Kellogg Company THIRD QUARTER 2017 FINANCIAL RESULTS October 31, 2017

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Kellogg Company THIRD QUARTER 2017 FINANCIAL RESULTS October 31, 2017 Forward-Looking Statements This presentation contains, or incorporates by reference, forward-looking statements with projections

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

1 Kellogg Company THIRD QUARTER 2017 FINANCIAL RESULTS October 31, 2017 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 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 (including the exit from its Direct Story Delivery system) 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 benefits from our implementation of a more formal Revenue Growth Management discipline, 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. 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. 2 Page 1 of 13

Observations Unique Food, Brands and Culture

2 CEO Transition Became CEO on Oct. 2, 2017 Transitions to chairman on March 15, 2018 Background: Nature s Bounty, Coca-Cola John Bryant Steve Cahillane 3 Steve Cahillane Initial Observations Unique Food, Brands and Culture Sound Financial Footing Commitment and Ideas for Growth 4 Page 2 of 13

Overview Financials On Track Reaffirming 2017 guidance for Net Sales, Operating Profit, EPS, and Cash Flow Project K and ZBB driving margin expansion toward target DSD

Emerging markets expansion Acquisition of on-trend brands/food Note: All referenced metrics are on a currency-neutral comparable basis; Cash Flow is defined as cash from

3 Overview Financials On Track Reaffirming 2017 guidance for Net Sales, Operating Profit, EPS, and Cash Flow Project K and ZBB driving margin expansion toward target DSD transition on track Progress Toward Top-Line Growth Sequential Net Sales improvement in 2H Improving 2H for Pringles, Special K, North America Other ecommerce growth Emerging markets expansion Acquisition of on-trend brands/food Note: All referenced metrics are on a currency-neutral comparable basis; Cash Flow is defined as cash from operations less capital expenditure. 5 Special K Signs of Progress % Change in Net Sales, Special K, Global Cereal H Page 3 of 13

4 Pringles Back on Track % Change in Net Sales, 7 Pringles, Global * 1H * Constant-currency net sales are translated using 2016 foreign exchange rates. 7 Developed Cereal Markets Signs of Progress Change in Value Share, in Percentage Points, Kellogg Company Cereal H Source: Nielsen, xaoc -1.5 U.K. Canada Australia 8 Page 4 of 13

Additional Growth Platform RXBAR Strong positioning simple ingredients + high protein Rapid growth

retain independence Leverage Kellogg resources/capabilities in R&D, Distribution NEW PLATFORM FOR

0)% Currency-Neutral Comparable * (1.4)% (3.0)% Operating Profit Reported +13.1% (1.

5 Additional Growth Platform RXBAR Strong positioning simple ingredients + high protein Rapid growth triple-digit growth in 2017 Good profitability even while investing for growth Operate as stand-alone retain independence Leverage Kellogg resources/capabilities in R&D, Distribution NEW PLATFORM FOR GROWTH 9 Financial Results Summary Change Versus Prior Year Net Sales Reported +0.6% (2.0)% Currency-Neutral Comparable * (1.4)% (3.0)% Operating Profit Reported +13.1% (1.6)% Currency-Neutral Comparable * +17.5% +8.7% Earnings Per Share Reported +3.7% +13.3% Currency-Neutral Comparable * +9.4% +10.3% 10 Page 5 of 13

Net Sales Sequential Improvement Continues Net Sales Growth Components * Year-over-year, % change 1.3% 1.8% 0.2% Q1 2017 Q2 2017 2017-1.6% -1.4% -3.1% -5.7% -4.4% -4.

6 Net Sales Sequential Improvement Continues Net Sales Growth Components * Year-over-year, % change 1.3% 1.8% 0.2% Q Q % -1.4% -3.1% -5.7% -4.4% -4.9% Volume Price/Mix Net Sales 11 Margin Expansion Initiatives On Track Project K Zero-Based Budgeting Return on Investment Network Restructuring Global Business Services Organizational Design Go-to-Market Model Discretionary Spending Process and Tools Policies Budgeting from Zero Revenue Growth Management New Marketing Model Savings $ million run-rate in 2019 Savings $ million run-rate in 2018 Higher ROI on commercial investment 12 Page 6 of 13

Profit Margins Continued Expansion Third Quarter and Year-to-Date 2017 % of Net Sales, Gross Profit Margin Operating Profit Margin 39.0% 39.2% 39.4% 39.4% 17.0% 15.2% 14.8% 17.

7 Profit Margins Continued Expansion Third Quarter and Year-to-Date 2017 % of Net Sales, Gross Profit Margin Operating Profit Margin 39.0% 39.2% 39.4% 39.4% 17.0% 15.2% 14.8% 17.6% +20 basis points Flat +180 basis points +280 basis points Cash Flow On Track Year-to-Date 2017 vs. Year-to-Date 2016 Cash Flow * Core Working Capital ** $ % $700 $600 $500 $400 $300 $200 $100 $ % 3.0% 2.0% 1.0% 0.0% R R * Cash Flow defined as cash from operating activities, less capital expenditure. Please refer to appendices for reconciliation of non-gaap measures to the most directly comparable GAAP measure. ** Expressed as % of net sales, Core Working Capital is an internal Kellogg metric defined as last 12 months average trade receivables and inventory, less 12 months average trade payables, divided by last 12 months net sales. 14 Page 7 of 13

