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GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Date: 22 September 2017 Sector: Consumer Non-Cyclicals Industry: Food Processing

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2017; Most recent quarter: 1; Fiscal year end month: May; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals

Business Summary General Mills, Inc. is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, Inter- national, and Convenience Stores and Foodservice. Its products are marketed under various brands, which include Annie's and Betty Crocker. The Company's U.S. Retail segment reflects business with a range of grocery stores, mass merchandisers, membership stores, natural food chains, drug, dollar and discount chains, and e-commerce grocery providers operating throughout the United States. The International segment consists of retail and foodservice businesses outside of the United States. The Convenience Stores and Foodservice segment's product categories include ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes.

Share Performance Price ($): 51.69 52 Week High: 65.57 Currency: USD Volume (millions): 5.2 52 Week Low: 50.40

Financial Summary BRIEF: For the 13 weeks ended 27 August 2017, General Mills, Inc. revenues decreased 4% to $3.77B. Net income decreased 1% to $404.7M. Revenues reflect a decrease in demand for the Company's products and services due to unfavorable market conditions. Net income also reflects U.S. Retail segment income decrease of 10% to $533.2M, Bakeries and Foodservice segment in- come decrease of 9% to $84.8M. Dividend per share increased from $0.48 to $0.49.

Valuation Ratios Price/Earnings (TTM) 18.51 Price/Sales (TTM) 1.90 Price/Book (MRQ) 7.52 Price/Cashflow (TTM) 13.34

Per Share Data Earnings (TTM) 2.79 Sales (TTM) 26.16 Book Value (MRQ) 6.87 Cash Flow (TTM) 3.72 Cash (MRQ) 1.33

Profitability Ratios (%) Gross Margin (TTM) 35.40 Operating Margin (TTM) 16.45 Net Profit Margin (TTM) 10.37

Management Effectiveness (%) Return on Equity (TTM) 37.52 Return on Assets (TTM) 7.28 Return on Investment (TTM) 9.96

Financial Strength Quick Ratio (MRQ) 0.47 Current Ratio (MRQ) 0.74 LT Debt/Equity (MRQ) 2.00 Total Debt/Equity (MRQ) 2.58

Dividend Information Dividend Yield (%) 3.79 Dividend per Share (MRQ) 0.49 Payout Ratio (MRQ) 280.48

General Mills Inc Number One General Mills Blvd

MINNEAPOLIS MN 55426

United States

Jeff Siemon (Vice President - Investor Relations)

http://www.generalmills.com

P/E: 18.51 Employees: 38,000

(Millions)

Market Cap: 29,377.42 Shares Outstanding: 568.34 Float: 562.52

Sa le s

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In c o m e

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($ Millions)

Ea r n in g s p e r Sh a r e

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2 .5 6

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2 .8 9

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3 .2 3

Ma y 1 5 Ma y 1 6 Ma y 1 7

($)

Div id e n d s p e r Sh a r e

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1 .9 2

2 .0

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http://www.generalmills.com

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics

Financial Strength 12 Mo

May 15 12 Mo

May 16 12 Mo

May 17 MRQ 3 Year

Average

Quick Ratio 0.35 0.42 0.41 0.47 0.39 Current Ratio 0.77 0.79 0.76 0.74 0.77 LT Debt/Equity 1.52 1.43 1.77 2.00 1.57 Total Debt Equity 1.85 1.71 2.19 2.58 1.92

Cu r r e n t Ra t io

0 .7 2

0 .7 4

0 .7 6

0 .7 7

0 .7 9

0 .8 1

1 2 Mo Ma y 1 5

1 2 Mo Ma y 1 6

1 2 Mo Ma y 1 7

MRQ 3 Ye a r Av e r a g e

Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Cur- rent Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder Equity for the same period.

Profitability 12 Mo

May 15 12 Mo

May 16 12 Mo

May 17 TTM 3 Year

Average

Gross Margin (%) 33.74 35.33 35.62 35.40 34.90 Operating Margin (%) 11.78 16.35 16.43 16.45 14.85 Net Profit Margin (%) 6.67 9.95 10.35 10.37 8.99 Interest Coverage -- 8.68 -- -- 8.68

Gr o s s Ma r g in (%)

3 3 .1

3 3 .7

3 4 .4

3 5 .0

3 5 .6

3 6 .2

1 2 Mo Ma y 1 5

1 2 Mo Ma y 1 6

1 2 Mo Ma y 1 7

T T M 3 Ye a r Av e r a g e

Gross Margin: This value measures the percent of revenue left after paying all direct production ex- penses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied by 100. Operating Margin: This value measures the percent of revenues remaining after paying all operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by 100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The Operating Income divided by the company's interest obligations.

