Connecting with Employees and Prioritizing Work to Drive Company Purpose

11/11/2015

Agenda

• Who is ? • How the industry is changing • How General Mills is changing to lead in the food industry • How we connect with our employees • How this affects our employees

A Heritage of Innovation & Brand Building

Yoplait U.S. licensing rights acquisition to are acquired created Cheeri Oats debut

CPW joint venture launched

Cadwallader Washburn builds first flour mill

1866 1869 1921 1924 1928 1941 1961 1977 1984 1990 2001 2011 2012 2013 2014

General Mills Häagen-Dazs goes stock trades international (Japan)

Yoki acquisition

Charles Pillsbury invests in first General Mills mill launches as completes purchase Whole Wheat Flakes Research Center opens of cross-town rival Pillsbury Our Brands General Mills at a Glance • One of the world’s largest food companies • Products marketed in more than 100 countries on six continents • 42,000 employees • $17.6 billion in fiscal 2015 net sales*

*Consolidated net sales excludes $1.1 billion of joint venture sales Our Global Business Portfolio Changing Times in the Food Industry

Our Strategic Framework

Purpose We serve the world by making food people love

Goal Create market leading growth to deliver top tier shareholder returns

Consumer First: Deeply understand the needs and lives Strategy of our consumers and respond quickly to give them what they want

Drive More Fund Reshape Portfolio Build Advantaged & Priorities From Core Our Future for Growth Agile Organization

Values

Key elements of Business Planning & Deployment (BP&D)

Understand the key Build plan and Execute your plan inputs identify owner

Sustain Prepare Prioritize

Gather inputs. Examples Objectives Goals include: Strategies Measures Communicate (OGSM) 1 level up and cross-functional business plans Cascade to individual LRP, spring plan (current and Initiative add up priorities last year) Loss analysis Competitor benchmarks Capability check Review regularly Consumer/customer requirements Organizational effectiveness assessment Key elements of Business Planning & Deployment (BP&D)

Understand the key inputs

Prepare Gather inputs. Examples include: 1 level up and cross- functional business plans LRP, spring plan (current and last year) Loss analysis Competitor benchmarks Consumer/customer requirements Organizational effectiveness assessment Key elements of Business Planning & Deployment (BP&D)

Build plan and identify owner

Prioritize

Objectives Goals Strategies Measures (OGSM)

Initiative add up

Capability check

Key elements of Business Planning & Deployment (BP&D)

STRATEGY BIMR (Results) TIMING METRIC (F16) RACI Breakthrough = 25%+ When will resources What is the What roles do team members play? Green No issues needing resolution Build plan and improvement be deployed to work quantitative target Responsible Accountable Consult Yellow Issues to be resolved within core team identify owner Improve= 5-10% improvement on this? showing progress Red Issues needing escalation outside core team Maintain = Resources keep against the strategy? within manageable thresholds Q1 Q2 Q3 Q4

Prioritize React = Resources are deferred

Name Name Name Name Name Name Name Name Name Jun Jul Aug Sep Oct Nov Dec Jan when activities reach a trigger Objectives Goals Strategy

Strategies [Owner] Measures (OGSM) Strategy Initiative add up [Owner]

Strategy Capability check [Owner]

February 2015 Key elements of Business Planning & Deployment (BP&D)

Execute your plan

Sustain

Communicate

Cascade to individual priorities

Review regularly

February 2015 Review regularly

• The magic of BP&D is in the review cycle • This is the distinction between continuous/adaptive planning and discrete planning • Priorities change, and it’s important to have realistic stop/start conversations

Review OGSM yearly to prepare for spring plan.

Review key inputs and strategies quarterly to maintain your continuous12-36-month plan.

Review status of initiatives and lead measures monthly. Conduct capability check and renegotiate as appropriate.

General Mills Prioritization Flow

STRATEGY BIMR (Results) TIMING METRIC (F16) RACI Breakthrough = 25%+ When will resources What is the What roles do team members play? Green No issues needing resolution improvement be deployed to work quantitative target Responsible Accountable Consult Yellow Issues to be resolved within core team Improve= 5-10% improvement on this? showing progress Red Issues needing escalation outside core team Maintain = Resources keep against the strategy? within manageable thresholds Q1 Q2 Q3 Q4

React = Resources are deferred

Name Name Name Name Name Name Name Name Name Jun Jul Aug Sep Oct Nov Dec Jan when activities reach a trigger Strategy

[Owner]

Strategy

[Owner]

Strategy

[Owner]

21 WE BELIEVE FOOD SHOULD MAKE US BETTER. FOOD BRINGS US JOY AND NOURISHES OUR LIVES, CONNECTING US TO EACH OTHER AND THE EARTH. Questions