General Mills : Q4 Presentation

Investor Day Fiscal 2020

General Mills Earnings

Fourth Quarter Fiscal 2020

July 1, 2020

July 9, 2019

A Reminder on Forward-looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 thatare based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks anduncertainties 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 actionsand changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legaland 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 ofrestructuring 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.

Jeff Harmening

Chairman and Chief Executive Officer

Investor Day Fiscal 2020

General Mills Earnings

Fourth Quarter Fiscal 2020

July 1, 2020

July 9, 2019

Today's Key Messages

• •Focusing on Employees, Consumers, and Executional Excellence During COVID-19 Pandemic

• •Delivered Outstanding Performance in Q4; Achieved F20 Priorities

• •Key Priorities for Fiscal 2021:

  • 1. Compete Effectively, Everywhere We Play

  • 2. Drive Efficiency to Fuel Investment

  • 3. Reduce Leverage to Increase Financial Flexibility