TO OUR SHARE OWNERS It is a pleasure to write to you on behalf of over 25,000 Kellogg employees and our Board of Directors, all of whom are committed to making this great Company even more dependable than ever before. We know that a track record and reputation for dependability cannot be built overnight – we must  earn our stripes each and every day, in all aspects of our business. That’s why I am so proud of our performance in 2003. We not only deliv- ered solid results again in a challenging environment, but we also took important steps toward creating our future and strengthening our organization. rh pen a fi ‘ | ee