GeneralMills_Topic10_DCFModel

General Mills Amounts in millions Assigned 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Net sales Operating 17,630.3 16,563.1 15,619.8 15,740.4 Cost of sales Operating (10,733.6) (10,056.0) (10,312.9) Selling, general, and administrative expenses Operating (3,118.9) (2,801.3) (2,752.6) Divestitures (loss) gain Operating 148.2 (13.5) - Restructuring, impairment, and other exit costs Operating (151.4) (182.6) (165.6) Operating profit 2,707.4 2,566.4 2,509.3 Interest expense Financial (303.8) (295.1) (373.7) Earnings before income taxes and after-tax earnings from joint ventures 2,403.6 2,271.3 2,135.6 Income taxes Split (755.2) (655.2) (57.3) After-tax earnings from joint ventures Operating 88.4 85.0 84.7 Net earnings, including earnings attributable to redeemable and noncontrolling interests 1,736.8 1,701.1 2,163.0 Net earnings attributable to redeemable and noncontrolling interests Financial (39.4) (43.6) (32.0) Net earnings attributable to General Mills 1,697.4 1,657.5 2,131.0 Comprehensive income items: Foreign currency translation Operating (108.7) 6.3 (37.0) Net actuarial income (loss) Financial (325.9) 197.9 140.1 Other fair value changes: Securities Financial 0.1 0.8 1.2 Other fair value changes: Hedge deriviatives Operating 16.0 53.3 (50.8) Reclassification to earnings: Securities Financial - - (5.1) Reclassification to earnings: Hedge deriviatives Operating (9.5) (25.7) 17.4 Reclassification to earnings: Amortization of losses and prior service costs Financial 128.6 122.5 117.6 Other comprehensive income attributable to noncontrolling interests, net Financial (2.1) 12.6 (38.5) Comprehensive income attributable to General Mills 1,395.9 2,025.2 2,275.9

5/28/2017 5/27/2018 312.4 314.8 1,430.1 1,684.2 1,483.6 1,642.2 381.6 398.3 3,687.7 4,047.2 8,747.2 14,065.0 4,530.4 7,445.1 785.9 943.0 21,358.9 30,539.8 (2,119.8) (2,746.2) (1,372.2) (1,445.8) (1,719.4) (2,003.8) (1,523.1) (1,341.0) (6,734.5) (7,536.8) 14,624.4 23,003.0 5/28/2017 5/27/2018 453.7 84.2

Net earnings attributable to redeemable and noncontrolling interests Financial (39.4) Net earnings attributable to General Mills Comprehensive income items: Foreign currency translation Operating Net actuarial income (loss) Financial (325.9) Other fair value changes: Securities Financial 0.1 Other fair value changes: Hedge deriviatives Operating Reclassification to earnings: Securities Financial 0.0 Reclassification to earnings: Hedge deriviatives Operating Reclassification to earnings: Amortization of losses and prior service costs Financial 128.6 Other comprehensive income attributable to noncontrolling interests, net Financial (2.1) Comprehensive income attributable to General Mills FEAT from as Reported (436.2) Checks: Comprehensive Income attributable to GIS from above 1,395.9 Difference from comprehensive income attrib to GIS from IS Reported 0.0

5/31/2015 5/29/2016 5/28/2017 5/27/2018 Footnote 6: Goodwill: North America Retail 6,546.2 6,410.3 6,406.5 6,410.6 Pet - - - 5,294.9 Convenience Stores & Foodservice 921.1 921.1 918.8 918.8 Europe & Australia 719.1 716.5 700.8 729.9 Asia & Latin America 287.0 287.1 312.4 285.0 Joint Ventures 401.5 406.2 408.7 425.8 8,874.9 8,741.2 8,747.2 14,065.0 Other intangible assets: Brands and other indefinite-lived intangibles 4,262.1 4,147.5 4,161.1 6,818.7 Franchise agreements, customer relationships, and other 544.0 536.9 524.8 811.7 Accumulated amortization (129.1) (145.8) (155.5) (185.3) 4,677.0 4,538.6 4,530.4 7,445.1 Footnote 8: Notes payable: US commercial paper 432.0 - 954.7 1,213.5 Financial institutions 183.8 269.8 279.4 336.3 615.8 269.8 1,234.1 1,549.8 Footnote 13: Funded status: Defined benefit pension plans: Benefit obligation (6,252.1) (6,448.5) (6,458.6) (6,416.0) Plan assets 5,758.5 5,539.9 5,925.2 6,177.4 (493.6) (908.6) (533.4) (238.6) Other postretirement benefit plans: Benefit obligation (1,079.6) (1,028.9) (951.4) (871.8) Plan assets 582.8 602.4 694.8 726.1 (496.8) (426.5) (256.6) (145.7) Postemployment benefit plans: Benefit obligation (146.6) (164.1) (134.5) (126.7) (146.6) (164.1) (134.5) (126.7) (1,137.0) (1,499.2) (924.5) (511.0) Net periodic benefit expense: Defined benefit pension plans: Service cost 137.0 134.6 119.7 102.9 Interest cost 249.2 267.8 216.5 217.9 Expected return on plan assets (476.4) (496.9) (486.7) (480.2) Amortization of losses 141.7 189.8 190.2 177.0 Amortization of prior service cost 7.4 4.7 2.5 1.9 Other adjustments 15.1 5.0 3.1 - Settlements or curtailment losses 18.0 13.1 3.8 -

Other current liabilities: Accrued trade and consumer promotions 564.7 563.7 482.6 499.6 Accrued payroll 361.8 386.4 326.6 347.0 Dividend payable 27.9 23.8 21.5 17.5 Accrued taxes 20.7 110.5 58.0 94.8 Accrued interest, including interest rate swaps 91.8 90.4 83.8 107.7 Grain contracts 7.8 5.5 5.6 1.2 Restructuring and other exit costs reserve 120.8 76.6 85.0 66.8 Derivative payable 122.9 35.6 18.1 8.3 Miscellaneous 271.5 302.5 291.0 302.9 1,589.9 1,595.0 1,372.2 1,445.8 Other noncurrent liabilities: Accrued compensation and benefits, including pensions 1,451.4 1,755.0 1,249.7 999.4 Accrued taxes 202.5 204.0 162.3 265.3 Miscellaneous 90.9 128.6 111.1 76.3 1,744.8 2,087.6 1,523.1 1,341.0 Research expense 229.4 222.1 218.2 219.1 Advertising expense 823.1 754.4 623.8 575.9 Interest, net: Interest expense 335.5 319.6 306.7 389.5 Capitalized interest (6.9) (7.7) (4.6) (4.1) Interest income (13.2) (8.1) (7.0) (11.7) 315.4 303.8 295.1 373.7

General Mills From Amounts in millions Reported Net sales - North America retail Net sales - Convenience stores & foodservice Net sales - Europe & Australia Net sales - Asia & Latin America Cost of sales Operating Gross profit Advertising expense Research expense Defined benefit pension plans: Service cost Defined benefit pension plans: Interest cost Defined benefit pension plans: Expected return on plan assets Defined benefit pension plans: Amortization of losses Defined benefit pension plans: Amortization of prior service cost Defined benefit pension plans: Other adjustments Defined benefit pension plans: Settlements or curtailment losses Other postretirement benefit plans: Service cost Other postretirement benefit plans: Interest cost Other postretirement benefit plans: Expected return on plan assets Other postretirement benefit plans: Amortization of losses Other postretirement benefit plans: Amortization of prior service cost Other postretirement benefit plans: Other adjustments Other postretirement benefit plans: Settlements or curtailment losses Postemployment benefit plans: Service cost Postemployment benefit plans: Interest cost Postemployment benefit plans: Amortization of losses Postemployment benefit plans: Amortization of prior service cost Postemployment benefit plans: Other adjustments Postemployment benefit plans: Settlements or curtailment losses Defined contribution plan expense Other selling, general, and administrative expenses Divestitures (loss) gain Operating Restructuring, impairment, and other exit costs Operating Operating profit Interest expense Capitalized interest Interest income Earnings before income taxes and after-tax earnings from joint ventures Income taxes Split After-tax earnings from joint ventures Operating Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Financial Net earnings attributable to General Mills

(108.7) 6.3 (37.0) (325.9) 197.9 140.1 0.1 0.8 1.2 16.0 53.3 (50.8) - - (5.1) (9.5) (25.7) 17.4 128.6 122.5 117.6 (2.1) 12.6 (38.5) 1,395.9 2,025.2 2,275.9 0.0 0.0 0.0

5/31/2015 5/29/2016 Year-end closing share price (Yahoo) 56.15 62.87 Footnote 11: Stock Options Outstanding at end of year 39,077.2 32,401.6 Weighted avg. exercise price, Outstanding 34.35 37.09 Equity Classified Nonvested at end of year 6,235.6 5,100.4 Weighted avg. exercise price, ending 46.44 48.60 Footnote 15: Operating lease payments 189.1 Future Operating Lease payments Year plus 1 108.4 107.9 Year plus 2 76.2 83.5 Year plus 3 56.9 67.2 Year plus 4 45.0 49.6 Year plus 5 32.4 39.6 Thereafter 81.6 49.8 400.5 397.6 Spread out payments! 108.4 107.9 76.2 83.5 56.9 67.2 45.0 49.6 32.4 39.6 32.4 39.6 32.4 10.2 16.8 - - - - - - - Footnote 8: Calculation of long-term debt average rate

5/31/2015 4.200% - 5.650% 1,150.0 5.700% 1,000.0 3.150% 1,000.0 3.700% - 4.000% - 3.200% - 4.700% - 3.200% - 2.100% 549.4 1.000% 549.4 1.400% 500.0 4.550% - 2.600% - 5.400% 500.0 4.150% 500.0 3.650% 500.0 2.200% 500.0 1.500% 439.5 0.875% 250.0 2.200% 219.7 7,658.0

