down debt, but we will also use our cash flow in other ways. Last December, our Board of Directors approved an authorization to repurchase up to $300 million worth of Kellogg shares during 2004. We will also consider small, tack-on acquisitions, provided the valuation is attractive, and we can leverage our brands and supply chain. As we increase our earnings  (Volume to Value) and hold down our invested capital  (Manage for Cash) our return on investment capital will continue to improve. This, in turn, improves our earnings, sus- taining the cycle. Improving Financial Flexibility Outstanding Debt, in Billions HELPING THE COMMUNITY United in Giving:  Kellogg employees celebrate their record con- tribution to the United Way of Greater Battle Creek campaign. This $1.6 million contribution supports critical, community-based human services and includes a dollar-for-dollar company match of employee and retiree pledges. At Kellogg, we are committed to giving back to our communities, and we proudly contribute to numerous local, national, and international charities. Our employ- ees contribute financially and with their time. Whether it is working to feed the hungry at a food pantry or building houses through Habitat For Humanity, we real- ize that we have an obligation to strengthen communi- ties. Our Company also recognizes this obligation through strong partnerships with local United Way organizations. In 2003, Kellogg and its people donated almost $2.9 million to local United Way campaigns in 22 U.S. communities. Our commitment to good citi- zenship also includes donations of food to hunger-relief organizations around the world; in 2003, these dona- tions totaled more than $30 million. Kellogg Company 19 TM TM TM TM TM March, 2001 Keebler Acquisition December, 2001 December, 2002 December, 2003 $6.8 $6.2 $5.7 $5.2 At Kellogg we recognize the critical importance of diversity in our workforce and employee safety in our workplace. Success in enhancing diversity and employee safety will make Kellogg an even better company. In 2003, we took the additional step of formally including these initiatives in all individuals’ accountabilities for use in our annual performance reviews. This is another way we hope to earn our stripes in the future.