General Mills : Q3 Presentation

General Mills Earnings

Third Quarter Fiscal 2021

March 24, 2021

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, 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.

2

General Mills Earnings

Third Quarter Fiscal 2021

March 24, 2021

Jeff Harmening

Chairman and

Chief Executive Officer

3

Today's Key Messages

• • Another Strong Quarter of Top- and Bottom-line Growth in Q3

• • Delivering on Fiscal 2021 Priorities

• • Focusing on Our Accelerate Strategy; Leveraging Our Full Suite of Capital Allocation Tools

  • • Resumed Dividend Growth in Q2

  • • Resuming Share Repurchases in Q4

  • • Announced Portfolio Shaping News Yesterday

4

Reshaping the Portfolio Yoplait Europe Divestiture

• • Proposed Sale of Our Yoplait Europe Interest to Sodiaal

• • Advances Portfolio Reshaping Strategy

  • • Growth Accretive

  • • Margin Accretive

  • • Shareholder Value Accretive

• • Delivers on Commitment to Divest ~5% of Net Sales

• • Remain Committed to Further Portfolio Reshaping to Enhance Growth

5

Continued Momentum in Q3

• (1) Non-GAAP measure. See appendix for reconciliation

  Organic Net Sales

  Adjusted Operating Profit

  Adjusted Diluted EPS

• (2) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

6

On Track to Deliver Our Fiscal 2021 Priorities

1

Compete

2 3

Fuel Investments

Reduce

7

Winning Across Priority Markets and Platforms

+60 bps

+30 bps

+40 bps

+30 bps

+110 bps

Sources: Pet - GMI Custom Market including NielsenIQ xAOC plus select big box pet specialty retailers FYTD ending 02/27/21;

Other Categories - NielsenIQ/IRI FYTD ending January 2021

8

Investing to Build Brands and Capabilities

Q3 YTD Media Spending

Building Critical Capabilities

Analytics

F20

F21

Management

9

Resuming Share Repurchases in Q4

3.2x

2.8x

F18 Pro FormaF19

F20

Q3 F21

*Net Debt to Trailing 12-Month Adjusted-EBITDA Ratio. Non-GAAP measure. See appendix for reconciliation

• • Further Reduced Leverage in F21

• • Resuming Share Repurchases in Q4

• • Committed to Using All Capital Allocation Tools to Drive Shareholder Value

Looking Ahead

• • Building on Positive Momentum Across our Business

• • Delivering on Fiscal 2021 Priorities and On Track to Generate Strong Full-year Growth and Profitability

• • Focused on Our Accelerate Strategy to Drive Long-term, Profitable Growth

General Mills Earnings

Third Quarter Fiscal 2021

March 24, 2021

Bethany Quam

Group President, Pet

12

3 Years Ago: Compelling Acquisition Rationale

• • Attractive Growth Category

• • Leading Brand with Loyal Consumer Base

• • Proven Success in Existing and Emerging Channels

• • Scaled Platform with Strong Growth and Operational Efficiency

• • Meaningful Improvement to General Mills' Growth and Margin Profile

Delivering Profitable Growth

NET SALES

OPERATING PROFIT

2017

LTM ended 2/28/21

+10% CAGR

2017: Blue Buffalo Pet Products, Inc. for the year ending 12/31/17

2021: General Mills Pet Segment for the last 12 months ending 2/28/21 (excludes the 13th month in F20)

2017

LTM ended 2/28/21

+11% CAGR

Loving & Feeding More Pets Like Family

MORE STORES	MORE HOUSEHOLDS	GAINING SHARE
BLUE % ACV in FDM1	BLUE % Household	BLUE Market Share3
Penetration2
86%
~7.7

14%

22%

2017

• (1) NielsenIQ U.S. xAOC

• (2) NielsenIQ U.S. Homescan

  2020

• (3) U.S. market share based on Euromonitor International data

8%

~6.5

2017

2020

2017

2020

Staying True to the BLUE Purpose & FoundationPandemic Accelerated Trends in Pet

• • Roughly Doubled the Typical Rate of New Pet Acquisition1

• • Accelerated Humanization with 59% of Pet Parents More Bonded with Pets1

• • Continued Premiumization with 6% Increase in Average Pet Food Spend2

• • Increased Importance of Omnichannel

• (1) APPA's COVID-19 Pulse (U.S.)

