded Cereal and Chex Snack Mix business to General
Mills - - January 1997

¿Sold Beech-Nut Nutrition Corporation to Millnot - September 1998

¿Sold Ralston Resorts to Vail - January 1997

7

New Direction

¿Focus on Store Brand/Foodservice
Platform

¿Growth through Acquisitions

¿Explore food categories that provide
strategic fit

8

Acquisitions and Execution Have
Built an Industry Leader

•Wortz Company (1997)

•Flavor House (1998)

•Sugar Kake (1998)

•Nutcracker (1998)

•Martin Gillet (1999)

•Southern Roasted (1999)

•Ripon Foods (1999)

•Cascade Cookie (2000)

•James P. Linette (2000)

•Red Wing (2000)

•Torbitt & Castleman (2001)

•Lofthouse Foods (2002)

•Bakery Chef (2003)

•Concept 2 Bakers (2004)

•Medallion Foods (2005)

•Western Waffle (2005)

•Parco Foods (2006)

•Cottage Bakery (2006)

•Bloomfield Bakers (2007)

•Post Cereals (mid-2008 exp close)

9

Ralston Foods	#1 Store Brand Cereal Manufacturer
Bremner	#1 Store Brand Cookie / Cracker Manufacturer
Nutcracker	#1 Store Brand Nut Manufacturer
Carriage House	Leading Store Brand Manufacturer of Jellies, Jams, Peanut Butter
Frozen Bakery	•Leading Manufacturer of Frozen Griddles (Pancakes) to Foodservice Customers •#1 Cookie in In-store Bakery •Leading Manufacturer of Artisan Breads to both Foodservice and In-Store Bakery •#1 Store Brand Frozen Waffles

Via Five Operating Platforms

10

11

Facilities

•Streator, IL - (peanut butter)

•Buckner, KY - (multi-line)

•Dunkirk, NY - (multi-line)

•Fredonia, NY - (multi-line)

•Nation’s largest supplier of
store brand spoonable and
pourable salad dressings,
table syrup, peanut butter,
preserves and jellies

•Leading producer of private
label sauces

•Purchased Martin Gillet
March, 1999

•Purchased Red Wing July,
2000

•Purchased Torbitt &
Castleman February, 2001

•More than 10,000 SKUs

Overview

History and Overview

12

¿Preserves & Jellies

¿Maple Syrup

¿Peanut Butter

¿Spoonables (Mayonnaise)

¿Mexican Sauce

¿Pourables (Salad Dressing)

¿BBQ Sauce

¿Chocolate Syrup

¿Pasta Sauce

¿Major Peters Beverage Line

13

14

Facilities

¿Princeton, KY - (crackers/cookies)

¿Poteau, OK - (crackers))

¿Ripon, WI - (cookies)

¿Tonawanda, NY - (cookies)

¿South Beloit, IL - (cookies)

¿Minneapolis, MN - (crackers)

Product Line

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Produce 45 major cookie items

Store Brand Cookie Product Line:

- Premium Sandwich Cremes

- “Value” Sandwich Cremes

- Wire Cut Cookies (Choc. Chip,

- Pecan Shortbread, Vanilla Wafers, etc.)

- Enrobed Cookies

- (Fudge Graham, Striped Shortbread, etc.)

- Animal Cookies

- Fig Bars

- Sugar Wafers

Produce 22 major cracker items -

focused on brand emulation

Cracker Product Line:

- Saltines/Oysters

- Grahams

- Sprayed Butter (Townhouse)

- Club Cracker

- Cheese

- Wheat

- Shredded Wheat

-”Premium” Crackers

16

17

Nutcracker

•Plant located in Dothan Alabama

•State-of-the-art equipment,
processes and warehouse

Linette

•Plant located in Womelsdorf,
Pennsylvania

Facilities

•Founded in 1981 by Hintlian
Brothers

•Sold to Ralcorp 1998

•#1 Private Label Snack Nut
manufacturer in USA

•Produce over 55% of all Private
Label Nuts in USA

•#1 Private Label Peanut Butter
Cup manufacturer

Overview

History and Overview

18

Oil Roasted line

- Peanuts

- Cashews

- Mixed Nuts

- Smoked Almonds

- Trail Mixes

- Chocolate/Nut Clusters

- Panned/polished nuts

- Low-melt chocolate products for

ice cream inclusions

- Filled, molded chocolate
candies

• Peanut Butter cups

• Carmel cups

• Mint cups

Full Bagged Line

- Peanuts / Cashews

- Walnuts

- Almonds

- Pecans

Dry Roasted Nut Line

- Regular Peanuts

- Honey Roasted

- Sunflower

- Macadamia

19

20

• Corn Chips

• Tortilla Chip

• Cheese Snacks

Product Line

Facility

• Newport, AR

21

22

Facilities

Overview

•Louisville, KY (2 plants) - multi-line

•Seattle, WA - multi-line

•Grand Rapids, MI - bread

•Chicago, IL - muffins

•Ogden, UT - cookies

•Fridley, MN - Artisan bread

•Vancouver and Brantford - Waffles

•Lodi CA - Thaw & Sell Par-baked
and frozen dough, artisan breads,
bagels, Danish, donuts, cakes

