Kellogg Company Investor Presentation — February 2021

Document content

KELLOGG COMPANY 2/11/2021

KELLOGG COMPANY | Q4 2020 EARNINGS

Welcome, Agenda & Disclaimers

VP Investor Relations & Corporate Planning

2KELLOGG COMPANY 2/11/2021

KELLOGG COMPANY | Q4 2020 EARNINGS 3Forward -Looking Statements

This presentation contains, or incorporates by reference, “forward -looking statements ”, with projections concerning, among other things, the Company’s restructuring

programs, the integration of acquired businesses, the Company’s strategy, and the Company’s sales, earnings, margin, operatin g profit, costs and expenditures, interest

expense, tax rate, capital expenditure, dividends, cash flow, debt reduction, share repurchases, costs, charges, rates of ret urn, 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,” “estimate s,”“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 actual results or activities may differ materially from these predictions. The Company’s future results could be affected by a variety of other factors,

including uncertainty of the magnitude, duration, geographic reach, impact on the global economy and current and potential tr avel restrictions of the COVID -19outbreak,

the current, and uncertain future, impact of the COVID -19outbreak on our business, growth, reputation, prospects, financial con dition, operating results (including

components of our financial results), and cash flows and liquidity, the expected benefits and costs of the divestiture of sel ected cookies, fruit and fruit flavored -snacks, pie

crusts, and ice -cream cones businesses of the Company, the risk that disruptions from the divestiture will divert management's f ocus or harm the Company’s business, risks

relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, s ynergies, indebtedness, financial condition, losses

and future prospects, risks associated with the Company’s provision of transition services to the divested businesses post -closi ng, the ability to implement restructurings as

planned, whether the expected amount of costs associated with restructurings will differ from forecasts, whether the Company will be able to realize the anticipated benefits

from restructurings in the amounts and times expected, the ability to realize the anticipated benefits and synergies from bus iness acquisitions in the amounts and at the