• (2) NielsenIQ U.S. Homescan Panel 52 wks ending 2/27/2021

BLUE is Well Positioned for Continued Growth

• • Attractive and Growing Category

• • Leader in the Most Attractive Segment with a Brand Fueled by Mission and Purpose

• • Accelerate Plan for Growth

Attractive, Growing Category

U.S. PET FOOD LARGE AND

GROWING1

• (1) Source: Euromonitor International Data

• (2) NielsenIQ xAOC 2020

NATURAL PET FOOD LEADING

THE CATEGORY2

BLUE #1 Natural Pet Food Brand

• • #1 Natural Brand for Dogs and Cats1

• • #1 Brand Most Likely to Recommend2

• • Most Loved & Trusted Natural Brand2

• (1) NielsenIQ xAOC, Pet Retail, and company estimates

• (2) General Mills Brand Equity Study, February 2021 n=5.1M

BLUE's Accelerate Plan for Growth

Boldly Building BLUE

$1.4B Spent on Brand Building Since 2003

Boldly Building BLUE Across ChannelsRelentlessly InnovatingLeveraging Scale

Digital, Data and Analytics

Relentlessly Innovating

Combined Power of Our Buffs

Force for Good

The Future is BLUE

• • BLUE's Purpose to 'Love Them Like

  Family. Feed them Like Family' Never More Relevant

• • Committed to Continuing to Lead in Natural Pet Food with our Accelerate Plan

• • Attractive Growth Ahead for BLUE

General Mills Earnings

Third Quarter Fiscal 2021

March 24, 2021

Kofi Bruce

Chief Financial Officer

28

Third Quarter Fiscal 2021

Financial Results

Q3

TOTAL GENERAL MILLS	$MM	VS LY
Net Sales	$4,520	+8%
Organic Net Sales*	+7%
Adjusted Operating Profit*	$716	+5%1
Adjusted Diluted EPS*	$0.82	+6%1
*Non-GAAP measure. See appendix for reconciliation
General Mills Third Quarter Fiscal 2021
(1) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Components of Third Quarter Net Sales Growth

*Non-GAAP measure

Third Quarter Fiscal 2021

North America Retail

North America Retail	Q3
Organic Net Sales	+9%¹
Segment Op Profit	+14%²

• (1) Organic net sales growth rate. Non-GAAP measure. See appendix for reconciliation

• (2) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Source: NielsenIQ xAOC FYTD ending 2/27/21

See slide 46 for net sales results by Operating Unit

Segment Highlights

• • Q3 net sales growth primarily driven by U.S. Meals & Baking, Canada, and U.S. Cereal, reflecting continued elevated at-home food demand amid the pandemic

• • Grew or held year-to-date market share in 7 of top 10 U.S. categories

• • Q3 profit growth driven primarily by volume growth, HMM cost savings, and leverage in the supply chain, partially offset by input cost inflation, costs to secure incremental capacity, and higher logistics costs

Third Quarter Fiscal 2021

Pet

Pet	Q3
Organic Net Sales	+14%¹
Segment Op Profit	+9%²

• (1) Organic net sales growth rate. Non-GAAP measure. See appendix for reconciliation

  • • Q3 net sales growth driven by +DD growth in Dog Food and Cat Food

  • • Year-to-date net sales up ~25% for Wet Food and for Treats

  • • Continued market share and household penetration gains year-to-date

  • • Q3 profit growth primarily driven by volume growth, partially offset by negative price/mix, higher input costs, and higher SG&A expenses

• (2) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Segment Highlights

Source: GMI Custom Market including NielsenIQ xAOC plus select big box pet specialty retailers FYTD ending 02/27/21

Third Quarter Fiscal 2021 Convenience Stores & Foodservice

CS&F	Q3
Organic Net Sales	-10%¹
Segment Op Profit	-31%

(1) Organic net sales growth rate. Non-GAAP measure. See appendix for reconciliation Source: NielsenIQ/NPD ending January 2021

Segment Highlights

• • Q3 net sales decline due to continued lower away-from-home food demand amid the pandemic

  • • Reduced consumer traffic continued to impact Restaurants, Schools, and Lodging

• • Strong execution year-to-date, with market share growth in measured channels

• • Q3 profit decline driven by lower net sales and deleverage in the supply chain

Third Quarter Fiscal 2021

Europe & Australia

EUAU	Q3
Organic Net Sales	+7%¹
Segment Op Profit	+24%²

• (1) Organic net sales growth rate. Non-GAAP measure. See appendix for reconciliation

  • • Q3 net sales growth primarily driven by Mexican Food and Retail Ice Cream

  • • Grew or held year-to-date market share in France, UK, and Australia

  • • Q3 profit growth driven by positive price/mix, volume growth, and lower SG&A expenses, partially offset by higher input costs

