Kellogg Company Investor Presentation — November 2022

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KELLOGG COMPANY 11/3/2022

1OF 17KELLOGG COMPANY Q3 2022 1

Q3 2022 EARNING RELEASE

KELLOGG COMPANY Q3 2022 2

KELLOGG COMPANY 11/3/2022

2OF 17Forward Looking Statements

This presentation contains, or incorporates by reference, “forward -looking statements ”, with projections concerning, among other things, the anticipated separation of the Company's

North American cereal and plant -based foods businesses, the Company’s restructuring programs, the integration of acquired busine sses, 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, charges,

rates of return, brand building, return on invested capital (ROIC), working capital, growth, new products, innovation, cost r eduction projects, workforce reductions, savings, and

competitive pressures. Forward looking statements include predictions of future results or activities and may contain the wor ds “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 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 the ability

to effect the separation transactions and to meet the conditions related thereto; the ability of the separated companies to e achsucceed as a standalone publicly traded company;

potential uncertainty during the pendency of the separation transactions that could affect the Company’s financial performanc e; the possibility that separation transactions will not be

completed within the anticipated time period or at all, including with respect to the potential sale of our plant -based foods bu siness; the possibility that the separation transactions will

not achieve their intended benefits; the possibility of disruption, including changes to existing business relationships, dis putes, litigation or unanticipated costs in connection with the

separation transactions; uncertainty of the expected financial performance of the Company or the separated companies followin g completion of the separation transactions; negative

effects of the announcement or pendency of the separation transactions on the market price of the Company’s securities and/or onthe financial performance of the Company;

uncertainty of the magnitude, duration, geographic reach, impact on the global economy and current and potential travel restr ictions of the COVID -19outbreak, the current, and