General Mills Fiscal 2013 Update

Morgan Stanley Consumer Conference November 14, 2012

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on managements 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; changes in capital structure; changes in laws and regulations, including labeling and advertising regulations; 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; 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 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 2013 1st Quarter Performance

($ in Millions, Except per Share) $ Net Sales As Reported Segment Operating Profit*
International Bakeries & Foodservice

% Change +5% +6
+56 +10

$4,051 $769

Adjusted Diluted EPS*

$.66

+3

* Non-GAAP Measure. See Appendix for Reconciliation.

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Fiscal 2013 2nd Quarter Update

Second Quarter Ends Nov. 25, Will Report Results Dec. 19 Performance Consistent With Our Plans
Annual EPS Guidance Remains $2.65 Before Items Affecting Comparability*

* Non-GAAP Measure. Excludes Mark-to-market Effects, Tax Benefit, Restructuring Expense, and Integration Costs.
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U.S. Category Volume Trends Improving As Pricing Moderates

Aggregate General Mills Categories (Change vs. LY)
+8% +6% +6% +6% +5% +3% +2% +1%

+1%

+1% +1% Flat Flat

-1% -3% -4% -5% -6% Jan Feb Mar Apr May Jun Jul -4%

-1%

Aug

Sep

Oct

Calendar Year 2012

Unit Volume Pricing
Source: Nielsen XAOC
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U.S. Market Innovation

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The U.S. Yogurt Category Today Segment Share

Dollar Share by Segment Equivalent Units Share by Segment

Largesize 8% Kid 13% Adult Bev. And Specialty 13% Regular 17% Light 17% Greek 32%

Largesize 8% Adult Bev. And Specialty 15%

Light 20%

Greek 19% Kid 19%

Regular 19%

Source: Nielsen XAOC, Latest 52 Weeks Ended 10.27.12

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Yoplait Greek Recent Share Gains

Yoplait Greek Dollar Share
(Share of Greek Segment)

8.9 7.8 5.9 5.6 5.5

June

July

Aug

Sep

Oct

Fiscal 2013
Source: Nielsen XAOC
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Improving Core Cup Trends

Unit Turns Per National Distribution Point
Rolling 12-week Average - Change vs. LY 15% 10% 5% 0% -5%

-10%
-15% -20%

Jun

Jul

Aug

Sep

Oct

Fiscal 2013
Source: Nielsen XAOC
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Seasonal Innovation from Yoplait

I usually don't write love letters to food

products but, I will trade my husband for

pumpkin pie light Yoplait!

-- Quote from a Yoplait consumer

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Regional Expansion Libert

Expanding Now in Select Markets

Coming in January to Existing Customers

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Regional Expansion Mountain High

Fiscal 2013 ACV by Market
June New York Boston Philadelphia Pittsburg h Washington D.C. 0 0 0 0 0 Oct 61 54 52 51 40

Baltimore

39

Source: Nielsen XAOC

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General Mills U.S. Cereal Share

Dollar Market Share

30.8 29.7

31.2

31.3

31.5 31.0

F08

F09

F10

F11

F12

F13 YTD
Sources: F08-F12 Nielsen All Outlet; F13 Nielsen XAOC
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2013 Year-to-date Merchandising Activity

Jun-Oct Merchandised Unit Volume
(Change vs. LY)

+DD

+MSD +LSD -LSD -9%

General Mills

-MSD
Private Label Malt-o-Meal Kellogg Post Quaker

Source: Nielsen XAOC, Period Ended 10.27.12

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Cheerios Can Help Reduce Cholesterol

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Cheerios The Categorys #1 Franchise

13% of U.S. Cereal Category Sales

Source: Nielsen XAOC, Fiscal YTD Period Ended 10.27.12

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Monsters Cereals Strong Halloween Performance

Sept-Oct Retail Sales +10%

Source: Nielsen XAOC
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Chex Holiday Time is Party Mix Time

Retail Sales Growth
($ in Millions) CGR = +12% +13%

F10

F11

F12

L12 Months

Source: Nielsen XAOC, Period Ended 10.27.12

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Cascadian Farm Organic Cereals

Retail Sales Growth
($ in Millions) CGR = +17% +14%

F10

F11

F12

L12 Months

Sources: Nielsen Period Ended 10.27.12 + SPINS Period Ended 9.29.12

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Progresso Strong Performance Over Time

Progresso RTS Market Share

39.3

39.6

36.9

34.5

35.0

35.3

F08

F09

F10

F11

F12

L12 Months

Source: F08-F12 Nielsen All Outlet; L12 Months Nielsen XAOC, Period Ended 10.27.12
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Progresso 2013 Innovation

RTS Soup 2013 Retail Sales Growth
(Change vs. LY)

8.5%
New Light Varieties Cooking Sauces

2.5%

Oct FYTD Category Progresso

FYTD Market Share +2.1 Points
Source: Nielsen XAOC, Period Ended 10.27.12
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U.S. Grain Snacks Performance

General Mills Market Share 34.8 27.8 29.3 30.0 30.8 36.6

F08

F09

F10

F11

F12

L12 Months

Sources: F08-F12 Nielsen All Outlet; L12 Months Nielsen XAOC, Period Ended 10.27.12
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U.S. Grain Snacks Innovation

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Bakeries & Foodservice Snacks Innovation

