TOTAL SHARE OWNER RETURN We again posted strong internal sales growth in 2003, driven by brand building and innovation across our portfolio. We were able to increase our operating profit in 2003 while making substantial investments for the future. Cash flow again exceeded expectations, as we increased earnings, remained disciplined on capital expenditure, and improved our working capital efficiency. For the third straight year, our total share owner return well outpaced our peer group. In 2003, we earned our stripes by delivering solid results, while strengthening our organization and creating a future of dependable growth.  02 01 00 99 98 $8,304 03 $8,812 $6,110 $6,157 $6,087 $7,548 02 01 00 99 98 $1,508 03 $1,544 $895 $829 $990 $1,168 02 01 00 99 98 $1,000 $346 $529 $650 $856 $746 03 $961 $924 Voluntary  Benefit Plan  Contributions $1.75 $1.23 $0.83 $1.45 $1.16 02 $1.92 03 01 00 99 98 We again delivered better-than-expected earnings growth in 2003. 02 01 00 99 98 Kellogg S&P Packaged Foods Index 17% 8% -21% -29% -7% 26% 2% 3% -11% 19% 03 15% 5% EARNINGS PER SHARE (diluted)  CASH FLOW (millions) OPERATING PROFIT (millions) NET SALES (millions)