Financial Strength looks at business risk. The stronger a company is from a financial standpoint, the less risky it is. The Quick Ratio compares cash and short-term investments (investments that could be converted to cash very quickly) to the financial liabilities they expect to incur within a year's time.

The Current Ratio compares year-ahead liabilities to cash on hand now plus other inflows (e.g. Ac- counts Receivable) the company is likely to realize over that same twelve-month period.

Current Ratio 0.76 Total Current Assets Total Current Liabilities

4,061.40 5,330.80

The Long Term Debt/Equity Ratio looks at the company's capital base. A ratio of 1.00 means the company's long-term debt and equity are equal. The Total Debt/Equity Ratio includes long-term debt and short term debt.

These ratios realize overall profitability, or the bot- tom line.

Gross Margin (%) 35.62 (%) Gross Profit Revenue

x 100 5,563.80

15,619.80 x 100

Gross Margin shows the amount of revenue left over after deducting direct costs of producing the goods or services. Operating Profit and Operating Margin trace the progress revenue down to another impor- tant level. From gross profit, we now subtract indi- rect costs, often referred to as overhead e.g. facili- ties and salaries associated with headquarters op- erations.

Finally, Profit Margin shows you how much of each revenue dollar is left after all costs, of any kind, are subtracted. These other costs include such items as interest on corporate debt and income taxes.

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics (cont.)

Management Effectiveness (%) 12 Mo

May 15 12 Mo

May 16 12 Mo

May 17 TTM 3 Year

Average

Return on Equity % 21.18 34.20 35.81 37.52 30.40 Return on Assets % 5.21 7.55 7.43 7.28 6.73 Return on Investments % 6.75 9.76 9.74 9.96 8.75

Re t u r n o n As s e t s %

4 .4

5 .2

6 .0

6 .8

7 .6

8 .3

1 2 Mo Ma y 1 5

1 2 Mo Ma y 1 6

1 2 Mo Ma y 1 7

T T M 3 Ye a r Av e r a g e

Return On Equity: Income Available to Common Stockholders divided by the Common Equity and expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided by the average total long term debt, other long term liabilities and shareholders equity, and expressed as a percentage.

Dividend Information 12 Mo

May 15 12 Mo

May 16 12 Mo

May 17 MRQ 3 Year

Average

Payout Ratio (%) 84.64 62.80 68.01 280.48 71.82 Dividend Per Share 1.67 1.78 1.92 0.49 1.79

Pa y o u t Ra t io (%)

7 0

1 4 0

2 1 0

2 8 0

3 5 0

1 2 Mo Ma y 1 5

1 2 Mo Ma y 1 6

1 2 Mo Ma y 1 7

MRQ 3 Ye a r Av e r a g e

Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio: This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items paid to common stockholders in the form of cash dividends.

A company's ability to operate profitably can be measured directly by measuring its return on assets. ROA (Return On Assets) is the ratio of a company's net profit to its total assets, expressed as a percent- age.

Return on Assets (%) 7.43 (%) Income After Taxes Average Total Assets

x 100 1,616.10

21,762.45 x 100

ROA measures how well a company's management uses its assets to generate profits. It is a better mea- sure of operating efficiency than ROE, which on- ly measures how much profit is generated on the shareholders equity but ignores debt funding. This ratio is particularly relevant for banks which typi- cally have huge assets.

The annual dividend is the total amount($) of div- idends you could expect to receive if you held the stock for a year (assuming no change in the company's dividend policy).

Payout Ratio (%) 68.01 (%) Dividend Per Share Primary EPS

x 100 1.92 2.82

x 100

The dividend yield is the indicated annual dividend rate expressed as a percentage of the price of the stock, and could be compared to the coupon yield on a bond. The Payout Ratio tells you what percent of the company's earnings have been given to share- holders as cash dividends. A low payout ratio indi- cates that company has chosen to reinvest most of the profits back into the business.

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics (cont.)

