Welcome 1 of 10 Kellogg Company April 26, 2019 Thank you, Cynthia - PDF document

Kellogg Company April 26, 2019 2019 Annual Shareowners Meeting April 26, 2019 Welcome 1 of 10

Kellogg Company April 26, 2019 Thank you, Cynthia Milligan! Welcome to Kellogg Company! Erica Mann Rod Gillum 2 of 10

Kellogg Company April 26, 2019 Honoring Active Duty Employees 3 of 10

Kellogg Company April 26, 2019 Forward-Looking Statements 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 bud geting, 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 sim ilar meaning. The Company’s actual results or activities may differ materially from these predictions. The Company’s future results could a lso 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 reconc iliation 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. Agenda • Deploy for Growth – The Right Strategy for K • Heart & Soul • Q&A 4 of 10

Kellogg Company April 26, 2019 Deploy For Growth Win Through Occasions 5 of 10

Kellogg Company April 26, 2019 Shape a Growth Portfolio – Emerging Markets Shape a Growth Portfolio - Divestures 6 of 10

Kellogg Company April 26, 2019 Build World-Class Brands Deliver Perfect Service/Perfect Store 7 of 10

Kellogg Company April 26, 2019 Stock and Dividend Performance Daily Stock Price Share Price $58.57 On Apr. 24, 2019 4/24/14 4/24/19 Stock and Dividend Performance 50-year dividend/share history Increasing to 57 cents per share in Sept. 8 of 10

Kellogg Company April 26, 2019 Driving Growth Through Purpose Feeding People in Need • Donating food to people in need , including 2.5 billion servings of food through food banks across 5 continents • Expanding feeding and nutrition education programs to help 2 million children reach their full potential • Supporting 500,000 farmers, their families and communities with Climate Smart Ag practices • Committing to 45,000 volunteer days by Kellogg employees and retirees at local food banks, farms and breakfast programs • Engaging 300 million people to join our hunger relief efforts In 2018, we created 570 million Better Days worldwide 9 of 10

Kellogg Company April 26, 2019 In Summary… • Strong foundation • Company with a Heart and Soul • Solid 2018 with pivotal moves, and… … Confidence in 2019 10 of 10