• (2) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Source: NielsenIQ/IRI FYTD ending January 2021

Segment Highlights

Third Quarter Fiscal 2021

Asia & Latin America

ASLA	Q3
Organic Net Sales	+14%¹
Segment Op Profit	+18%²

• (1) Organic net sales growth rate. Non-GAAP measure. See appendix for reconciliation

  • • Q3 LATAM net sales growth +DD driven by continued strong Yoki and Kitano performance in Brazil

  • • Q3 Asia net sales up +DD driven primarily by growth in Häagen-Dazs and Betty Crocker

  • • Q3 profit growth driven by higher net sales, partially offset by higher input costs

• (2) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Segment Highlights

Third Quarter Fiscal 2021

Joint Ventures

Q3 AFTER-TAX EARNINGS: $12MM, +9% VS. LY

NET SALES	Q3
CPW	+5%¹
HDJ	+1%¹

(1) Net sales growth in constant currency

JV Highlights

• • Q3 CPW net sales growth broad-based, led by Brazil, Turkey, France, Russia, and Chile

• • Q3 HDJ net sales driven by positive price/mix

• • Q3 JV after-tax earnings growth driven primarily by net sales growth at CPW

Third Quarter Fiscal 2021

Margin Results

Adjusted Gross Margin*

Adjusted Operating Profit Margin*

(% OF NET SALES)

(% OF NET SALES)

33.9%

33.0%

17.2%

34.8%

34.9%

16.1%

15.8%

17.7%

Q3 F20

Q3 F21

9 Months

F20

9 Months

F21

Q3 F20

Q3 F21

9 Months

F20

9 Months

F21

Q3 margin contraction primarily driven by higher input costs, including input cost inflation, costs to secure incremental capacity, and higher logistics costs, partially offset by positive price/mix

*Non-GAAP measures. See appendix for reconciliation

Third Quarter Fiscal 2021 Other Income Statement Items

• • Unallocated Corporate Expenses Increased $25MM ex. Certain Items

• • Net Interest Expense Decreased $4MM

• • Adjusted Effective Tax Rate 21.6% vs. 21.0% LY*

• • Average Diluted Shares Outstanding Up 1%

*Non-GAAP measure. See appendix for reconciliation

Nine-month Fiscal 2021

Financial Results

9 MONTHS

TOTAL GENERAL MILLS	$MM	VS LY
Net Sales	$13,603	+8%
Organic Net Sales*	+8%
Adjusted Operating Profit*	$2,414	+11%1
Adjusted Diluted EPS*	$2.88	+14%1
*Non-GAAP measure. See appendix for reconciliation
General Mills Third Quarter Fiscal 2021
(1) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Nine-month Fiscal 2021 Balance Sheet and Cash Flow

Operating Cash Flow

$2,160

($ IN MILLIONS)

$2,208

F20

F21

*Net Debt to Trailing 12-Month Adjusted-EBITDA Ratio. Non-GAAP measure. See appendix for reconciliation

• • Core Working Capital -$198MM vs. LY

• • Capital Investments = $346MM, +$77MM vs. LY

• • Dividends Paid = $932MM

• • Debt Leverage = 2.8x*

Fourth Quarter and Full-year F21 Expectations

• • Fourth Quarter Compares Against Pandemic-driven Stock Up and Calendar Differences Last Year (F20 Q4 Net Sales +21%)

• • Expect to Continue Competing Effectively; Targeting Full-year Organic Net Sales Growth* of ~3.5%

• • Expect Full-year Adjusted Operating Profit Margin* To Be Approximately In Line with LY

• • Resuming Share Repurchase Activity in Q4

*Non-GAAP measures

Fiscal '21 Net Sales Continues to Build

On Pre-pandemic Momentum

2-year Organic Net Sales Growth* CAGR

(2 YEARS ENDING)

Flat

-2%

F18

F19

*Non-GAAP measure. See appendix for reconciliation. 2-year CAGRs calculated using annual Organic Net Sales Growth rates

~4%

2%

F20

F21 Est.

