Document:

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                                                                     Exhibit 4.3
                                                                     -----------

                                PROMISSORY NOTE

$11,000,000,000                                                 December 1, 2000

     FOR VALUE RECEIVED, the undersigned, Kraft Foods, Inc., a Delaware
corporation,  hereby promises to pay to the order of Philip Morris Companies
Inc., a Virginia corporation ("PM Companies"), or assigns, in lawful money of
the United States of America, the principal sum of Eleven Billion Dollars
($11,000,000,000) on December 1, 2002, or so much thereof as may have not been
repaid from time to time, as shown on Schedule I attached hereto, as such may be
                                      ----------
amended from time to time, together with interest on the outstanding principal
balance hereof (computed on the basis of a 360-day year of twelve 30-day months)
at the rate of seven and three-quarters percent (7.75%) per annum, such interest
payable semiannually commencing May 1, 2001.

     This note may be prepaid in whole or in part, without premium, penalty or
discount, at any time, or from time to time, at the option of the undersigned,
together with accrued interest on the amount prepaid.

     Participations in this note may be assigned, in whole or in part, at any
time, or from time to time, at the option of PM Companies or a participant, such
participations to be recorded on Schedule II attached hereto, as such may be
                                 -----------
amended from time to time.  In the event that one or more participations in this
note have been assigned, all participants shall participate in all principal and
interest payments pro rata in accordance with their relative principal amounts.

     Until this note has been repaid in full, an amount equal to the net
proceeds of any external financing of any kind conducted by the undersigned or
Kraft Holdings Virginia Inc., whether through the issuance of debt or equity,
but excluding any short-term debt or any compensation-related equity issuance,
shall be payable by the undersigned to the participant or participants as a
mandatory prepayment of principal of this note immediately upon receipt of such
proceeds by the undersigned or Kraft Holdings Virginia Inc. The unpaid principal
balance of this note, together with any accrued but unpaid interest on this
note, shall become immediately due and payable, without presentment, demand or
other formalities of any kind, all of which are hereby expressly waived by the
undersigned, on the date on which PM Companies ceases to control the vote,
directly or indirectly, of shares representing more than 50% of the aggregate
voting power of all the voting stock of the undersigned.

     No waiver by PM Companies or any participant of any rights or remedies
under this note shall be considered a waiver of any other subsequent right or
remedy.  No delay or omission in the exercise by PM Companies or any participant
of any rights or remedies and no exercise or enforcement of any such rights or
remedies shall be held to exhaust any other right or remedy.

     The occurrence of any of the following events shall constitute an Event of
Default under this note:

     (a)  the undersigned shall fail to make any payment of principal due
          hereunder for more than five business days after the due date thereof,
          or shall fail to make any payment of interest due hereunder for more
          than thirty days after the due date thereof;
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     (b)  the undersigned shall commence any case or proceeding seeking to have
          an order for relief entered on its behalf as debtor or to adjudicate
          it as bankrupt or insolvent or seeking reorganization, liquidation,
          dissolution, winding-up, arrangement, composition or readjustment of
          its debts or any other relief under any bankruptcy, insolvency,
          reorganization, liquidation, dissolution, arrangement, composition,
          readjustment of debt or other similar act or law of any jurisdiction,
          domestic or foreign, now or hereafter existing; or the undersigned
          shall apply for a receiver, custodian or trustee (other than any
          trustee appointed as a mortgagee or secured party in connection with
          the issuance of indebtedness for borrowed money of the undersigned) of
          it or for all or a substantial part of its property; or the
          undersigned shall make a general assignment for the benefit of
          creditors; or the undersigned shall take any corporate action in
          furtherance of any of the foregoing; or

     (c)  an involuntary case or other proceeding shall be commenced against the
          undersigned with respect to it or its debts under any bankruptcy,
          insolvency or other similar law now or hereafter in effect seeking the
          appointment of a trustee, receiver, liquidator, custodian or similar
          official of it or any substantial part of its property; and such case
          or proceeding (i) results in the entry of an order for relief or a
          similar order against it or (ii) shall continue unstayed and in effect
          for a period of 60 consecutive days.

     Upon the occurrence of an Event of Default, the unpaid principal balance of
this note and accrued interest on this note shall become immediately due and
payable, without presentment, demand, protest or other formalities of any kind,
all of which are hereby expressly waived by the undersigned.

     The substantive laws of the Commonwealth of Virginia shall govern the
validity, construction, enforcement and interpretation of this note.  In the
event of a dispute involving this note or any other instruments executed in
connection herewith, the undersigned irrevocably agrees that venue of such
dispute shall lie exclusively in any court of competent jurisdiction in the City
of Richmond, Virginia.

