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## 2003 ANNUAL REPORT 

With 2003 net sales of almost $9 billion, Kellogg Company is the world’s leading producer of cereal and a leading producer of convenience foods, including cookies, crackers, toaster pastries, cereal bars, frozen waffles, and meat alternatives. The Company’s brands include Kellogg’s ® , Keebler ® , Pop-Tarts ® , Eggo ® , Cheez-It ® , Nutri-Grain ® , Rice Krispies ® , Murray ® , Austin ® , Morningstar Farms ® , Famous Amos ® , Carr‘s, Plantation, Ready Crust ® , and Kashi ® . Kellogg products are manufactured in 17 countries and marketed in over 180 countries around the world. 

## FINANCIAL HIGHLIGHTS 

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(a) 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 Management’s Discussion and Analysis on page 25 for reconciliation to the comparable GAAP measure. 

## TABLE OF CONTENTS 

2 Letter to Share Owners 

8 Growing Our Sales 

17 Improving Our Profitability 

18 Turning Our Profit Into Cash 

19 Helping the Community 

20 Providing Nutrition to Our Consumers 

21 Living the K Values 

22 Management’s Discussion and Analysis 

31 Selected Financial Data 

32 Consolidated Financial Statements 

35 Notes to Consolidated Financial Statements 

52 Management’s Responsibility for Financial Statements 

52 Report of Independent Auditors 

54 Board of Directors 

57 Share Owner Information 