5/28/2017 5/27/2018 57.32 42.64 29,834.4 28,963.8 40.47 42.90 4,491.2 3,731.8 56.08 57.50 118.1 189.4 118.8 137.4 101.7 115.7 80.7 92.3 60.7 70.9 49.7 51.8 89.1 91.2 500.7 559.3 118.8 137.4 101.7 115.7 80.7 92.3 60.7 70.9 49.7 51.8 49.7 51.8 39.4 39.4 - - - - - - - -

5/29/2016 5/28/2017 5/27/2018 0 4.200% - 0 4.200% - 0 4.200% 1,400.0 0.008484591 5.650% 1,150.0 0.008748 5.650% 1,150.0 0.009039 5.650% 1,150.0 0.007443197 5.700% 1,000.0 0.007674 5.700% - 0 5.700% - 0.004113346 3.150% 1,000.0 0.004241 3.150% 1,000.0 0.004382 3.150% 1,000.0 0 3.700% - 0 3.700% - 0 3.700% 850.0 0 4.000% - 0 4.000% - 0 4.000% 800.0 0 3.200% - 0 3.200% 750.0 0.003339 3.200% 750.0 0 4.700% - 0 4.700% - 0 4.700% 650.0 0 3.200% - 0 3.200% - 0 3.200% 600.0 0.001506581 2.100% 555.8 0.001571 2.100% 559.2 0.001634 2.100% 582.6 0.00071742 1.000% 555.8 0.000748 1.000% 559.2 0.000778 1.000% 582.6 0.000914077 1.400% 500.0 0.000942 1.400% 500.0 0.000974 1.400% - 0 4.550% - 0 4.550% - 0 4.550% 500.0 0 2.600% - 0 2.600% - 0 2.600% 500.0 0.003525725 5.400% 500.0 0.003635 5.400% 500.0 0.003756 5.400% 500.0 0.002709585 4.150% 500.0 0.002794 4.150% 500.0 0.002887 4.150% 500.0 0.002383129 3.650% 500.0 0.002457 3.650% 500.0 0.002539 3.650% 500.0 0.001436406 2.200% 500.0 0.001481 2.200% 500.0 0.00153 2.200% 500.0 0.000860864 1.500% 444.6 0.000898 1.500% 447.3 0.000933 1.500% 466.1 0.000285649 0.875% - 0 0.875% - 0 0.875% - 0.000631157 2.200% 221.0 0.000655 2.200% 222.8 0.000682 2.200% 232.8 3.50% 7,427.2 3.58% 7,188.5 3.25% 12,064.1

0.004874 0.005386 0 0.002611 0.002607 0.002652 0.001989 0.002532 0.001591 0.001014 0.000483 0 0.001886 0.001078 0.002238 0.00172 0.001513 0.000912 0.00058 0 0.000425 3.61%

5/31/2015 5/29/2016 5/28/2017 5/27/2018 LIFO Reserve 214.2 219.3 209.1 213.2 Future tax rate 35% 35% 21% 21% Adjustment: Inventory 214.2 219.3 209.1 213.2 Taxes payable (75.0) (76.8) (43.9) (44.8) Cost of goods sold (5.1) 10.2 (4.1) Tax expense 1.8 (32.8) 0.9 Retained earnings (139.2) (139.2) (142.5) (165.2)

5/31/2015 5/29/2016 5/28/2017 Adjustment for Leases Calculated lease liability 364.5 365.1 459.4 Assumed lease assets @ 100% 364.5 365.1 459.4 Disclosed operating lease payments 189.1 118.1 Estimated interest payment 13.1 13.4 Estimated principal payment 176.0 104.7 Estimate depreciation equal to principal payment 176.0 104.7 Record liability and asset Capitalized lease obligation (364.5) (365.1) (459.4) Asset under capital lease 364.5 365.1 459.4 Reclassify payments SG&A - Operating lease expense (189.1) (118.1) Interest expense 13.1 13.4 Depreciation expense 176.0 104.7

5/27/2018 509.9 Corrected Note that the numbers reported in the text on p. 5.14 are errors - 509.9 the text incorrectly referenced rows 27 to 37 in the prior spreadsheet rather than correctly 189.4 referencing rows 32 to 42. Note 17.5 that many of the numbers going forward are affected. 171.9 171.9 (509.9) 509.9 (189.4) 17.5 171.9

Text Corrected

5/31/2015 5/29/2016 5/28/2017 5/27/2018 Stock options: Ending price 56.15 62.87 57.32 42.64 Avg exercise price for ending outstanding 34.35 37.09 40.47 42.90 Max (0, Price - exercise) 21.80 25.78 16.85 - End number of options outstanding 39,077.2 32,401.6 29,834.4 28,963.8 Value of option overhang liability 851.9 835.3 502.7 - Assumed future tax rate 35% 35% 21% 21% Related DTA (Financial) 298.2 292.4 105.6 - Opening balances: Opening SBC liability (851.9) (835.3) (502.7) Opening DTA (Financial) 298.2 292.4 105.6 Prior period adjustment to CSE 553.7 543.0 397.1 Adjustments for Options Decrease (increase) in SBC overhang 16.6 332.6 502.7 Increase (decrease) in related financial DTA (5.8) (186.8) (105.6) Increase (decrease) in FEAT (10.8) (145.8) (397.1) Equity Classified: Ending price 56.15 62.87 57.32 42.64 Avg exercise price for ending outstanding 46.44 48.60 56.08 57.50 Max (0, Price - exercise) 9.71 14.27 1.24 - End number of options outstanding 6,235.6 5,100.4 4,491.2 3,731.8 Value of equity classified overhang liability 60.5 72.8 5.6 - Assumed future tax rate 35% 35% 21% 21% Related DTA (Financial) 21.2 25.5 1.2 - Opening balances: Opening SBC liability (60.5) (72.8) (5.6) Opening DTA (Financial) 21.2 25.5 1.2 Prior period adjustment to CSE 39.4 47.3 4.4 Adjustments for Equity Classified Decrease (increase) in SBC overhang (12.2) 67.2 5.6 Increase (decrease) in related financial DTA 4.3 (24.3) (1.2) Increase (decrease) in FEAT 8.0 (42.9) (4.4)

Summary of adjustments: Opening balances: Opening share based compensation liability (912.4) (908.1) (508.3) Opening DTA (Financial) 319.4 317.8 106.7 Prior period adjustment to CSE 593.1 590.3 401.5 Current year effects: Adjustment to share based compensation liability 4.3 399.8 508.3 Adjustment to DTA (Financial) (1.5) (211.1) (106.7) Adjustment to FEAT (2.8) (188.7) (401.5) Check figure: 0.0 0.0 0.0

General Mills From Amounts in millions Expanded Assigned 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Assets Cash and cash equivalents Split 334.2 763.7 766.1 399.0 Receivables: Customers Operating 1,412.0 1,390.4 1,454.4 1,712.6 Receivables: Allowance for doubtful accounts Operating (25.3) (29.6) (24.3) (28.4) Inventories: Raw materials and packaging Operating 390.8 397.3 395.4 400.0 Inventories: Finished goods Operating 1,268.6 1,163.1 1,224.3 1,364.2 Inventories: Grain Operating 95.7 72.6 73.0 91.2 Inventories: Excess of FIFO over LIFO cost Operating - - - - Deferred tax assets: Accrued liabilities Operating 98.0 89.9 70.0 47.2 Deferred tax assets: Compensation and employee benefits Operating 536.2 491.5 419.2 210.2 Deferred tax assets: Unrealized hedges Operating 0.8 - - - Deferred tax assets: Pension Financial 169.0 322.0 196.3 57.1 Deferred tax assets: Tax credit carryforwards Operating 5.6 4.5 18.4 7.4 Deferred tax assets: Stock, partnership, and miscellaneous investments Financial 384.1 353.6 276.4 147.9 Deferred tax assets: Capital losses Operating 6.1 14.5 29.8 12.9 Deferred tax assets: Net operating losses Operating 89.3 97.9 109.5 161.2 Deferred tax assets: Other Operating 74.5 84.1 85.6 52.9 Deferred tax assets: Valuation allowance Operating (215.4) (227.0) (231.8) (176.0) Deferred tax assets: Stock-based compensation Financial 319.4 317.8 106.7 - Prepaid expenses and other current assets: Other receivables Operating 148.8 159.3 163.7 174.4 Prepaid expenses and other current assets: Prepaid expenses Operating 169.3 177.9 168.9 165.6 Prepaid expenses and other current assets: Derivative receivables, primarily com Operating 80.9 44.6 35.0 40.5 Prepaid expenses and other current assets: Grain contracts Operating 3.3 1.8 2.7 7.1 Prepaid expenses and other current assets: Miscellaneous Operating 21.5 15.4 11.3 10.7 Land, buildings, and equipment: Land Operating 96.0 92.9 79.8 77.7 Land, buildings, and equipment: Buildings Operating 2,272.7 2,236.0 2,249.2 2,396.3 Land, buildings, and equipment: Buildings under capital lease Operating 0.3 0.3 0.3 0.3 Land, buildings, and equipment: Equipment Operating 6,091.1 5,945.6 6,095.9 6,236.6 Land, buildings, and equipment: Equipment under capital lease Operating 9.8 3.0 3.0 5.8 Land, buildings, and equipment: Capitalized software Operating 499.0 523.0 545.4 593.6 Land, buildings, and equipment: Construction in progress Operating 622.2 702.7 553.0 692.9 Land, buildings, and equipment: Accumulated depreciation Operating (5,807.8) (5,759.9) (5,838.9) (5,956.0) Capitalized lease asset Operating 364.5 365.1 459.4 509.9 Goodwill: North America Retail Operating 6,546.2 6,410.3 6,406.5 6,410.6 Goodwill: Pet Operating - - - 5,294.9 Goodwill: Convenience Stores & Foodservice Operating 921.1 921.1 918.8 918.8 Goodwill: Europe & Australia Operating 719.1 716.5 700.8 729.9 Goodwill: Asia & Latin America Operating 287.0 287.1 312.4 285.0 Goodwill: Joint Ventures Operating 401.5 406.2 408.7 425.8 Other intangible assets: Brands and other indefinite-lived intangibles Operating 4,262.1 4,147.5 4,161.1 6,818.7 Other intangible assets: Franchise agreements, customer relationships, and other Operating 544.0 536.9 524.8 811.7 Other intangible assets: Accumulated amortization Operating (129.1) (145.8) (155.5) (185.3) Other assets: Investments in and advances to joint ventures Operating 530.6 518.9 505.3 499.6 Other assets: Exchangable note with related party Financial 30.7 12.7 - - Other assets: Life insurance Operating 26.6 26.3 25.6 26.9 Other assets: Miscellaneous Operating 85.1 102.9 110.1 106.6 Defined benefit pension plans: Plan assets Financial 5,758.5 5,539.9 5,925.2 6,177.4 Other postretirement benefit plans: Plan assets Financial 582.8 602.4 694.8 726.1 Total assets 30,081.3 29,897.0 30,036.3 38,461.5 Liabilities and Shareholders' Equity Current liabilities Accounts payable Operating (1,684.0) (2,046.5) (2,119.8) (2,746.2) Current portion of long-term debt Financial (1,000.4) (1,103.4) (604.7) (1,600.1) Notes payable: US commercial paper Financial (432.0) - (954.7) (1,213.5) Notes payable: Financial institutions Financial (183.8) (269.8) (279.4) (336.3) Other current liabilities: Accrued trade and consumer promotions Operating (564.7) (563.7) (482.6) (499.6) Other current liabilities: Accrued payroll Operating (361.8) (386.4) (326.6) (347.0) Other current liabilities: Dividend payable Financial (27.9) (23.8) (21.5) (17.5) Other current liabilities: Accrued taxes Operating (95.7) (187.3) (101.9) (139.6) Other current liabilities: Accrued interest, including interest rate swaps Financial (91.8) (90.4) (83.8) (107.7) Other current liabilities: Grain contracts Operating (7.8) (5.5) (5.6) (1.2)

