Fiscal 2020 Investor DayJuly 9, 2019

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A Reminder on Forward-looking StatementsThis 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: 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, including our acquisition of Blue Buffalo and issues in the integration of Blue Buffalo and retention of key management and employees; unfavorable reaction to our acquisition of Blue Buffalo by customers, competitors, suppliers, and employees; 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; disruptions or inefficiencies in the supply chain; 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.

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Fiscal 2020 Investor DayJuly 9, 2019

Jeff HarmeningChairman and Chief Executive Officer

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Our Purpose

Our StrategyConsumer First: Deeply understand the needs and lives of our consumers and

respond quickly to give them what they want

Our GoalCreate market-leading growth to deliver

top-tier shareholder returns

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Our Consumers Are at theHeart of Everything We Do

FISCAL 2019 NET SALES: $16.9 BILLION

Our Portfolio Today

5(1) Natural & Organic includes N&O cereal, yogurt, snacks, meals, and other categories.

“Accelerate”Snack BarsIce CreamMexicanNatural & Organic¹

North America RetailConvenience

Stores & Foodservice

Europe & Australia

Asia & Latin America

Pet

BySegment

ByPlatform

Cereal Yogurt

Pet Food 8%

12%15%

25%59%

12%

11%

10%8%

Regional Snacks and Meals

Dough andBaking Mixes

Brands with $1B+ in retail salesSource: Nielsen and Euromonitor.

Eight $1B Brands Competing Around the World

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Delivered on Fiscal 2019

OUR F19 PRIORITIES OUR F19 RESULTS

Net Sales Growth +9%¹

Organic Sales* Growth Flat

Adj. Operating Profit* Growth +10%¹

Adj. Diluted EPS* Growth +4%¹

Free Cash Conversion* 115%

*Non-GAAP measure. See appendix for reconciliation. (1) Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation

Grow the Core

Transition Blue Buffalo

Deliver Financial Commitments

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Culture Matters More than Ever

CREATING A CULTURE OF BELONGING

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100% recyclable by design by 2030

1 million acres of farmland by 2030

New in F19

ADAPTING TO CHANGES IN THE MARKETPLACE

INCREASING OUR SUSTAINABILITY COMMITMENTS

See www.generalmills.com/responsibility for more information

Consumer First Design

Our Global Growth Framework

COMPETE1

ACCELERATE2RESHAPE3

Effectively Across All Brands and All Geographies

Our Differential Growth Platforms

the Portfolio for Growth

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COMPELLING INNOVATION MODERN BRAND BUILDING

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Innovation and Brand BuildingWill Drive Growth in F20

STRATEGIC REVENUE MANAGEMENT

Global Capabilities Will Drive Growth in F20E-COMMERCE

Optimal Price

Price Pack Architecture

Mix Management

PromotionOptimization

F19 Organic Price/Mix = +2pts11

F19 E-commerce Net Sales +33% vs LY

Focus Areas by Segment in F20

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North America Retail

Europe & AustraliaAsia & Latin America

Pet

Improve topline while maintaining strong margins

Drive topline growth consistent with F19 while improving margins

Deliver strong growth on top and bottom lines

SEGMENT F20 FOCUS

Convenience Stores & Foodservice Deliver balanced top and bottom line growth

AccelerateOrganic Sales

Maintain Strong

Margins

ReduceLeverage

Improve NAR while continuing to drive Pet growth

Fuel growth investments through HMM and SRM

Continue cash discipline and pay down debt

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Our Fiscal 2020 Priorities

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Organic Net Sales² +1 to +2%

$2.9 Billion¹ Adjusted Operating Profit² +2 to +4%

$3.22¹ Adjusted Diluted EPS² +3% to +5%

Free Cash Flow Conversion² >95%

F19 BASE F20 TARGET

Our Fiscal 2020 Targets

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3

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(1) Non-GAAP measure. See appendix for reconciliation.(2) Non-GAAP measure.(3) Constant-currency growth rate. Non-GAAP measure.