Yoplait Europe Divestiture Details

• • Proposed Sale of Our 51% Interest in Yoplait S.A.S. to Sodiaal

• • Non-cash Consideration:

  • • General Mills Acquires Sodiaal's 49% Interest in Yoplait Canada

  • • Royalty Rate for U.S. and Canada Yoplait and Liberté Licenses Reduced to 0%

• • Growth Accretive (~25bps for F18-F20) and Leverage Neutral

• • Estimated 12-Month Adjusted EPS Dilution ~1% to 2%*

• • Transaction Expected to Close by End of Calendar 2021**

*Excludes transaction costs and any one-time gain/loss on sale **Closing of the transaction is subject to appropriate labor consultations, regulatory filings and other customary closing conditions

Today's Key Messages

• • Another Strong Quarter of Top- and Bottom-line Growth in Q3

• • Delivering on Fiscal 2021 Priorities

• • Focusing on Our Accelerate Strategy; Leveraging Our Full Suite of Capital Allocation Tools

  • • Resumed Dividend Growth in Q2

  • • Resuming Share Repurchases in Q4

  • • Announced Portfolio Shaping News Yesterday

A Reminder on Non-GAAP Guidance

Our outlook for organic net sales growth and adjusted operating profit margin are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd week, when applicable. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measure without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates or the timing of acquisitions and divestitures throughout fiscal 2021. The unavailable information could have a significant impact on our fiscal 2021 GAAP financial results.

For fiscal 2021, we currently expect: foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), acquisitions, divestitures, and a 53rd week to reduce net sales growth by approximately 1 percentage point. Restructuring charges and project-related costs related to

actions previously announced to total approximately $24 million.

45

Appendix: Third Quarter Fiscal 2021 North America Retail Operating Unit Results

NET SALES % VS. LY

Operating Unit	Q3
U.S. Meals & Baking	+15%
Canada	+13%
Canada Constant-currency	+9%¹
U.S. Cereal	+9%
U.S. Yogurt	+3%
U.S. Snacks	-3%

(1) Net sales growth in constant currency. Non-GAAP measure. See appendix for reconciliation

Reconciliation of Third Quarter Fiscal 2021

Organic Net Sales Growth

(FISCAL YEAR)

Q3 2021

Organic OrganicOrganic Foreign Acquisitions Reported Net Volume Price/MixNet Sales Exchange & Divestitures Sales Growth

North America Retail Europe & Australia Pet

9 ptsFlat

9%

-

2 pts

4 pts

7% 9 pts

- 9%

(1) pt 15%

16 pts

(3) pts

14%

- - 14%

Asia & Latin America Convenience Stores & Foodservice Total

9 pts

5 pts

14% (3) pts - 12%

(7) pts

(3) pts

(10)%

- - (10)%

5 pts

3 pts

7%

1 pt

- 8%

Reconciliation of Third Quarter Fiscal 2021 Adjusted Operating Profit Constant-currency Growth Rate

(FISCAL YEARS, $ IN MILLIONS)

2021

Q3

2020

ChangeOperating profit as reported

$ 826.6

$ 650.8

• Investment activity, net (59.3) 3.0

• Mark-to-market effects (55.7) 8.6

  Product recall adjustment

  (7.8)

• Restructuring charges 11.7 12.4

27 %

-Project-related costs Adjusted operating profit

$ 715.6

- 0.4

$ 675.1

6 %

Foreign currency exchange impact Adjusted operating profit growth, on a constant-currency basis

1 pt

5 %

Reconciliation of Third Quarter Fiscal 2021

Adjusted Diluted EPS and Related Constant-currency Growth Rates

(FISCAL YEARS)

Q3

Per Share Data

Diluted earnings per share, as reported

Investment activity, net** Mark-to-market effects** Product recall adjustment**

2021 $ 0.96 $

(0.08)

2020 0.74 -

• (0.07) 0.01

  (0.01)

  -

• Restructuring charges** 0.02 0.02

Change 30 %

CPW restructuring charges Adjusted diluted earnings per share Foreign currency exchange impact Adjusted diluted earnings per share growth, on a constant-currency basis

- 0.01

$

0.82

$

0.77

6 % Flat

6 %

*Table may not foot due to rounding **See reconciliation of tax rate excluding items for tax impact of individual items

Reconciliation of Net Debt-to-Adjusted EBITDA Ratio

(FISCAL YEARS, $ IN MILLIONS)

Net earnings, including earnings attributable to redeemable and noncontrolling interests, as reported

Trailing 12 Months Ending 2021 Q3

$ 2,573.1

Income taxes 661.8

Interest, net 436.3

Depreciation and amortization 592.8

EBITDA

After-tax earnings from joint ventures Mark-to-market effects

Investment activity, net Restructuring charges Product recall costs, net Project-related costs Asset impairments Divestitures loss Acquisition integration costs Hyperinflationary accounting Legal recovery

