Kellogg Company

November 20, 2015

Forward‐Looking Statement This presentation contains, or incorporates by reference, “forward‐looking statements” with projections concerning, among other things, the Company’s global  growth and efficiency program (Project K), the integration of acquired businesses, the Company’s strategy, zero‐based budgeting, and the Company’s sales,  earnings, margin, operating profit, costs and expenditures, interest expense, tax rate, capital expenditure, dividends, cash flow, debt reduction, share  repurchases, costs, charges, rates of return, brand building, ROIC, working capital, growth, new products, innovation, cost reduction projects, workforce  reductions, savings, and competitive pressures.  Forward‐looking statements include predictions of future results or activities and may contain the words  “expects,” “believes,” “should,” “will,” “anticipates,” “projects,” “estimates,”  “implies,” “can,” or words or phrases of similar meaning. The Company’s actual results or activities may differ materially from these predictions.  The Company’s future results could also be affected by a variety of  factors, including the ability to implement Project K as planned, whether the expected amount of costs associated with Project K will differ from forecasts,  whether the Company will be able to realize the anticipated benefits from Project K in the amounts and times expected, the ability to realize the anticipated  benefits and synergies from the acquisitions in the amounts and at the times expected, the impact of competitive conditions; the effectiveness of pricing,  advertising, and promotional programs; the success of innovation, renovation and new product introductions; the recoverability of the carrying value of goodwill  and other intangibles; the success of productivity improvements and business transitions; commodity and energy prices; labor costs; disruptions or inefficiencies  in supply chain; the availability of and interest rates on short‐term and long‐term financing; actual market performance of benefit plan trust investments; the  levels of spending on systems initiatives, properties, business opportunities, integration of acquired businesses, and other general and administrative costs;  changes in consumer behavior and preferences; the effect of U.S. and foreign economic conditions on items such as interest rates, statutory tax rates, currency  conversion and availability; legal and regulatory factors including changes in food safety, advertising and labeling laws and regulations; the ultimate impact of  product recalls; business disruption or other losses from war, terrorist acts or political unrest; and other items.   Forward‐looking statements speak only as of the date they were made, and the Company undertakes no obligation to update them publicly. Non‐GAAP Financial Measures.  This presentation includes non‐GAAP financial measures. Please refer to the Appendices for a reconciliation of these non‐GAAP  financial measures to the most directly comparable GAAP financial measures.  Management believes that the use of such non‐GAAP measures assists investors in  understanding the underlying operating performance of the company and its segments.  

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Kellogg Company

November 20, 2015

Agenda Strategy and Overview Financial Overview

John Bryant, CEO Ron Dissinger, CFO

North America U.S. Morning Foods

Paul Norman, President, Kellogg North America Craig Bahner, President, U.S. Morning Foods

U.S. Snacks U.S. Frozen Foods U.S. Specialty Channels Kashi

Deanie Elsner, President, U.S. Snacks Andrew Loucks, President, U.S. Frozen Foods Wendy Davidson, President, U.S. Specialty Channels David Denholm, CEO, Kashi Company

Europe Asia Pacific Latin America

Chris Hood, President, Kellogg Europe Amit Banati, President, Asia Pacific Maria Fernanda Mejia, President, Kellogg Latin America

Summary

John Bryant, CEO

Break

Lunch

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Kellogg Company

November 20, 2015

Committed to Profitable Growth

1. Transformational Changes 2. Talented Management Team 3. Strategy for Growth 4. Earnings Visibility Kellogg Company  |  November 20, 2015

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Transformation North America Frozen & Specialty  Channels

North America Retail Cereal

U.S. Natural  & Frozen U.S.  Convenience

U.S. Cereal

North America  Retail Snacks

2000 Net Sales  ≈$6 billion

International  Convenience

2014 Net Sales  ≈$14.6 billion

International Cereal

International Cereal International  Snacks Kellogg Company  |  November 20, 2015

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Kellogg Company

November 20, 2015

Transformation Acquired Pringles Acquired  MASS Food Group 

China joint  venture

Entered biscuits,  cookies, crackers  with Keebler  acquisition

2000

2012

2013

Tolaram Africa  joint venture,  investment in  Multipro

2014

2015

Acquired United Bakers  Group in Russia Acquired Bisco Misr

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Transformation Management Team