Other current liabilities: Restructuring and other exit costs reserve Operating (120.8) (76.6) (85.0) (66.8) Other current liabilities: Derivative payable Operating (122.9) (35.6) (18.1) (8.3) Other current liabilities: Miscellaneous Operating (271.5) (302.5) (291.0) (302.9) Long-term debt Financial (7,575.3) (7,057.7) (7,642.9) (12,668.7) Deferred tax liabilities: Brands Operating (1,346.3) (1,311.7) (1,310.1) (1,498.7) Deferred tax liabilities: Fixed assets Operating (446.5) (476.3) (484.5) (329.5) Deferred tax liabilities: Intangible assets Operating (208.4) (221.8) (238.6) (255.1) Deferred tax liabilities: Tax lease transactions Operating (50.8) (48.0) (45.8) (26.0) Deferred tax liabilities: Inventories Operating (59.7) (53.0) (60.0) (38.8) Deferred tax liabilities: Stock, partnership, and miscellaneous investments Financial (472.5) (476.0) (479.4) (317.1) Deferred tax liabilities: Unrealized hedges Operating - (22.6) (45.4) (28.5) Deferred tax liabilities: Other Operating (14.2) (21.2) (29.0) (30.9) Other noncurrent liabilities: Accrued compensation and benefits, including pensio Financial (176.2) (164.9) (180.3) (178.5) Other noncurrent liabilities: Accrued taxes Operating (202.5) (204.0) (162.3) (265.3) Other noncurrent liabilities: Miscellaneous Operating (90.9) (128.6) (111.1) (76.3) Defined benefit pension plans: Benefit obligation Financial (6,252.1) (6,448.5) (6,458.6) (6,416.0) Other postretirement benefit plans: Benefit obligation Financial (1,079.6) (1,028.9) (951.4) (871.8) Postemployment benefit plans: Benefit obligation Financial (146.6) (164.1) (134.5) (126.7) Capitalized lease liability Financial (364.5) (365.1) (459.4) (509.9) Stock-based compensation liability (NFL) Financial (912.4) (908.1) (508.3) - Redeemable interest Financial (778.90) (845.60) (910.90) (776.20) Total liabilities (25,142.5) (25,037.6) (25,587.2) (31,800.6) Shareholders' equity Common stock - $0.10 par value Equity (75.5) (75.5) (75.5) (75.5) Additional paid-in capital Equity (1,296.7) (1,177.0) (1,120.9) (1,202.5) Retained earnings Equity (11,990.8) (12,616.5) (13,138.9) (14,459.6) RE adjustment for inventory Equity (139.2) (142.5) (165.2) (168.4) RE adjustment for stock-based compensation Equity 593.1 590.3 401.5 0.0 Common stock in treasury, at cost Equity 6,055.6 6,326.6 7,762.9 7,167.5 Accumulated other comprehensive income/(loss) Equity 2,310.7 2,612.2 2,244.5 2,429.0 Noncontrolling interests Financial (396.0) (376.9) (357.6) (351.3) Total shareholders' equity (4,938.9) (4,859.4) (4,449.1) (6,660.8) Total liabilities and shareholders' equity (30,081.3) (29,897.0) (30,036.3) (38,461.5) Sanity checks: 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Common Shareholders' Equity: Common stock - $0.10 par value (75.5) (75.5) (75.5) (75.5) Additional paid-in capital (1,296.7) (1,177.0) (1,120.9) (1,202.5) Retained earnings (11,990.8) (12,616.5) (13,138.9) (14,459.6) RE adjustment for inventory (139.2) (142.5) (165.2) (168.4) RE adjustment for stock-based compensation 593.1 590.3 401.5 0.0 Common stock in treasury, at cost 6,055.6 6,326.6 7,762.9 7,167.5 Accumulated other comprehensive income/(loss) 2,310.7 2,612.2 2,244.5 2,429.0 (4,542.9) (4,482.5) (4,091.5) (6,309.5) Free cash flows to equity holders Cash dividends declared 1,071.7 1,135.1 1,139.7 Shares purchased 606.7 1,651.5 601.6 Shares issued 0.0 0.0 (969.9) Stock compensation plans (289.4) (218.8) (130.1) Unearned compensation related to stock unit awards 63.3 78.5 58.1 Earned compensation (84.8) (94.9) (77.0) Increase (decrease) in redemption value of redeemable interest 91.5 75.9 (159.7) Acquisition of interest in subsidiary 3.4 0.2 0.0 1,462.4 2,627.5 462.7 Clean surplus relation: Beginning shareholders' equity (4,542.9) (4,482.5) (4,091.5) Comprehensive (income) loss attributable to GIS (1,402.0) (2,236.6) (2,680.7) Free cash flows to equity holders 1,462.4 2,627.5 462.7 Ending shareholders' equity (4,542.9) (4,482.5) (4,091.5) (6,309.5)

Checks: Balance sheet in balance 0.0 0.0 0.0 0.0 Common shareholders' equity from BS Expanded (4,996.7) (4,930.2) (4,327.9) (6,141.1) Adjustment for inventory (139.2) (142.5) (165.2) (168.4) Adjustment for leases - - - - Adjustment for options 593.1 590.3 401.5 - Adjusted common shareholders' equity (4,542.9) (4,482.5) (4,091.5) (6,309.5) Matches above 0.0 0.0 0.0 0.0 Shareholders' equity balance 0.0 0.0 0.0 0.0

General Mills From Amounts in millions Expanded Net sales - North America retail Operating Net sales - Convenience stores & foodservice Operating Net sales - Europe & Australia Operating Net sales - Asia & Latin America Operating Cost of sales Operating Gross profit Advertising expense Operating Research expense Operating Depreciation on capitalized leases Defined benefit pension plans: Service cost Operating Defined benefit pension plans: Interest cost Financial Defined benefit pension plans: Expected return on plan assets Financial Defined benefit pension plans: Amortization of losses Financial Defined benefit pension plans: Amortization of prior service cost Financial Defined benefit pension plans: Other adjustments Financial Defined benefit pension plans: Settlements or curtailment losses Financial Other postretirement benefit plans: Service cost Operating Other postretirement benefit plans: Interest cost Financial Other postretirement benefit plans: Expected return on plan assets Financial Other postretirement benefit plans: Amortization of losses Financial Other postretirement benefit plans: Amortization of prior service cost Financial Other postretirement benefit plans: Other adjustments Financial Other postretirement benefit plans: Settlements or curtailment losses Financial Postemployment benefit plans: Service cost Operating Postemployment benefit plans: Interest cost Financial Postemployment benefit plans: Amortization of losses Financial Postemployment benefit plans: Amortization of prior service cost Financial Postemployment benefit plans: Other adjustments Financial Postemployment benefit plans: Settlements or curtailment losses Financial Defined contribution plan expense Operating Other selling, general, and administrative expenses Operating Divestitures (loss) gain Operating Restructuring, impairment, and other exit costs Operating Operating profit Interest expense Financial Capitalized interest Financial Interest income Financial Earnings before income taxes and after-tax earnings from joint ventures Income taxes Split Financial stock-based compensation expense, net of tax After-tax earnings from joint ventures Operating Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Financial

Net earnings attributable to General Mills Comprehensive income items: Foreign currency translation Operating Net actuarial income (loss) Financial Other fair value changes: Securities Financial Other fair value changes: Hedge deriviatives Operating Reclassification to earnings: Securities Financial Reclassification to earnings: Hedge deriviatives Operating Reclassification to earnings: Amortization of losses and prior service costs Financial Other comprehensive income attributable to noncontrolling interests, net Financial Comprehensive income attributable to General Mills Check: Comprehensive income attrib to GIS from IS Expanded Adjustment for inventory Adjustment for leases Adjustment for options Adjusted comprehensive income attrib to GIS Matches above