$

4,264.0

(123.1)

(94.3)

(76.6)

$

$

2020	2019	2018*
Full-year	Full-year	Full-year
2,210.8 $	1,786.2 $	2,284.4
480.5	367.8	104.3
466.5	521.8	527.8
594.7	620.1	642.6
3,559.1
(84.7)
(32.1)
-

3,752.5 $

3,295.9 $

(91.1) (72.0) 24.7 36.0 8.4 (22.8)

26.6

50.2 77.6 82.7

18.6

19.3 1.5

-

0.4

1.3 11.3

- - - - -- - - -

207.4 96.9

-

(16.2)

30.0

25.6

3.2

- - - -

Adjusted EBITDA

$ $

4,015.6

$

3,765.6 $

3,566.0 $ 3,633.2

Total debt

• 13,851.0 $

  13,539.5 $

  Cash

• 2,754.2 1,677.8

14,490.0 $ 15,818.6

450.0

Net debt

$

11,096.8

Net debt-to-adjusted EBITDA ratio

2.8

$

11,861.7 $ 3.2

14,040.0 $ 3.9

399.0 15,419.6

4.2

*On a Pro-forma basis **Table may not foot due to rounding

Reconciliation of Third Quarter Fiscal 2021 Constant-currency Segment Operating Profit Growth

(FISCAL YEAR)

Q3

Percentage Change Impact of Foreignin Operating Profit as Reported

Currency ExchangePercentage Change in

Operating Profit on Constant-Currency Basis

North America Retail Pet

Europe & Australia Asia & Latin America

14 % 9 %Flat Flat 9 pts 31 pts

14 % 9 %

33 %

24 %

48 %

18 %

Reconciliation of Third Quarter Fiscal 2021 Canada Operating Unit Constant-Currency Net Sales Growth

(FISCAL YEAR)

Q3

Percentage Change	Impact of	Percentage Change in
in Net Sales	Currency	Net Sales on Constant-
as Reported	Exchange	Currency Basis
13 %	4 pts

9 %

Reconciliation of Third Quarter and Nine Month

Fiscal 2021 Adjusted Gross Margin

(FISCAL YEARS)

% of Net SalesQ3

Nine Months

2021	2020
Gross margin as reported	34.4 %	33.6 % 35.8 %	34.6 %
Mark-to-market effects	(1.2) %	0.2 % (0.9) %	- %
Product recall adjustment, net	(0.2) %	- % - %	- %
Restructuring charges	- %	0.2 % - %	0.2 %
Adjusted gross margin	33.0 %	33.9 % 34.9 %	34.8 %
General Mills Third Quarter Fiscal 2021

2020

2021

Reconciliation of Third Quarter and Nine Month Fiscal 2021 Adjusted Operating Profit Margin

(FISCAL YEARS)

% of Net SalesQ3

Nine Months

2021	2020	2021	2020
Operating profit as reported	18.3 %	15.6 %	19.1 %	16.9 %
Investment activity, net	(1.3) %	0.1 %	(0.6) %	0.1 %
Mark-to-market effects	(1.2) %	0.2 %	(0.9) %	- %
Product recall adjustment, net	(0.2) %	- %	- %	- %
Restructuring charges	0.3 %	0.3 %	0.1 %	0.3 %
Adjusted operating profit	15.8 %	16.1 %	17.7 %	17.2 %
General Mills Third Quarter Fiscal 2021
*Table may not foot due to rounding

Reconciliation of Third Quarter Fiscal 2021

Adjusted Tax Rates

(FISCAL YEARS, $ IN MILLIONS EXCEPT PER SHARE DATA)

Q3

2021

2020

Pretax Earnings**Income Taxes

Pretax Earnings**Income Taxes

As reported Mark-to-market effects Investment activity, net Product recall adjustment Restructuring charges Project-related costs

$

754.0 $

162.0 $

• 571.3 $ 118.2

  (55.7)

  (12.8)

• 8.6 1.9

  (59.3)

  (11.7)

• 3.0 0.7

(7.8)

(0.9)

-

-

11.7

2.0

• 12.4 3.7

  -

• - 0.4 0.1

As adjusted

$

643.1 $

138.6 $

595.6 $ 124.8

Effective tax rate:

As reported

As adjusted

21.5% 20.7% 21.6% 21.0%

Sum of adjustment to income taxes

$

(23.4)

$ 6.4

Average number of common shares - diluted EPS

619.4 612.8

Impact of income tax adjustments on adjusted diluted EPS

$

(0.03)