Overview

•Frozen Bakery Products is the
combination of:Bakery Chef,
Lofthouse, Cascade, Concept 2
Bakers, Western Waffle and
Cottage Bakery.

•Frozen Bakery offers fully
finished and frozen cookies,
griddle, waffles and bread
products to both foodservice
and retail.

23

Other Baked Goods

- Danish

- Bagels

- Donuts

- Cakes

Cookies

- Lofthouse Cookies

- Cascade Holiday Cut-Out

cookies

- Cascade Sweet Treats

- Premium Wire-Cut cookies

- No-Bake cookies

Breads and Rolls

- Table Breads

- Sliced Breads

- Breadsticks

- Rolls & Buns

- Artisan Breads

Pancakes

Buttermilk

Blueberry

Chocolate Chip

Waffles

Golden Square

Belgian Waffle

Biscuits

Buttermilk Biscuits

Cinnamon Raisin Biscuits

Easy Split Buttermilks

Mix

French toast

Cinnamon Swirl

Home Style

French Toast Stix

Muffins

Mainstream

- Chocolate

- Blueberry

- Banana Nut

- Bran

- Lemon

Indulgent

- Dulce de Leche

- Cranberry Orange

- Walnut Steusel

24

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Overview

Facilities

•4/1/94 Largest part of Purina
spin-off

–Chex brand cereals, and
snackmix, SB cereal,
Beechnut, Keystone Resorts

•1996 Sold Chex brand,
Beechnut, and Keystone

•2007 Acquired Bloomfield

Ralston Foods
History and Overview

•St Louis -Headquarters

•RFC Manufacturing

–Lancaster, OH

–Battle Creek, MI

–Cedar Rapids, IA

–Sparks, NV

–CO Packer -Roskam - MI

•RF 3rd Party Distribution

–ODW - OH

–Worley - IA

–OHL - NV

•Bloomfield Bakers Manufacturing

–Azusa CA

–Los Alamitos CA

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Ralston Foods Cereal

•RTE Cereal

•Traditional emulations,

•organic, unique

•Box, Bag

•Hot Cereal

Tubes, instants

•Snackmix (warehouse delivered)

Bloomfield Bakers

• Cereals - Organic RTE

and Hot

• Cookies/Crackers - Organic

• Bars - Cold slab and baked

- Cereal and Granola

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Tonawanda


Sparks

Ogden



 Seattle

Fridley 

Minneapolis


Chicago 

Ripon (2 plants)



Cedar
Rapids





St. Louis

Streator



Poteau 

Dothan



 Princeton

Buckner



 Louisville (2 plants)

Lancaster



 Dunkirk

 Fredonia

Womelsdorf

 Battle Creek

 Grand Rapids

 Ralcorp Headquarters

 Ralcorp Frozen Bakery (10 facilities)

Bremner Food Group (9 facilities)

Carriage House (4 facilities)

Ralston Foods (6 facilities)

 Vancouver

Brantford



 Lodi

Los Alamitos

Azusa


Newport

Ralcorp Locations

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FY2007 Net Sales by Division

Total FY2007 Sales:$2.23 Billion

Bremner

15%

Carriage

House

19%

Nutcracker

11%

Frozen

Bakery

28%

Ralston Foods

27%

Net Sales by Division

29

Net Sales(in millions)

1850.2

2230.0

1675.1

1558.4

1303.6

1280.3

1178.0

847.0

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

2000

2001

2002

2003

2004

2005

2006

2007

Fiscal Year

30

POST

TRANSACTION

31

Ralcorp/Post - Why the Deal?

Adds Significant Scale

¿$1 billion brand

¿Premier mid cap food company with
strong margins and balance sheet

32

Ralcorp/Post - Why the Deal?

Improved Business Mix

¿Balances portfolio

¿Post’s complete portfolio

33

Ralcorp/Post - Why the Deal?