John Bryant Chairman of the Board & Chief Executive Officer, Kellogg Company

Ron Dissinger Senior Vice President, Kellogg Company Chief Financial Officer

Amit Banati President, Asia Pacific

Chris Hood President, Europe

Maria Fernanda Mejia President, Latin America

Paul Norman President, North America

Craig Bahner President, U.S. Morning Foods

Wendy Davidson President, U.S. Specialty Channels

David Denholm Chief Executive Officer, Kashi

Deanie Elsner President, U.S. Snacks

Andrew Loucks President, U.S. Frozen Foods

Carol Stewart President, Canada

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Kellogg Company

November 20, 2015

Change Creates Significant Opportunity Millennials

Health, Wellness,  & Transparency

The Next Billion  Consumers in  Emerging Markets

Blended Retail  Reality

Food Anytime,  Anywhere

New Science of  Marketing

Taste Is King

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The New Science of Marketing Investment in Brand Building Advertising, % of Net Sales(a)

Kellogg – Digital Media(a) 31%

Total Brand Building

8%

4%

2006

2014 (a) FY 2014 (b) As a percent of media spending, Kellogg North America

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Kellogg Company

November 20, 2015

Health, Wellness, and Transparency Investment in Innovation and Renovation Multi‐year investment program:  granolas, mueslis, packaging, and more Built global category teams…  and regional teams as well Invested in the new Kashi business Largest renovation plan in the company’s history

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Kellogg Company Global Growth Strategy

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Kellogg Company

November 20, 2015

Strategy – 2020 Vision

Win in Breakfast

Developed  Cereal

Global Snacking  Powerhouse

Salty

Natural &  Organic

Emerging  Markets

Consumption  Opportunities

Wholesome

Regional  Opportunities

Double Our Emerging Market  Engine

Asia/Africa

Arabia/Russia

Latin America

Win Where the Shopper  Shops

Developed‐market  sales capabilities

High‐frequency  stores

E‐commerce

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Win in Breakfast Developed Cereal Investing in our food Brands that matter Shopping experiences  that inspire Results improving

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Kellogg Company

November 20, 2015

Win in Breakfast Natural and Organic #1 IN NATURAL & ORGANIC  by a wide margin

29% category  share

KEY ENTRY POINT             26% enter through  into Natural & Organic Kashi/BN LEADING  household penetration

≈9% HH  penetration

NATURAL & ORGANIC  granola is fastest growing  cereal category

Y‐O‐Y growth

BEAR NAKED #1 share

≈15% share

Retailers ADDING SPACE

12% growth in 

12% 

dedicated sets

Source:  Nielsen Homescan Panel, TUS, 52‐week ending 10/3/15; Nielsen Scantrack, xAOC , 52‐week ending 10/17/15

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Win in Breakfast Consumption Opportunities +30% of cereal is currently  consumed outside of  breakfast in the U.S.(a) One‐third of out‐of‐breakfast  consumption happens at /  after dinner(b) More than half of consumers  believe that cereals are a  great snack(c)

(a) Kellogg Demand Landscape, 2015; TCG analysis, 2015  (b) NPD Group, Consumption Study, 2014; (c) TCG Analysis, 2015 

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Kellogg Company

November 20, 2015

Win in Breakfast U.S. Cereal Consumption Kellogg – Cold Cereal Dollar Change Trends(a) 2013

2014

2015 YTD

Last 4‐Weeks ‐0.5%

0.1%

‐1.1% ‐2.2% ‐3.8%

‐3.1%

‐6.7% ‐7.8%

Total Kellogg's

Kellogg's (less Kashi) (a) Nielsen Scantrack, xAOC, full years, 2015 through week ending 10/3/15 

