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Kellogg Company
Page 1 of 18
May 2, 2013
Kellogg Company 
FIRST QUARTER
FINANCIAL RESULTS
May 2, 2013
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 non‐GAAP financial measures. Please refer to the Appendices for a reconciliation of these 
non‐GAAP financial measures to the most directly comparable GAAP financial measures.  Management believes that the use of such non‐GAAP 
measures assists investors in understanding the underlying operating performance of the company and its segments.
2
Kellogg Company
Page 2 of 18
May 2, 2013
First Quarter 2013 Overview
 Sales growth met expectations with 
good core growth 
 Underlying operating profit(a) broadly 
as expected, including the significant 
impact of inflation
 Strong performance from Pringles
 On‐track to achieve full‐year guidance
(a)  After adjusting for items impacting comparability.  Please refer to Appendix 3 for reconciliation of this non‐GAAP 
measures to the most directly comparable GAAP measure
3
Pringles Update
 Strong sales growth in the first quarter
 Broad‐based growth across the regions
 Integration is on‐track and going well
4
Kellogg Company
Page 3 of 18
May 2, 2013
Summary of Financial Results
First Quarter 2013
(a) Internal net sales growth excludes the impact of integration costs associated with the Pringles acquisition, the impact of foreign currency 
translation, and, if applicable, acquisitions and dispositions.
(b) Please refer to Appendix 4 for a reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure.
(c) Please refer to Appendix 3 for a reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure.
(d) Please refer to Appendix 5 for a reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial 
measure.
5
($ millions, except EPS)
Reported 
Growth
 Internal 
Growth
Net Sales (a)
$ 3,861 12.2% 2.2%
Underlying Operating Profit (b) 
$ 557 (3.5)% (5.8)%
Underlying Earnings Per Share (d)
$ 0.95 (12.0)%
Underlying EPS, excl. net  $ 0.99 (8.3)%
integration costs (d)
First Quarter 2013
$
(c)
Net Sales Components
(year‐over‐year, % change)
First Quarter 2013
6
0
500
1000
1500
2000
2500
3000
3500
4000
Q1 2012 Volume Price / Mix Acq./Div./Integ.
Costs
Currency Q1 2013
+1.4%
$3.4 b
+ 0.8%
+ 10.8%
Internal Growth 2.2%
+12.2%
-0.8% $3.9 b
Kellogg Company
Page 4 of 18
May 2, 2013
Cost of Goods Sold – Inflation Less Productivity Savings
First Quarter and Full‐Year 2013
Q1 2013 Q2 2013
7
Second Half
Net Inflation
Net Inflation
Full‐Year 
Net Inflation
Net Deflation
Investment in Advertising 
First Quarter 2013
8
Kellogg Company
Page 5 of 18
May 2, 2013
Internal Operating Profit Performance by Region
($MM , internal performance(a) year‐over‐year % change)
First Quarter 2013
(a) Internal operating profit performance excludes the impact of integration costs associated with the Pringles acquisition, the 
impact of foreign currency translation, and if applicable, acquisitions and dispositions.
9
North America
Europe
Latin America
Asia Pacific
$422
$71
$48
$21
‐3.5%
0.1%
‐5.6%
‐30.6%
Solid internal sales growth; good growth in all 
segments except Snacks.  Timing of inflation
Good revenue growth; includes commodity 
inflation and one‐time investments
Strong sales growth, timing of inflation, 
increased brand investment
Primarily up‐front costs
Reported 
$
Internal 
Growth
Cash Flow(a)
First Quarter 2013
(a) Kellogg defines cash flow as cash from operating activities, less capital expenditures.  Please refer to Appendix 1 for a 
reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure.
 Cash flow from 
operations comparable 
to last year
 Higher capital spending 
in Q1 
 Free cash flow in‐line 
with expectations
(millions)
10
$277
$236
$63
$102
0
50
100
150
200
250
300
Q1 2012 Q1 2013
$340 $338
Capital Spending
Free Cash Flow
Kellogg Company
Page 6 of 18
May 2, 2013
2013 Outlook
Approximately 7%Reported Net Sales
Underlying EPS(a)
(Including Pringles and adverse translational currency impact) 
(Including Pringles)
$1.1 – 1.2 billionCash Flow(b)
(a) 2013 guidance excludes the impact of mark‐to‐market adjustments.
(b) Cash flow is defined as net cash provided by  operating activities less capital expenditures.  The Company uses this non‐GAAP financial measure to focus 
management and investors on the amount of cash available for debt repayment, dividend distributions, acquisition opportunities  and share 
repurchase.  Refer to Appendix 1 at the end of this presentation for reconciliation to the most comparable GAAP measure.
11
+ 5 – 7%
North American Growth
(internal net sales growth(a), year‐over‐year % change)
First Quarter 2013
12
1.6%
‐1.7%
7.4%
3.4%
1.7%
U.S. Morning
Foods
U.S. Snacks N.A. Other U.S. Specialty Total North
America
a) Internal net sales growth excludes the impact of foreign currency translation
and if applicable, acquisitions, dispositions, and integration costs.
b) Includes U.S. cereal, Pop‐Tarts, health and wellness bars, and beverage 
businesses.
c) Includes U.S. cookies, crackers, cereal bars, savory snacks, and fruit‐flavored 
snack businesses.
d) Includes U.S. Frozen and Canadian businesses.
e) Includes food service, convenience and Girl Scouts 
businesses.
(c) (e)(b) (d)
Kellogg Company
Page 7 of 18
May 2, 2013
$897 $892
$903
$841
$911
Q1 Q2 Q3 Q4 Q1
U.S. Morning Foods(a)
(net sales, millions)
First Quarter 2013
(a) Includes U.S. cereal, Pop‐Tarts, health and wellness bars, and beverage businesses.
(b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and 
integration costs.
2012 2013
13
1.6% 
Growth(b)
U.S. Snacks(a)
(net sales, millions)
First Quarter 2013
(a) Includes U.S. cookies, crackers, cereal bars, savory snacks, and fruit‐flavored snack businesses.
