KELLOGG COMPANY ALLOCATED SUSTAINABILITY BOND NET PROCEEDS

The company is ahead of schedule to help create Better Days for 3 billion people by the end of 2030

BATTLE CREEK, Mich., Oct. 18, 2022  /PRNewswire/ -- Kellogg Company (NYSE: K) today announced in its 2022 Sustainability Bond Impact Report that it has fully allocated the net proceeds from its inaugural sustainability bond issued in May 2021, which totaled €300 million before offering expenses and underwriting discounts and commissions.

The proceeds allocated to Kellogg's eligible global sustainability projects support significant progress already made against the company's Better Days Promise to address the intersection of wellbeing, hunger, sustainability and equity, diversity and inclusion, creating Better Days for 3 billion people and the planet by the end of 2030. In fact, Kellogg is nearly halfway to its goal ahead of schedule, having created Better Days for more than 1.3 billion people by the end of 2021.¹  

"Our founder, W.K. Kellogg, believed that part of running a good business was doing good for society," said Steve Cahillane, Kellogg's Chairman and Chief Executive Officer. "He was an early conservationist, a leading philanthropist and an original wellbeing visionary. With this legacy, we've inherited his commitment, and by purposefully integrating our ESG strategy – our Kellogg's Better Days Promise – into all aspects of our business, we drive meaningful social impact and business results."

Kellogg recently launched its 2021 ESG report, detailing its Better Days Promise strategy progress to date. Since 2015, together with its partners, the company has nourished 800 million people with its foods, fed 219 million people facing hunger or crisis, and supported more than 445,000 farmers and workers, many of them women and smallholders. Also, Kellogg employees have volunteered 106,000 hours to addressing food security around the world. "At Kellogg, we envision a day where people are fed and fulfilled, where our planet thrives, and where there is a place at the table for everyone," said Cahillane.

Additionally, for the fifth year, Kellogg has been named to the prestigious Dow Jones Sustainability World and North American indices (DJSI World/DJSI North America). DJSI recognizes companies for their commitments to high environmental, social and governance (ESG) standards that result in best-in-class performance and drive long-term shareowner value. Kellogg ranked in the 93rd percentile, moving up from the 90th percentile in 2021. This makes Kellogg within the top 7% of 213 companies that were assessed this year. 

Kellogg's sustainability bond was issued in line with Kellogg's Sustainability Bond Framework, which facilitates the company's use of sustainable capital markets to finance or refinance eligible projects that align with its commitments.  Kellogg's Sustainability Bond Framework has been reviewed by Sustainalytics, a second-party opinion provider and is aligned with the Sustainability Bond Guidelines 2018, Green Bond Principles 2018 and the Social Bond Principles 2020.

¹ For more information on the Kellogg's Better Days Promise commitments & methodologies, please visit: https://filecache.mediaroom.com/mr5mr_kelloggs_esg/181022/KelloggCompany_BetterDaysMethodology_2021.pdf

At Kellogg Company (NYSE: K), our vision is a good and just world where people are not just fed but fulfilled. We are creating better days and a place at the table for everyone through our trusted food brands. Our beloved brands include Pringles®, Cheez-It®, Special K®, Kellogg's Frosted Flakes®, Pop-Tarts®, Kellogg's Corn Flakes®, Rice Krispies®, Eggo®, Mini-Wheats®, Kashi®, RXBAR®, MorningStar Farms® and more. Net sales in 2021 were nearly $14.2 billion, comprised principally of snacks as well as convenience foods like cereal, frozen foods, and noodles. As part of our Kellogg's® Better Days ESG strategy, we're addressing the interconnected issues of wellbeing, climate and food security, creating Better Days for 3 billion people by the end of 2030. Visit www.KelloggCompany.com.

This news release contains a "forward-looking statement" about our Better Days Promise. This statement is made on the basis of the Company's views and assumptions as of this time and the Company undertakes no obligation to update this statement unless required by law. This statement is not a guarantee of future performance; and actual events or results may differ materially from this statement. Investors should consult the Company's filings with the Securities and Exchange Commission (including the information set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended January 1, 2022, and in the Company's Quarterly Report on Form 10-Q for the quarterly period ended July 2, 2022) for information about certain factors that could cause such differences. Copies of these filings may be obtained upon request from the Company's Investor Relations department or on the Company's web site at  www.KelloggCompany.com.

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SOURCE Kellogg Company