Connecting with Employees and Prioritizing Work to Drive Company Purpose 11/11/2015 Agenda • Who is General Mills? • How the food 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 Betty Crocker to Yoplait 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 Wheaties General Mills Minneapolis mill launches as James Ford Bell 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 .