Opening Remarks Jeff Harmening

North America Retail Plans Jon Nudi

Convenience Stores & Foodservice Plans Shawn O’Grady

Q&A Discussion

Blue Buffalo Plans Billy Bishop

Europe & Australia Plans Bethany Quam

Asia & Latin America Plans Sean Walker

JV Plans and Financial Summary Don Mulligan

Q&A Discussion

Today’s Agenda

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Investor Day Fiscal 2020July 9, 2019

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Jon NudiGroup President

North America Retail

• Continued Retail Sales Improvement in F19

• Made Significant Progress on the Bottom-line

• F20 Focus: Improve Topline Growth While Maintaining Margins

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North America Retail Key Messages

U.S. Meals & Baking

U.S. Cereal

U.S. Snacks

Canada

U.S. Yogurt

F19NET SALES = $10B LEADING BRANDS SERVE >95%

HOUSEHOLDS25 CATEGORIES

North America Retail Segment Overview

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General Mills U.S. Retail Sales TrendRETAIL SALES % VS. LY

Source: Nielsen xAOC

-7.0%

-3.6%

-0.3%

1.3%

-0.2% -0.1%

-1.2%

-0.3%

0.3%

-4.9%

0.1%

F17 F18-Q1 F18-Q2 F18-Q3 F18-Q4 F19-Q1 F19-Q2 F19-Q3 F19-Q4

% +/- LY2-Year Average

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F17 F18 F19Cereal

Bars

Yogurt

Refrigerated Dough

Soup

Hot Snacks

Desserts

Mexican

Fruit Snacks

Natural & Organic

Top 10 Holding / Gaining Share 3 of 10 8 of 10 7 of 1020Source: Nielsen xAOC, dollar share

Natural & Organic includes Nielsen XAOC tracked categories

General Mills U.S. Retail Market Share Performance

North America Retail Fiscal 2020 Priorities

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Improve Organic Sales Growth

Manage Costs to Maintain Margins

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• Compete Effectively Everywhere We Play

• Maintain Momentum on U.S. Cereal

• Improve U.S. Snacks and U.S. Yogurt

CONTINUE STRONG LEVELS OF NEW PRODUCT SALES CONTRIBUTION

(% of North America Retail Net Sales)

1.5%

3.5%

5.5%

F16 F17 F18 F19 F20 Target

Impactful Innovation

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E-COMMERCE LEADERSHIP

Full Basket E-commerce Dollar Share Index = 118

23Source: Nielsen, Retailer Data, and Internal Estimates

STRATEGIC REVENUE MANAGEMENT

Optimal Price

Price Pack Architecture

Mix Management

PromotionOptimization

Global Capabilities Will Drive Growth in F20

Modern Brand Building

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31.2 31.130.9

31.631.9

F15 F16 F17 F18 F19

-3.6%

-2.9% -2.8%

-1.8% -1.7%-1.1% -1.0%

-0.5% -0.5%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

CATEGORY LEADERSHIP(GENERAL MILLS U.S. CEREAL DOLLAR SHARE)

CATEGORY PERFORMANCE IMPROVING(U.S. CEREAL CATEGORY DOLLAR SALES, % vs. LY)

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F17 F18 F19

Source: Nielsen xAOC Source: Nielsen xAOC

Leading U.S. Cereal Category Performance

HOLISTIC BRAND BUILDING

Cheerios

Cinnamon Toast Crunch

Reese’s Puffs

In-Store Events26

U.S. Cereal Growth Initiatives

LAUNCH CATEGORY LEADING INNOVATION

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U.S. Cereal Growth Initiatives

Continue Improved Momentum in U.S. Yogurt

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-19%

-11%

-2%

F17 F18 F19

YOGURT SALES(General Mills U.S. Yogurt Retail Sales, % vs. LY)

YOGURT CATEGORY: GROWTH IN NON-GREEK SEGMENT

(U.S. Yogurt Retail Sales, $ in Millions, % vs. LY)

Source: Nielsen xAOC

Share pts vs. LY

-3.8 -1.5 +0.1

GreekNon-Greek

+1% vs. LY-6% vs. LY

Total Yogurt Category -2% vs. LYSource: Nielsen xAOC, Fiscal 2019

Drive Growth on the Core

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NEW EQUITIES AND “SIMPLE” OFFERINGS

INCREASED BRAND BUILDING SUPPORTINNOVATION

Lead Growth in Simply Better

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REFORMULATED YQ + PROTEIN

MODERNIZE DIGESTIVE HEALTH

GROW THE CORE AND EXPAND INTO DESSERTS

U.S. SNACKS OPERATING UNIT

U.S. Snacks

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Net Sales, $ in Billions

$1.87

$2.14$2.06

F13 F18 F19

CGR = +3% -4% vs. LY

INCREASINGBRAND INVESTMENT

Improve Nature ValleyMAKING INNOVATION

BIGGERIMPROVING IN-STORE

EXECUTION

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Fiber One and Protein One

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Other U.S. Snack Bar Plans

TREAT BARS EXPANSIONCONTINUE TO DRIVE NUTRITION BAR PORTFOLIO

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Fruit Snacks Positioned for Growth