(b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, 
and integration costs.
14
$786
$850 $908 $856 $901
Q1 Q2 Q3 Q4 Q1
2012 2013
‐1.7% 
Growth(b)
Kellogg Company
Page 8 of 18
May 2, 2013
$368 $369
$388
$360
$403
Q1 Q2 Q3 Q4 Q1
7.4% 
Growth(b)
North America Other(a)
(net sales, millions)
First Quarter 2013
(a) Includes U.S. Frozen and Canadian businesses.
(b) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and 
integration costs.
2012 2013
15
$348
$252 $264 $257
$379
Q1 Q2 Q3 Q4 Q1
3.4% 
Growth(b)
U.S. Specialty(a)
(net sales MM)
First Quarter 2013
(a) Includes food service, convenience and Girl Scouts businesses.
(b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and 
integration costs.
2012 2013
16
Kellogg Company
Page 9 of 18
May 2, 2013
BRIAN HUFF
President, U.S. Specialty Channels
17
Specialty Channels –
Distinct Business Channels Across Multiple Segments 
Cereal
Veggie 
Single Serve 
Crackers
Cereal
WPBS
Crackers
Weight Mgmt
H&W
Cereal
Cookies
Crackers
Foodservice: From PE Market Share Tracker, 12 Months Ending 12/2012
Convenience: From Nielsen, C‐Store, 52 Weeks Ending 3/30/13
Vending: BrandShare, 12 Months Ending 3/2013
Foodservice#1 Convenience#1 Vending#1
Share Leadership
Foodservice
Convenience
Vending
Girl Scouts
All 
Other
18
Kellogg Company
Page 10 of 18
May 2, 2013
Cereal
Holistic Channel Approach Across Product Portfolio
Veggie
Snacks
Leading Snacks from One of the Largest Snack Companies in the World!
Leading Cereals from the #1 Breakfast Company in the World!
#1 and #2 Leading Veggie Protein Brands!
Hot Breakfast
#1 Waffle Brand and growing
200% in schools
19
Evolution of Specialty Channels 
Kellogg Foodservice
Kellogg/Keebler 
Integration
Gardenburger
Acquisition
Specialty 
Channels 
Accelerating 
Growth
2000 2001 2008 2013
20
Kellogg Company
Page 11 of 18
May 2, 2013
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Vending = # of candy/snack/confection machines – Automatic Merchandiser State of the Vend Industry 2012
Foodservice outlets from Technomic Foodservice Industry Forecast, Jan 2013
Convenience outlets from NACS State of the Industry, 2012
All others from Kantar Retail IQ, April 2013
Expanding Portfolio, Relevancy & Venues 
+2M Potential
Outlets!
# of Outlets by Channel
21
Consistent Net Sales Growth – U.S. Specialty Channels
(a)    Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and 
integration costs.
($ in Millions)
Full Year 2012 + 7.4% (a)Full Year 2011 + 3.4% (a)
$323 
$232  $234 
$219 
Q1 Q2 Q3 Q4
3.0% 1.0% 2.9% 7.3%
$348 
$252 
$264  $257 
$379 
Q1 Q2 Q3 Q4 Q1 2013
7.8% 6.3% 5.5% 10.0% 3.4%
22
Kellogg Company
Page 12 of 18
May 2, 2013
• Over $5B pre‐packaged 
snack and beverage 
market in away‐from‐
home channels
• Expand brand reach 
and relevance:
– Emerging portfolio
– Innovation
– Underpenetrated 
segments
Accelerating Our Growth Into the Future 
Core Expansion Beverages Snacks
23
Build on Pringles to Expand Snack Set and Provide Opportunities
24
Kellogg Company
Page 13 of 18
May 2, 2013
Grow Core Penetration 
and Consumption
Kellogg’s C‐Store – One of KNA’s Fastest Growing Channels 
25
11.3%
12.9%
2011 2012
Innovation and Accelerated 
Category Expansion
(internal net sales growth(a), year‐over‐year % change)
(a)    Internal net sales growth excludes the impact of foreign currency translation and if applicable, 
acquisitions, dispositions, and integration costs.
Insulate and Grow Kellogg’s Brands in K‐12 Schools
• Product renovation and innovation
• Meets USDA Child Nutrition standards
• Hot breakfast +253%
– Eggo® French Toast launching
in 2013
• Every day, over 12M students participate 
in the School Breakfast Program and 
nearly 32M in the National School Lunch 
Program
Source: Product Dynamics Mini Pancake Consumer Research, February 2011, 2013 SNA Little Big Fact Book
26
Kellogg Company
Page 14 of 18
May 2, 2013
• Commercial Chain Restaurants
• Non‐Commercial Segments
Continued Veggie Growth in Away From Home 
27
Specialty Channels – Summary
• Strong growth
• Great share positions
• Exciting new categories
• Great innovation
• Favorable economics
28
Kellogg Company
Page 15 of 18
May 2, 2013
International Growth
(internal net sales growth(a), year‐over‐year change)
First Quarter 2013
(a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and 
integration costs.
29
0.3%
2.6%
7.4%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Asia Pacific Europe Latin America
Summary
30
 Sales growth met expectations with 
good core growth 
 Underlying operating profit(a) broadly 
as expected, including the significant 
impact of inflation
 Strong performance from Pringles
 On‐track to achieve full‐year guidance
(a)  After adjusting for items impacting comparability.  Please refer to Appendix 3 for reconciliation of this non‐GAAP 
measures to the most directly comparable GAAP measure
Kellogg Company
Page 16 of 18
May 2, 2013
Appendix 1
Reconciliation of Kellogg‐Defined Cash Flow to GAAP Cash Flow(a)
a) Cash flow is defined as net cash 
provided by  operating activities less 
capital expenditures.  The Company 
uses this non‐GAAP financial measure 
to focus management and investors on 
the amount of cash available for debt 
repayment, dividend distributions, 
acquisition opportunities and share 
repurchase.  
