1. THIRD QUARTER 2012
FINANCIAL RESULTS
November 1, 2012

2. Forward-Looking Statements
This presentation contains by reference, “forward-looking statements” with projections concerning, among other things, the
integration 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 integrate 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 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 the following non‐GAAP financial measures: internal net
sales, internal operating profit, cash flow and adjusted earnings per share. Please refer to the Appendix for a reconciliation of
these non‐GAAP financial measures to the most directly comparable GAAP financial measures.
2

3. Third Quarter 2012 Overview
 Sales growth on-track with full-year expectations
 Strong performance in North America
 Improving trends in Europe
 Investing for growth in Asia Pacific and Latin
America
 Pringles performing better than expected
3

4. Growing Confidence in Pringles
 Sales growth exceeded
expectations
 Great people
 Integration on track
4

5. Summary of Financial Results
Third Quarter 2012
($ millions, except EPS)
Kellogg Company Third Quarter 2012 Year-to-Date 2012
Reported Internal Reported Internal
$ Growth Growth $ Growth Growth
(a)
Net Sales $ 3,720 12.3% 2.8% 10,634 4.4% 1.7%
(a)
Operating Profit $ 479 3.2% -4.9% 1,499 -5.1% -5.4%
Reported Earnings Per Share $ 0.82 2.5% 2.66 -2.6%
EPS, excl. integration costs (b) $ 0.86 7.5% 2.77 1.5%
(a) Internal net sales and operating profit growth exclude the impact of foreign currency translation and if
applicable, acquisitions and dispositions. In addition to these items, internal operating profit growth also excludes
the impact of transaction and integration costs associated with the Pringles acquisition.
(b) Please refer to Appendix 5 for a reconciliation of this non‐GAAP financial measure to the most directly comparable
GAAP financial measure.
5

6. Net Sales Components
Third Quarter 2012
(year-over-year, % change)
11.1%
Internal Growth 2.8% (1.6)% $3.72 B
+ 2.7%
0.1%
$3.31 B
+12.3%
3Q 2011 Volume Price / Mix Acq./Div. Currency 3Q 2012
Net Sales Net Sales
6

7. Gross Profit
Third Quarter 2012
$1,442
+7%
$1,350
Q3 2011 Q3 2012
Gross Margin (a) 40.7% 38.8%
40.7%
Gross Margin % impacted by:
Margin(a)
- Continued commodity inflation
- The quarter’s recall
- Pringles
7 (a) Reported gross profit as a percent of net sales

8. Brand-Building(a) Investment
Third Quarter 2012
(brand building $)
Higher
in 4Q
Y-O-Y Change
Int. Growth (b) 10% 4% (9)% (3)% (4)% (5)% 7%
Incr./(Decr.)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4E
2011 2012
(a) Brand building includes advertising, consumer promotions, COGS promotions, and excludes trade spending.
8 (b) Internal brand building growth excludes the impact of foreign currency translation and if applicable,
acquisitions , dispositions and integration costs.

9. Internal Operating Profit Performance by Area
Third Quarter 2012
(year-over-year % change, internal performance(a))
North America $ 381 -1.6% +10% brand building and
6% growth excluding recall
Europe $ 84 -7.7% In-line with guidance
and sequential improvement
Latin America $ 35 -16.7% Trade inventory reductions
and +DD brand building
Asia Pacific $ 29 -3.4% Better performance and
+DD brand building
(a) Internal operating profit performance excludes the impact of foreign currency translation and if applicable, acquisitions
and dispositions. In addition to these items, internal operating profit growth also excludes the impact of integration
9 costs associated with the Pringles acquisition.

10. Cash Flow(a)
Year-to-date 2012
$1,113
$877
$827
40.7%
Margin(a)
YTD 2010 YTD 2011 YTD 2012
(a) Kellogg defines cash flow as cash from operating activities, less capital expenditures. Please refer to Appendix 1 for a
10 reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure.

11. 2012 Outlook
Full Year
Internal Net Sales (a) 2 – 3%
Internal Operating Profit (a) Lower by
Including the Impact of the Recall, but excluding the
impact of Pringles
4 – 6%
EPS $3.18 – 3.30
(As Reported, including Pringles)
(a) Internal net sales and operating profit growth exclude the impact of foreign currency translation and if
applicable, acquisitions and dispositions. In addition to these items, internal operating profit growth also excludes the
11 impact of transaction and integration costs associated with the Pringles acquisition.