Strong Foundation for Growth

¿Creates another acquisition platform

¿Potential for operational, logistics and
procurement efficiencies

¿Focus

34

The New Ralcorp

New Ralcorp Sales Mix

Bremner, 10%

Nutcracker,

8%

Carriage

House, 13%

Frozen

Bakery, 19%

Post Cereals,

32%

Ralston

Foods, 18%

35

Post / Ralcorp vs. Non-Core Brand
Strategies Differences

¿Formation

¿Number of transactions

¿Infrastructure

¿Category experience

¿Scale

¿Category size

¿Multiple brands

¿Acquisition size

¿Financial

¿Margin

¿Leverage

36

David P. Skarie

Co-CEO and President

Ralcorp Holdings Inc

Bremner Food Group

Carriage House Co.

Kevin J. Hunt

Co-CEO and President

Ralcorp Holdings Inc

Ralston Foods

Post Brands

Frozen Bakery

Proforma Organizational Structure

37

¿Integration planning underway at Ralcorp

¿Kraft will provide transition services for up to
18 months post-closing

¿Post will be managed separately from private
label cereal division

¿Manufacturing transition will begin immediately
upon closing

¿No facility closures planned

Post Transaction - Next Steps

38

POST Transaction - Next Steps

Legal TransactionsCompleted

¿FTC - Hart Scott Rodino Review

¿IRS - Ruling on tax free treatment of transaction

¿SEC - Review certain filings

¿ Ralcorp Shareholder Approval

¿ Transaction must be approved

¿by shareholders

¿ Deal Close - Anticipated Mid 2008

39

¿Determining overall functionality and space
needed

¿Office / Cubicles

¿Expansion Space

¿Conference Room

¿Storage

¿Parking

¿Security

¿Other Amenities

Niagara Falls Office Relocation

40

Ralcorp Holdings, Inc.

Compensation and
Employee Benefits

41

Ralcorp Compensation and
Employee Benefits

•Today we’ll provide an overview of the
compensation and benefits package

•Many details remain to be resolved and
are in the process of being addressed - we
can’t answer all of the questions you may
have at this time

42

Highlights

•Ralcorp’s subsidiary is committed to provide a
compensation and employee benefits program
that, in the aggregate, is no less favorable than
the current compensation and benefits package

•While the overall benefits and compensation
package will be no less favorable than the
current package, some of the vendors and plan
designs will change

43

Benefits & Compensation

•Ralcorp’s subsidiary will offer a comprehensive
benefits package through reputable third party
insurance companies and service providers

•Compensation - for at least two years, base pay
and target cash incentives will be at least equal
to those in place at the time the transaction is
completed

•Accrued vacation balance at the time transaction
closes will be carried over.The vacation and
personal day program will not change from the
current program.

44

Benefit Plans

•For the most part, we intend to use the current
benefit vendors to replicate the existing benefits
coverage

•We expect to consolidate some of the insurance
coverage currently offered by different insurance
companies with a single company to simplify
administration and communications

•Discussions with these vendors are currently
under way and we expect to successfully reach
agreements with them in the near future

45

Benefit Plans

•Flexible Benefits Plan

•Health Insurance

•Dental Insurance

•Employee Life
Insurance

•Optional Life
Insurance

•Business Travel
Accident Insurance

•Short Term Disability

•Long Term Disability

•AD & D Insurance

•Employee Assistance
Program

•Health Care Spending
Account

•Retirement Income
Benefits

46

Flexible Benefits Plan

•You will continue to receive Company-paid
or “Core” Benefits which include include
the following:

–Employee Life Insurance

–Business Travel Accident Insurance

–Short Term Disability

–Long Term Disability

–Employee Assistance Program

47

Flexible Benefits Plan

•You will continue to receive Company-
funded flex credits to select other benefit
coverage suitable for your individual
situation

•Flex credits will be calculated using the
same method used today

•Any unused flex credits will be contributed
to a Health Care Spending Account

48

Flexible Benefits Plan

•Your flex credits can be used to purchase
the following coverage:

–Health - Basic or enhanced

–Dental - Basic or enhanced

–Enhanced Long Term Disability

–Optional Life Insurance -
Employee/Spouse/Children

–Accidental Death & Dismemberment -
Employee/Spouse/Children

49

Retirement Income Benefits

•As previously indicated, Ralcorp’s subsidiary is
committed to provide a benefits package that is no
less favorable than the current program

•Based on the size of Post’s Canadian administrative
employee group, it was not practical for Ralcorp’s
subsidiary to create a traditional defined benefit
pension plan

•As a result, Company contributions will be made to
an alternative plan design intended to replace the
current benefits provided under the Company-
funded defined benefit provisions of the Kraft
Canada Retirement Plan

50

Completed Years of Combined Kraft Canada and 0808414 B.C. Ltd Service	Company Contribution As a % of Pay
Less than 10	1.5%
10 but less than 15	5.0%
15 but less than 20	8.5%
20 more	11.0%

Retirement Income Benefits

•The contribution schedule, based on years of
service, is outlined below.