A‐1
March 30, March 31,
(unaudited) 2013 2012
Operating activities
Net income $311 $351
Adjustments to reconcile net income to
operating cash flows:
Depreciation and amortization 113 95
Postretirement benefit plan expense (benefit) (4) (5)
Deferred income taxes 11 (54)
Other 5 (1)
Postretirement benefit plan contributions (31) (25)
Changes in operating assets and liabilities, net of acquisitions (67) (21)
Net cash provided by (used in) operating activities 338 340
Less:
Additions to properties (102) (63)
Cash flow $236 $277
Quarter ended
Appendix 2
Analysis of Net Sales and Operating Profit Performance
A‐2
First quarter of 2013 versus 2012
U.S. U.S. U.S. North America Latin Asia Corp- Consoli-
(dollars in millions) Morning Foods Snacks Specialty Other North America Europe America Pacific orate dated
2013 net sales 911$ 901$ 379$ 403$ 2,594$ 692$ 308$ 267$ -$ 3,861$
2012 net sales 897$ 786$ 348$ 368$ 2,399$ 538$ 270$ 233$ -$ 3,440$
% change ‐ 2013 vs. 2012:
Volume (tonnage) (a) 1.2% 1.6% .2% 5.0% ‐               1.4%
Pricing/mix .5% 1.0% 7.2% ‐4.7% ‐               .8%
Subtotal - internal business (b) 1.6% ‐1.7% 3.4% 7.4% 1.7% 2.6% 7.4% .3% - 2.2%
Acquisitions (c) ‐% 16.3% 5.3% 3.2% 6.6% 27.3% 8.6% 20.8% ‐               11.0%
Dispositions (d) ‐% ‐% ‐% ‐% ‐% ‐% ‐% ‐1.7% ‐               ‐.1%
Integration impact (e) ‐% ‐% ‐% ‐.2% ‐.1% ‐% ‐% ‐.4% ‐               ‐.1%
Foreign currency impact ‐% ‐% ‐% ‐.6% ‐.1% ‐1.2% ‐2.3% ‐4.3% ‐               ‐.8%
Total change 1.6% 14.6% 8.7% 9.8% 8.1% 28.7% 13.7% 14.7% - 12.2%
U.S. U.S. U.S. North America Latin Asia Corp‐ Consoli‐
(dollars in millions) Morning Foods Snacks Specialty Other North America Europe America Pacific orate dated
163$ 106$ 78$ 75$ 422$ 71$ 48$ 21$ (59)$ 503$
153$ 123$ 71$ 70$ 417$ 70$ 51$ 33$ (44)$ 527$
% change ‐ 2013 vs. 2012:
Internal business (b) 5.9% -25.6% 6.4% 4.5% -3.5% .1% -5.6% -30.6% -19.7% -6.9%
Acquisitions (c) ‐% 15.3% 4.6% 3.9% 5.9% 14.2% 6.2% 15.2% ‐3.1% 7.9%
Dispositions (d) ‐% ‐% ‐% ‐% ‐% ‐% ‐% ‐4.7% ‐% ‐.3%
Integration impact (e) ‐% ‐3.0% ‐% ‐1.2% ‐1.1% ‐11.1% ‐.3% ‐14.2% ‐6.3% ‐3.8%
Foreign currency impact ‐% ‐% ‐% ‐.7% ‐.1% ‐2.0% ‐7.6% ‐1.7% ‐1.0% ‐1.4%
Total change 5.9% -13.3% 11.0% 6.5% 1.2% 1.2% -7.3% -36.0% -30.1% -4.5%
2013 operating profit
2012 operating profit
a) The Company measures  the 
volume impact (tonnage) on 
revenues based on the 
stated weight of product 
shipments. 
b) Internal net sales and 
operating profit growth for 
2013 exclude the impact of 
acquisitions, divestitures, 
integration costs and the 
impact of currency.  Internal 
net sales and operating 
profit growth are non‐GAAP 
financial measures which 
are reconciled to the 
directly comparable 
measures in accordance 
with U.S. GAAP within these 
tables.
c) Impact of results for the 
quarter ended March 30, 
2013 from the acquisition of 
Pringles.
d) Impact of results for the 
quarter ended March 30, 
2013 from the divestiture of 
Navigable Foods.
e) Includes impact of 
integration costs associated 
with the Pringles 
acquisition.
Kellogg Company
Page 17 of 18
May 2, 2013
Appendix 3
Reconciliation of Non‐GAAP Amounts – Reported Operating Profit Growth to 
Underlying Internal Operating Profit Growth
A‐3
(a) Internal operating profit growth excludes the impact of foreign currency, and, if applicable, acquisitions, dispositions, and transaction and integration costs 
associated with the acquisition of Pringles.  The Company believes the use of this non‐GAAP measure provides increased transparency and assists in 
understanding underlying operating performance.  This non‐GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP 
within this table.
(b) Includes mark‐to‐market adjustments for pension plans and commodity contracts as reflected in cost of goods sold.  Actuarial gains/losses for pension plans are 
recognized in the year they occur.  In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a 
net loss.  A portion of the 2012 pension mark‐to‐market adjustment was capitalized as an inventoriable cost at the end of 2012.  This amount has been recorded 
in earnings in the current quarter.  Mark‐to‐market adjustments for commodities reflect the changes in the fair value of contracts for the difference between 
contract and market prices for the underlying commodities.  The resulting gains/losses are recognized in the quarter they occur.
(c) Underlying internal operating profit growth excludes the impact of foreign currency  translation, pension and commodity mark‐to‐market adjustments, and, if 
applicable, acquisitions, dispositions, and transaction and integration costs associated  with the acquisition of Pringles.  The Company believes the use of this 
non‐GAAP measure provides increased transparency and assists in understanding the underlying operating performance. This 
non‐GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP within this table.
