<SEC-DOCUMENT>0001214659-23-005221.txt : 20230411
<SEC-HEADER>0001214659-23-005221.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20230411170104
ACCESSION NUMBER:		0001214659-23-005221
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230411
DATE AS OF CHANGE:		20230411
EFFECTIVENESS DATE:		20230411

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mondelez International, Inc.
		CENTRAL INDEX KEY:			0001103982
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOD & KINDRED PRODUCTS [2000]
		IRS NUMBER:				522284372
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16483
		FILM NUMBER:		23813932

	BUSINESS ADDRESS:	
		STREET 1:		905 WEST FULTON MARKET
		STREET 2:		SUITE 200
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		847-943-4000

	MAIL ADDRESS:	
		STREET 1:		905 WEST FULTON MARKET
		STREET 2:		SUITE 200
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KRAFT FOODS INC
		DATE OF NAME CHANGE:	20000121

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> Mondel&emacr;z International,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Equity Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under
the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal No. 6 on Mondel&emacr;z
International, Inc. 2023 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Publish Annual Benchmarks for Achieving Company&rsquo;s
2025 Cage-Free Egg Goal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mondel&emacr;z International. Symbol: MDLZ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Green Century Capital Management, Inc., the investment advisor to the
Green Century Equity Fund, seeks your support for the cage-free egg proposal filed at <B>Mondel&emacr;z International, Inc.</B> (hereby
referred to as &ldquo;Mondel&emacr;z&rdquo; or &ldquo;the Company&rdquo;) in its 2023 proxy statement asking the Company to disclose or
create any annual glidepath benchmarks the Company may have for achieving its global cage-free egg goal by 2025. The Proponent believes
taking such action would serve the long-term interests of the Company by staying ahead of market trends regarding animal welfare and reducing
governance and reputational risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved: </B>Shareholders ask Mondel&emacr;z to disclose any annual
glidepath benchmarks the company may have for achieving its global cage-free egg goal. If the company does not have any such glidepath,
shareholders ask it to develop and disclose one. This should be done within three months of the 2023 shareholder meeting, at a reasonable
cost, and omitting proprietary information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Reasonable Disclosure - </B>Mondel&emacr;z states that disclosing or creating glidepath interim goals for its egg supply chain
would be &ldquo;burdensome, unnecessary&hellip;. and could generate confusion among our stakeholders.&rdquo; Contrary to this statement,
Mondel&emacr;z already discloses benchmarks and time-bound plans for other commitments, such as net-zero and key emissions goals, and
competitors currently disclose interim goals for cage-free eggs. The resolution&rsquo;s request to provide more transparency on the glidepath
to 100% cage-free eggs is not out of step with industry standards or Mondel&emacr;z&rsquo;s current practices.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><B>Missed Market Opportunities Could Compromise Shareholder Value </B>- Demand for cage-free eggs, and the supply to match it, has
grown dramatically in the U.S. and European Union (EU). This consumer and producer trend is likely to continue in other major egg producing
markets such as China, which is by far the world&rsquo;s largest producer of eggs.<SUP>1</SUP> By transparently fulfilling its cage-free
egg commitments, Mondel&emacr;z could stay ahead of consumer demand for cage-free eggs across its international markets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><B>Governance Risk</B> &ndash; Failing to align internal strategies with the Company&rsquo;s public commitments, and lack of disclosure
on how the Company will meet its commitments could be a sign of governance risk. Inability to meet public commitments could lead to negative
press, as was the case for McDonald&rsquo;s in 2022.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><B>Reputational Risk - </B>Continuing to support unpopular animal welfare practices like &ldquo;battery cages&rdquo;, where hens are
housed in cages less than the size of a piece of printer paper, could create negative press as supply chain transparency increases and
consumer preferences for humanely raised proteins grow.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>1</SUP> <FONT STYLE="font-size: 10pt">https://www.researchgate.net/publication/325760956_Egg_production_in_China#:~:text=5%2C7</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Item Number 6 following the
instruction provided on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BACKGROUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>There has been significant public outcry over the condition of egg
laying hens in the past decade.</B> Large numbers of egg laying hens are still raised in intensive &ldquo;battery cages&rdquo; where animals
live their entire lives in a space smaller than a sheet of printer paper. These animals are unable to spread their wings, or engage in
any natural behavior such as nesting, perching, dustbathing, or shelter seeking.<SUP>2</SUP> Cage-free systems allow hens to move freely,
greatly improving their welfare. In the past decade the visibility of supply chains and demand for and availability of cage-free eggs
has grown rapidly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mondel&emacr;z has made commitments regarding cage-free eggs but
offers no transparency into how it will reach its goals. </B>According to their recent reports, 39% of Mondel&emacr;z&rsquo;s global eggs
are cage-free, and this number is &ldquo;on track&rdquo; with its internal goals. With a stated goal of 100% cage-free eggs (Ukrainian
and Russian markets excluded) less than 2 years away and annual growth in cage-free eggs sourcing only totaling 12%, the Proponent is
concerned that without additional transparency shareholders will have no warning if Mondel&emacr;z is unable to meet its commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>REASONABLE DISCLOSURE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Green Century has reviewed another firm&rsquo;s exempt solicitation,
filed on April 7, 2023, explaining their view as to why disclosure of cage-free egg benchmarks is reasonable for Mondel&emacr;z.</B> In
its exempt solicitation, it cites that Mondel&emacr;z already has cage-free egg benchmarks, and therefore, disclosing the glide paths
would not be burdensome. We also note that Mondel&emacr;z currently discloses interim goals toward other long-term sustainability objectives.