Assigned 5/31/2015 5/29/2016 5/28/2017 5/27/2018 11,612.1 10,936.6 10,196.9 10,115.4 1,995.1 1,923.8 1,870.0 1,930.2 2,126.5 1,998.0 1,824.5 1,984.6 1,896.6 1,704.7 1,728.4 1,710.2 (10,728.5) (10,066.2) (10,308.8) 5,834.6 5,553.6 5,431.6 (754.4) (623.8) (575.9) (222.1) (218.2) (219.1) Operating (176.0) (104.7) (171.9) (134.6) (119.7) (102.9) (267.8) (216.5) (217.9) 496.9 486.7 480.2 (189.8) (190.2) (177.0) (4.7) (2.5) (1.9) (5.0) (3.1) - (13.1) (3.8) - (19.0) (12.5) (11.6) (44.1) (32.2) (30.1) 46.2 48.5 52.2 (6.6) (2.5) (0.8) 5.4 5.4 5.4 (2.3) (1.3) - 1.0 0.9 - (7.6) (8.8) (8.6) (3.9) (2.6) (2.3) (0.7) (1.7) (0.8) (2.5) (0.6) (0.6) (10.7) (1.3) (6.7) - 1.4 - (61.2) (54.1) (49.2) (1,729.2) (1,730.7) (1,695.6) 148.2 (13.5) - (151.4) (182.6) (165.6) 2,725.6 2,569.6 2,530.9 (332.7) (320.1) (407.0) 7.7 4.6 4.1 8.1 7.0 11.7 2,408.7 2,261.1 2,139.7 (757.0) (622.4) (58.2) Financial 2.8 188.7 401.5 88.4 85.0 84.7 1,742.9 1,912.5 2,567.8 (39.4) (43.6) (32.0)

1,703.5 1,868.9 2,535.8 (108.7) 6.3 (37.0) (325.9) 197.9 140.1 0.1 0.8 1.2 16.0 53.3 (50.8) - - (5.1) (9.5) (25.7) 17.4 128.6 122.5 117.6 (2.1) 12.6 (38.5) 1,402.0 2,236.6 2,680.7 1,395.9 2,025.2 2,275.9 3.3 22.6 3.2 - - - 2.8 188.7 401.5 1,402.0 2,236.6 2,680.7 - - -

General Mills From Amounts in millions Adjusted 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Assets Cash and cash equivalents Split 334.2 331.3 312.4 314.8 Receivables: Customers Operating 1,412.0 1,390.4 1,454.4 1,712.6 Receivables: Allowance for doubtful accounts Operating (25.3) (29.6) (24.3) (28.4) Inventories: Raw materials and packaging Operating 390.8 397.3 395.4 400.0 Inventories: Finished goods Operating 1,268.6 1,163.1 1,224.3 1,364.2 Inventories: Grain Operating 95.7 72.6 73.0 91.2 Inventories: Excess of FIFO over LIFO cost Operating 0.0 0.0 0.0 0.0 Deferred tax assets: Accrued liabilities Operating 98.0 89.9 70.0 47.2 Deferred tax assets: Compensation and employee benefits Operating 536.2 491.5 419.2 210.2 Deferred tax assets: Unrealized hedges Operating 0.8 0.0 0.0 0.0 Deferred tax assets: Pension Financial Deferred tax assets: Tax credit carryforwards Operating 5.6 4.5 18.4 7.4 Deferred tax assets: Stock, partnership, and miscellaneous investments Financial Deferred tax assets: Capital losses Operating 6.1 14.5 29.8 12.9 Deferred tax assets: Net operating losses Operating 89.3 97.9 109.5 161.2 Deferred tax assets: Other Operating 74.5 84.1 85.6 52.9 Deferred tax assets: Valuation allowance Operating (215.4) (227.0) (231.8) (176.0) Deferred tax assets: Stock-based compensation Financial Prepaid expenses and other current assets: Other receivables Operating 148.8 159.3 163.7 174.4 Prepaid expenses and other current assets: Prepaid expenses Operating 169.3 177.9 168.9 165.6 Prepaid expenses and other current assets: Derivative receivables, primarily commodity-related Operating 80.9 44.6 35.0 40.5 Prepaid expenses and other current assets: Grain contracts Operating 3.3 1.8 2.7 7.1 Prepaid expenses and other current assets: Miscellaneous Operating 21.5 15.4 11.3 10.7 Land, buildings, and equipment: Land Operating 96.0 92.9 79.8 77.7 Land, buildings, and equipment: Buildings Operating 2,272.7 2,236.0 2,249.2 2,396.3 Land, buildings, and equipment: Buildings under capital lease Operating 0.3 0.3 0.3 0.3 Land, buildings, and equipment: Equipment Operating 6,091.1 5,945.6 6,095.9 6,236.6 Land, buildings, and equipment: Equipment under capital lease Operating 9.8 3.0 3.0 5.8 Land, buildings, and equipment: Capitalized software Operating 499.0 523.0 545.4 593.6 Land, buildings, and equipment: Construction in progress Operating 622.2 702.7 553.0 692.9 Land, buildings, and equipment: Accumulated depreciation Operating (5,807.8) (5,759.9) (5,838.9) (5,956.0) Capitalized lease asset Operating 364.5 365.1 459.4 509.9 Goodwill: North America Retail Operating 6,546.2 6,410.3 6,406.5 6,410.6 Goodwill: Pet Operating 0.0 0.0 0.0 5,294.9 Goodwill: Convenience Stores & Foodservice Operating 921.1 921.1 918.8 918.8 Goodwill: Europe & Australia Operating 719.1 716.5 700.8 729.9 Goodwill: Asia & Latin America Operating 287.0 287.1 312.4 285.0 Goodwill: Joint Ventures Operating 401.5 406.2 408.7 425.8 Other intangible assets: Brands and other indefinite-lived intangibles Operating 4,262.1 4,147.5 4,161.1 6,818.7 Other intangible assets: Franchise agreements, customer relationships, and other Operating 544.0 536.9 524.8 811.7 Other intangible assets: Accumulated amortization Operating (129.1) (145.8) (155.5) (185.3) Other assets: Investments in and advances to joint ventures Operating 530.6 518.9 505.3 499.6 Other assets: Exchangable note with related party Financial Other assets: Life insurance Operating 26.6 26.3 25.6 26.9 Other assets: Miscellaneous Operating 85.1 102.9 110.1 106.6 Defined benefit pension plans: Plan assets Financial Other postretirement benefit plans: Plan assets Financial Total operating assets 22,836.9 22,316.1 22,383.2 31,268.8 Liabilities and Shareholders' Equity Current liabilities Accounts payable Operating (1,684.0) (2,046.5) (2,119.8) (2,746.2) Current portion of long-term debt Financial Notes payable: US commercial paper Financial Notes payable: Financial institutions Financial Other current liabilities: Accrued trade and consumer promotions Operating (564.7) (563.7) (482.6) (499.6) Other current liabilities: Accrued payroll Operating (361.8) (386.4) (326.6) (347.0) Other current liabilities: Dividend payable Financial Other current liabilities: Accrued taxes Operating (95.7) (187.3) (101.9) (139.6) Other current liabilities: Accrued interest, including interest rate swaps Financial Other current liabilities: Grain contracts Operating (7.8) (5.5) (5.6) (1.2) Other current liabilities: Restructuring and other exit costs reserve Operating (120.8) (76.6) (85.0) (66.8) Other current liabilities: Derivative payable Operating (122.9) (35.6) (18.1) (8.3) Other current liabilities: Miscellaneous Operating (271.5) (302.5) (291.0) (302.9) Long-term debt Financial Deferred tax liabilities: Brands Operating (1,346.3) (1,311.7) (1,310.1) (1,498.7)

Deferred tax liabilities: Fixed assets Operating (446.5) (476.3) (484.5) (329.5) Deferred tax liabilities: Intangible assets Operating (208.4) (221.8) (238.6) (255.1) Deferred tax liabilities: Tax lease transactions Operating (50.8) (48.0) (45.8) (26.0) Deferred tax liabilities: Inventories Operating (59.7) (53.0) (60.0) (38.8) Deferred tax liabilities: Stock, partnership, and miscellaneous investments Financial Deferred tax liabilities: Unrealized hedges Operating 0.0 (22.6) (45.4) (28.5) Deferred tax liabilities: Other Operating (14.2) (21.2) (29.0) (30.9) Other noncurrent liabilities: Accrued compensation and benefits, including pensions Financial Other noncurrent liabilities: Accrued taxes Operating (202.5) (204.0) (162.3) (265.3) Other noncurrent liabilities: Miscellaneous Operating (90.9) (128.6) (111.1) (76.3) Defined benefit pension plans: Benefit obligation Financial Other postretirement benefit plans: Benefit obligation Financial Postemployment benefit plans: Benefit obligation Financial Capitalized lease liability Financial Stock-based compensation liability (NFL) Financial Redeemable interest Financial Total liabilities Shareholders' equity Common stock - $0.10 par value Equity Additional paid-in capital Equity Retained earnings Equity RE adjustment for inventory Equity RE adjustment for stock-based compensation Equity Common stock in treasury, at cost Equity Accumulated other comprehensive income/(loss) Equity Noncontrolling interests Financial Total shareholders' equity Total liabilities and shareholders' equity (5,648.5) (6,091.3) (5,917.4) (6,660.7) Net Operating Assets 17,188.4 16,224.8 16,465.8 24,608.1 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Assets Cash and cash equivalents Split 0.0 432.4 453.7 84.2 Receivables: Customers Operating Receivables: Allowance for doubtful accounts Operating Inventories: Raw materials and packaging Operating Inventories: Finished goods Operating Inventories: Grain Operating Inventories: Excess of FIFO over LIFO cost Operating Deferred tax assets: Accrued liabilities Operating Deferred tax assets: Compensation and employee benefits Operating Deferred tax assets: Unrealized hedges Operating Deferred tax assets: Pension Financial 169.0 322.0 196.3 57.1 Deferred tax assets: Tax credit carryforwards Operating Deferred tax assets: Stock, partnership, and miscellaneous investments Financial 384.1 353.6 276.4 147.9 Deferred tax assets: Capital losses Operating Deferred tax assets: Net operating losses Operating Deferred tax assets: Other Operating Deferred tax assets: Valuation allowance Operating Deferred tax assets: Stock-based compensation Financial 319.4 317.8 106.7 0.0 Prepaid expenses and other current assets: Other receivables Operating Prepaid expenses and other current assets: Prepaid expenses Operating Prepaid expenses and other current assets: Derivative receivables, primarily commodity-related Operating Prepaid expenses and other current assets: Grain contracts Operating Prepaid expenses and other current assets: Miscellaneous Operating Land, buildings, and equipment: Land Operating Land, buildings, and equipment: Buildings Operating Land, buildings, and equipment: Buildings under capital lease Operating Land, buildings, and equipment: Equipment Operating Land, buildings, and equipment: Equipment under capital lease Operating Land, buildings, and equipment: Capitalized software Operating Land, buildings, and equipment: Construction in progress Operating Land, buildings, and equipment: Accumulated depreciation Operating Capitalized lease asset Operating Goodwill: North America Retail Operating Goodwill: Pet Operating Goodwill: Convenience Stores & Foodservice Operating Goodwill: Europe & Australia Operating