12. North American Growth
2012
(internal net sales growth(a), year-over-year % change)
4%
4%
2%
First Quarter Second Quarter Third Quarter
(a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and
12 dispositions.

13. U.S. Snacks(a)
Third Quarter 2012
(internal net sales MM)
$865
$803
$725 $729 $727 $742
$702
2.3% 4.1% 0.3%
Growth(b) Growth (b) Growth(b)
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
(a) Includes U.S. cookies, crackers, cereal bars, savory snacks, and fruit-flavored snacks businesses.
13 (b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and
dispositions.

14. U.S. Specialty(a)
Third Quarter 2012
(internal net sales MM)
$348
$323
$252 $264
$232 $234 $219
7.8% 6.3% 5.5%
Growth(b) Growth (b) Growth(b)
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
(a) Includes food service, convenience and Girl Scouts businesses.
14 (b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and dispositions.

15. North America Other(a)
Third Quarter 2012
(internal net sales MM)
$388
$358 $359 $368 $369
$343
$311
3.4% 8.9% 5.2%
Growth(b) Growth (b) Growth(b)
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
(a) Includes U.S. Frozen and Canadian businesses.
15 (b) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and dispositions.

16. U.S. Morning Foods & Kashi(a)
Third Quarter 2012
(internal net sales MM)
$958
$941 $939 $946
$927
$897
$829
-1.7% 1.2% 5.4%
Growth(b) Growth (b) Growth(b)
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012
(a) Includes U.S. cereal, Pop-Tarts, health and wellness, and Kashi businesses.
(b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and
16 dispositions.

17. David
Denholm

18. Morning Foods and Kashi
Quarterly Growth 2012
(internal net sales growth(a), year-over-year % change)
5.4
1.6
1.2
-1.7
First Quarter Second Quarter Third Quarter Year-to-Date
(a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and
18 dispositions.

19. Cereal: Morning Foods and Kashi
Sales and Share Growth, Third Quarter 2012
(internal net sales growth(a), category share(b)
Net Sales Growth +6%
Category Share +0.3 pts.
(a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and
dispositions.
19 (b) Year-over-year change. Source: A.C. Nielsen, 12-Weeks ended 10/1/12, xAOC, RTEC Category

20. Morning Foods Q3 Highlights
Strong Olympic Successful
Brand Building Execution Innovation
• Path to Purchase
• Digital Activation
• Largest PR Program
20

21. Cereal Innovation Share Leader
(rolling share)
Share of RTEC Innovation (xAOC) (a)
50%
35%
Kellogg (w/Kashi) Next Biggest Competitor
21
(a) Source: Nielsen Scantrack 1/1/10 –9/8/12

22. Pop-Tarts – “30 Years of Growth”
(year-over-year $ growth 2001 - 2011)
Continual Growth
1981 01 02 03 04 05 06 07 08 09 10 11
Iconic Good Strong
Brand Economics Execution
22

23. Morning Foods — Pop-Tarts
Sales and Share Growth, Third Quarter 2012
(internal net sales growth(a), category share(b)
Net Sales Growth +6%
Category Share +0.5 pts.
(a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and
dispositions.
23 (b) Source: A.C. Nielsen, 12-Weeks ended 10/1/12, xAOC, Toaster Pastry Category, year-over-year change.

24. Pop-Tarts
An Iconic Kellogg Brand
1.Break-through
advertising
2.Big innovation
platforms
Pop-Tarts 84% share(a)
3.Win in-store
every day
24
(a) Source: AC Nielsen xAOC, Dollar Share (52 weeks ending 9/22/12)

25. U.S. Morning Foods & Kashi – Summary
Excellent Categories
Good Share Performance
Iconic Brands
Great Team
25

26. International Growth
2012
(internal net sales growth(a), year-over-year % change)
1%
-1%
-4%
First Quarter Second Quarter Third Quarter
26 (a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and dispositions.

