Kellogg Company November 13, 2018

Developed Markets –

Chris Hood, President, North America

November 13, 2018

Developed Markets Snacks – Turning Back to Growth

• Biggest portion of our portfolio

• Big, expandable brands

• DSD exit as critical un-lock

• On-the-Go as growth platform

November 13, 2018 2

1 of 10 Kellogg Company November 13, 2018

Developed Markets Snacks – Biggest Portion of Portfolio

% of Company Net Sales, 2017 Pro Forma*

Total Kellogg Kellogg Developed Markets Snacks

* Adjusted to include a full year of Multipro, which was not consolidated into Kellogg results until May, 2018.

November 13, 2018 3

Snacking Trends Worldwide – Outpacing Packaged Food

Forecast 4-Year CAGR Historic 3-Year CAGR (2019-2022) (2015-2017) 2.5% 2.5% 2.0% 2.0% 1.5% 1.5% 1.0% 1.0% 0.5% 0.5% 0.0% 0.0% -0.5% Total DM US Canada UK Germany France Australia Total DM US Canada UK Germany France Australia

Packaged Food Packaged Food Snack

Sources: Growth rates from Euromonitor, Retail Value RSP (Historic constant/Forecast constant 2018 prices) “Developed Markets” (DMs) as defined by US, UK, CAN, AUS, FR, IT, ESP, DE)

November 13, 2018 4

2 of 10 Kellogg Company November 13, 2018

Developed Markets Snacks – Strong Brands

Better Growth for Biggest Brands:

Sustained Investment for First Time in Years:

Our Own Challenger Brands:

November 13, 2018 5

DSD Exit – Unlocking Investment & Growth

Then Now

• Only supported food/mass channel • Improved consumption performance • Consumer migration to multiple channels • Fewer, stronger SKUs Exited DSD in • Insufficient P&L room for mid-2017 • Increased brand investment brand investment for more brands and across all channels • Retailers’ shelf and primary display decisions shifted to • Higher margins for retailer head office and for Kellogg

• Sustained too many SKUs November 13, 2018 6

3 of 10 Kellogg Company November 13, 2018

Post-DSD – Supported Brands in Growth

Retail Sales, % Growth, U.S.

Q3 +4.9% +0.6% +6.7% +9.3% +5.8% +10.5% +8.0%

YTD +5.0% +0.9% +6.2% +18.6% +2.6% +5.9% +0.2%

Source: Nielsen, xAOC, periods ending 9/29/18

November 13, 2018 7

Stronger Shelf, Restoring Merchandising

November 13, 2018 8

4 of 10 Kellogg Company November 13, 2018

Improving Overall Consumption & Share Performance

November 13, 2018 9

Pringles – Worldwide Growth

Build World-Class Brands

, through 9/29/18

November 13, 2018 10

5 of 10 Kellogg Company November 13, 2018

Sustaining Pringles Momentum – Brand Building

Build World-Class Brands

November 13, 2018

Sustaining Pringles Momentum – Pack Formats

Win Through Occasions

November 13, 2018

6 of 10 Kellogg Company November 13, 2018

Sustaining Pringles Momentum – Innovation

Flavors Limited-Time Offerings Food Forms

Win Through Occasions

Adapt to “One more can” local markets Penetration through food experiences

November 13, 2018

Sustaining Pringles Momentum – In-Store Activation

Deliver Perfect Service & Store

Racks improving shelf Partnerships elevating presence and shoppability display activity

November 13, 2018

7 of 10 Kellogg Company November 13, 2018

Wholesome Snacks – Improving Performance

 Expand RX

 Sustain momentum in Krispies Treats

U.K. U.S.

 Investing in protein

 Invest behind natural & organic

November 13, 2018 15

On-the-Go – Growth Exceeding Expectations

U.S.

Win Through Occasions

November 13, 2018 16

8 of 10 Kellogg Company November 13, 2018

On-the-Go – Investing in a New Growth Platform

• Expanding and optimizing • Co-packed OTG product line

• Additional • Winning shelf and front-end transportation placements requirements • Investing in in-house • Redeployment & packing capacity, other repacking to meet efficiencies demand • Executing RGM actions

Near-term profit pressure Long-term growth platform with restored margins

November 13, 2018 17

Investing Behind Deploy For Growth

• Created a single Retail Sales Team o Effectiveness and efficiency o More time in stores, less time on the road Deliver Perfect • Implementing cross-category promotions Service & o Bigger, more powerful events Store • Strengthened reach in Specialty Channels o Expanded C-store outlets reached o Built hybrid food service team for greater coverage o Launched B2B eCommerce

November 13, 2018 18

9 of 10 Kellogg Company November 13, 2018

2019 – Investing Behind Deploy For Growth

Differentiated Innovation

Pack Formats for Occasions

Expanded Distribution

November 13, 2018 19

In Summary

• Big, advantaged brands in key snacking categories

• Successful DSD transition unlocked investment dollars, organization changes, and portfolio moves

• U.S. in-market performance on the upswing

• Sustaining Pringles momentum worldwide, while improving wholesome snacks performance

• On-the-Go expansion creates new growth avenue, with opportunity to improve margins

• On track for low single-digit growth over time

November 13, 2018 20

10 of 10