Per Share Data 12 Mo

May 15 12 Mo

May 16 12 Mo

May 17 TTM 3 Year

Growth

Earning Per Share 1.97 2.77 2.77 2.79 (0.01) Sales Per Share 28.48 27.07 26.12 26.16 (0.02) Book Value 8.35 8.26 7.50 6.87 (0.11) Cash Flow 1.90 2.69 2.70 3.72 (0.01) Cash Per Share 0.56 1.28 1.33 1.33 (0.02)

Ea r n in g s Pe r Sh a r e

1 .7

1 .9 7

2 .2 4

2 .5 2

2 .7 9

3 .0 6

1 2 Mo Ma y 1 5

1 2 Mo Ma y 1 6

1 2 Mo Ma y 1 7

T T M

EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Deprecia- tion, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Invest- ments divided by the Shares Outstanding.

The most important Per-Share Data item is Earn- ings Per Share. That's because ultimately, the price of your stock is related in some way to the value of the stream of earnings attributable to that share.

Earnings Per Share 2.77 Adjusted Income Avail. to Common Shareholders Diluted Weighted Average Shares

1,657.50 598.00

This section also includes the amount of Cash Per Share the company had at the time of its most re- cent quarterly or annual report. Most of the time, this number will be far below the stock price. In a healthy industrial company, a Cash Per Share figure that is close the stock price might suggest that investors are underestimating the worth of the company's ongoing business, thereby creating an interesting investment opportunity for you.

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Consensus Estimates

Data Source: Reuters Fundamentals

Analyst Recommendations & Revisions

Current As of 1 Week Ago

As of 4 Weeks Ago

As of 8 Weeks Ago

As of 13 Weeks Ago

Buy 1 1 1 1 1 Outperform 1 1 1 1 1 Hold 13 13 13 13 13 Underperform 4 4 4 4 4 Strong Sell 0 0 0 0 0

Mean Rating 3.1 3.1 3.1 3.1 3.1

Consensus Estimate Trends Current As of 1 Week Ago

As of 4 Weeks Ago

As of 8 Weeks Ago

As of 13 Weeks Ago

Sales (Millions) Year Ending May 18 15,430.3 15,334.5 15,334.0 15,331.6 15,469.7 Year Ending May 19 15,494.9 15,414.8 15,414.3 15,408.5 15,458.1 Quarter Ending Nov 18 4,091.5 4,069.7 4,069.7 4,066.1 3,990.6

Quarter Ending Feb 19 3,836.3 3,790.6 3,790.6 3,787.4 3,743.7

Earnings (Per share) Year Ending May 18 3.1 3.1 3.1 3.1 3.2 Year Ending May 19 3.2 3.2 3.2 3.2 3.3 Quarter Ending Feb 19 0.8 0.8 0.8 0.8 0.8 Quarter Ending May 19 0.8 0.8 0.8 0.8 0.7

Consensus Estimate Analysis No. of Estimates

Mean Estimate

High Estimate

Low Estimate

Sales (Millions) Year Ending May 18 18 15,430.3 15,634.1 15,164.5 Year Ending May 19 18 15,494.9 16,049.4 15,012.8 Quarter Ending Nov 18 8 4,091.5 4,185.9 3,926.5 Quarter Ending Feb 19 8 3,836.3 3,968.0 3,681.1 Earnings (Per share) Year Ending May 18 20 3.1 3.2 2.9 Year Ending May 19 20 3.2 3.4 2.9 Quarter Ending Feb 19 9 0.8 0.8 0.7 Quarter Ending May 19 9 0.8 0.9 0.8 LT Growth Rate 6 6.0 9.0 3.3

Quarter Historical Surprises Estimate Actual Difference Surprise (%) Sales (Millions) August 2017 3,784.89 3,769.20 15.69 0.41 May 2017 3,745.44 3,806.60 61.16 1.63 February 2017 3,819.37 3,793.20 26.17 0.69 November 2016 4,232.60 4,112.10 120.50 2.85 Earnings (Per share) August 2017 0.76 0.71 0.05 6.78 May 2017 0.71 0.73 0.02 2.74 February 2017 0.71 0.72 0.01 1.25 November 2016 0.86 0.85 0.01 1.63

Consensus Recommendation HOLD

Company Fiscal Year End Month May

Last Updated 22 September 2017

Sa le s

1 5 3 8 7

1 5 4 3 0

1 5 4 7 4

1 5 5 1 7

1 5 5 6 1

1 5 6 0 4

Ma y 1 7 Ma y 1 8 Ma y 1 9

($ Millions)

Ea r n in g s p e r Sh a r e

3 .0

3 .0 5

3 .1 1

3 .1 6

3 .2 1

3 .2 6

Ma y 1 7 Ma y 1 8 Ma y 1 9

($)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Annual Income Statement

Data Source: Reuters Fundamentals

Type of Update UPD UPD UPD ($ Millions) ($ Millions) ($ Millions)