We therefore believe that disclosing interim goals for this objective would be aligned with current Company practices and those of competitors
who disclose their interim cage-free egg goals. Considering these factors, the disclosure requested in our proposal is reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>MISSED MARKET OPPORTUNITIES COULD COMPROMISE SHAREHOLDER VALUE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The past decade has seen an explosion in the growth of the cage-free
egg market. Domestically, the percentage of hens in cage-free housing grew from 4% in 2010, to 28% in 2020, and the total percentage of
hens in cage-free housing is expected to grow to approximately 70% in the next four years, with a total worldwide market value reaching
$6.41 billion.<SUP>3,4</SUP> Growth in demand has largely been driven by the market and consumer preferences, though pressure by governments
on manufacturers to switch to the production of cage-free eggs has also boosted growth.<SUP>56</SUP> Demand is not limited to the U.S.
and European markets. Across the world, in places as diverse as Australia, Bangladesh, Brazil, Chile, China, India, Malaysia, Nigeria,
Pakistan, Philippines, Sudan, and Thailand, the majority of consumers state they prefer that hens do not suffer during egg production.<SUP>7</SUP>
Multi-national purchasers, like Mondel&emacr;z, play an important role in the growth of cage-free egg demand and shaping regulations in
emerging markets, and are well positioned to take advantage of the growing opportunities if they are able to succeed in their commitments.<SUP>8</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>2</SUP> <FONT STYLE="font-size: 10pt">https://www.humanesociety.org/resources/cage-free-vs-battery-cage-eggs#:~:text=Cage%2DFree%20Systems&amp;text=Unlike%20battery%20hens%2C%20cage%2Dfree,hens%20who%20never%20go%20outside</FONT></FONT><FONT STYLE="font-size: 10pt">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>3</SUP> <FONT STYLE="font-size: 10pt">https://www.taiwannews.com.tw/en/news/4439414</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">https://www.marketdataforecast.com/market-reports/cage-free-eggs-market</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>5</SUP> <FONT STYLE="font-size: 10pt">https://www.pbs.org/newshour/economy/egg-producers-shift-as-public-demand-for-cage-free-hens-grows</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>6</SUP> <FONT STYLE="font-size: 10pt">https://www.industryresearch.biz/global-cage-free-eggs-market-19992013</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>7</SUP> <FONT STYLE="font-size: 10pt">https://www.frontiersin.org/articles/10.3389/fanim.2022.995430/full</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>8</SUP> <FONT STYLE="font-size: 10pt">https://www.thepoultrysite.com/articles/market-trend-increasing-demand-for-cage-free-eggs-in-eu-usa-and-asia</FONT></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Demand for Cage-Free Eggs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The largest factor in the growth of the cage-free egg market is
consumer demand for humanely raised animal proteins.<SUP>9</SUP></B> Responding to consumer demand, California and Massachusetts adopted
laws requiring all eggs sold in the states to be cage-free. Seven other states, Nevada, Oregon, Washington, Colorado, Michigan, Utah,
and Rhode Island have similar laws which will come into effect in the coming years.<SUP>10</SUP> In addition to animal welfare concerns,
the demand for cage-free eggs is also driven by perceived health benefits. Healthy food options are preferred by 50% of U.S., U.K., German,
and French consumers.<SUP>11</SUP> Numerous studies have shown that cage-free eggs are more nutritious than eggs produced from battery
cages.<SUP>12</SUP> Mondel&emacr;z could better serve its customers by maintaining its commitments to cage-free eggs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Firms are rewarded by customers for making cage-free egg commitments.</B>
Companies that announce cage-free egg commitments and provide updates receive notably positive public attention and praise.<SUP>13</SUP>