27. International Growth
Third Quarter 2012
(internal net sales growth(a), year-over-year % change)
7%
4%
Europe
Latin America Asia Pacific
(2)%
(a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions and dispositions.
27

28. Summary
 Sales growth on-track with full-year
expectations
 Strong performance in North America
 Improving trends in Europe
SUMMARY
SETTING THE FOUNDATION
 Investing for growth in Asia Pacific and Latin America
 Pringles performing better than expected
28

29. Appendix 1
Reconciliation of Kellogg-Defined Cash Flow to GAAP Cash Flow (a)
Year-to-date period ended
September 29, October 1,
(unaudited) 2012 2011
Operating activities
Net income $955 $997
Adjustments to reconcile net income to
operating cash flows:
Depreciation and amortization 302 270
Deferred income taxes (40) (2)
Other 57 133
Postretirement benefit plan contributions (43) (187)
Changes in operating assets and liabilities 144 58
Net cash provided by operating activities 1,375 1,269
Less:
Additions to properties (262) (392)
Cash flow $1,113 $877
(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.
29

30. Appendix 2
Analysis of net sales and operating profit performance
Third quarter of 2012 versus 2011
U.S.
Morning Foods U.S. U.S. North America North Latin Asia Corp- Consoli-
(dollars in millions) & Kashi Snacks Specialty Other America Europe America Pacific orate dated
2012 net sales $ 946 $ 865 $ 264 $ 388 $ 2,463 $ 685 $ 292 $ 280 $ - $ 3,720
2011 net sales $ 897 $ 727 $ 234 $ 359 $ 2,217 $ 585 $ 274 $ 236 $ - $ 3,312
% change - 2012 vs. 2011:
Volume (tonnage) (a) .5% -2.2% -3.5% 9.0% - .1%
Pricing/mix 3.2% -.3% 7.1% -2.2% - 2.7%
Subtotal - internal business (b) 5.4% .3% 5.5% 5.2% 3.7% -2.5% 3.6% 6.8% - 2.8%
Acquisitions (c) -% 18.7% 7.4% 3.2% 7.4% 25.7% 6.6% 18.4% - 11.3%
Dispositions (d) -% -% -% -% -% -% -% -2.8% - -.2%
Foreign currency impact -% -% -% -.2% -% -6.0% -3.6% -3.9% - -1.6%
Total change 5.4% 19.0% 12.9% 8.2% 11.1% 17.2% 6.6% 18.5% - 12.3%
U.S.
Morning Foods U.S. U.S. North America North Latin Asia Corp- Consoli-
(dollars in millions) & Kashi Snacks Specialty Other America Europe America Pacific orate dated
2012 operating profit $ 137 $ 116 $ 62 $ 66 $ 381 $ 84 $ 35 $ 29 $ (50) $ 479
2011 operating profit $ 134 $ 94 $ 64 $ 65 $ 357 $ 84 $ 43 $ 23 $ (43) $ 464
% change - 2012 vs. 2011:
Internal business (b) 2.7% -3.0% -8.6% -1.4% -1.6% -7.7% -16.7% -3.4% -6.1% -4.9%
Acquisitions (c) -% 33.5% 5.5% 3.2% 10.4% 19.1% 2.0% 27.3% -6.4% 12.4%
Dispositions (d) -% -% -% -% -% -% -% 7.9% -% .4%
Integration impact (e) -% -7.8% -% -% -2.1% -7.9% -.8% -2.6% -7.8% -3.9%
Foreign currency impact -.1% -% -% -% .1% -4.0% -.6% -.8% -% -.8%
Total change 2.6% 22.7% -3.1% 1.8% 6.8% -.5% -16.1% 28.4% -20.3% 3.2%
(a) We measure the volume impact (tonnage) on revenues based on the stated w eight of our product shipments.
(b) Internal net sales and operating profit grow th for 2012, exclude the impact of acquisitions, divestitures, integration costs
and impact of currency. Internal net sales and operating profit grow th are non-GAAP financial measures w hich are reconciled to the
directly comparable measures in accordance w ith U.S. GAAP w ithin these tables.
(c) Impact of results for the quarter ended September 29, 2012 from the acquisition of Pringles.
(d) Impact of results for the quarter ended September 29, 2012 from the divestiture of Navigable Foods.
30 (e) Includes impact of integration costs associated w ith the Pringles acquisition.