Net Sales Growth
($ in Millions)
CGR = +10%

F08

F09

F10

F11

F12

F13 Q1 Net Sales +11%

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Snacks Innovation Larabar

Retail Sales Growth
($ in Millions) CGR = +43%
6 6

12 Minis

+25%

F10

F11

F12

L12 Months

Fiscal YTD Market Share +0.3 Points

Source: Nielsen, Period Ended 10.27.11 + SPINS, Period Ended 9.29.12
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Snacks Innovation Food Should Taste Good Chips

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U.S. 2013 Plan Summary

The Operating Environment Is Improving We Have a High Level of Innovation and Brand-building Support in Market Expect Improving Sales Trends For Balance of 2013

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International Segment Strong Performance Over Time

Net Sales, As Reported
($ in Billions)

Operating Profit, As Reported

($ in Millions)

+68% $2.7 $2.9

$4.2

+73%
$291 $248

$430

$2.5

$2.6

$239
$192

2008

2009

2010

2011

2012

2008

2009

2010

2011

2012

Fiscal Years

Fiscal Years

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Snacks Innovation Canada

Grain Snacks Fiscal YTD Retail Sales Growth
(Change vs. LY)

New Products

+9.3%

Health News -3.3%

Fiscal YTD

Category

General Mills
Fiscal YTD Market Share +3.3 Points
Source: Nielsen, Period Ending 9.29.12
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Canada Yogurt Update

Libert

Yoplait

Smooth Sales and Systems Cutover Improving Sales Trends Significant Innovation and Brandbuilding Investment in 2013 YTD Market Share +2.1 Points
Source: Nielsen, Period Ending 9.29.12
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Western Europe Yogurt Update

Fiscal YTD Retail Sales
( % Change vs. LY)

France
+4%

Flat
Category Yoplait

UK
+6% +4%

Category

Yoplait
Sources: IRI, Period Ending Sept 2012
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Western Europe Innovation UK Nature Valley

Nature Valley Olympic Sponsorship New Product Line

Sampling

Advertising

Launched in Oct
Merchandising

Fiscal YTD Retail Sales +29%

Source: IRI, Period Ended 10.13.12

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Western Europe Innovation Haagen-Dazs

Secret Sensations New Flavor, New Markets Fiscal YTD retail sales +15%
Sources: Nielsen and IRI, Latest FYTD Period Available
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Greater China Overview

Constant Currency Sales*
($ in Millions) CGR = +19%
+DD

$550

F08

F09

F10

F11

F12

F13 Goal

*Estimated Net Sales Converting Local Currency Data at a Fixed Exchange Rate.
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Greater China Innovation Hagen-Dazs Mooncake

Constant Currency Sales*
($ in Millions) CGR = +19%

F09

F10

F11

F12

F13

Sold Over 2 Million Boxes in 2012

*Estimated Net Sales Converting Local Currency Data at a Fixed Exchange Rate.
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Greater China Highlights Haagen-Dazs Shops

Haagen-Dazs Shops Current Locations

On Track to Open 50 New Shops in 2013

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Greater China Innovation Haagen-Dazs Retail

2013 Fiscal YTD Net Sales +DD

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Greater China Innovation Wanchai Ferry

Frozen Dim Sum Strong In-store Presence

Frozen Noodles 2013 Business Highlights

Geographic Expansion
Product Expansion Fiscal YTD Net Sales +HSD
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Yoki Alimentos in Brazil

2009-2011 Sales CAGR +HSD +DD

Key Category Popcorn Snacks

Basic Foods
Seasonings Side Dishes

+DD
+DD +DD

Beverages

+DD

84% Total Unaided Awareness 87% Usage in past 6 months

53% 72%
Source: Synovate Brand Equity Research, July 2011
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General Mills and Yoki

Integration Activities Off to a Great Start! Sharp Focus on Maintaining Business Momentum Excellent Future Growth Prospects

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Fiscal 2013 International Summary

Innovation Driving Growth in Both Developed and Emerging Markets Strong Performance on Base Business Net Sales and Profit Contribution from Acquisitions

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Todays General Mills Update

First Quarter Results Modestly Ahead of Plans Second Quarter Performance Meeting Our Expectations Strong Innovation and Brand-building in Market On Track to Deliver Full-Year 2013 Targets Growth Prospects Consistent with Our Long-term Model Beyond 2013

*Non-GAAP Measure
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General Mills Fiscal 2013 Update

Morgan Stanley Consumer Conference November 14, 2012

Reconciliation of Segment Operating Profit

($ in Millions) Q1 2013 U.S. Retail International Bakeries & Foodservice Segment Operating Profit Corporate Unallocated Expense (Income) Restructuring, Impairment and Other Exit Costs Operating Profit $575 126 68 $769 (21) 9 $780 $639 2012 $585 81 61 $727 88

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Reconciliation of Non-GAAP EPS to Diluted EPS

Q1 2013 Diluted EPS Mark-to-market Effects* $0.82 (.07) 2012 $0.61 .03

Restructuring
Tax Item Diluted EPS Excluding Items Affecting Comparability**

.01
(.10) $0.66 $0.64

*Impact of Mark-to-market Valuation of Certain Commodity Positions. ** Acquisition Integration Costs had a Less Than 1-cent Impact on 1st Quarter Results.
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