This includes companies that have made commitments in growing cage-free egg markets, such as China.<SUP>14</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Growth in International Suppliers and Demand</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Meeting cage-free egg requirements is achievable in the
international market today.</B> In its opposition statement, Mondel&emacr;z suggests that &ldquo;the supply of cage-free eggs is
limited in certain markets in the Asia-Pacific region.&rdquo;<SUP>15</SUP> Yet, recent data suggests that this should not be a
limiting factor. China produces, by far, the largest number of eggs in the world, and Mondel&emacr;z has invested over $50.9 million
in facilities in Suzhou, China over the past 5 years.<SUP>16</SUP> According to recent analysis, China only needs to produce 1.2
million eggs from hens raised in cage-free environments, or 0.00002% of their total, to meet all international commitments regarding
cage-free eggs.<SUP>17</SUP> Additionally, recent regulations in China are making it easier to certify cage-free productions. The
&ldquo;Evaluation Guidelines of Cage-free Egg Production&rdquo; in 2021 for the first time provided clear standards on cage-free egg
production.<SUP>18 </SUP>Outside of mainland China, trends in Taiwan increasingly point to a cage-free future. The Taiwanese
government recently took steps to label eggs produced in conventional cages.<SUP>19</SUP> Finally, a majority of egg producers in
China, Japan, Indonesia, Malaysia, Philippines and Thailand believe that cage-free systems are feasible in their
countries.<SUP>20</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>9</SUP> <FONT STYLE="font-size: 10pt">https://www.thomasnet.com/insights/how-consumer-choice-is-shaping-the-egg-industry/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>10</SUP> <FONT STYLE="font-size: 10pt">https://www.wsj.com/articles/cal-maine-steps-up-investment-to-meet-demand-for-cage-free-eggs-11649107116</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>11</SUP> <FONT STYLE="font-size: 10pt">https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/hungry-and-confused-the-winding-road-to-conscious-eating</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>12</SUP> <FONT STYLE="font-size: 10pt">https://www.thepoultrysite.com/articles/why-cage-free-and-why-now#:~:text=Numerous
studies have found free,and higher levels of protein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>13</SUP> <FONT STYLE="font-size: 10pt">https://www.thepoultrysite.com/articles/why-cage-free-and-why-now#:~:text=Numerous
studies have found free,and higher levels of protein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>14</SUP> <FONT STYLE="font-size: 10pt">https://www.thepoultrysite.com/articles/why-cage-free-and-why-now#:~:text=Numerous
studies have found free,and higher levels of protein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>15</SUP> <FONT STYLE="font-size: 10pt">https://ir.mondelezinternational.com/node/27586/html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>16</SUP> <FONT STYLE="font-size: 10pt">https://www.chinadaily.com.cn/a/202302/20/WS63f2cd39a31057c47ebafaed.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>17</SUP> <FONT STYLE="font-size: 10pt">https://academic.oup.com/af/article/13/1/34/7052110</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>18</SUP> <FONT STYLE="font-size: 10pt">https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9947321/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>19</SUP> <FONT STYLE="font-size: 10pt">https://www.poultryworld.net/poultry/taiwan-mandates-conventional-cage-systems-label-on-eggs/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>20</SUP> <FONT STYLE="font-size: 10pt">https://www.frontiersin.org/articles/10.3389/fvets.2022.1038362/full</FONT></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competitors are more advanced in, or already achieving, their global
cage-free egg goals. </B>In its opposition statement, Mondel&emacr;z states that it does not use eggs in the majority of its products.