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BRAND BUILDING AND NEW EQUITIES EXPANDED AVAILABILITY

Natural & Organic PortfolioLARGE & GROWING BUSINESS

FOR GENERAL MILLS

F00 F10 F15 F19

CGR = +DD

Second-largest U.S. Producer of Natural & Organic Packaged Food

(Net Sales, $ in millions)

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CHANNEL EXPANSION& PACKAGING

FOR ALL OCCASIONS

TASTE-DRIVEN INNOVATION & NEWS

Accelerate Annie’s Growth

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ADVANCING OUR MISSION

TASTE NEWS & INNOVATION

WIN WITH CEREAL GROW MEAT SNACKING

Drive Growth Across the Rest ofthe Natural & Organic Portfolio

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OLD EL PASO IS LEADING GROWTH(Retail Sales, $ in Millions)

Leading the Mexican Food Category

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$476

$546

F16 F19

CGR = +5%+1.2pts Share

INNOVATIONYEAR-ROUND INSPIRATIONWIN IN STORE

Continue to Drive Old El Paso Growth

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HOT SNACKSREFRIGERATED DOUGH

Other Meals & Baking Categories

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SOUP

•Drive Positive Price/Mix with SRM

•Continue High Levels of HMM

Manage Costs to Maintain Margins

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• Continued Retail Sales Improvement in F19

• Made Significant Progress on the Bottom-line

• F20 Focus: Improve Topline Growth While Maintaining Margins

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North America Retail Key Messages

Fiscal 2020 Investor DayJuly 9, 2019

Shawn O’GradyGroup President,

Convenience Stores & Foodservice;Chief Revenue Development Officer

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• Grew Net Sales +LSD and Profit +HSD in F19

• Strong Growth Opportunity in Away-from-home Channels

• News & Innovation on Focus Six to Drive Topline in F20

• Drive HMM and Mix to Maintain Margins

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Convenience Stores & FoodserviceKey Messages

OUR MISSION

Convenience Stores & Foodservice

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A LARGE MARKET OPPORTUNITY

Convenience Stores & Foodservice

Away-From-Home53%

At-Home47%

2018 Estimate: $1.5 Trillion

U.S. FOOD AND NON-ALCOHOLIC BEVERAGE CONSUMER EXPENDITURES

Source: U.S. Bureau of the Census, Technomic Inc, 20 yr Trend , July 2018

Total Foodservice $821 3.9%

Commercial $534 4.0%

Non-Commercial $210 3.5%

C-Store* $ 78 1.9%

2019 Est. Sales

($ in Billions)

2020 Est.Nominal Growth

Source: Technomic Wallchart May 2019; Nielsen and Kantar*C-store includes center store + foodservice

CHANNEL GROWTH

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LEVERAGE GENERAL MILLS

INVESTMENTINNOVATE

OPERATOR FIRSTCREATE DEMAND

WITH DIRECT SALES

Advantaged Business Model

13 Points of Operating Profit Margin Expansion Since 2008

Focus Six Platforms

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SnacksYogurtCereal

FrozenBiscuits

FrozenMeals

Frozen Baked Goods

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Drive Topline Growth Across the Focus Six

Drive HMM and Mix to Maintain Margins

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Convenience Stores & FoodserviceFiscal 2020 Priorities

EXPAND GRANOLA IN COLLEGES & UNIVERSITIES

Cereal Innovation in Schools

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LAUNCH 2 OUNCE EQUIVALENT GRAIN BOWLPACK IN K-12 SCHOOLS

Yogurt News to Drive Usage

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BULK YOGURT NEWS & RECIPE IDEAS OUI DISTRIBUTION EXPANSION

Made without gelatin Preferred taste & texture

Snacks Innovation Across Convenience Stores

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SALTY INNOVATION FRUIT SNACKS EXPANSION SNACK BARS

Accelerating Growth Across Baked Goods

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ENHANCED OFFERINGS ADVANTAGED CUSTOM CAPABILITIES

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Drive HMM and Mix to Maintain Margins

• Strong HMM Plans in F20:• Ingredient Savings

• Optimize Logistics Network

• Harmonize Formulas to Increase Production Capacity

• Mix Benefits from Growth on Higher-margin Focus 6

• Grew Net Sales +LSD and Profit +HSD in F19

• Strong Growth Opportunity in Away-from-home Channels

• News & Innovation on Focus Six to Drive Topline in F20

• Drive HMM and Mix to Maintain Margins

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Convenience Stores & Foodservice Summary