53Weeks 31 May 15

52Weeks 29 May 16

52Weeks 28 May 17

Total Revenue 17,630.3 16,563.1 15,619.8 Cost of Revenue,Total 11,681.1 10,711.3 10,056.0 Gross Profit 5,949.2 5,851.8 5,563.8 Selling/General/Admin.Expenses 3,328.0 3,114.8 2,801.3 Research & Development -- -- -- Depreciation/Amortization -- -- -- Interest Expense/Income Net Op. -- -- -- Unusual Income/Expense 543.9 81.6 196.1 Other Operating Expenses,Total -- -- -- Total Operating Expense 15,553.0 13,855.7 13,053.4 Operating Income 2,077.3 2,707.4 2,566.4 Interest Expense/Income Net Non Op. (315.4) -- (295.1) Gain/(Loss) on Sale of Assets -- -- -- Other, Net -- -- -- Income Before Tax 1,761.9 2,403.6 2,271.3 Income Tax - Total 586.8 755.2 655.2 Income After Tax 1,175.1 1,648.4 1,616.1 Minority Interest (38.1) (39.4) (43.6) Equity In Affiliates 84.3 88.4 85.0 U.S. GAAP Adjustment -- -- -- Net Income Before Extra. Items 1,221.3 1,697.4 1,657.5 Accounting Change -- -- -- Discontinued Operations -- -- -- Extraodinary Item -- -- -- Tax on Extraordinary Items -- -- -- Net Income 1,221.3 1,697.4 1,657.5 Preferred Dividends -- -- -- General Partner's Distributions -- -- -- Inc. Avail. to Common Excl. Extra. Items 1,221.3 1,697.4 1,657.5 Inc. Avail. to Common Incl. Extra. Items 1,221.3 1,697.4 1,657.5 Basic Weighted Average Shares 619.0 598.9 587.1 Basic EPS Excl. Extra. Items 1.973 2.834 2.823 Basic EPS Incl. Extra. Items 1.973 2.834 2.823 Dilution Adjustment -- -- -- Diluted Net Income 1,221.300 1,697.400 1,657.500 Diluted Weighted Average Shares 619.000 611.900 598.000 Diluted EPS Excl. Extra. Items 1.973 2.774 2.772 Diluted EPS Incl. Extra. Items 1.973 2.774 2.772 Div's per Share - Common Stock 1.670 1.780 1.920 Gross Dividends - Common Stock -- -- -- Interest Expense, Supplemental -- 319.600 -- Interest Capitalized, Supplemental -- (7.700) -- Depreciation, Supplemental 588.300 608.100 603.600 Total Special Items 543.900 125.700 196.100 Normalized Income Before Tax 2,305.800 2,529.300 2,467.400 Effect of Special Items on Inc. Taxes 181.146 39.494 56.569 Inc. Taxes Excl. Impact Special Items 767.946 794.694 711.769 Normalized Income After Tax 1,537.850 1,734.610 1,755.630 Normalized Income Available to Common 1,584.050 1,783.610 1,797.030 Basic Normalized EPS 2.559 2.978 3.061 Diluted Normalized EPS 2.559 2.915 3.005

Auditor PW KPMG DHS Auditor Opinion UWE UNO UNO

Source Document PRESS 10-K PRESS

T o t a l Re v e n u e

1 4 9 0 0

1 5 6 0 0

1 6 3 0 0

1 7 0 0 0

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Ma y 1 5 Ma y 1 6 Ma y 1 7

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Gr o s s Pr o f it

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O p e r a t in g In c o m e

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Ne t In c o m e

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Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

Dilu t e d No r m a liz e d EPS

2 .4 1

2 .5 6

2 .7 1

2 .8 6

3 .0 1

3 .1 5

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Annual Balance Sheet

Data Source: Reuters Fundamentals

Type of Update UPD UPD UPD ($ Millions) ($ Millions) ($ Millions)

31 May 15 29 May 16 28 May 17 Cash -- -- -- Cash and Equivalents 334.2 763.7 766.1 Short Term Investments -- -- -- Cash and Short Term Investments 334.2 763.7 766.1

Accounts Receivable(Trade), Net 1,386.7 1,360.8 1,430.1 Notes Receivable - Short Term -- -- -- Other Receivables -- -- --