31. Appendix 3
Analysis of net sales and operating profit performance
Year-to-date 2012 versus 2011
U.S.
Morning Foods U.S. U.S. North North Latin Asia Corp- Consoli-
(dollars in millions) & Kashi Snacks Specialty America Other America Europe America Pacific orate dated
2012 net sales $ 2,826 $ 2,410 $ 864 $ 1,125 $ 7,225 $ 1,836 $ 836 $ 737 $ - $ 10,634
2011 net sales $ 2,782 $ 2,181 $ 789 $ 1,060 $ 6,812 $ 1,840 $ 816 $ 715 $ - $ 10,183
% change - 2012 vs. 2011:
Volume (tonnage) (a) -1.0% -6.1% -2.7% 3.9% - -1.8%
Pricing/mix 4.0% .6% 8.6% -1.8% - 3.5%
Subtotal - internal business (b) 1.6% 2.2% 6.7% 5.8% 3.0% -5.5% 5.9% 2.1% - 1.7%
Acquisitions (c) -% 8.3% 2.9% 1.4% 3.2% 10.9% 2.4% 8.0% - 4.9%
Dispositions (d) -% -% -% -% -% -% -% -3.3% - -.2%
Foreign currency impact -% -% -% -1.1% -.1% -5.6% -5.9% -3.7% - -2.0%
Total change 1.6% 10.5% 9.6% 6.1% 6.1% -.2% 2.4% 3.1% - 4.4%
U.S.
Morning Foods U.S. U.S. North North Latin Asia Corp- Consoli-
(dollars in millions) & Kashi Snacks Specialty America Other America Europe America Pacific orate dated
2012 operating profit $ 479 $ 351 $ 188 $ 206 $ 1,224 $ 234 $ 134 $ 79 $ (172) $ 1,499
2011 operating profit $ 491 $ 329 $ 185 $ 198 $ 1,203 $ 287 $ 152 $ 79 $ (142) $ 1,579
% change - 2012 vs. 2011:
Internal business (b) -2.6% -2.6% -1.1% 4.5% -1.2% -16.3% -7.4% -11.4% -2.1% -5.4%
Acquisitions (c) -% 11.9% 2.7% 1.1% 3.9% 6.1% .6% 7.9% -2.1% 4.3%
Dispositions (d) -% -% -% -% -% -% -% 6.7% -% .4%
Integration impact (e) -% -2.6% -% -% -.7% -4.9% -.3% -1.8% -17.8% -3.2%
Foreign currency impact .1% -% -% -1.3% -.3% -3.5% -4.4% -.7% -% -1.2%
Total change -2.5% 6.7% 1.6% 4.3% 1.7% -18.6% -11.5% .7% -22.0% -5.1%
(a) We measure the volume impact (tonnage) on revenues based on the stated w eight of our product shipments.
(b) Internal net sales and operating profit grow th for 2012, exclude the impact of acquisitions, divestitures, transaction and integration costs
and impact of currency. Internal net sales and operating profit grow th are non-GAAP financial measures w hich are reconciled to the
directly comparable measures in accordance w ith U.S. GAAP w ithin these tables.
(c) Impact of results for the year-to-date period ended September 29, 2012 from the acquisition of Pringles.
31 (d) Impact of results for the year-to-date period ended September 29, 2012 from the divestiture of Navigable Foods.
(e) Includes impact of transaction and integration costs associated w ith the Pringles acquisition.

32. Appendix 4
Reconciliation of 2012 Earnings per Share Guidance
Q3 Guidance
Base Kellogg
Base Business $3.27 – $3.34
Pringles Accretion 0.11 – 0.13
Share Repurchases (0.05) – (0.05)
Currency (0.05) – (0.05)
3.28 – 3.37
Pringles One-Time
Integration Costs (0.14) – (0.17)
Transaction-Related 0.03 – 0.03
Tax Benefit 0.04 – 0.04
(0.07) – (0.10)
Reported EPS $3.18 – $3.30
32

33. Appendix 5
Reconciliation of GAAP Earnings per Share to Adjusted Earnings per Share(a)
Third Quarter Year-to-date
2012 2012
Reported Earnings per Share $0.82 $2.66
Transaction and Integration Costs $0.04 $0.11
Adjusted Earnings per Share $0.86 $2.77
(a) We use this non-GAAP measure of earnings per share to focus management and investors on earnings
33 per share excluding the impact of costs related to the integration of the Pringles business.