$ 0.01

*Table may not foot due to rounding **Earnings before income taxes and after-tax earnings from joint ventures

Reconciliation of Nine-month Fiscal 2021

Organic Net Sales Growth

(FISCAL YEAR)

Nine Months 2021

North America Retail Europe & Australia Pet

Organic OrganicOrganic	Foreign	Acquisitions	Reported Net
Volume Price/MixNet Sales	Exchange	& Divestitures	Sales Growth

12 pts

1 pt

(1) pt

11%

-

5 pts

5% 6 pts

14 pts

- 11%

(1) pt 10%

(1) pt

13%

- - 13%

Asia & Latin America Convenience Stores & Foodservice Total

12 pts

1 pt

13% (6) pts - 8%

(9) pts

(3) pts

(12)%

- - (12)%

5 pts

3 pts

8%

-

- 8%

Reconciliation of Nine-month Fiscal 2021 Adjusted Operating Profit Constant-currency Growth Rate

(FISCAL YEARS, $ IN MILLIONS)

Nine Months

2021	2020	Change
Operating profit as reported	$ 2,596.9	$ 2,124.4	22 %
Mark-to-market effects	(118.0)	1.0
Investment activity, net	(78.3)	6.7
Product recall adjustment, net	(0.7)	-
Restructuring charges	13.6	37.2
Project-related costs	-	1.1
Adjusted operating profit	$ 2,413.6	$ 2,170.3	11 %
Foreign currency exchange impact	1 pt
Adjusted operating profit growth,
on a constant-currency basis	11 %
General Mills Third Quarter Fiscal 2021

Reconciliation of Nine-month Fiscal 2021

Adjusted Diluted EPS and Related Constant-currency Growth Rates

(FISCAL YEARS)

Nine MonthsPer Share Data

2021

2020

Change

Diluted earnings per share, as reported Mark-to-market effects**

Investment activity, net**

$

3.10 $ (0.15) (0.10)

2.54 - -

• Restructuring charges** 0.02 0.05

Tax item

CPW restructuring charges

• - (0.09)

• - 0.01

22 %

Adjusted diluted earnings per share Foreign currency exchange impact Adjusted diluted earnings per share growth, on a constant-currency basis

$

2.88 $

2.51

15 % 1 pt

14 %

*Table may not foot due to rounding **See reconciliation of tax rate excluding items for tax impact of individual items

Reconciliation of Nine-month Fiscal 2021

Adjusted Tax Rates

(FISCAL YEARS, $ IN MILLIONS EXCEPT PER SHARE DATA)

Nine Months

2021

2020

Pretax Earnings**Income Taxes

Pretax Earnings**Income Taxes

As reported Mark-to-market effects Investment activity, net Product recall adjustment, net Restructuring charges Project-related costs Tax item

$

2,378.8 $

(118.0)

522.2 $

1,867.2 $ 340.9

(27.1)

• 1.0 0.2

  (78.3)

  (16.1)

• 6.7 5.1

(0.7)

(0.1)

-

-

13.6

2.5

• 37.2 8.0

  - -- -

• 1.1 0.2

As adjusted Effective tax rate:

$

2,195.5 $

481.4 $

- 53.1 1,913.1 $ 407.6

As reported

As adjusted

22.0% 18.3% 21.9% 21.3%

Sum of adjustment to income taxes

$

(40.8)

$ 66.6

Average number of common shares - diluted EPS

619.6 612.1

Impact of income tax adjustments on adjusted diluted EPS

$

(0.06)

$ 0.11

*Table may not foot due to rounding **Earnings before income taxes and after-tax earnings from joint ventures

Reconciliation of Organic Net Sales Compound Annual Growth Rates

• 2017 vs. 2016

• 2018 vs. 2017

Net Sales Exchange & DivestituresFull-yearOrganicForeignAcquisitions

53rd WeekReported Net Sales Growth

(4)% Flat (2)% Flat Flat Flat Flat 4% 2%

(1) pt 1 pt

(1) pt - (6)%

- - 1%

2-year Ended F18 CAGR

• 2018 vs. 2017

• 2019 vs. 2018

1 pt (2) pts

- - 1%

9 pts - 7%

2-year Ended F19 CAGR

• 2019 vs. 2018

• 2020 vs. 2019

(2) pts (1) pt

9 pts -

- 7%

2 pts 5%

2-year Ended F20 CAGR

*Table may not foot due to rounding **Refer to 10-K Filings for original reconciliations of Organic Net Sales Growth Rates