This suggests that sourcing eggs for these limited products should not be a significant issue for Mondel&emacr;z. Other firms, such as
Barilla,<SUP>21</SUP> Danone,<SUP>22</SUP> and Hormel Foods,<SUP>23</SUP> already have succeeded in achieving their global cage-free egg
goals. Additionally, General Mills<SUP>24</SUP> and Conagra<SUP>25</SUP> already disclose their global cage-free egg glidepath and are
further along in achieving their global cage-free egg goals than Mondel&emacr;z.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>GOVERNANCE AND REPUTATIONAL RISKS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mondel&emacr;z faces reputational risk both from consumers focused
on animal welfare and from the investing community if it is unable to meet its goals. Visibility into supply chains has grown rapidly
over the past 5 years, exposing unsanitary and inhumane conditions inside the battery cage egg production system. This increase in visibility,
driven in part by technological advancement, has created a generational shift in concerns about animal welfare. Consumers under 24 are
23% more likely to view farm animal welfare and the natural environment as key concerns compared to those over the age of 65.<SUP>26</SUP>
Further, inability to meet and report on its cage-free egg commitments could lead to backlash, as was the case with McDonald&rsquo;s commitments
to remove swine gestation crates from its pork supply chain. Failure to meet commitments could be signs of underlying governance risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governance Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors rely on management to pledge and implement policies which
will positively impact shareholder value</B>. If management makes a pledge, but then does not follow through with its commitments, investors
may lose confidence in management. Loss of shareholder confidence in management could lead to economic consequences and could point to
underlying issues with the firm&rsquo;s governance.<SUP>27</SUP> If management backtracks on its commitments, it could limit accountability,
agility, and competitive advantage. To counteract this, firms are encouraged to ensure their promises are public to track progress in
a transparent manner, and to invite credible third parties to monitor progress on delivery.<SUP>28</SUP> These best management practices
are in line with the Proponent&rsquo;s shareholder resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>21</SUP> <FONT STYLE="font-size: 10pt">https://www.barillagroup.com/en/press-room/press-releases/barilla-switches-to-100-cage-free-eggs/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>22</SUP> <FONT STYLE="font-size: 10pt">https://www.danone.com/content/dam/danone-corp/danone-com/about-us-impact/policies-and-commitments/en/2018/2018_03_16_DanonesCommitmentToCageFreeEggsAndEggIngredients.pdf</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>23</SUP> <FONT STYLE="font-size: 10pt">https://www.hormelfoods.com/responsibility/our-approach-to-issues-that-matter/animal-care/eggs/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>24</SUP> <FONT STYLE="font-size: 10pt">https://www.generalmills.com/how-we-make-it/healthier-planet/sustainable-and-responsible-sourcing/animal-welfare</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>25</SUP> <FONT STYLE="font-size: 10pt">https://www.conagrabrands.com/news-room/news-conagra-brands-accelerates-transition-to-100-cage-free-eggs-prn-122774</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>26</SUP> <FONT STYLE="font-size: 10pt">https://www.foodethicscouncil.org/opinion/generations-split-on-fairness-in-the-food-system/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>27</SUP> <FONT STYLE="font-size: 10pt">https://www.jstor.org/stable/j.ctt7szn5</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>28</SUP> <FONT STYLE="font-size: 10pt">https://hbr.org/2007/04/promise-based-management-the-essence-of-execution</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reputational Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mondelez could face reputational risk for failing to meet its commitments.</B>
McDonald&rsquo;s recently faced negative press over another broken promise on swine gestation crates in 2022, which led to articles in
the <I>New York Times</I>,<SUP>29</SUP> <I>CNBC</I>,<SUP>30</SUP> <I>The Financial Times</I>,<SUP>31</SUP> <I>BBC News</I>,<SUP>32</SUP>
<I>Forbes</I>,<SUP>33</SUP> <I>Vox</I>,<SUP>34</SUP> <I>CNN Business</I>,<SUP>35</SUP> <I>Reuters</I>,<SUP>36</SUP> <I>The Wall Street
Journal</I>,<SUP>37</SUP> <I>Axios</I>,<SUP>38</SUP> and <I>Fortune</I>.<SUP>39</SUP> Fallout from the reversal on swine gestation crates
also led to a public proxy fight led by McDonald&rsquo;s investor, Carl Icahn. The candidate he challenged retired their seat after the
company&rsquo;s annual general meeting.<SUP>40</SUP> Mondel&emacr;z could also face reputational risk by falling behind its competitors.