Goodwill: Asia & Latin America Operating Goodwill: Joint Ventures Operating Other intangible assets: Brands and other indefinite-lived intangibles Operating Other intangible assets: Franchise agreements, customer relationships, and other Operating Other intangible assets: Accumulated amortization Operating Other assets: Investments in and advances to joint ventures Operating Other assets: Exchangable note with related party Financial 30.7 12.7 0.0 0.0 Other assets: Life insurance Operating Other assets: Miscellaneous Operating Defined benefit pension plans: Plan assets Financial 5,758.5 5,539.9 5,925.2 6,177.4 Other postretirement benefit plans: Plan assets Financial 582.8 602.4 694.8 726.1 Total assets 7,244.5 7,580.9 7,653.1 7,192.7 Liabilities and Shareholders' Equity Current liabilities Accounts payable Operating Current portion of long-term debt Financial (1,000.4) (1,103.4) (604.7) (1,600.1) Notes payable: US commercial paper Financial (432.0) 0.0 (954.7) (1,213.5) Notes payable: Financial institutions Financial (183.8) (269.8) (279.4) (336.3) Other current liabilities: Accrued trade and consumer promotions Operating Other current liabilities: Accrued payroll Operating Other current liabilities: Dividend payable Financial (27.9) (23.8) (21.5) (17.5) Other current liabilities: Accrued taxes Operating Other current liabilities: Accrued interest, including interest rate swaps Financial (91.8) (90.4) (83.8) (107.7) Other current liabilities: Grain contracts Operating Other current liabilities: Restructuring and other exit costs reserve Operating Other current liabilities: Derivative payable Operating Other current liabilities: Miscellaneous Operating Long-term debt Financial (7,575.3) (7,057.7) (7,642.9) (12,668.7) Deferred tax liabilities: Brands Operating Deferred tax liabilities: Fixed assets Operating Deferred tax liabilities: Intangible assets Operating Deferred tax liabilities: Tax lease transactions Operating Deferred tax liabilities: Inventories Operating Deferred tax liabilities: Stock, partnership, and miscellaneous investments Financial (472.5) (476.0) (479.4) (317.1) Deferred tax liabilities: Unrealized hedges Operating Deferred tax liabilities: Other Operating Other noncurrent liabilities: Accrued compensation and benefits, including pensions Financial (176.2) (164.9) (180.3) (178.5) Other noncurrent liabilities: Accrued taxes Operating Other noncurrent liabilities: Miscellaneous Operating Defined benefit pension plans: Benefit obligation Financial (6,252.1) (6,448.5) (6,458.6) (6,416.0) Other postretirement benefit plans: Benefit obligation Financial (1,079.6) (1,028.9) (951.4) (871.8) Postemployment benefit plans: Benefit obligation Financial (146.6) (164.1) (134.5) (126.7) Capitalized lease liability Financial (364.5) (365.1) (459.4) (509.9) Stock-based compensation liability (NFL) Financial (912.4) (908.1) (508.3) 0.0 Redeemable interest Financial (778.9) (845.6) (910.9) (776.2) Total liabilities Shareholders' equity Common stock - $0.10 par value Equity Additional paid-in capital Equity Retained earnings Equity RE adjustment for inventory Equity RE adjustment for stock-based compensation Equity Common stock in treasury, at cost Equity Accumulated other comprehensive income/(loss) Equity Noncontrolling interests Financial (396.0) (376.9) (357.6) (351.3) Total shareholders' equity Total liabilities and shareholders' equity (19,890.0) (19,323.2) (20,027.4) (25,491.3) Net Financial Liabilities (12,645.5) (11,742.4) (12,374.2) (18,298.6) Check: Net Operating Assets 17,188.4 16,224.8 16,465.8 24,608.1 Net Financial Liabilities (12,645.5) (11,742.4) (12,374.2) (18,298.6) Common Shareholders Equity 4,542.9 4,482.5 4,091.5 6,309.5 CSE matches BS Adjusted 0.0 0.0 (0.0) 0.0

General Mills From Amounts in millions Adjusted 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Net sales - North America retail Operating 11,612.1 10,936.6 10,196.9 10,115.4 Net sales - Convenience stores & foodservice Operating 1,995.1 1,923.8 1,870.0 1,930.2 Net sales - Europe & Australia Operating 2,126.5 1,998.0 1,824.5 1,984.6 Net sales - Asia & Latin America Operating 1,896.6 1,704.7 1,728.4 1,710.2 Cost of sales Operating (10,728.5) (10,066.2) (10,308.8) Gross profit Advertising expense Operating (754.4) (623.8) (575.9) Research expense Operating (222.1) (218.2) (219.1) Depreciation on capitalized leases Operating (176.0) (104.7) (171.9) Defined benefit pension plans: Service cost Operating (134.6) (119.7) (102.9) Defined benefit pension plans: Interest cost Financial Defined benefit pension plans: Expected return on plan assets Financial Defined benefit pension plans: Amortization of losses Financial Defined benefit pension plans: Amortization of prior service cost Financial Defined benefit pension plans: Other adjustments Financial Defined benefit pension plans: Settlements or curtailment losses Financial Other postretirement benefit plans: Service cost Operating (19.0) (12.5) (11.6) Other postretirement benefit plans: Interest cost Financial Other postretirement benefit plans: Expected return on plan assets Financial Other postretirement benefit plans: Amortization of losses Financial Other postretirement benefit plans: Amortization of prior service cost Financial Other postretirement benefit plans: Other adjustments Financial Other postretirement benefit plans: Settlements or curtailment losses Financial Postemployment benefit plans: Service cost Operating (7.6) (8.8) (8.6) Postemployment benefit plans: Interest cost Financial Postemployment benefit plans: Amortization of losses Financial Postemployment benefit plans: Amortization of prior service cost Financial Postemployment benefit plans: Other adjustments Financial Postemployment benefit plans: Settlements or curtailment losses Financial Defined contribution plan expense Operating (61.2) (54.1) (49.2) Other selling, general, and administrative expenses Operating (1,729.2) (1,730.7) (1,695.6) Divestitures (loss) gain Operating 148.2 (13.5) - Restructuring, impairment, and other exit costs Operating (151.4) (182.6) (165.6) Operating profit Interest expense Financial Capitalized interest Financial Interest income Financial Earnings before income taxes and after-tax earnings from joint ventures Income taxes Split (868.5) (700.7) (143.9) Financial stock-based compensation expense, net of tax Financial After-tax earnings from joint ventures Operating 88.4 85.0 84.7 Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Financial Net earnings attributable to General Mills Comprehensive income items: Foreign currency translation Operating (108.7) 6.3 (37.0) Net actuarial income (loss) Financial Other fair value changes: Securities Financial Other fair value changes: Hedge deriviatives Operating 16.0 53.3 (50.8) Reclassification to earnings: Securities Financial Reclassification to earnings: Hedge deriviatives Operating (9.5) (25.7) 17.4 Reclassification to earnings: Amortization of losses and prior service costs Financial Other comprehensive income attributable to noncontrolling interests, net Financial Comprehensive income attributable to General Mills NOPAT 1,845.0 1,903.2 2,301.6 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Net sales - North America retail Operating Net sales - Convenience stores & foodservice Operating Net sales - Europe & Australia Operating Net sales - Asia & Latin America Operating Cost of sales Operating Gross profit Advertising expense Operating Research expense Operating Depreciation on capitalized leases Operating Defined benefit pension plans: Service cost Operating Defined benefit pension plans: Interest cost Financial (267.8) (216.5) (217.9) Defined benefit pension plans: Expected return on plan assets Financial 496.9 486.7 480.2 Defined benefit pension plans: Amortization of losses Financial (189.8) (190.2) (177.0) Defined benefit pension plans: Amortization of prior service cost Financial (4.7) (2.5) (1.9) Defined benefit pension plans: Other adjustments Financial (5.0) (3.1) - Defined benefit pension plans: Settlements or curtailment losses Financial (13.1) (3.8) - Other postretirement benefit plans: Service cost Operating Other postretirement benefit plans: Interest cost Financial (44.1) (32.2) (30.1) Other postretirement benefit plans: Expected return on plan assets Financial 46.2 48.5 52.2 Other postretirement benefit plans: Amortization of losses Financial (6.6) (2.5) (0.8) Other postretirement benefit plans: Amortization of prior service cost Financial 5.4 5.4 5.4 Other postretirement benefit plans: Other adjustments Financial (2.3) (1.3) - Other postretirement benefit plans: Settlements or curtailment losses Financial 1.0 0.9 - Postemployment benefit plans: Service cost Operating Postemployment benefit plans: Interest cost Financial (3.9) (2.6) (2.3) Postemployment benefit plans: Amortization of losses Financial (0.7) (1.7) (0.8) Postemployment benefit plans: Amortization of prior service cost Financial (2.5) (0.6) (0.6) Postemployment benefit plans: Other adjustments Financial (10.7) (1.3) (6.7) Postemployment benefit plans: Settlements or curtailment losses Financial - 1.4 - Defined contribution plan expense Operating Other selling, general, and administrative expenses Operating Divestitures (loss) gain Operating Restructuring, impairment, and other exit costs Operating Operating profit Interest expense Financial (332.7) (320.1) (407.0) Capitalized interest Financial 7.7 4.6 4.1 Interest income Financial 8.1 7.0 11.7 Earnings before income taxes and after-tax earnings from joint ventures Income taxes Split 111.5 78.4 85.7 Financial stock-based compensation expense, net of tax Financial 2.8 188.7 401.5 After-tax earnings from joint ventures Operating Net earnings, including earnings attributable to redeemable and noncontrolling interests Net earnings attributable to redeemable and noncontrolling interests Financial (39.4) (43.6) (32.0) Net earnings attributable to General Mills Comprehensive income items: Foreign currency translation Operating Net actuarial income (loss) Financial (325.9) 197.9 140.1 Other fair value changes: Securities Financial 0.1 0.8 1.2 Other fair value changes: Hedge deriviatives Operating Reclassification to earnings: Securities Financial - - (5.1) Reclassification to earnings: Hedge deriviatives Operating Reclassification to earnings: Amortization of losses and prior service costs Financial 128.6 122.5 117.6 Other comprehensive income attributable to noncontrolling interests, net Financial (2.1) 12.6 (38.5) Comprehensive income attributable to General Mills FEAT (443.0) 333.4 379.0 Check: Comprehensive Income attributable to GIS from above 1,402.0 2,236.6 2,680.7 Difference from comprehensive income attrib to GIS from IS Adjusted 0.00 - -

