General Mills : Barclays Conference 2021 Presentation (opens in new window)

2021 Barclays Global Consumer Staples Conference

September 8, 2021

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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 COVID- 19 pandemic on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the 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, energy, and transportation; 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 F22 - Barclays

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Jeff Siemon

VP, Investor Relations

General Mills F22 - Barclays

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Today's General Mills Overview

• On Track to Deliver F22 Priorities; Competing Well in a Highly Dynamic Environment
• Executing Our Accelerate Strategy
• • Boldly Building Brands
  • Relentlessly Innovating
  • Unleashing Our Scale with Advantaged Capabilities
  • Being a Force for Good
• Updating Full-year Financial Outlook

General Mills F22 - Barclays

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Updating Fiscal 2022 Financial Outlook

KEY FINANCIAL METRICS¹	PREVIOUS F22	UPDATED F22
OUTLOOK	OUTLOOK
Organic Net Sales Growth	-3 to -1%	Higher end of range
Adjusted Operating Profit Growth²	-4 to -2%	Higher end of range
Adjusted Diluted EPS Growth²	-2% to Flat	Higher end of range
Free Cash Flow Conversion	~95%	~95%

• Stronger-than-expected Net Sales Performance in Q1

• Pet Treats Acquisition Benefiting Adj. Op. Profit and Adj. Diluted EPS

(1) Non-GAAP measures	General Mills F22 - Barclays	5
(2) Growth rates in constant currency. Non-GAAP measures