8 Full Year 2017 Reaffirming Guidance Current Previous In Q4: Net Sales Operating Profit ~ (3)% ~ (3)% +7-9% +7-9% - DSD price adjustment / disruption - Shipments shifted into (hurricanes) + DSD overhead savings accelerate - Brand Building up strongly, shifted from Earnings Per Share Cash Flow Cash From Ops., Less Capital Expenditure +8-10% +8-10% $1.1-$1.2 bn $1.1-$1.2 bn 15 Snacks Transformation Expected Impacts Complete Conversion: Convert final customers Close DCs, reduce workforce Hypercare operational, in-store Rationalize tail SKUs Pull-back on merchandising List-price adjustment Overhead savings Brand Building investment Operate in New Model: New way of selling Resolve any operational gaps Fewer items, prioritized assortment Resume promo activity Fewer, bigger displays Increase Brand Building Lower list price, re-based gross margin Overhead savings full quarter Continuous Improvement: Refine capabilities Supply chain efficiencies Joint value creation with customers Increase velocities Drive consumption Grow net sales OP margin in line with KNA 2017 Q H 2018 Over Time 16 Page 8 of 13

9 U.S. Snacks Performance & Priorities Highlights: List-price adjustment Net Sales * (5)% (4)% Op. Profit * +39% +2% OP Margin * +490 bp +60 bp Double-digit increase in Brand- Building investment DSD overhead savings boost profit Increase brand support Improve consumption trend Strong operating profit margin expansion 17 U.S. Morning Foods Performance & Priorities Net Sales * (3)% (5)% Op. Profit * +4% +5% OP Margin * +150 bp +230 bp Hurricane shipments reverse in Q4 Improve consumption Growth-oriented plans for 2018 Highlights: Sequential improvement in sales Share gains in kids brands Special K media campaign OP margin expansion continued 18 Page 9 of 13

U.S. Specialty Channels Performance & Priorities

Profit * +12% +12% OP Margin * +230 bp +200 bp

reach, improve core mix Highlights: Continued

channels Continued operating profit margin

Continued sales growth Growth in operating profit

growth for Eggo and Morningstar Farms Kashi

improvement in snacks trends Canada: Broad-based

improvement 15 10 5 0 Frozen Momentum: Retail

10 U.S. Specialty Channels Performance & Priorities Net Sales * +2% +3% Op. Profit * +12% +12% OP Margin * +230 bp +200 bp Steady sales and operating profit growth Expand reach, improve core mix Highlights: Continued top-line growth Continued expansion in emerging channels Continued operating profit margin expansion 19 North America Other Performance & Priorities Net Sales * +3% (2)% Op. Profit * +38% +21% OP Margin * +420 bp +290 bp Continued sales growth Growth in operating profit and operating profit margin Highlights: Accelerated growth for Eggo and Morningstar Farms Kashi Company: Share gain in cereal and significant improvement in snacks trends Canada: Broad-based share gains Strong operating profit margin improvement Frozen Momentum: Retail Sales, Periods Ended 9/30/17 Eggo Morningstar Farms 13 Weeks 4 Weeks Source: Nielsen, xaoc, Frozen Syrup Carriers, Frozen Vegetarian/Vegan 20 Page 10 of 13

Europe Performance & Priorities Net Sales *

Profit * (3)% (3)% OP Margin * (30) bp +40 bp

operating profit margin Pringles Europe Net

YAG Highlights: Pringles returns to growth U.K.

Grow sales Integrate Parati Increase operating

11 Europe Performance & Priorities Net Sales * (1)% (6)% Op. Profit * (3)% (3)% OP Margin * (30) bp +40 bp Sequential improvement in net sales Increase operating profit margin Pringles Europe Net Sales** vs. YAG Highlights: Pringles returns to growth U.K. cereal growth in consumption and share * 1H ** Constant-currency net sales are translated using 2016 foreign exchange rates. 21 Latin America Performance & Priorities Net Sales * (2)% (2)% Op. Profit * (9)% (2)% OP Margin * (100) bp +10 bp Grow sales Integrate Parati Increase operating profit margin Highlights: Decline driven by Caribbean/Central America Continued growth in all other sub-regions Integration and momentum of Parati 22 Page 11 of 13

Asia Pacific Performance & Priorities ; does not include joint ventures

Profit * +11% +23% OP Margin * +80 bp +160 bp Accelerate net sales

share gain Broad-based growth in Asia Pringles momentum and expansion

Snacks transformation progressing well High savings visibility related

12 Asia Pacific Performance & Priorities ; does not include joint ventures Net Sales * 2% 2% Op. Profit * +11% +23% OP Margin * +80 bp +160 bp Accelerate net sales growth Continued operating profit growth Highlights: Australia cereal share gain Broad-based growth in Asia Pringles momentum and expansion Joint ventures performing well Strong operating profit margin expansion 23 In Summary On track for 2017 financial guidance * U.S. Snacks transformation progressing well High savings visibility related to productivity initiatives Committed to returning to top-line growth * All referenced metrics are on a currency-neutral comparable basis; Cash Flow is defined as cash from operations less capital expenditure. 24 Page 12 of 13

13 Kellogg Company THIRD QUARTER 2017 FINANCIAL RESULTS Q&A October 31, 2017 Page 13 of 13

Kellogg Company FOURTH QUARTER 2017 FINANCIAL RESULTS February 8, 2018

Kellogg Company FOURTH QUARTER 2017 FINANCIAL RESULTS February 8, 2018 Forward-Looking Statements This presentation contains, or incorporates by reference, forward-looking statements with projections concerning,