Total Receivables, Net 1,386.7 1,360.8 1,430.1 Total Inventory 1,540.9 1,413.7 1,483.6 Prepaid Expenses 423.8 399.0 381.6 Other Current Assets 100.1 -- -- Total Current Assets 3,785.7 3,937.2 4,061.4

Property/Plant/Equipment - Gross -- -- -- Accumulated Depreciation -- -- --

Property/Plant/Equip., Net 3,783.3 3,743.6 3,687.7 Goodwill, Net 8,874.9 8,741.2 8,747.2 Intangibles, Net 4,677.0 4,538.6 4,530.4 Long Term Investments -- -- -- Note Receivable - Long Term -- -- -- Other Long Term Assets, Total 843.6 751.7 785.9 Other Assets, Total -- -- -- Total Assets 21,964.5 21,712.3 21,812.6 Accounts Payable 1,684.0 2,046.5 2,119.8 Payable/Accrued -- -- -- Accrued Expenses -- -- -- Notes Payable/Short Term Debt 615.8 269.8 1,234.1 Current Port. LT Debt/Capital Leases 1,000.4 1,103.4 604.7 Other Current Liabilities, Total 1,589.9 1,595.0 1,372.2 Total Current Liabilities 4,890.1 5,014.7 5,330.8

Long Term Debt 7,607.7 7,057.7 7,642.9 Capital Lease Obligations -- -- --

Total Long Term Debt 7,607.7 7,057.7 7,642.9 Total Debt 9,223.9 8,430.9 9,481.7 Deferred Income Tax 1,550.3 1,399.6 1,719.4 Minority Interest 396.0 376.9 357.6 Other Liabilities, Total 2,523.7 2,933.2 2,434.0 Total Liabilities 16,967.8 16,782.1 17,484.7 Redeemable Preferred Stock -- -- -- Preferred Stock(Non Redeemable), Net -- -- -- Common Stock 75.5 75.5 75.5 Additional Paid-In Capital 1,296.7 1,177.0 1,120.9 Retained Earnings/Accum. Deficit 11,990.8 12,616.5 13,138.9 Treasury Stock - Common (6,055.6) (6,326.6) (7,762.9) ESOP Debt Guarantee -- -- -- Unrealized Gain/Loss -- -- -- Other Equity, Total (2,310.7) (2,612.2) (2,244.5) Total Equity 4,996.7 4,930.2 4,327.9 Total Liability & Shareholders' Equity 21,964.5 21,712.3 21,812.6 Total Common Shares Outstanding 598.7 596.8 576.9 Total Preferred Stock Shares Outs. -- -- --

Auditor PW KPMG DHS Auditor Opinion UWE UNO UNO

Source Document PRESS 10-K PRESS

Ca s h & Sh o r t T e r m In v e s t m e n t s

1 9 0

3 3 0

4 8 0

6 2 0

7 7 0

9 1 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

T o t a l Cu r r e n t As s e t s

3 6 9 0

3 7 9 0

3 8 8 0

3 9 7 0

4 0 6 0

4 1 5 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

T o t a l De b t

8 0 8 0

8 4 3 0

8 7 8 0

9 1 3 0

9 4 8 0

9 8 3 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

T o t a l Eq u it y

4 1 0 0

4 3 3 0

4 5 5 0

4 7 7 0

5 0 0 0

5 2 2 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

T o t a l Co m m o n Sh a r e s O u t s t a n d in g

5 7 0

5 7 7

5 8 4

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5 9 9

6 0 6

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Annual Cash Flow Statement

Data Source: Reuters Fundamentals

Type of Update UPD UPD UPD ($ Millions) ($ Millions) ($ Millions)

53Weeks 31 May 15

52Weeks 29 May 16

52Weeks 28 May 17

Net Income/Starting Line 1,259.4 1,736.8 1,701.1 Depreciation/Depletion 588.3 608.1 603.6 Amortization -- -- -- Deferred Taxes 25.3 120.6 183.9 Non-Cash Items 593.0 11.7 143.0 Cash Receipts -- -- -- Cash Payments -- -- -- Cash Taxes Paied -- -- -- Cash Interest Paid -- -- -- Changes in Working Capital 76.8 152.6 (318.3) Total Cash from Operating Activities 2,542.8 2,629.8 2,313.3 Capital Expenditures (712.4) (729.3) (684.4) Other Investing Cash Flow Items, Total (889.8) 822.7 37.5 Total Cash from Investing Activities (1,602.2) 93.4 (646.9) Financing Cash Flow Items 33.5 2.6 (6.0) Total Cash Dividends Paid (1,017.7) (1,071.7) (1,135.1) Insurance/Retirement of Stock, Net (998.2) (434.8) (1,538.9) Insurance/Retirement of Debt, Net 597.6 (781.7) 1,034.5 Total Cash from Financing Activities (1,384.8) (2,285.6) (1,645.5) Foreign Exchange Effects (88.9) (8.1) (18.5) Net Change in Cash (533.1) 429.5 2.4 Depreciation, Supplemental 588.3 608.1 603.6 Cash Interest Paid, Supplemental -- -- -- Cash Taxes Paid, Supplemental -- -- --