                                    KRAFT FOODS, INC.

                                    By:    /s/  Betsy D. Holden
                                           -------------------------------
                                    Name:  Betsy D. Holden
                                           -------------------------------
                                    Title: President & CEO
                                           -------------------------------
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                                                                      Schedule I
                                                                      ----------

                    Principal Payment Record
                    ------------------------

 Date of      Amount of             Unpaid         Name of Person
Repayment   Principal Paid    Principal Balance    Making Notation
---------   --------------    -----------------    ---------------
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                                                                     Schedule II
                                                                     -----------

                                 Participations
                                 --------------

                 Participant                         Amount of Principal
                 -----------                         -------------------<PAGE>

                                                                     Exhibit 4.4
                                                                     -----------

                 AMENDED AND RESTATED NOTE EXCHANGE AGREEMENT
                  --------------------------------------------
                               AND NOTE AMENDMENT
                               ------------------

         This AMENDED AND RESTATED NOTE EXCHANGE AGREEMENT AND NOTE AMENDMENT
(the "Agreement"), is made and entered into as of March 16, 2001, by and among
Philip Morris Companies Inc., a Virginia corporation ("PM"), PM Holdings of
Delaware LLC, a Delaware limited liability company ("LLC"), and Kraft Foods
North America, Inc. (formerly Kraft Foods, Inc.), a Delaware corporation
("KFNA").

                                    RECITALS
                                    --------

         WHEREAS, KFNA, as successor in interest to Kraft, Inc., has issued to
PM (i) a promissory note dated April 1, 1989, and amended March 30, 1999, in the
amount of $5,000,000,000 (the "KFNA $5 Billion Note"), (ii) a promissory note
dated December 1, 2000, in the amount of $11,000,000,000 (the "KFNA $11 Billion
Note"), and (iii) a promissory note dated December 11, 2000, in the amount of
$4,000,000,000 (the "KFNA $4 Billion Note" and, collectively with the KFNA $5
Billion Note and the KFNA $11 Billion Note, the "KFNA Notes").

         WHEREAS, pursuant to the Note Exchange Agreement, dated as of December
15, 2000, among PM, LLC and KFNA (the "Note Exchange Agreement"), PM assigned
and transferred its rights under the KFNA Notes to LLC, its wholly owned
subsidiary, in exchange for the issuance by LLC to PM of (i) a promissory note
dated December 15, 2000 in the amount of $5,000,000,000 (the "LLC $5 Billion
Note"), (ii) a promissory note dated December 15, 2000 in the amount of
$11,000,000,000 (the "LLC $11 Billion Note") and (iii) a promissory note dated
December 15, 2000 in the amount of $4,000,000,000 (the "LLC $4 Billion Note"
and, collectively with the LLC $5 Billion Note and the LLC $11 Billion Note, the
"LLC Notes").

         WHEREAS, KFNA consented to such assignment and transfer of the KFNA
Notes by PM to LLC and acknowledged LLC as the assignee of PM with respect to
the KFNA Notes and to make the other agreements set forth herein.

         WHEREAS, PM, LLC and KFNA wish to amend certain provisions of the KFNA
Notes and to amend and restate the Note Exchange Agreement.

         NOW, THEREFORE, in consideration of the Recitals and of the covenants
and agreements set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is hereby agreed
that:

         1.   Exchange. (a) PM hereby agrees to assign, and LLC hereby agrees to
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accept such assignment, effective for all purposes as of December 15, 2000 (the
"Exchange Date"), of PM's rights under the KFNA Notes, including without
limitation PM's right to receive principal and interest payments thereunder;
provided that all interest accruing under the KFNA Notes up to but not including
--------
the Exchange Date shall be for the account of PM and LLC shall be obligated,
upon receipt from KFNA, to pay such amount to PM.
<PAGE>

                  (b)      LLC agrees to issue the LLC Notes to PM effective as
of the Exchange Date.

         2.       Consent and Acknowledgment of KFNA.  KFNA hereby consents
                  ----------------------------------
to the assignment of the KFNA Notes by PM to LLC and acknowledges LLC's rights
under the KFNA Notes as the assignee of PM.