Quarter ended
March 30, 2013
Reported Operating Profit Growth -4.5%
Acquisitions/Dispositions 7.6%
Integration costs -3.8%
Foreign currency -1.4%
Internal Operating Profit Growth(a)
-6.9%
Mark-to-market(b)
-1.1%
Underlying Internal Operating Profit Growth(c)
-5.8%
Appendix 4
Reconciliation of Non‐GAAP Amounts – Reported Operating Profit to 
Comparable Operating Profit
A‐4
March 30,
2013
March 31,
2012
Reported Operating Profit 503.2$ 526.7$
Mark-to-market(a)
(53.7) (50.6)
Underlying Operating Profit(b)
556.9$ 577.3$
Pringles integration costs (20.1) -
Comparable Operating Profit(c)
577.0$ 577.3$
Quarter ended
(a) Includes mark‐to‐market adjustments for pension plans and commodity contracts as reflected in cost of goods sold.  Actuarial gains/losses for pension plans are 
recognized in the year they occur.  In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a 
net loss.  A portion of the 2012 pension mark‐to‐market adjustment was capitalized as an inventoriable cost at the end of 2012.  This amount has been recorded 
in earnings in the current quarter.  In 2011, asset returns were lower than expected and discount rates declined.  A portion of the 2011 pension mark‐to‐market 
adjustment was capitalized as an inventoriable cost at the end of 2011.  This amount was recorded in earnings in the first quarter of 2012.  Mark‐to‐market 
adjustments for commodities reflect the changes in the fair value of contracts for the difference between contract and market prices for the underlying 
commodities.  The resulting gains/losses are recognized in the quarter they occur. 
(b) Underlying Operating Profit excludes the impact of mark‐to‐market adjustments on pension plans and commodity contracts.  The Company believes the use of 
this non‐GAAP measure provides increased transparency and assists in understanding underlying operating performance.  This non‐GAAP measure is reconciled 
to the directly comparable measure in accordance with U.S. GAAP within this table. 
(c) Comparable Operating Profit is a non‐GAAP measure that excludes the impact of mark‐to‐market adjustments on pension plans
and commodity contracts, and the impact of integration costs related to the acquisition of the Pringles business. 
Kellogg Company
Page 18 of 18
May 2, 2013
Appendix 5
Reconciliation of Non‐GAAP Amounts – Reported EPS to Comparable EPS
A‐5
March 30,
2013
March 31,
2012
Reported EPS 0.85$ 0.98$
Mark-to-market(a)
(0.10) (0.10)
Underlying EPS(b)
0.95$ 1.08$
Pringles Integration costs (0.04) -
Comparable EPS(c)
0.99$ 1.08$
Quarter ended
(a) Includes mark‐to‐market adjustments for pension plans and commodity contracts as reflected in cost of goods sold.  Actuarial gains/losses for pension plans are 
recognized in the year they occur.  In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a 
net loss.  A portion of the 2012 pension mark‐to‐market adjustment was capitalized as an inventoriable cost at the end of 2012.  This amount has been recorded 
in earnings in the current quarter.  In 2011, asset returns were lower than expected and discount rates declined.  A portion of the 2011 pension mark‐to‐market 
adjustment was capitalized as an inventoriable cost at the end of 2011.  This amount was recorded in earnings in the first quarter of 2012.  Mark‐to‐market 
adjustments for commodities reflect the changes in fair value of contracts for the difference between contract and market prices for the underlying 
commodities.  The resulting gains/losses are recognized in the quarter they occur.  
(b) Underlying EPS is a non‐GAAP measure that excludes the impact of pension and commodity mark‐to‐market adjustments. 
(c) Comparable EPS is a non‐GAAP measure that excludes the impact of mark‐to‐market adjustments on pension plans and 
commodity contracts, and the impact of integration costs related to the acquisition of the Pringles business. 
Appendix 6
Recast Segment Data
A‐6
2012 (millions)
March 31,
2012
June 30,
2012
September 29,
2012
December 29,
2012
June 30,
2012
September 29,
2012
December 29,
2012
Net Sales (As originally reported)
U.S. Morning Foods & Kashi 941$ 939$ 946$ 881$ 1,880$ 2,826$ 3,707$
U.S. Snacks 742 803 865 816 1,545 2,410 3,226
U.S. Specialty 348 252 264 257 600 864 1,121
North America Other 368 369 388 360 737 1,125 1,485
North America Total 2,399 2,363 2,463 2,314 4,762 7,225 9,539
Europe 538 613 685 691 1,151 1,836 2,527
Latin America 270 274 292 285 544 836 1,121
Asia Pacific 233 224 280 273 457 737 1,010
Consolidated 3,440$ 3,474$ 3,720$ 3,563$ 6,914$ 10,634$ 14,197$
Operating Profit (As originally reported)
U.S. Morning Foods & Kashi 157$ 181$ 135$ 122$ 338$ 473$ 595$
U.S. Snacks 119 118 116 116 237 353 469
U.S. Specialty 71 56 62 52 127 189 241
North America Other 70 70 67 58 140 207 265
North America Total 417 425 380 348 842 1,222 1,570
Europe 70 64 76 51 134 210 261
Latin America 51 48 36 32 99 135 167
Asia Pacific 33 17 29 6 50 79 85
Total Reportable Segments 571 554 521 437 1,125 1,646 2,083
Corporate (44) (35) (8) (434) (79) (87) (521)
Consolidated 527$ 519$ 513$ 3$ 1,046$ 1,559$ 1,562$
Quarter ended Year-to-date period ended2012 (millions)
March 31,
2012
June 30,
2012
September 29,
2012
December 29,
2012
June 30,
2012
September 29,
2012
December 29,
2012
Net Sales (Recast*)
U.S. Morning Foods 897$ 892$ 903$ 841$ 1,789$ 2,692$ 3,533$
U.S. Snacks 786 850 908 856 1,636 2,544 3,400
U.S. Specialty 348 252 264 257 600 864 1,121
North America Other 368 369 388 360 737 1,125 1,485
North America Total 2,399 2,363 2,463 2,314 4,762 7,225 9,539
Europe 538 613 685 691 1,151 1,836 2,527
Latin America 270 274 292 285 544 836 1,121
Asia Pacific 233 224 280 273 457 737 1,010
Consolidated 3,440$ 3,474$ 3,720$ 3,563$ 6,914$ 10,634$ 14,197$
Operating Profit (Recast*)
U.S. Morning Foods 153$ 178$ 134$ 123$ 331$ 465$ 588$
U.S. Snacks 123 121 117 115 244 361 476
U.S. Specialty 71 56 62 52 127 189 241
North America Other 70 70 67 58 140 207 265
North America Total 417 425 380 348 842 1,222 1,570
Europe 70 64 76 51 134 210 261
Latin America 51 48 36 32 99 135 167
Asia Pacific 33 17 29 6 50 79 85
Total Reportable Segments 571 554 521 437 1,125 1,646 2,083
Corporate (44) (35) (8) (434) (79) (87) (521)
Consolidated 527$ 519$ 513$ 3$ 1,046$ 1,559$ 1,562$
Quarter ended Year-to-date period ended
*  During the first quarter of 2013, the Kashi operating segment was 
eliminated.  The Kashi financial results have been recast between U.S. 