Auditor PW KPMG DHS Auditor Opinion UWE UNO UNO

Source Document PRESS 10-K PRESS

T o t a l Ca s h f r o m O p e r a t in g Ac t iv it ie s

2 2 1 0

2 3 1 0

2 4 2 0

2 5 2 0

2 6 3 0

2 7 4 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

Ca p it a l Ex p e n d it u r e s

- 7 4 4

- 7 2 9

- 7 1 4

- 6 9 9

- 6 8 4

- 6 6 9

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

Is s u e o f St o c k

- 1 9 1 0

- 1 5 4 0

- 1 1 7 0

- 8 0 0

- 4 3 0

- 7 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

Is s u e o f De b t

- 1 4 0 0

- 8 0 0

- 2 0 0

4 0 0

1 0 0 0

1 6 0 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

Ne t Ch a n g e in Ca s h

- 8 5 0

- 5 3 0

- 2 1 0

1 1 0

4 3 0

7 5 0

Ma y 1 5 Ma y 1 6 Ma y 1 7

($ Millions)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Quarterly Income Statement

Data Source: Reuters Fundamentals

Type of Update UPD UPD UPD UPD UPD ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)

13Weeks 28 Aug 16

13Weeks 27 Nov 16

13Weeks 26 Feb 17

13Weeks 28 May 17

13Weeks 27 Aug 17

Total Revenue 3,907.9 4,112.1 3,793.2 3,806.6 3,769.2 Cost of Revenue,Total 2,491.0 2,579.8 2,469.1 2,486.9 2,446.8 Gross Profit 1,416.9 1,532.3 1,324.1 1,319.7 1,322.4 Selling/General/Admin.Expenses 712.2 708.1 687.6 693.4 679.1 Research & Development -- -- -- -- -- Depreciation/Amortization -- -- -- -- -- Interest Expense/Income Net Op. -- -- -- -- -- Unusual Income/Expense 58.9 55.3 94.0 17.1 17.5 Other Operating Expenses,Total -- -- -- -- -- Total Operating Expense 3,262.1 3,343.2 3,250.7 3,197.4 3,143.4 Operating Income 645.8 768.9 542.5 609.2 625.8 Interest Expense/Income Net Non Op. (73.9) (75.5) (76.4) (69.3) 1.5 Gain/(Loss) on Sale of Assets -- -- -- -- -- Other, Net -- -- -- -- -- Income Before Tax 571.9 693.4 466.1 539.9 553.4 Income Tax - Total 176.6 227.4 107.0 144.2 168.5 Income After Tax 395.3 466.0 359.1 395.7 384.9 Minority Interest (10.5) (14.0) (12.4) (6.7) (3.9) Equity In Affiliates 24.2 29.8 11.1 19.9 23.7 U.S. GAAP Adjustment -- -- -- -- -- Net Income Before Extra. Items 409.0 481.8 357.8 408.9 404.7 Accounting Change -- -- -- -- -- Discontinued Operations -- -- -- -- -- Extraodinary Item -- -- -- -- -- Tax on Extraordinary Items -- -- -- -- -- Net Income 409.0 481.8 357.8 408.9 404.7 Preferred Dividends -- -- -- -- -- General Partner's Distributions -- -- -- -- -- Inc. Avail. to Common Excl. Extra. Items 409.0 481.8 357.8 408.9 404.7 Inc. Avail. to Common Incl. Extra. Items 409.0 481.8 357.8 408.9 404.7 Basic Weighted Average Shares 600.0 588.8 580.7 579.0 576.5 Basic EPS Excl. Extra. Items 0.682 0.818 0.616 0.706 0.702 Basic EPS Incl. Extra. Items 0.682 0.818 0.616 0.706 0.702 Dilution Adjustment 1.308 -- -- -- -- Diluted Net Income 410.308 481.800 357.800 408.900 404.700 Diluted Weighted Average Shares 612.400 599.700 591.400 588.900 586.900 Diluted EPS Excl. Extra. Items 0.670 0.803 0.605 0.694 0.690 Diluted EPS Incl. Extra. Items 0.670 0.803 0.605 0.694 0.690 Div's per Share - Common Stock 0.480 0.480 0.480 0.480 0.490 Gross Dividends - Common Stock -- 284.600 280.800 -- 1,135.100 Interest Expense, Supplemental -- -- -- -- 74.500 Interest Capitalized, Supplemental -- -- -- -- (0.600) Depreciation, Supplemental 152.500 148.600 147.200 155.300 145.100 Total Special Items 58.900 54.790 43.800 17.100 39.700 Normalized Income Before Tax 630.800 748.190 509.900 557.000 593.100 Effect of Special Items on Inc. Taxes 18.188 17.968 10.055 4.567 12.088 Inc. Taxes Excl. Impact Special Items -- -- -- -- -- Normalized Income After Tax 436.012 502.822 392.845 408.233 412.512 Normalized Income Available to Common 449.712 518.622 391.545 421.433 432.312 Basic Normalized EPS 0.750 0.881 0.674 0.728 0.750 Diluted Normalized EPS 0.736 0.865 0.662 0.716 0.737

