Kellogg Company reported lower than expected financial results for the first quarter of 2012. Net sales grew 0% internally while operating profit declined 6% internally due to weakness in Europe impacting results. The acquisition of Pringles and integration planning is on track. The outlook for full-year 2012 is adjusted with internal net sales growth expected to be 2-3% and operating profit growth expected to be lower by 2-4% due to significant investment in innovation, brand building, and SAP.

1. Kellogg Company April 26, 2012
FIRST QUARTER 2012
FINANCIAL RESULTS
April 26, 2012
Forward‐Looking Statements
This presentation contains by reference, “forward‐looking statements” with projections concerning, among other things,
the pending acquisition of the Pringles® business, the Company’s strategy, 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, brand building, ROIC, working capital, growth, new products, innovation, cost
reduction projects, 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 complete the acquisition of the Pringles® business
and the realization of the anticipated benefits from the acquisition 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
d l bl l l d l f l d h f d f d
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.
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2. Kellogg Company April 26, 2012
First Quarter 2012 Overview
 Results lower than expected
 Adjusted sales and profit outlook for the full‐
year
 Continued weakness in Europe impacting
results
 Acquisition of Pringles and supply‐chain
process on‐track
3
First Quarter 2012 – Pringles Update
 Full transition‐planning teams from P&G and Kellogg
are up and running
 Detailed checklists and critical‐path items are being
l d h kl d l h b
managed by the team
 Progress with financing is on track
 Strategic rationale provides opportunities
• International scale, product expansion, and
growth potential
 We remain very excited about this business!
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3. Kellogg Company April 26, 2012
First Quarter 2012 – Supply‐Chain Update
 Continued progress – more proactive
 Infrastructure – supporting growth strategy
 People – empowerment
 Processes and Systems
5
Summary of Financial Results
First Quarter 2012
($ millions, except EPS)
Kellogg Company First Quarter 2012
2012 Growth
(a)
Internal Net Sales $ 3,440 0%
Internal Operating Profit(a) $ 535 (6)%
Reported Earnings Per Share $ 1.00 0%
(a) Internal net sales and operating profit growth exclude the impact of foreign currency translation and if applicable, acquisitions,
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dispositions and differences in the number of shipping days.
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4. Kellogg Company April 26, 2012
Net Sales Components
First Quarter 2012
(year‐over‐year, % change)
Internal Growth (0.1)%
$3.49 B (4.5)% + 4.4% (0.3)% (0.9)% $3.44 B
(1.3)%
1Q 2011 Volume Price / Mix Acq/Div. Currency 1Q 2012
Net Sales Net Sales
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Gross Profit
First Quarter 2012
$1.4b $1.4b
40.8%
40 8% 39.9%
39 9%
Margin(a) Margin(a)
1Q 2011 1Q 2012
8 (a) Reported gross profit as a % of net sales
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5. Kellogg Company April 26, 2012
Brand‐Building(a) Investment
First Quarter 2012
(brand building $)
Y-O-Y Change
Int. Growth (b) 10% 4% (9)% (3)% (4)%
Incr./(Decr.)
Q1 Q2 Q3 Q4 Q1
2011 2012
(a) Brand building includes advertising, consumer promotions, COGS promotions, and excludes trade spending.
9 (b) Internal brand building growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions, and differences in the number of shipping days.
Internal Operating Profit Performance by Area
First Quarter 2012
(year‐over‐year % change, internal performance(a))
11%
(6)% (5)% (20)% (1)%
North Latin Asia
Total Company Europe
America America Pacific
10 (a) Internal operating profit performance excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and
differences in the number of shipping days.
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6. Kellogg Company April 26, 2012
Cash Flow(a)
First Quarter 2012
 Cash flow(a) $277 million
 Capital expenditure was $63 million or 1.8% of
net sales
 Remain focused on working capital
 Repurchased $63 million of shares
11 (a) Kellogg defines cash flow as cash from operating activities, less capital expenditures; see reconciliation to GAAP cash flow at the end of
this presentation.
2012 Outlook:
Adjusting the Outlook
Full Year
Internal Net Sales (a) 2 – 3%
Internal Operating Profit (a) Lower by
Including Significant Investment in Innovation, 2 – 4%
Brand Building, and SAP, but excluding Pringles
EPS $3.18 3.30
$3 18 – 3 30
(As Reported, including Pringles)
12 (a) Internal sales and operating profit growth exclude the impact of foreign currency translation and if applicable, acquisitions,
dispositions, and differences in the number of shipping days.
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7. Kellogg Company April 26, 2012
Net Sales
First Quarter 2012
(internal net sales growth(a), year‐over‐year % change)
2%
(4)%
Kellogg North America Kellogg International
(a)Internal
sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions and
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differences in the number of shipping days.
North America Net Sales
First Quarter 2012
(internal net sales growth(a), year‐over‐year% change)
8%
3%
2%
(2)%
U.S. Morning U.S. Snacks (c) U.S. Specialty (d) North America
Foods & Kashi (b) Other(e)
(a) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions and differences
in the number of shipping days.
(b) Includes U.S. cereal, Pop-Tarts, health and wellness, and Kashi businesses.