Brands such as Barilla,<SUP>41</SUP> Danone,<SUP>42</SUP> Hormel,<SUP>43</SUP> Ferraro,<SUP>44</SUP> Nestle,<SUP>45</SUP> Unilever,<SUP>46</SUP>
and Kraft Heinz,<SUP>47</SUP> are further along in their global cage-free egg commitments and provide a reasonable glidepath to meet their
commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal makes a reasonable demand that Mondel&emacr;z provides
interim targets for its cage-free egg commitments. This is in line with competitors&rsquo; disclosures, parallels Mondel&emacr;z&rsquo;s
climate-related timebound glidepath, and is in the best interest of shareholders. The market for cage-free eggs, and the supply to match
it is expected to grow significantly internationally and domestically, driven by consumer demand and international commitments. Previously
lagging major egg producers such as China have begun implementing new cage-free certification schemes, adding to the reliability of the
supply chain. Finally, by disclosing glidepath benchmarks for reaching 100% cage-free eggs outside of Russia and Ukraine by 2025, Mondel&emacr;z
could help limit its governance and reputational risk, protect its brand image, and provide shareholders assurance that it will meet its
commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking Mondel&emacr;z
to disclose or create any annual glidepath benchmarks for achieving its global cage-free egg goal by 2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding this proposal, please contact Andrea Ranger,
Green Century Capital Management, Inc. at <FONT STYLE="color: #1155CC"><U>aranger@greencentury.com</U></FONT></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Capital Management urges shareholders to vote for Item Number 6 following
the instruction provided on the management&rsquo;s proxy mailing.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>29</SUP> <FONT STYLE="font-size: 10pt">https://www.nytimes.com/2022/02/20/business/dealbook/mcdonalds-pork-carl-icahn.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>30</SUP> <FONT STYLE="font-size: 10pt">https://www.cnbc.com/2022/02/20/carl-icahn-launches-proxy-fight-with-mcdonalds-over-treatment-of-pigs.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>31</SUP> <FONT STYLE="font-size: 10pt">https://www.ft.com/content/a4a6bca4-d60e-425a-919e-61015eb3300d</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>32</SUP> <FONT STYLE="font-size: 10pt">https://www.bbc.com/news/business-60458129</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>33</SUP> <FONT STYLE="font-size: 10pt">https://www.forbes.com/sites/jonathanponciano/2022/04/21/legendary-investor-carl-icahn-slams-mcdonalds-for-glaring-cruelty-in-pig-supply-chain-proxy-fight/?sh=2c764c001111</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>34</SUP> <FONT STYLE="font-size: 10pt">https://www.vox.com/future-perfect/22958698/mcdonalds-icahn-pork-pigs-gestation-crates-animal-welfare</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>35</SUP> <FONT STYLE="font-size: 10pt">https://www.cnn.com/2022/04/21/business/carl-icahn-mcdonalds-pigs/index.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>36</SUP> <FONT STYLE="font-size: 10pt">https://www.reuters.com/business/mcdonalds-calls-icahn-demands-sourcing-pigs-unfeasible-expensive-2022-04-21/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>37</SUP> <FONT STYLE="font-size: 10pt">https://www.wsj.com/articles/carl-icahn-mcdonalds-pigs-gestation-crates-11644335198</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>38</SUP> <FONT STYLE="font-size: 10pt">https://www.axios.com/2022/02/21/mcdonalds-carl-icahn-pig-proxy-fight</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>39</SUP> <FONT STYLE="font-size: 10pt">https://fortune.com/2022/02/18/carl-ichan-mcdonalds-pigs-animal-rights/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>40</SUP> <FONT STYLE="font-size: 10pt">https://www.prnewswire.com/news-releases/mcdonalds-announces-key-changes-to-board-of-directors-301609612.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>41</SUP> <FONT STYLE="font-size: 10pt">https://www.barillagroup.com/en/press-room/press-releases/barilla-switches-to-100-cage-free-eggs/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>42</SUP> <FONT STYLE="font-size: 10pt">https://www.danone.com/content/dam/danone-corp/danone-com/about-us-impact/policies-and-commitments/en/2018/2018_03_16_DanonesCommitmentToCageFreeEggsAndEggIngredients.pdf</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>43</SUP> <FONT STYLE="font-size: 10pt">https://www.hormelfoods.com/responsibility/our-approach-to-issues-that-matter/animal-care/eggs/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>44</SUP> <FONT STYLE="font-size: 10pt">https://www.ferrero.com/fc-4073?newsRVP=1844</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>45</SUP> <FONT STYLE="font-size: 10pt">https://www.nestle.com/sustainability/sustainable-sourcing/farming-communities-ecosystems</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>46</SUP> <FONT STYLE="font-size: 10pt">https://www.unilever.com/planet-and-society/responsible-business/farm-animal-welfare/</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><SUP>47</SUP> <FONT STYLE="font-size: 10pt">https://www.kraftheinzcompany.com/esg/animal-welfare.html</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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