Source Document 8-K 10-Q 10-Q PRESS 10-Q Fiscal Period 1 2 3 4 1

T o t a l Re v e n u e

3 6 5 0

3 7 7 0

3 8 8 0

4 0 0 0

4 1 1 0

4 2 3 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Gr o s s Pr o f it

1 2 5 0

1 3 2 0

1 3 9 0

1 4 6 0

1 5 3 0

1 6 0 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

O p e r a t in g In c o m e

4 7 0

5 4 0

6 2 0

6 9 0

7 7 0

8 4 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Ne t In c o m e

3 1 6

3 5 8

3 9 9

4 4 0

4 8 2

5 2 3

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Dilu t e d No r m a liz e d EPS

0 .5 9

0 .6 6

0 .7 3

0 .8

0 .8 6

0 .9 3

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Quarterly Balance Sheet

Data Source: Reuters Fundamentals

Type of Update UPD UPD UPD UPD UPD ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)

28 Aug 16 27 Nov 16 26 Feb 17 28 May 17 27 Aug 17 Cash -- -- -- -- -- Cash and Equivalents 765.7 809.7 899.1 766.1 820.8 Short Term Investments -- -- -- -- -- Cash and Short Term Investments 765.7 809.7 899.1 766.1 820.8

Accounts Receivable(Trade), Net 1,446.1 1,382.7 1,427.5 1,430.1 1,546.5 Notes Receivable - Short Term -- -- -- -- -- Other Receivables -- -- -- -- --

Total Receivables, Net 1,446.1 1,382.7 1,427.5 1,430.1 1,546.5 Total Inventory 1,547.5 1,525.5 1,461.0 1,483.6 1,595.2 Prepaid Expenses 433.7 393.6 340.4 381.6 376.0 Other Current Assets -- -- -- -- -- Total Current Assets 4,193.0 4,111.5 4,128.0 4,061.4 4,338.5

Property/Plant/Equipment - Gross -- -- -- -- -- Accumulated Depreciation -- -- -- -- --

Property/Plant/Equip., Net 3,655.3 3,571.3 3,575.2 3,687.7 3,648.1 Goodwill, Net 8,758.2 8,679.1 8,705.8 8,747.2 8,832.3 Intangibles, Net 4,552.2 4,487.4 4,499.7 4,530.4 4,593.3 Long Term Investments -- -- -- -- -- Note Receivable - Long Term -- -- -- -- -- Other Long Term Assets, Total 754.4 752.8 761.6 785.9 797.4 Other Assets, Total -- -- -- -- -- Total Assets 21,913.1 21,602.1 21,670.3 21,812.6 22,209.6 Accounts Payable 1,944.8 1,938.3 1,855.3 2,119.8 2,172.9 Payable/Accrued -- -- -- -- -- Accrued Expenses -- -- -- -- -- Notes Payable/Short Term Debt 690.5 1,421.7 1,942.0 1,234.1 1,660.3 Current Port. LT Debt/Capital Leases 1,103.4 1,507.6 604.7 604.7 604.7 Other Current Liabilities, Total 1,476.4 1,376.8 1,341.5 1,372.2 1,452.0 Total Current Liabilities 5,215.1 6,244.4 5,743.5 5,330.8 5,889.9