Morning Foods and U.S. Snacks.

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  • 1. Kellogg Company Page 1 of 18 May 2, 2013 Kellogg Company  FIRST QUARTER FINANCIAL RESULTS May 2, 2013 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 non‐GAAP financial measures. Please refer to the Appendices for a reconciliation of these  non‐GAAP financial measures to the most directly comparable GAAP financial measures.  Management believes that the use of such non‐GAAP  measures assists investors in understanding the underlying operating performance of the company and its segments. 2
  • 2. Kellogg Company Page 2 of 18 May 2, 2013 First Quarter 2013 Overview  Sales growth met expectations with  good core growth   Underlying operating profit(a) broadly  as expected, including the significant  impact of inflation  Strong performance from Pringles  On‐track to achieve full‐year guidance (a)  After adjusting for items impacting comparability.  Please refer to Appendix 3 for reconciliation of this non‐GAAP  measures to the most directly comparable GAAP measure 3 Pringles Update  Strong sales growth in the first quarter  Broad‐based growth across the regions  Integration is on‐track and going well 4
  • 3. Kellogg Company Page 3 of 18 May 2, 2013 Summary of Financial Results First Quarter 2013 (a) Internal net sales growth excludes the impact of integration costs associated with the Pringles acquisition, the impact of foreign currency  translation, and, if applicable, acquisitions and dispositions. (b) Please refer to Appendix 4 for a reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure. (c) Please refer to Appendix 3 for a reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure. (d) Please refer to Appendix 5 for a reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial  measure. 5 ($ millions, except EPS) Reported  Growth  Internal  Growth Net Sales (a) $ 3,861 12.2% 2.2% Underlying Operating Profit (b)  $ 557 (3.5)% (5.8)% Underlying Earnings Per Share (d) $ 0.95 (12.0)% Underlying EPS, excl. net  $ 0.99 (8.3)% integration costs (d) First Quarter 2013 $ (c) Net Sales Components (year‐over‐year, % change) First Quarter 2013 6 0 500 1000 1500 2000 2500 3000 3500 4000 Q1 2012 Volume Price / Mix Acq./Div./Integ. Costs Currency Q1 2013 +1.4% $3.4 b + 0.8% + 10.8% Internal Growth 2.2% +12.2% -0.8% $3.9 b
  • 4. Kellogg Company Page 4 of 18 May 2, 2013 Cost of Goods Sold – Inflation Less Productivity Savings First Quarter and Full‐Year 2013 Q1 2013 Q2 2013 7 Second Half Net Inflation Net Inflation Full‐Year  Net Inflation Net Deflation Investment in Advertising  First Quarter 2013 8
  • 5. Kellogg Company Page 5 of 18 May 2, 2013 Internal Operating Profit Performance by Region ($MM , internal performance(a) year‐over‐year % change) First Quarter 2013 (a) Internal operating profit performance excludes the impact of integration costs associated with the Pringles acquisition, the  impact of foreign currency translation, and if applicable, acquisitions and dispositions. 9 North America Europe Latin America Asia Pacific $422 $71 $48 $21 ‐3.5% 0.1% ‐5.6% ‐30.6% Solid internal sales growth; good growth in all  segments except Snacks.  Timing of inflation Good revenue growth; includes commodity  inflation and one‐time investments Strong sales growth, timing of inflation,  increased brand investment Primarily up‐front costs Reported  $ Internal  Growth Cash Flow(a) First Quarter 2013 (a) Kellogg defines cash flow as cash from operating activities, less capital expenditures.  Please refer to Appendix 1 for a  reconciliation of this non‐GAAP financial measure to the most directly comparable GAAP financial measure.  Cash flow from  operations comparable  to last year  Higher capital spending  in Q1   Free cash flow in‐line  with expectations (millions) 10 $277 $236 $63 $102 0 50 100 150 200 250 300 Q1 2012 Q1 2013 $340 $338 Capital Spending Free Cash Flow
  • 6. Kellogg Company Page 6 of 18 May 2, 2013 2013 Outlook Approximately 7%Reported Net Sales Underlying EPS(a) (Including Pringles and adverse translational currency impact)  (Including Pringles) $1.1 – 1.2 billionCash Flow(b) (a) 2013 guidance excludes the impact of mark‐to‐market adjustments. (b) Cash flow is defined as net cash provided by  operating activities less capital expenditures.  The Company uses this non‐GAAP financial measure to focus  management and investors on the amount of cash available for debt repayment, dividend distributions, acquisition opportunities  and share  repurchase.  Refer to Appendix 1 at the end of this presentation for reconciliation to the most comparable GAAP measure. 11 + 5 – 7% North American Growth (internal net sales growth(a), year‐over‐year % change) First Quarter 2013 12 1.6% ‐1.7% 7.4% 3.4% 1.7% U.S. Morning Foods U.S. Snacks N.A. Other U.S. Specialty Total North America a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and integration costs. b) Includes U.S. cereal, Pop‐Tarts, health and wellness bars, and beverage  businesses. c) Includes U.S. cookies, crackers, cereal bars, savory snacks, and fruit‐flavored  snack businesses. d) Includes U.S. Frozen and Canadian businesses. e) Includes food service, convenience and Girl Scouts  businesses. (c) (e)(b) (d)
  • 7. Kellogg Company Page 7 of 18 May 2, 2013 $897 $892 $903 $841 $911 Q1 Q2 Q3 Q4 Q1 U.S. Morning Foods(a) (net sales, millions) First Quarter 2013 (a) Includes U.S. cereal, Pop‐Tarts, health and wellness bars, and beverage businesses. (b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and  integration costs. 2012 2013 13 1.6%  Growth(b) U.S. Snacks(a) (net sales, millions) First Quarter 2013 (a) Includes U.S. cookies, crackers, cereal bars, savory snacks, and fruit‐flavored snack businesses. (b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions,  and integration costs. 14 $786 $850 $908 $856 $901 Q1 Q2 Q3 Q4 Q1 2012 2013 ‐1.7%  Growth(b)
