Fiscal 2022 Q1 Earnings

September 22, 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, 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 First Quarter Fiscal 2022

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Jeff Harmening

Chairman and

Chief Executive Officer

General Mills First Quarter Fiscal 2022

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Today's Key Messages

  • Q1 Performance Above Expectations in a Dynamic and Challenging Environment
  • Delivering on Fiscal 2022 Priorities
  • Advancing Our Accelerate Strategy, Including Progress on Portfolio Reshaping
  • On Track to Achieve Higher End of Fiscal 2022 Financial Guidance Ranges

General Mills First Quarter Fiscal 2022

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A Dynamic and Challenging Operating Environment

Continued Elevated

High Input

Industry-Wide

At-home Demand

Cost Inflation

Labor Shortages

General Mills U.S. Retail Sales1

General Mills' North America

Job Open Rate

2-year CGR

Market Basket2

U.S. National Non-Farm3

5% 5%

4% 4%

F21 Q2

F21 Q3

F21 Q4

F22 Q1

2000

2010

2021

2001

2011

2021

  1. NielsenIQ xAOC; excludes Pet, Q1 F22 week ending 8/28/21
  2. Market Commodity Basket Index applies spot prices or price indices to GMI buying requirements excluding transportation and supplier conversion costs
  3. Seasonally Adjusted U.S. Bureau of Labor Statistics Dec 2000 to July 2021

General Mills First Quarter Fiscal 2022

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General Mills Inc. published this content on 22 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2021 11:31:10 UTC.