(c) Includes U.S. cookies, crackers, cereal bars, and fruit-flavored snacks businesses.
(d) Includes food service, convenience and Girl Scouts businesses.
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(e) Includes the U.S. frozen and Canadian businesses.
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8. Kellogg Company April 26, 2012
U.S. Morning Foods & Kashi(a)
First Quarter 2012
(net sales, MM)
$958
$9
$941
$927
$
$897
$829
(1.7)%
Growth(b)
Q1 Q2 Q3 Q4 Q1
2011 2012
(a) Includes
U.S. cereal, Pop-Tarts, health and wellness, and Kashi businesses.
(b) Internal
sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions and differences in
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the number of shipping days.
U.S. Snacks(a)
First Quarter 2012
(net sales, MM)
$742
$725 $729 $727
$702
2.3%
Growth(b)
Q1 Q2 Q3 Q4 Q1
2011 2012
(a) IncludesU.S. cookies, crackers, cereal bars, and fruit-flavored snacks businesses.
(b) Internal
sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and differences
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in the number of shipping days.
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9. Kellogg Company April 26, 2012
U.S. Specialty(a)
First Quarter 2012
(net sales, MM)
$348
$323
$232 $234
$219
7.8%
Growth(b)
Q1 Q2 Q3 Q4 Q1
2011 2012
(a) Includes food service, convenience and Girl Scouts businesses.
17 (b) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions and differences in
the number of shipping days.
North America Other(a)
First Quarter 2012
(net sales, MM)
$368
$358 $359
$343
$311
3.4%
3 4%
Growth(b)
Q1 Q2 Q3 Q4 Q1
2011 2012
(a) Includes U.S. Frozen and Canadian businesses.
18 (b) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions and differences in
the number of shipping days.
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10. Kellogg Company April 26, 2012
International Growth
First Quarter 2012
(internal net sales growth(a), year‐over‐year % change)
7%
2%
Europe Asia Pacific Latin America
(10)%
19 (a) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions,
dispositions and differences in the number of shipping days.
Summary
While first quarter results were lower than expected, we:
 Expect gradual sales improvement throughout 2012
Expect gradual sales improvement throughout 2012
 Are continuing to invest in future growth
SUMMARY
 Remain committed to our long‐term business model and
SETTING THE FOUNDATION
targets
 Are excited by the potential provided by the pending
acquisition of Pringles
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11. Kellogg Company April 26, 2012
Appendix 1
Reconciliation of Kellogg‐Defined Cash Flow to GAAP Cash Flow (a)
Quarter ended
March 31, April 2,
(unaudited) 2012 2011
Operating activities
Net income $358 $365
Adjustments to reconcile net income to
operating cash flows:
Depreciation and amortization 95 89
Deferred income taxes (53) 6
Other 28 6
Postretirement benefit plan contributions (25) (178)
Changes in operating assets and liabilities (63) 22
Net cash provided by operating activities 340 310
Less:
Additions to properties (63) (103)
Cash flow $277 $207
(a) We use this non‐GAAP financial measure of cash flow to focus management and investors on the amount of cash
available for debt repayment, dividend distributions, acquisition opportunities, and share repurchases.
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Appendix 2
Analysis of net sales and operating profit performance
First quarter of 2012 versus 2011
U.S.
Morning Foods U.S. U.S. North Latin Asia Corp- Consoli-
(dollars in millions) & Kashi Snacks Specialty America Other Europe America Pacific orate dated
2012 net sales $ 941 $ 742 $ 348 $ 368 $ 538 $ 270 $ 233 $ - $ 3,440
2011 net sales $ 958 $ 725 $ 323 $ 358 $ 621 $ 261 $ 239 $ - $ 3,485
% change - 2012 vs. 2011:
Internal business (a) -1.7% 2.3% 7.8% 3.4% -10.4% 7.5% 1.6% - -.1%
Dispositions (b) -% -% -% -% -% -% -4.0% - -.3%
Foreign currency impact -% -% -% -.8% -3.0% -3.8% -.1% - -.9%
Total change -1.7% 2.3% 7.8% 2.6% -13.4% 3.7% -2.5% - -1.3%
U.S.
Morning Foods U.S. U.S. North Latin Asia Corp- Consoli-
(dollars in millions) & Kashi Snacks Specialty America Other Europe America Pacific orate dated
2012 operating profit $ 159 $ 118 $ 71 $ 70 $ 78 $ 51 $ 34 $ (46) $ 535
2011 operating profit $ 181 $ 124 $ 65 $ 70 $ 101 $ 48 $ 31 $ (48) $ 572
% change - 2012 vs. 2011:
g
Internal business -12.2% -4.6% 8.1% .9% -19.8% 10.6% -.6% 4.2% -6.1%
Dispositions (b) -% -% -% -% -% -% 5.7% -% .3%
Foreign currency impact -% -% -% -.8% -2.3% -4.4% 3.3% -% -.7%
Total change -12.2% -4.6% 8.1% .1% -22.1% 6.2% 8.4% 4.2% -6.5%
(a) Grow th rate includes volume and price/mix.
(b) Impact of results for the quarter ended March 31, 2012 from the divestiture of Navigable Foods.
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