         3.       Mandatory Prepayment of Kraft Notes.
                  -----------------------------------

                  (a)     The parties agree that until the KFNA Notes have
been repaid in full, an amount equal to the net proceeds of any external
financings of any kind conducted by KFNA or Kraft Foods Inc., whether through
the issuance of debt or equity (the "Prepayment Amount"), shall be payable by
KFNA to LLC or its assignees as a mandatory prepayment of principal of the KFNA
Notes in the priority set forth in Section 3(b) immediately upon receipt of such
Prepayment Amount by KFNA or Kraft Foods Inc. Notwithstanding the foregoing, no
prepayment of the KFNA Notes shall be required in respect of (i) any short-term
debt, (ii) any compensation-related equity issuance, (iii) the portion of the
net proceeds of any external long-term debt financings issued after the date
hereof ("New Debt") up to an amount equal to the portion of the aggregate
principal amount of external long-term debt of Kraft Foods Inc. and its
consolidated subsidiaries outstanding on the date hereof ("Existing Debt")
having scheduled maturities within the same calendar year as such New Debt
issuance, or (iv) New Debt issued within the same calendar year as maturing New
Debt up to the amount such maturing New Debt was used to refinance Existing Debt
pursuant to clause (iii) above. In the event multi-tranche New Debt is issued
and only a portion of the proceeds thereof is used to refinance maturing
Existing Debt pursuant to clause (iii) above or New Debt pursuant to clause (iv)
above, such portion shall be deemed to have matured first, on the earliest
maturity date of such refinancing and thereafter, any balance remaining shall be
deemed to have matured on the next earliest maturity date of such refinancing
until such portion is fully allocated.

                  (b)     In the event of a mandatory prepayment pursuant to
Section 3(a), the Prepayment Amount shall be applied toward the prepayment of
the KFNA Notes in the following order of priority:

                  first, to the prepayment of the KFNA $11 Billion Note;

                  second, if the KFNA $11 Billion Note has been paid in full,
                  the balance shall be applied to the prepayment of the KFNA $4
                  Billion Note; and

                  third, if the KFNA $4 Billion Note has been paid in full, the
                  balance shall be applied to the prepayment of the KFNA $5
                  Billion Note.

                  (c)     The unpaid principal balance of the KFNA Notes,
together with any accrued but unpaid interest on the KFNA Notes, shall become
immediately due and payable, without presentment, demand or other formalities of
any kind, all of which are hereby expressly waived by KFNA, on the date on which
PM ceases to control the vote, directly or indirectly, of shares representing
more than 50% of the aggregate voting power of all the voting stock of KFNA.

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<PAGE>

         4.       Mandatory Prepayment of LLC Notes.
                  ---------------------------------

                  (a)     LLC and PM agree that until the LLC Notes have been
prepaid in full, an amount equal to the Prepayment Amount received by LLC from
KFNA pursuant to Section 3(a) shall be payable by LLC to PM as a mandatory
prepayment of principal of the LLC Notes in the priority set forth in Section
4(b) immediately upon receipt of such payment by LLC.

                  (b)     In the event of a mandatory prepayment pursuant to
Section 4(a), such prepayment shall be applied toward the prepayment of the LLC
Notes in the following order of priority:

              first, to the prepayment of the LLC $11 Billion Note;

              second, if the LLC $11 Billion Note has been paid in full, the
              balance shall be applied to the prepayment of the LLC $4 Billion
              Note; and

              third, if the LLC $4 Billion Note has been paid in full, the
              balance shall be applied to the prepayment of the LLC $5 Billion
              Note.

                  (c)     The unpaid principal balance of the LLC Notes,
together with any accrued but unpaid interest on the LLC Notes, shall become
immediately due and payable, without presentment, demand or other formalities of
any kind, all of which are hereby expressly waived by LLC, on the date on which
PM ceases to control the vote, directly or indirectly, of shares representing
more than 50% of the aggregate voting power of all the voting stock of Kraft
Foods Inc.

         5.       Conflicts.  The Kraft Notes and the LLC Notes are governed by
                  ---------
the provisions of this Agreement. In the event of a conflict, the provisions of
this Agreement shall prevail.

         6.       Governing Law. The substantive laws of the Commonwealth of
                  -------------
Virginia shall govern the validity, construction, enforcement and interpretation
of this Agreement. In an event of a dispute involving this Agreement, the
parties irrevocably agree that venue of such dispute shall lie exclusively in
any court of competent jurisdiction in the City of Richmond, Virginia.

                                       3
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         IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed in counterparts as of the day and year first above written.

                                   PHILIP MORRIS COMPANIES INC.

                                   By: /s/ Nancy J. De Lisi
                                       ------------------------
                                   Name: Nancy J. De Lisi
                                   Title: Vice President Finance and Treasurer

                                   PM HOLDINGS OF DELAWARE LLC

                                   By: /s/ Nancy J. De Lisi
                                       ------------------------
                                   Name: Nancy J. De Lisi
                                   Title: Manager

                                   KRAFT FOODS NORTH AMERICA, INC.

                                   By: /s/ Betsy D. Holden
                                       ------------------------
                                   Name: Betsy D. Holden
                                   Title: President and
                                          Chief Executive Officer

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