General Mills : Barclays Conference 2020 Presentation (opens in new window)

2020 Barclays Global

Consumer Staples Conference

September 9, 2020

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A Reminder on Forward-looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: the impact of the coronavirus (COVID-19) pandemic on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the coronavirus (COVID-19) pandemic; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, and energy; effectiveness of restructuring and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statements to reflect any future events or circumstances.

General Mills - 2020 Barclays Global Consumer Staples Conference

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Fiscal 2021 YTD Business Update

• Our Primary Objectives Remain the Safety of Our Employees and Our Ability to Serve Our Consumers
• Competing Effectively, Everywhere We Play

Gaining Share in Key Markets

Gaining Share in Key Categories

U.S.

Canada

France

Cereal

Snack Bars Mexican

U.K.	China	Brazil	Pet Food	Ice Cream Ref. Dough
Source: Nielsen/IRI, FYTD July, aggregate share across tracked categories	Source: Nielsen/IRI, FYTD July, aggregate share across tracked markets

General Mills - 2020 Barclays Global Consumer Staples Conference

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Fiscal 2021 YTD Business Update

• Driving Efficiency to Fuel Investments in F21
• • Targeting Strong HMM Savings to Fund Brand and Capability Investments
  • Expect Full-year Adj. Operating Profit Margin* Roughly In Line with F20, with Margins Up in Q1 and Down in Q2
• Remain On Track to Reduce Net-Debt-to-Adjusted-EBITDA Ratio* in F21

*Non-GAAP Measure

General Mills - 2020 Barclays Global Consumer Staples Conference

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