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Strategy – 2020 Vision

Win in Breakfast Global Snacking  Powerhouse

Developed  Cereal

Salty

Natural &  Organic

Emerging  markets

Consumption  Opportunities

Wholesome

Regional  Opportunities

Double Our Emerging Market  Engine

Asia/Africa

Arabia/Russia

Latin America

Win Where the Shopper  Shops

Developed‐market  sales capabilities

High‐frequency  stores

E‐commerce

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Kellogg Company

November 20, 2015

Global Snacks Powerhouse Pringles High‐single‐digit net  sales(a) growth since the  acquisition Expanding the network Expansion into new  regions Improved economics (a) Currency‐neutral comparable net sales

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Global Snacks Powerhouse Wholesome Snacks Global business Significant investment in  the food… everywhere Huge opportunity for growth

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Kellogg Company

November 20, 2015

Global Snacks Powerhouse Regional Opportunities

19

Consecutive Years of Growth

1996

2015E

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Strategy – 2020 Vision

Win in Breakfast Global Snacking  Powerhouse

Developed  Cereal

Salty

Natural &  Organic

Emerging  Markets

Consumption  Opportunities

Wholesome

Regional  Opportunities

Double Our Emerging Market  Engine

Asia/Africa

Arabia/Russia

Latin America

Win Where the Shopper  Shops

Developed‐market  sales capabilities

High‐frequency  stores

E‐commerce

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Kellogg Company

November 20, 2015

Double Our Emerging‐Market Business Accelerate the Latin American business Double the Asian business Double the Arabian business Transform the African business

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Strategy – 2020 Vision

Win in Breakfast Global Snacking  Powerhouse

Developed  Cereal

Salty

Natural &  Organic

Emerging  Markets

Consumption  Opportunities

Wholesome

Regional  Opportunities

Double Our Emerging Market  Engine

Asia/Africa

Arabia/Russia

Latin America

Win Where the Shopper  Shops

Developed‐market  sales capabilities

High‐frequency  stores

E‐commerce

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Kellogg Company

November 20, 2015

Win Where the Shopper Shops Sales Capabilities in Developed Markets

Invested in warehouse sales  capabilities Invested in the DSD network Driving growth in growth  channels

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Win Where the Shopper Shops High‐Frequency Stores

+30m +50% Stores Worldwide

of Breakfasts Sold in EM  are in HFS

+38% +70% of Global Retail Sales

of Snacks Sold in EMs are in HFS

(a) High Frequency Stores (HFS) refers to a group of retail environments that share similar shopper missions,  are visited multiple times a day/week, with a low outlay of cash at each visit.  Data from Euromonitor

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Kellogg Company

November 20, 2015

Win Where the Shopper Shops E‐Commerce Digital shelf exposure now influences 35% of U.S. in‐store sales Online shoppers are brand loyal and spending is high E‐Commerce is expected to account for half of grocery  value growth over the next five years(a) Online purchases are +25% incremental for Kellogg’s Kellogg’s is one of the top five FMCG brands bought online in  the highly‐developed U.K. market (a)  Kantar Worldpanel report 2015; other data Kellogg estimates

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Kellogg Company Strategy – Goals Deliver top‐line growth Drive efficiency and savings Reinvest in the business Execute financial model and drive  strong shareholder returns Kellogg Company  |  November 20, 2015

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Kellogg Company

November 20, 2015

Long‐Term Guidance Comparable Net Sales(a)

+1% to 3%

Comparable Operating Profit(a)

+4% to 6%

Currency‐Neutral Comparable EPS(b)

+7% to 9%

(a) Excludes the impact of acquisitions, dispositions, currency translation, differences in the number of shipping days, mark‐to‐market adjustments, integration  costs, costs related to Project K, and other items affecting comparability. (b) Excludes the impact of currency translation, differences in the number of shipping days, mark‐to‐market adjustments, integration costs, costs related to  Project K, and other items impacting comparability.

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Confidence in 2016… and Beyond

1. Transformational Changes 2. Talented Management Team 3. Strategy for Growth 4. Earnings Visibility, and…

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Kellogg Company

November 20, 2015

Confidence in 2016… and Beyond

… Committed to  Profitable Growth

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