Kellogg Company

First Quarter
2010 Earnings

April 29, 2010

Forward-
Forward-Looking Statements

This presentation contains, or incorporates by reference, “forward-looking statements” with

projections concerning, among other things, 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,” “will deliver,” “anticipates,” “projects,”
“estimates,” 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 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; 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; 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 publicly update them.
2
 First Quarter 2010:
Sustainable and Dependable Performance

Solid Q1 Results
Commitment to
reinvest

On-track to deliver
FY 2010 guidance

Summary of Financial Results

($ millions, except EPS)

First Quarter Growth

Internal /
Currency-
2010 2009 Reported Neutral

Net Sales $ 3,318 $ 3,169 5% 2% (a)

Operating Profit $ 637 $ 529 20% 17%(a)

(b)
Earnings Per Share $ 1.09 $ 0.84 30% 27%

(a) Internal net sales and operating profit growth exclude the impact of foreign currency translation and if
applicable, acquisitions, dispositions and shipping day differences.
(b) Currency-neutral earnings per share growth excludes the impact of translational foreign exchange.
4
 First Quarter 2010:
Net Sales Growth Components
(year-
(year-over-
over-year % change)

4.7%

Internal Growth
+1.8%
2.9%

1.3%
0.5%

Net Sales Tonnage Price/Mix Currency Acquisitions

First Quarter 2010:

Gross Profit
($ millions)

+ Productivity Savings
+ Price/Mix
- Cost Pressures
Internal
Growth 7%(b)

Q1 2009 Q1 2010

Margin (a) 41.1% 43.0%

(a) Gross profit as a % of net sales.

(b) Internal gross profit growth excludes the impact of foreign currency translation and if applicable, acquisitions,
dispositions and shipping day differences. 6
Reinvestment for the Future: Advertising
(year- over-year % change, internal growth (a))
(year-over-

• Timing
• Eggo investment
• Deflation / Efficiencies
+ Mid
Single-Digit

-3%

Q1 2010 FY 2010

(a) Internal advertising growth excludes the impact of foreign currency translation and if applicable, acquisitions,
dispositions and shipping day differences. 7

First Quarter 2010:

Internal Operating Profit Growth by Area
(year- over-year % change, internal growth(a)
(year-over- (a))

22%
17%

10%

4%
1%

Total North Europe Latin Asia Pacific

Company America America

(a) Internal operating profit growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions and shipping day differences.
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 First Quarter 2010:
Cash Flow (a)

(millions)

$190
$172

1Q 2009 1Q 2010

(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.
9

Currency Impact on EPS

2009 Actual vs. Current Spot Market

U.S. dollars per local currency

Full-year spot rates impact on EPS from translational

foreign exchange is unfavorable approximately $0.02

2009 Current
Actual(a) Spot(b)

UK Pound $1.56 $1.55

Euro $1.39 $1.34

Mexican Peso $0.07 $0.08

Canadian Dollar $0.88 $1.00

Australian Dollar $0.80 $0.93

(a) 12 month average exchange rate

(b) Current spot as of April 26, 2010
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 2010 Outlook:

Full-Year 2010
Internal Net Sales(a) 2 to 3%
• In line with long-term target
Sustainable
Dependable
Internal Operating Profit(a) 8 to 10% Performance
• On track to achieve over $1 billion in annual cost savings by year-end 2011
• Up-front cost investments of approximately 16 cents per share
• Mid single-digit internal advertising growth(a)

Earnings Per Share(b) 11 to 13%

• Tax rate of 29 – 30% Currency-neutral basis
• Greater than long-term target

(a) Internal net sales, operating profit and advertising growth exclude the impact of foreign currency translation
and if applicable, acquisitions, dispositions and shipping day differences.
(b) Currency-neutral earnings per share growth excludes the impact of translational foreign exchange.
11

First Quarter 2010:

North America Net Sales
(internal net sales growth(a)
(a), year-
year-over-
over-year% change)

5%

2%
0% -3%

(b) (c)
Total North Retail Cereal Retail Snacks Frozen and
America Specialty
(d)
Channels

(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. and Canada retail cereal.
(c)Includes biscuits, wholesome snacks, Pop-Tarts and fruit snacks.

(d)Includes Frozen Foods, Food Away From Home and custom manufacturing.
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 First Quarter 2010:
North America Retail Cereal
(internal net sales growth(a)
(a), year-
year-over-
over-year % change)

6%
6%

4%

2%

0%

Q1 Q2 Q3 Q4 Q1

2009 2010

(a) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions,
dispositions and differences in the number of shipping days.
13

First Quarter 2010:

North America Retail Snacks
(internal net sales growth(a)
(a), year-
year-over-
over-year % change)

5% 5%

3%
2% 3%

Q1 Q2 Q3 Q4 Q1

2009 2010
(a) 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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 First Quarter 2010:
North America Retail Snacks
(net sales, year-
year-over-
over-year % change)

Net Sales

Toaster Pastries

Crackers (a)

Cookies (a)

Wholesome Snacks (a)

(a) Store-door sales.

15

First Quarter 2010 (a)

North America Frozen & Specialty Channels
(internal net sales growth(b)
(b), year-
year-over-
over-year % change)

6%
5%

-3% -13% -3%

Q1 Q2 Q3 Q4 Q1
2009 2010

(a) Includes Frozen Foods, Food Away From Home and custom manufacturing.
(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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 First Quarter 2010:
International Growth
(internal net sales growth(a)
(a), year-
year-over-
over-year % change)

2%
2%
1%
1%

Total Latin Asia

International Europe America Pacific

(a) Internal
sales growth excludes the impact of foreign currency translation and if applicable, acquisitions,
dispositions and differences in the number of shipping days.
17

First Quarter 2010:

Sustainable and Dependable Performance

Solid Q1 Results
Commitment to
reinvest

On-track to deliver
FY 2010 guidance

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 Appendix 1
Reconciliation of Kellogg-Defined Cash Flow to GAAP Cash Flow (a)

Quarter ended
April 3, April 4,
(unaudited) 2010 2009

Operating activities
Net income $417 $319
Adjustments to reconcile net income to
operating cash flows:
Depreciation and amortization 87 84
Deferred income taxes (11) (31)
Other 44 21
Postretirement benefit plan contributions (22) (74)
Changes in operating assets and liabilities (265) (74)

Net cash provided by operating activities 250 245

Less:
Additions to properties (60) (73)

Cash flow $190 $172

(a) We use this non-GAAP measure of cash flow to focus management and investors on the amount of cash
available for share repurchases, dividend distributions, acquisition opportunities, and debt reduction.
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Appendix 2
Reconciliation of Reported Earnings per Share to Currency-Neutral
Earnings per Share for Guidance (a)

2009 Reported EPS $ 3.16

2010 Currency-Neutral EPS Guidance(b) - % 11% to 13%

2010 Currency-Neutral EPS Guidance - $ $ 3.51 to $ 3.57
Estimated FX impact at Current Spot Rates $ (0.02) $ (0.02)

2010 Reported EPS Guidance $ 3.49 to $ 3.55

(a) We use this non-GAAP measure to focus management and investors on local currency results, thereby
providing visibility to the underlying trends of the company.
(b) Currency-neutral earnings per share growth excludes the impact of translational foreign exchange and
reflects a reduction of $0.10 in up-front costs.
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