General Mills 5/31/2015 5/29/2016 5/28/2017 5/27/2018 Sales 17,630.3 16,563.1 15,619.8 15,740.4 Sales growth -6.05% -5.70% 0.77% NOPAT 1,845.0 1,903.2 2,301.6 NOA 17,188.4 16,224.8 16,465.8 24,608.1 16,706.6 16,345.3 20,536.9 RNOA 11.04% 11.64% 11.21% 11.04% 11.64% 11.21% FEAT 443.0 (333.4) (379.0) NFL 12,645.5 11,742.4 12,374.2 18,298.6 12,194.0 12,058.3 15,336.4 RNFL 3.63% -2.76% -2.47% 3.63% -2.76% -2.47% NOPAT 1,845.0 1,903.2 2,301.6 Sales 17,630.3 16,563.1 15,619.8 15,740.4 11.14% 12.18% 14.62% Sales 17,630.3 16,563.1 15,619.8 15,740.4 17,188.4 16,224.8 16,465.8 17,188.4 16,224.8 16,465.8 24,608.1 0.991 0.956 0.766 0.991 0.956 0.766 NET SALES $ 16,563.1 $ 15,619.8 $ 15,740.4 Cost of sales (10,728.5) (10,066.2) (10,308.8) Advertising expense (754.4) (623.8) (575.9) Research expense (222.1) (218.2) (219.1) Depreciation on capitalized leases (176.0) (104.7) (171.9) Defined benefit pension plans: Service cost (134.6) (119.7) (102.9) Other postretirement benefit plans: Service cost (19.0) (12.5) (11.6) Postemployment benefit plans: Service cost (7.6) (8.8) (8.6) Defined contribution plan expense (61.2) (54.1) (49.2) Other selling, general, and administrative expenses (1,729.2) (1,730.7) (1,695.6) Provision for income taxes (868.5) (700.7) (143.9) $ 1,862.0 $ 1,980.4 $ 2,452.9 Sales 17,630.3 16,563.1 15,619.8 15,740.4 NOPAT from Sales 1,862.0 1,980.4 2,452.9 11.24% 12.68% 15.58% Average NOA 52/53 week adjusted RNOA Average NFL 52/53 week adjusted RNFL Operating PM Beginning NOA Ending NOA Operating ATO 52/53 week adjusted ATO NOPAT from Sales Operating PM from Sales

Check: RNOA 11.04% 11.64% 11.21% PM x ATO 11.04% 11.64% 11.21% Difference 0.000 0.000 0.000

General Mills 5/29/2016 5/28/2017 5/27/2018 Net sales - North America retail 66.03% 65.28% 64.26% Net sales - Convenience stores & foodservice 11.61% 11.97% 12.26% Net sales - Europe & Australia 12.06% 11.68% 12.61% Net sales - Asia & Latin America 10.29% 11.07% 10.87% 100.00% 100.00% 100.00% Cost of sales (64.77)% (64.45)% (65.49)% Gross profit 35.23% 35.55% 34.51% Advertising expense (4.55)% (3.99)% (3.66)% Research expense (1.34)% (1.40)% (1.39)% Depreciation on capitalized leases (1.06)% (0.67)% (1.09)% Defined benefit pension plans: Service cost (0.81)% (0.77)% (0.65)% Other postretirement benefit plans: Service cost (0.11)% (0.08)% (0.07)% Postemployment benefit plans: Service cost (0.05)% (0.06)% (0.05)% Defined contribution plan expense (0.37)% (0.35)% (0.31)% Other selling, general, and administrative expenses (10.44)% (11.08)% (10.77)% Divestitures (loss) gain 0.89% (0.09)% 0.00% Restructuring, impairment, and other exit costs (0.91)% (1.17)% (1.05)% Income taxes (5.24)% (4.49)% (0.91)% After-tax earnings from joint ventures 0.53% 0.54% 0.54% Foreign currency translation (0.66)% 0.04% (0.24)% Other fair value changes: Hedge derivatives 0.10% 0.34% (0.32)% Reclassification to earnings: Hedge derivatives (0.06)% (0.16)% 0.11% Operating PM 11.14% 12.18% 14.62% Check: Same as Operating PM on Analyzing 0.00% 0.00% 0.00% Excluding taxes 16.38% 16.67% 15.54% Excluding taxes, foreign currency, and hedges 16.94% 16.29% 16.09%

General Mills Total Sales Assets Cash and cash equivalents Receivables: Customers Receivables: Allowance for doubtful accounts Inventories: Raw materials and packaging Inventories: Finished goods Inventories: Grain Inventories: Excess of FIFO over LIFO cost Deferred tax assets: Accrued liabilities Deferred tax assets: Compensation and employee benefits Deferred tax assets: Unrealized hedges Deferred tax assets: Tax credit carryforwards Deferred tax assets: Capital losses Deferred tax assets: Net operating losses Deferred tax assets: Other Deferred tax assets: Valuation allowance Prepaid expenses and other current assets: Other receivables Prepaid expenses and other current assets: Prepaid expenses Prepaid expenses and other current assets: Derivative receivables, primarily commodity-related Prepaid expenses and other current assets: Grain contracts Prepaid expenses and other current assets: Miscellaneous Land, buildings, and equipment: Land Land, buildings, and equipment: Buildings Land, buildings, and equipment: Buildings under capital lease Land, buildings, and equipment: Equipment Land, buildings, and equipment: Equipment under capital lease Land, buildings, and equipment: Capitalized software Land, buildings, and equipment: Construction in progress Land, buildings, and equipment: Accumulated depreciation Capitalized lease asset Goodwill: North America Retail Goodwill: Pet Goodwill: Convenience Stores & Foodservice Goodwill: Europe & Australia Goodwill: Asia & Latin America Goodwill: Joint Ventures Other intangible assets: Brands and other indefinite-lived intangibles Other intangible assets: Franchise agreements, customer relationships, and other Other intangible assets: Accumulated amortization Other assets: Investments in and advances to joint ventures Other assets: Life insurance Other assets: Miscellaneous

Liabilities and Shareholders' Equity Accounts payable Other current liabilities: Accrued trade and consumer promotions Other current liabilities: Accrued payroll Other current liabilities: Accrued taxes Other current liabilities: Grain contracts Other current liabilities: Restructuring and other exit costs reserve Other current liabilities: Derivative payable Other current liabilities: Miscellaneous Deferred tax liabilities: Brands Deferred tax liabilities: Fixed assets Deferred tax liabilities: Intangible assets Deferred tax liabilities: Tax lease transactions Deferred tax liabilities: Inventories Deferred tax liabilities: Unrealized hedges Deferred tax liabilities: Other Other noncurrent liabilities: Accrued taxes Other noncurrent liabilities: Miscellaneous Inverse of Operating ATO Operating ATO Exclude Goodwill, Pet, and Brands