  • 8. Kellogg Company Page 8 of 18 May 2, 2013 $368 $369 $388 $360 $403 Q1 Q2 Q3 Q4 Q1 7.4%  Growth(b) North America Other(a) (net sales, millions) First Quarter 2013 (a) Includes U.S. Frozen and Canadian businesses. (b) Internal sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and  integration costs. 2012 2013 15 $348 $252 $264 $257 $379 Q1 Q2 Q3 Q4 Q1 3.4%  Growth(b) U.S. Specialty(a) (net sales MM) First Quarter 2013 (a) Includes food service, convenience and Girl Scouts businesses. (b) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and  integration costs. 2012 2013 16
  • 11. Kellogg Company Page 11 of 18 May 2, 2013 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 Vending = # of candy/snack/confection machines – Automatic Merchandiser State of the Vend Industry 2012 Foodservice outlets from Technomic Foodservice Industry Forecast, Jan 2013 Convenience outlets from NACS State of the Industry, 2012 All others from Kantar Retail IQ, April 2013 Expanding Portfolio, Relevancy & Venues  +2M Potential Outlets! # of Outlets by Channel 21 Consistent Net Sales Growth – U.S. Specialty Channels (a)    Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and  integration costs. ($ in Millions) Full Year 2012 + 7.4% (a)Full Year 2011 + 3.4% (a) $323  $232  $234  $219  Q1 Q2 Q3 Q4 3.0% 1.0% 2.9% 7.3% $348  $252  $264  $257  $379  Q1 Q2 Q3 Q4 Q1 2013 7.8% 6.3% 5.5% 10.0% 3.4% 22
  • 12. Kellogg Company Page 12 of 18 May 2, 2013 • Over $5B pre‐packaged  snack and beverage  market in away‐from‐ home channels • Expand brand reach  and relevance: – Emerging portfolio – Innovation – Underpenetrated  segments Accelerating Our Growth Into the Future  Core Expansion Beverages Snacks 23 Build on Pringles to Expand Snack Set and Provide Opportunities 24
  • 13. Kellogg Company Page 13 of 18 May 2, 2013 Grow Core Penetration  and Consumption Kellogg’s C‐Store – One of KNA’s Fastest Growing Channels  25 11.3% 12.9% 2011 2012 Innovation and Accelerated  Category Expansion (internal net sales growth(a), year‐over‐year % change) (a)    Internal net sales growth excludes the impact of foreign currency translation and if applicable,  acquisitions, dispositions, and integration costs. Insulate and Grow Kellogg’s Brands in K‐12 Schools • Product renovation and innovation • Meets USDA Child Nutrition standards • Hot breakfast +253% – Eggo® French Toast launching in 2013 • Every day, over 12M students participate  in the School Breakfast Program and  nearly 32M in the National School Lunch  Program Source: Product Dynamics Mini Pancake Consumer Research, February 2011, 2013 SNA Little Big Fact Book 26
  • 14. Kellogg Company Page 14 of 18 May 2, 2013 • Commercial Chain Restaurants • Non‐Commercial Segments Continued Veggie Growth in Away From Home  27 Specialty Channels – Summary • Strong growth • Great share positions • Exciting new categories • Great innovation • Favorable economics 28
  • 15. Kellogg Company Page 15 of 18 May 2, 2013 International Growth (internal net sales growth(a), year‐over‐year change) First Quarter 2013 (a) Internal net sales growth excludes the impact of foreign currency translation and if applicable, acquisitions, dispositions, and  integration costs. 29 0.3% 2.6% 7.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Asia Pacific Europe Latin America Summary 30  Sales growth met expectations with  good core growth   Underlying operating profit(a) broadly  as expected, including the significant  impact of inflation  Strong performance from Pringles  On‐track to achieve full‐year guidance (a)  After adjusting for items impacting comparability.  Please refer to Appendix 3 for reconciliation of this non‐GAAP  measures to the most directly comparable GAAP measure
  • 16. Kellogg Company Page 16 of 18 May 2, 2013 Appendix 1 Reconciliation of Kellogg‐Defined Cash Flow to GAAP Cash Flow(a) a) Cash flow is defined as net cash  provided by  operating activities less  capital expenditures.  The Company  uses this non‐GAAP financial measure  to focus management and investors on  the amount of cash available for debt  repayment, dividend distributions,  acquisition opportunities and share  repurchase.   A‐1 March 30, March 31, (unaudited) 2013 2012 Operating activities Net income $311 $351 Adjustments to reconcile net income to operating cash flows: Depreciation and amortization 113 95 Postretirement benefit plan expense (benefit) (4) (5) Deferred income taxes 11 (54) Other 5 (1) Postretirement benefit plan contributions (31) (25) Changes in operating assets and liabilities, net of acquisitions (67) (21) Net cash provided by (used in) operating activities 338 340 Less: Additions to properties (102) (63) Cash flow $236 $277 Quarter ended Appendix 2 Analysis of Net Sales and Operating Profit Performance A‐2 First quarter of 2013 versus 2012 U.S. U.S. U.S. North America Latin Asia Corp- Consoli- (dollars in millions) Morning Foods Snacks Specialty Other North America Europe America Pacific orate dated 2013 net sales 911$ 901$ 379$ 403$ 2,594$ 692$ 308$ 267$ -$ 3,861$ 2012 net sales 897$ 786$ 348$ 368$ 2,399$ 538$ 270$ 233$ -$ 3,440$ % change ‐ 2013 vs. 2012: Volume (tonnage) (a) 1.2% 1.6% .2% 5.0% ‐               1.4% Pricing/mix .5% 1.0% 7.2% ‐4.7% ‐               .8% Subtotal - internal business (b) 1.6% ‐1.7% 3.4% 7.4% 1.7% 2.6% 7.4% .3% - 2.2% Acquisitions (c) ‐% 16.3% 5.3% 3.2% 6.6% 27.3% 8.6% 20.8% ‐               11.0% Dispositions (d) ‐% ‐% ‐% ‐% ‐% ‐% ‐% ‐1.7% ‐               ‐.1% Integration impact (e) ‐% ‐% ‐% ‐.2% ‐.1% ‐% ‐% ‐.4% ‐               ‐.1% Foreign currency impact ‐% ‐% ‐% ‐.6% ‐.1% ‐1.2% ‐2.3% ‐4.3% ‐               ‐.8% Total change 1.6% 14.6% 8.7% 9.8% 8.1% 28.7% 13.7% 14.7% - 12.2% U.S. U.S. U.S. North America Latin Asia Corp‐ Consoli‐ (dollars in millions) Morning Foods Snacks Specialty Other North America Europe America Pacific orate dated 163$ 106$ 78$ 75$ 422$ 71$ 48$ 21$ (59)$ 503$ 153$ 123$ 71$ 70$ 417$ 70$ 51$ 33$ (44)$ 527$ % change ‐ 2013 vs. 2012: Internal business (b) 5.9% -25.6% 6.4% 4.5% -3.5% .1% -5.6% -30.6% -19.7% -6.9% Acquisitions (c) ‐% 15.3% 4.6% 3.9% 5.9% 14.2% 6.2% 15.2% ‐3.1% 7.9% Dispositions (d) ‐% ‐% ‐% ‐% ‐% ‐% ‐% ‐4.7% ‐% ‐.3% Integration impact (e) ‐% ‐3.0% ‐% ‐1.2% ‐1.1% ‐11.1% ‐.3% ‐14.2% ‐6.3% ‐3.8% Foreign currency impact ‐% ‐% ‐% ‐.7% ‐.1% ‐2.0% ‐7.6% ‐1.7% ‐1.0% ‐1.4% Total change 5.9% -13.3% 11.0% 6.5% 1.2% 1.2% -7.3% -36.0% -30.1% -4.5% 2013 operating profit 2012 operating profit a) The Company measures  the  volume impact (tonnage) on  revenues based on the  stated weight of product  shipments.  b) Internal net sales and  operating profit growth for  2013 exclude the impact of  acquisitions, divestitures,  integration costs and the  impact of currency.  Internal  net sales and operating  profit growth are non‐GAAP  financial measures which  are reconciled to the  directly comparable  measures in accordance  with U.S. GAAP within these  tables. c) Impact of results for the  quarter ended March 30,  2013 from the acquisition of  Pringles. d) Impact of results for the  quarter ended March 30,  2013 from the divestiture of  Navigable Foods. e) Includes impact of  integration costs associated  with the Pringles  acquisition.
  • 17. Kellogg Company Page 17 of 18 May 2, 2013 Appendix 3 Reconciliation of Non‐GAAP Amounts – Reported Operating Profit Growth to  Underlying Internal Operating Profit Growth A‐3 (a) Internal operating profit growth excludes the impact of foreign currency, and, if applicable, acquisitions, dispositions, and transaction and integration costs  associated with the acquisition of Pringles.  The Company believes the use of this non‐GAAP measure provides increased transparency and assists in  understanding underlying operating performance.  This non‐GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP  within this table. (b) Includes mark‐to‐market adjustments for pension plans and commodity contracts as reflected in cost of goods sold.  Actuarial gains/losses for pension plans are  recognized in the year they occur.  In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a  net loss.  A portion of the 2012 pension mark‐to‐market adjustment was capitalized as an inventoriable cost at the end of 2012.  This amount has been recorded  in earnings in the current quarter.  Mark‐to‐market adjustments for commodities reflect the changes in the fair value of contracts for the difference between  contract and market prices for the underlying commodities.  The resulting gains/losses are recognized in the quarter they occur. (c) Underlying internal operating profit growth excludes the impact of foreign currency  translation, pension and commodity mark‐to‐market adjustments, and, if  applicable, acquisitions, dispositions, and transaction and integration costs associated  with the acquisition of Pringles.  The Company believes the use of this  non‐GAAP measure provides increased transparency and assists in understanding the underlying operating performance. This  non‐GAAP measure is reconciled to the directly comparable measure in accordance with U.S. GAAP within this table. Quarter ended March 30, 2013 Reported Operating Profit Growth -4.5% Acquisitions/Dispositions 7.6% Integration costs -3.8% Foreign currency -1.4% Internal Operating Profit Growth(a) -6.9% Mark-to-market(b) -1.1% Underlying Internal Operating Profit Growth(c) -5.8% Appendix 4 Reconciliation of Non‐GAAP Amounts – Reported Operating Profit to  Comparable Operating Profit A‐4 March 30, 2013 March 31, 2012 Reported Operating Profit 503.2$ 526.7$ Mark-to-market(a) (53.7) (50.6) Underlying Operating Profit(b) 556.9$ 577.3$ Pringles integration costs (20.1) - Comparable Operating Profit(c) 577.0$ 577.3$ Quarter ended (a) Includes mark‐to‐market adjustments for pension plans and commodity contracts as reflected in cost of goods sold.  Actuarial gains/losses for pension plans are  recognized in the year they occur.  In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a  net loss.  A portion of the 2012 pension mark‐to‐market adjustment was capitalized as an inventoriable cost at the end of 2012.  This amount has been recorded  in earnings in the current quarter.  In 2011, asset returns were lower than expected and discount rates declined.  A portion of the 2011 pension mark‐to‐market  adjustment was capitalized as an inventoriable cost at the end of 2011.  This amount was recorded in earnings in the first quarter of 2012.  Mark‐to‐market  adjustments for commodities reflect the changes in the fair value of contracts for the difference between contract and market prices for the underlying  commodities.  The resulting gains/losses are recognized in the quarter they occur.  (b) Underlying Operating Profit excludes the impact of mark‐to‐market adjustments on pension plans and commodity contracts.  The Company believes the use of  this non‐GAAP measure provides increased transparency and assists in understanding underlying operating performance.  This non‐GAAP measure is reconciled  to the directly comparable measure in accordance with U.S. GAAP within this table.  (c) Comparable Operating Profit is a non‐GAAP measure that excludes the impact of mark‐to‐market adjustments on pension plans and commodity contracts, and the impact of integration costs related to the acquisition of the Pringles business. 