51

Retirement Income Benefits

•You will be immediately vested in the Company
contributions reflected on the previous slide

•As your service with Ralcorp’s subsidiary continues,
Company contributions will increase as you move into
each service tier

•An additional 3.5% of pay can be contributed from your
pay

•You will determine and control how both Company
contributions and your contributions are invested

52

Retirement Income Benefits

•In addition to the retirement income program outlined
above, the Company will make a 55% match on the first
6% of contributions you make to other retirement savings
arrangements

•You will be able to contribute the same percentage of
pay available under the current programs

•These plans will be structured in a mannerthat enables
you to save on either a pre-tax or after-tax basis as with
the current programs

•We are working with our consultants, actuaries and legal
advisors to finalize the details of plan structure and
operations.

53

Retirement Income Benefits

•Kraft will retain the assets and liabilities under the Kraft
Canada Retirement Plan related to benefits earned
through the date the transaction is complete.

•Any benefit payable for service with Kraft Canada prior
to the completion of the sale will be paid from the Kraft
Canada Retirement Plan rather than by Ralcorp’s
subsidiary.

•Employees will not earn any additional benefits under
the Kraft Canada retirement plan for service with
Ralcorp’s subsidiary after the transaction is complete.

54

Legal Disclosures

•The information provided above is a brief
summary of the benefits program that will be
provided.The specific provisions of each plan
will be governed by the official plan documents

•The information provided summarizes the
benefit plans Ralcorp’s subsidiary intends to
provide at the time the Post cereal transaction is
completed.The Company reserves the right to
modify, amend or terminate this coverage,
subject to all applicable laws and regulations, in
the future.

55

Offer Letter

•Will meet with you individually after meeting today to present Offer
Letter

•Offer Letter

•Required in Merger Agreement

•Common Practice in Canada

•Offer Letter spells out terms and conditions of employment with
Canadian entity

•0808414 B.C. Ltd. “the Company”

•Send a signed copy of Offer Letter to:

Jack Owczarczak

Vice President & Director

Ralcorp Holdings, Inc.

P.O. Box 618

St. Louis, MO 63188-0618

•Need Signed Offer Letter returned by June 1, 2008

56

Next Steps

•Continue to work on plan details and
transition with Kraft and appropriate
service providers

• Prepare for benefit enrollment activities

57

Company Culture

¿Team Based

¿Collaborative

¿Results and Action Oriented

¿High Integrity / Respect

¿Customer Focused

¿Conditioned for Change

¿Flexible / Casual Work Environment

¿Good Work / Life Balance

58

MayonnaisePourable Salad Dressing

Jams, JelliesPeanut Butter

SyrupBar-B-Q Sauce, Seafood/Cocktail Sauce

Mex. SaucesPasta Sauces

Steak SaucesFlavored Syrup

Drink Mix

Griddle Products

qPancakes

qBiscuits

qWaffles

qFrench Toast Sticks

Breads

qArtisan Breads and Rolls

Cookies

qFrosted Cookie

qPremium Wire Cut Cookie

Frozen Dough

Fully Finished Cakes, Muffins, Pastries

Oil Roasted Snack Nuts, Peanuts Cashews, Almonds Pecans

Dry Roasted Nuts, Peanuts, Cashews, mixed Nuts, Macadamia
Nuts, Sunflower Kernels, Natural Pistachios

Specialty Products

Baking Nuts, Walnuts, Almonds, Pecans, etc.

Linette Quality Chocolates

Cookies

qSandwich Cremes

qWire Cut Cookies

qEnrobed Cookies

qAnimal Cookies

qFig Bars

qSugar Wafers

Crackers

qSaltines

qGrahams

qSprayed Butter

qClub Cracker

qCheese

qWheat

Ralston

qRTE

• Traditional Emulations

• Box , Bag

qHot Cereal

qSnackmix

Bloomfield Bakers

qCereals: Organic RTE & Hot

qCookies / Crackers - Organic

qBars - Cold Slab & Baked

• Cereal and Granola

Medallion

Corn Based Snacks

qCorn Chips

qTortilla Chips

qCheese Snacks

Our Family of Products

59

60