$ 16,563.1 $ 15,619.8 $ 15,740.4 5/29/2016 5/28/2017 5/27/2018 0.020 0.021 0.020 0.085 0.091 0.101 (0.002) (0.002) (0.002) 0.024 0.025 0.025 0.073 0.076 0.082 0.005 0.005 0.005 0.000 0.000 0.000 0.006 0.005 0.004 0.031 0.029 0.020 0.000 0.000 0.000 0.000 0.001 0.001 0.001 0.001 0.001 0.006 0.007 0.009 0.005 0.005 0.004 (0.013) (0.015) (0.013) 0.009 0.010 0.011 0.010 0.011 0.011 0.004 0.003 0.002 0.000 0.000 0.000 0.001 0.001 0.001 0.006 0.006 0.005 0.136 0.144 0.148 0.000 0.000 0.000 0.363 0.385 0.392 0.000 0.000 0.000 0.031 0.034 0.036 0.040 0.040 0.040 (0.349) (0.371) (0.375) 0.022 0.026 0.031 0.391 0.410 0.407 0.000 0.000 0.168 0.056 0.059 0.058 0.043 0.045 0.045 0.017 0.019 0.019 0.024 0.026 0.027 0.254 0.266 0.349 0.033 0.034 0.042 (0.008) (0.010) (0.011) 0.032 0.033 0.032 0.002 0.002 0.002 0.006 0.007 0.007

1.363 1.431 1.704 (0.113) (0.133) (0.155) (0.034) (0.033) (0.031) (0.023) (0.023) (0.021) (0.009) (0.009) (0.008) (0.000) (0.000) (0.000) (0.006) (0.005) (0.005) (0.005) (0.002) (0.001) (0.017) (0.019) (0.019) (0.080) (0.084) (0.089) (0.028) (0.031) (0.026) (0.013) (0.015) (0.016) (0.003) (0.003) (0.002) (0.003) (0.004) (0.003) (0.001) (0.002) (0.002) (0.001) (0.002) (0.002) (0.012) (0.012) (0.014) (0.007) (0.008) (0.006) (0.354) (0.384) (0.400) 1.009 1.046 1.305 0.991 0.956 0.766 1.325 1.281 1.269

53-week Adjustment 0.9811321 1 1 1 0.35% Actual Forecasts 5/31/2015 5/29/2016 5/28/2017 5/27/2018 5/26/2019 Sales growth -4.25% -5.70% 0.77% 9.78% Total Sales 17,630.3 16,563.1 15,619.8 15,740.4 17,224.4 Total Sales (53-week adjusted forecasts) 17,630.3 16,563.1 15,619.8 15,740.4 17,279.5 -4.25% -5.70% 0.77% 9.43% North America Retail 11,612.1 10,936.6 10,196.9 10,115.4 10,115.4 Contributions from organic volume growth -2.0% -9.0% 0.0% -1.0% Organic net price realization and mix 1.0% 4.0% -1.0% 1.0% Organic net sales growth -1.0% -5.0% -1.0% 0.0% Foreign currency exchange -1.0% 0.0% 0.0% Acquisitions and divestitures -3.0% -2.0% 0.0% Other unclassified -0.8% 0.2% 0.2% Convenience Stores & Foodservice 1,995.1 1,923.8 1,870.0 1,930.2 1,978.5 Contributions from organic volume growth -1.0% 0.0% 1.0% 1.0% Organic net price realization and mix -1.0% -3.0% 2.0% 1.5% Organic net sales growth -2.0% -3.0% 3.0% 2.5% Foreign currency exchange 0.0% 0.0% 0.0% Acquisitions and divestitures 0.0% 0.0% 0.0% Other unclassified -1.6% 0.2% 0.2% Europe & Australia 2,126.5 1,998.0 1,824.5 1,984.6 2,024.3 Contributions from organic volume growth 6.0% -7.0% -1.0% -1.0% Organic net price realization and mix -2.0% 3.0% 3.0% 3.0% Organic net sales growth 4.0% -4.0% 2.0% 2.0% Foreign currency exchange -9.0% -5.0% 7.0% Acquisitions and divestitures 0.0% 0.0% 0.0% Other unclassified -1.0% 0.3% -0.2% Asia & Latin America 1,896.6 1,704.7 1,728.4 1,710.2 1,710.2 Contributions from organic volume growth 3.0% -2.0% -10.0% -4.0% Organic net price realization and mix 4.0% 5.0% 8.0% 4.0%

Organic net sales growth 7.0% 3.0% -2.0% 0.0% Foreign currency exchange -16.0% 0.0% 1.0% Acquisitions and divestitures 0.0% -2.0% 0.0% Other unclassified -1.1% 0.4% -0.1% Pet 1,153.1 1,317.0 1,396.0 Contributions from organic volume growth 0.0% 0.0% 3.0% Organic net price realization and mix 0.0% 0.0% 3.0% Organic net sales growth 0.0% 0.0% 6.0% Foreign currency exchange 0.0% 0.0% Acquisitions and divestitures 0.0% 0.0% Other unclassified 0.0% 14.2% Note: 2017 and 2018 Pet sales estimated as excess sales from proforma disclosures

0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% Terminal 5/31/2020 5/30/2021 5/29/2022 5/28/2023 5/26/2024 5/25/2025 5/31/2026 1.46% 1.62% 1.65% 1.60% 1.55% 1.55% 1.55% 17,415.7 17,637.2 17,866.5 18,089.8 18,306.9 18,526.6 18,748.9 17,531.9 17,816.2 18,110.2 18,400.0 18,685.2 18,974.8 19,268.9 1.11% 1.27% 1.30% 1.25% 1.20% 1.20% 1.20% 10,145.7 10,196.5 -0.5% 0.0% 0.8% 0.5% 0.3% 0.5% 2,014.1 2,046.3 0.8% 0.8% 1.0% 0.8% 1.8% 1.6% 2,062.8 2,108.1 -0.8% -0.3% 2.7% 2.5% 1.9% 2.2% 1,727.3 1,761.8 -2.0% 0.0% 3.0% 2.0% terminal assumption

1.0% 2.0% 1,465.8 1,524.5 2.5% 2.0% 2.5% 2.0% 5.0% 4.0%

Actual 5/29/2016 5/28/2017 5/27/2018 Profit margin 11.14% 12.18% 14.62% Net sales 100.00% 100.00% 100.00% Cost of sales (64.77)% (64.45)% (65.49)% Gross profit 35.23% 35.55% 34.51% Advertising expense (4.55)% (3.99)% (3.66)% Research expense (1.34)% (1.40)% (1.39)% Depreciation on capitalized leases (1.06)% (0.67)% (1.09)% Defined benefit pension plans: Service cost (0.81)% (0.77)% (0.65)% Other postretirement benefit plans: Service cost (0.11)% (0.08)% (0.07)% Postemployment benefit plans: Service cost (0.05)% (0.06)% (0.05)% Defined contribution plan expense (0.37)% (0.35)% (0.31)% Other selling, general, and administrative expenses (10.44)% (11.08)% (10.77)% Divestitures (loss) gain 0.89% (0.09)% 0.00% Restructuring, impairment, and other exit costs (0.91)% (1.17)% (1.05)% Income taxes (5.24)% (4.49)% (0.91)% After-tax earnings from joint ventures 0.53% 0.54% 0.54% Foreign currency translation (0.66)% 0.04% (0.24)% Other fair value changes: Hedge deriviatives 0.10% 0.34% (0.32)% Reclassification to earnings: Hedge deriviatives (0.06)% (0.16)% 0.11% Operating PM 11.14% 12.18% 14.62% Check: For historical, same Operating PM as Analyzing 0.00% 0.00% 0.00% Implied effective tax rate 31.8% 28.2% 5.9%

Forecasts Terminal 5/26/2019 5/31/2020 5/30/2021 5/29/2022 5/28/2023 5/26/2024 5/25/2025 5/31/2026 12.32% 12.32% 12.45% 12.62% 12.62% 12.62% 12.62% 12.62% 100.00% 100.00% 100.00% 100.00% 100.00% (65.50)% (65.40)% (65.30)% (65.20)% (65.20)% 34.50% 34.60% 34.70% 34.80% 34.80% (3.80)% (3.90)% (3.90)% (3.85)% (3.85)% (1.40)% (1.40)% (1.42)% (1.45)% (1.45)% (0.60)% (0.60)% (0.60)% (0.60)% (0.60)% (0.65)% (0.65)% (0.60)% (0.60)% (0.60)% (0.08)% (0.08)% (0.08)% (0.08)% (0.08)% (0.05)% (0.05)% (0.05)% (0.05)% (0.05)% (0.30)% (0.30)% (0.30)% (0.30)% (0.30)% (11.60)% (11.55)% (11.55)% (11.50)% (11.50)% 0.00% 0.00% 0.00% 0.00% 0.00% (1.10)% (1.10)% (1.05)% (1.05)% (1.05)% (3.10)% (3.15)% (3.20)% (3.20)% (3.20)% looks close to an average of the pri 0.50% 0.50% 0.50% 0.50% 0.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.32% 12.32% 12.45% 12.62% 12.62% 20.8% 21.0% 21.1% 20.9% 20.9% sanity check: looks reasonable terminal assumption

ior years

Asset turnover Weeks in year Total Sales (53-week adjusted forecasts) Inverse of OPERATING ASSET TURNOVERS (ATO) Cash and cash equivalents Receivables: Customers Receivables: Allowance for doubtful accounts Inventories: Raw materials and packaging Inventories: Finished goods Inventories: Grain Inventories: Excess of FIFO over LIFO cost Deferred tax assets: Accrued liabilities Deferred tax assets: Compensation and employee benefits Deferred tax assets: Unrealized hedges Deferred tax assets: Tax credit carryforwards Deferred tax assets: Capital losses Deferred tax assets: Net operating losses Deferred tax assets: Other Deferred tax assets: Valuation allowance Prepaid expenses and other current assets: Other receivables Prepaid expenses and other current assets: Prepaid expenses Prepaid expenses and other current assets: Derivative receivables, primarily commodity-related Prepaid expenses and other current assets: Grain contracts Prepaid expenses and other current assets: Miscellaneous Land, buildings, and equipment: Land Land, buildings, and equipment: Buildings Land, buildings, and equipment: Buildings under capital lease Land, buildings, and equipment: Equipment Land, buildings, and equipment: Equipment under capital lease Land, buildings, and equipment: Capitalized software Land, buildings, and equipment: Construction in progress Land, buildings, and equipment: Accumulated depreciation Capitalized lease asset Goodwill: North America Retail Goodwill: Pet Goodwill: Convenience Stores & Foodservice Goodwill: Europe & Australia Goodwill: Asia & Latin America Goodwill: Joint Ventures Other intangible assets: Brands and other indefinite-lived intangibles