  • 18. Kellogg Company Page 18 of 18 May 2, 2013 Appendix 5 Reconciliation of Non‐GAAP Amounts – Reported EPS to Comparable EPS A‐5 March 30, 2013 March 31, 2012 Reported EPS 0.85$ 0.98$ Mark-to-market(a) (0.10) (0.10) Underlying EPS(b) 0.95$ 1.08$ Pringles Integration costs (0.04) - Comparable EPS(c) 0.99$ 1.08$ Quarter ended (a) Includes mark‐to‐market adjustments for pension plans and commodity contracts as reflected in cost of goods sold.  Actuarial gains/losses for pension plans are  recognized in the year they occur.  In 2012, asset returns exceeded expectations but discount rates fell almost 100 basis points for pension plans resulting in a  net loss.  A portion of the 2012 pension mark‐to‐market adjustment was capitalized as an inventoriable cost at the end of 2012.  This amount has been recorded  in earnings in the current quarter.  In 2011, asset returns were lower than expected and discount rates declined.  A portion of the 2011 pension mark‐to‐market  adjustment was capitalized as an inventoriable cost at the end of 2011.  This amount was recorded in earnings in the first quarter of 2012.  Mark‐to‐market  adjustments for commodities reflect the changes in fair value of contracts for the difference between contract and market prices for the underlying  commodities.  The resulting gains/losses are recognized in the quarter they occur.   (b) Underlying EPS is a non‐GAAP measure that excludes the impact of pension and commodity mark‐to‐market adjustments.  (c) Comparable EPS is a non‐GAAP measure that excludes the impact of mark‐to‐market adjustments on pension plans and  commodity contracts, and the impact of integration costs related to the acquisition of the Pringles business.  Appendix 6 Recast Segment Data A‐6 2012 (millions) March 31, 2012 June 30, 2012 September 29, 2012 December 29, 2012 June 30, 2012 September 29, 2012 December 29, 2012 Net Sales (As originally reported) U.S. Morning Foods & Kashi 941$ 939$ 946$ 881$ 1,880$ 2,826$ 3,707$ U.S. Snacks 742 803 865 816 1,545 2,410 3,226 U.S. Specialty 348 252 264 257 600 864 1,121 North America Other 368 369 388 360 737 1,125 1,485 North America Total 2,399 2,363 2,463 2,314 4,762 7,225 9,539 Europe 538 613 685 691 1,151 1,836 2,527 Latin America 270 274 292 285 544 836 1,121 Asia Pacific 233 224 280 273 457 737 1,010 Consolidated 3,440$ 3,474$ 3,720$ 3,563$ 6,914$ 10,634$ 14,197$ Operating Profit (As originally reported) U.S. Morning Foods & Kashi 157$ 181$ 135$ 122$ 338$ 473$ 595$ U.S. Snacks 119 118 116 116 237 353 469 U.S. Specialty 71 56 62 52 127 189 241 North America Other 70 70 67 58 140 207 265 North America Total 417 425 380 348 842 1,222 1,570 Europe 70 64 76 51 134 210 261 Latin America 51 48 36 32 99 135 167 Asia Pacific 33 17 29 6 50 79 85 Total Reportable Segments 571 554 521 437 1,125 1,646 2,083 Corporate (44) (35) (8) (434) (79) (87) (521) Consolidated 527$ 519$ 513$ 3$ 1,046$ 1,559$ 1,562$ Quarter ended Year-to-date period ended2012 (millions) March 31, 2012 June 30, 2012 September 29, 2012 December 29, 2012 June 30, 2012 September 29, 2012 December 29, 2012 Net Sales (Recast*) U.S. Morning Foods 897$ 892$ 903$ 841$ 1,789$ 2,692$ 3,533$ U.S. Snacks 786 850 908 856 1,636 2,544 3,400 U.S. Specialty 348 252 264 257 600 864 1,121 North America Other 368 369 388 360 737 1,125 1,485 North America Total 2,399 2,363 2,463 2,314 4,762 7,225 9,539 Europe 538 613 685 691 1,151 1,836 2,527 Latin America 270 274 292 285 544 836 1,121 Asia Pacific 233 224 280 273 457 737 1,010 Consolidated 3,440$ 3,474$ 3,720$ 3,563$ 6,914$ 10,634$ 14,197$ Operating Profit (Recast*) U.S. Morning Foods 153$ 178$ 134$ 123$ 331$ 465$ 588$ U.S. Snacks 123 121 117 115 244 361 476 U.S. Specialty 71 56 62 52 127 189 241 North America Other 70 70 67 58 140 207 265 North America Total 417 425 380 348 842 1,222 1,570 Europe 70 64 76 51 134 210 261 Latin America 51 48 36 32 99 135 167 Asia Pacific 33 17 29 6 50 79 85 Total Reportable Segments 571 554 521 437 1,125 1,646 2,083 Corporate (44) (35) (8) (434) (79) (87) (521) Consolidated 527$ 519$ 513$ 3$ 1,046$ 1,559$ 1,562$ Quarter ended Year-to-date period ended *  During the first quarter of 2013, the Kashi operating segment was  eliminated.  The Kashi financial results have been recast between U.S.  Morning Foods and U.S. Snacks.