Other intangible assets: Franchise agreements, customer relationships, and other Other intangible assets: Accumulated amortization Other assets: Investments in and advances to joint ventures Other assets: Life insurance Other assets: Miscellaneous Accounts payable Other current liabilities: Accrued trade and consumer promotions Other current liabilities: Accrued payroll Other current liabilities: Accrued taxes Other current liabilities: Grain contracts Other current liabilities: Restructuring and other exit costs reserve Other current liabilities: Derivative payable Other current liabilities: Miscellaneous Deferred tax liabilities: Brands Deferred tax liabilities: Fixed assets Deferred tax liabilities: Intangible assets Deferred tax liabilities: Tax lease transactions Deferred tax liabilities: Inventories Deferred tax liabilities: Unrealized hedges Deferred tax liabilities: Other Other noncurrent liabilities: Accrued taxes Other noncurrent liabilities: Miscellaneous Check: For historical, same Operating ATO as Analyzing RNOA

Actual Implied Forecasts 5/31/2015 5/29/2016 5/28/2017 5/27/2018 5/26/2019 5/31/2020 5/30/2021 5/29/2022 5/28/2023 0.991 0.956 0.766 0.702 0.706 0.696 0.684 0.684 52 52 52 52 17,630.3 16,563.1 15,619.8 15,740.4 17,279.5 17,531.9 17,816.2 18,110.2 0.020 0.021 0.020 0.018 0.020 0.020 0.020 0.085 0.091 0.101 0.099 0.110 0.110 0.120 (0.002) (0.002) (0.002) (0.002) (0.002) (0.002) (0.002) 0.024 0.025 0.025 0.023 0.025 0.025 0.025 0.073 0.076 0.082 0.079 0.088 0.090 0.092 0.005 0.005 0.005 0.005 0.006 0.006 0.006 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.006 0.005 0.004 0.003 0.004 0.004 0.004 0.031 0.029 0.020 0.012 0.027 0.026 0.026 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.000 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.002 0.002 0.002 0.006 0.007 0.009 0.009 0.010 0.010 0.010 0.005 0.005 0.004 0.003 0.006 0.006 0.006 (0.013) (0.015) (0.013) (0.010) (0.010) (0.010) (0.010) 0.009 0.010 0.011 0.010 0.010 0.010 0.010 0.010 0.011 0.011 0.010 0.011 0.012 0.012 0.004 0.003 0.002 0.002 0.004 0.004 0.004 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.006 0.006 0.005 0.004 0.004 0.004 0.004 0.136 0.144 0.148 0.139 0.152 0.154 0.154 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.363 0.385 0.392 0.361 0.400 0.410 0.420 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.031 0.034 0.036 0.034 0.039 0.039 0.040 0.040 0.040 0.040 0.040 0.040 0.040 0.040 (0.349) (0.371) (0.375) (0.345) (0.375) (0.380) (0.380) 0.022 0.026 0.031 0.030 0.030 0.031 0.031 0.391 0.410 0.407 0.371 0.400 0.400 0.400 0.000 0.000 0.168 0.306 0.300 0.300 0.300 0.056 0.059 0.058 0.053 0.060 0.060 0.060 0.043 0.045 0.045 0.042 0.045 0.045 0.045 0.017 0.019 0.019 0.016 0.020 0.020 0.020 0.024 0.026 0.027 0.025 0.027 0.027 0.028 0.254 0.266 0.349 0.395 0.280 0.290 0.295

0.033 0.034 0.042 0.047 0.034 0.035 0.035 (0.008) (0.010) (0.011) (0.011) (0.010) (0.010) (0.010) 0.032 0.033 0.032 0.029 0.033 0.035 0.035 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.006 0.007 0.007 0.006 0.007 0.008 0.008 1.363 1.431 1.704 1.810 1.801 1.825 1.854 (0.113) (0.133) (0.155) (0.159) (0.140) (0.141) (0.142) (0.034) (0.033) (0.031) (0.029) (0.030) (0.030) (0.030) (0.023) (0.023) (0.021) (0.020) (0.020) (0.020) (0.020) (0.009) (0.009) (0.008) (0.008) (0.008) (0.008) (0.008) (0.000) (0.000) (0.000) (0.000) 0.000 0.000 0.000 (0.006) (0.005) (0.005) (0.004) (0.006) (0.006) (0.006) (0.005) (0.002) (0.001) (0.000) 0.000 0.000 0.000 (0.017) (0.019) (0.019) (0.018) (0.020) (0.021) (0.021) (0.080) (0.084) (0.089) (0.087) (0.086) (0.086) (0.088) (0.028) (0.031) (0.026) (0.019) (0.031) (0.031) (0.031) (0.013) (0.015) (0.016) (0.015) (0.015) (0.015) (0.015) (0.003) (0.003) (0.002) (0.002) (0.003) (0.003) (0.003) (0.003) (0.004) (0.003) (0.002) (0.004) (0.004) (0.004) (0.001) (0.002) (0.002) (0.002) (0.003) (0.004) (0.004) (0.001) (0.002) (0.002) (0.002) (0.002) (0.002) (0.002) (0.012) (0.012) (0.014) (0.015) (0.011) (0.011) (0.011) (0.007) (0.008) (0.006) (0.004) (0.007) (0.007) (0.007) (0.354) (0.384) (0.400) (0.385) (0.386) (0.389) (0.392) 1.009 1.046 1.305 1.424 1.415 1.436 1.462 0.991 0.956 0.766 0.702 0.706 0.696 0.684 - - - 11.0% 11.6% 11.2% 8.7% 8.7% 8.7% 8.6%

Terminal 5/26/2024 5/25/2025 5/31/2026 0.684 0.684 0.684 terminal assumption

Amounts in millions 5/31/2015 5/29/2016 5/28/2017 Cost of operating capital 4.74% 5.44% Cost of debt estimate 1: Unadjusted FEAT 436.2 (98.4) Unadjusted beginning NFL 10,366.4 9,221.0 Unadjusted ending NFL 10,366.4 9,221.0 10,296.5 Cost of financial liabilities capital after tax 4.45% -1.01% Implied cost of financial liabilities before current tax 6.85% -1.55% Cost of debt estimate 2: Unadjusted interest expense 319.6 306.7 Interest bearing debt 9,191.5 8,430.9 9,481.7 Pretax borrowing rate 3.63% 3.42% Cost of debt estimate 3: Long-term debt average rate 3.58% 3.25% Chosen value 3.60% 3.20% (rounded to nearest 0.10%) Cost of equity capital Beta 0.550 0.661 Risk-free rate 2.33% 2.97% Market risk premium 6.00% 6.00% 5.60% 6.90% Book value of NFL 11,742.4 12,374.2 Fair value of long-term debt 8,629.0 8,547.0 Book value of long-term debt 8,161.1 8,247.6 Adjustment 467.9 299.4 Estimated fair value of NFL 12,210.3 12,673.6

Common Equity Common shares outstanding 597,020,906 577,099,679 Market price per share at May 1 57.51 43.74 Market capitalization 34,334.7 25,242.3 Market value of operating 46,544.9 37,916.0 Cost of operating capital 4.74% 5.44%

5/27/2018 4.95% 80.5 10,296.5 16,861.9 0.59% 0.84% 389.5 15,818.6 3.08% 3.61% 3.30% 0.640 Estimated 2.50% Also can check the daily market yield on U.S. 6.00% Assumed 6.34% 18,298.6 14,169.7 Per footnote 7 14,268.8 (99.1) 18,199.5 http://www.federalreserve.gov/data

598,600,000 Per 10-K or 10-Q 51.31 Per Yahoo! Finance 30,714.2 Recalculated 48,913.6 4.95%

. Treasury securities at 10-year constant maturity, per Federal Reserve on May 1, 20XX+1

General Mills Actual Forecasts Year Ending 5/27/2018 5/26/2019 5/31/2020 Assumptions: Sales growth 9.78% 1.46% Profit margin 12.32% 12.32% Asset turnover ratio 0.702 0.706 WACC 4.95% Amounts in millions Forecasts 5/27/2018 5/26/2019 5/31/2020 Sales $ 15,740.4 $ 17,279.5 $ 17,531.9 NOPAT $ 2,128.8 $ 2,159.9 NOA $ 24,608.1 $ 24,815.5 $ 25,590.9 Forecasts (amounts in millions) Sales $ 15,740.4 $ 17,279.5 $ 17,531.9 NOPAT $ 2,128.8 $ 2,159.9 $ 31.1 NOA $ 24,608.1 $ 24,815.5 $ 25,590.9 $ 207.4 $ 775.4 FCF $ 1,921.4 $ 1,384.6 ROPI $ 910.5 $ 931.3 Growth in FCF -27.94% Growth in ROPI 2.29% Discounted Cash Flow Model Year Ending 5/27/2018 5/26/2019 5/31/2020 Forecasted sales 17,279.5 17,531.9 2,128.8 2,159.9 24,608.1 24,815.5 25,590.9 207.4 775.4 1,921.4 1,384.6 -27.94% 1.0495 1.1015 Present value of free cash flow from operations 1,830.8 1,257.0 Sum of present value of free cash flows 7,265.8 Continuing value Capitalized Present value of continuing value 44,671.8 Operating value 51,937.6 Change in NOPAT Change in NOA NOPAT (Sales X PM ) NOA (Sales / ATO ) ∆ NOA FCF ( NOPAT –∆ NOA ) Growth in FCF Discount factor (1 + r WACC ) t FCF in terminal year