Long Term Debt 7,078.0 6,542.0 7,176.4 7,642.9 7,822.7 Capital Lease Obligations -- -- -- -- --

Total Long Term Debt 7,078.0 6,542.0 7,176.4 7,642.9 7,822.7 Total Debt 8,871.9 9,471.3 9,723.1 9,481.7 10,087.7 Deferred Income Tax 1,442.7 1,506.4 1,547.7 1,719.4 1,761.0 Minority Interest 380.3 345.2 340.1 357.6 379.1 Other Liabilities, Total 2,888.7 2,783.5 2,799.2 2,434.0 2,453.1 Total Liabilities 17,004.8 17,421.5 17,606.9 17,484.7 18,305.8 Redeemable Preferred Stock -- -- -- -- -- Preferred Stock(Non Redeemable), Net -- -- -- -- -- Common Stock 75.5 75.5 75.5 75.5 75.5 Additional Paid-In Capital 1,185.1 1,179.4 1,129.8 1,120.9 1,070.7 Retained Earnings/Accum. Deficit 12,734.6 12,931.8 13,008.8 13,138.9 13,259.3 Treasury Stock - Common (6,602.2) (7,529.2) (7,800.3) (7,762.9) (8,269.7) ESOP Debt Guarantee -- -- -- -- -- Unrealized Gain/Loss -- 4.1 4.6 -- 4.9 Other Equity, Total (2,484.7) (2,481.0) (2,355.0) (2,244.5) (2,236.9) Total Equity 4,908.3 4,180.6 4,063.4 4,327.9 3,903.8 Total Liability & Shareholders' Equity 21,913.1 21,602.1 21,670.3 21,812.6 22,209.6 Total Common Shares Outstanding 594.6 580.2 576.1 576.9 568.2 Total Preferred Stock Shares Outs. -- -- -- -- --

Source Document 8-K 10-Q 10-Q PRESS 10-Q Fiscal Period 1 2 3 4 1

Ca s h & Sh o r t T e r m In v e s t m e n t s

7 2 1

7 6 6

8 1 0

8 5 5

8 9 9

9 4 4

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

T o t a l Cu r r e n t As s e t s

3 9 7 0

4 0 6 0

4 1 5 0

4 2 5 0

4 3 4 0

4 4 3 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

T o t a l De b t

8 4 7 0

8 8 7 0

9 2 8 0

9 6 8 0

1 0 0 9 0

1 0 4 9 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

T o t a l Eq u it y

3 5 7 0

3 9 0 0

4 2 4 0

4 5 7 0

4 9 1 0

5 2 4 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

T o t a l Co m m o n Sh a r e s O u t s t a n d in g

5 5 9

5 6 8

5 7 7

5 8 6

5 9 5

6 0 3

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Quarterly Cash Flow Statement

Data Source: Reuters Fundamentals

Type of Update UPD UPD UPD UPD UPD ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)

13Weeks 28 Aug 16

26Weeks 27 Nov 16

39Weeks 26 Feb 17

52Weeks 28 May 17

13Weeks 27 Aug 17

Net Income/Starting Line 419.5 915.3 1,285.5 1,701.1 408.6 Depreciation/Depletion 152.5 301.1 448.3 603.6 145.1 Amortization -- -- -- -- -- Deferred Taxes 36.0 94.6 140.1 183.9 38.2 Non-Cash Items 42.2 54.2 137.4 143.0 20.9 Cash Receipts -- -- -- -- -- Cash Payments -- -- -- -- -- Cash Taxes Paied -- 290.8 394.3 -- -- Cash Interest Paid -- 141.9 263.8 -- -- Changes in Working Capital (361.9) (377.6) (452.6) (318.3) (22.3) Total Cash from Operating Activities 288.3 987.6 1,558.7 2,313.3 590.5 Capital Expenditures (153.5) (318.3) (475.2) (684.4) (116.3) Other Investing Cash Flow Items, Total 26.2 38.3 51.2 37.5 (6.5) Total Cash from Investing Activities (127.3) (280.0) (424.0) (646.9) (122.8) Financing Cash Flow Items 51.7 55.1 5.6 (6.0) (21.5) Total Cash Dividends Paid (290.9) (575.5) (856.3) (1,135.1) (284.3) Insurance/Retirement of Stock, Net (336.1) (1,272.9) (1,560.4) (1,538.9) (559.3) Insurance/Retirement of Debt, Net 419.6 1,164.4 1,428.3 1,034.5 413.8 Total Cash from Financing Activities -- -- -- -- -- Foreign Exchange Effects (3.3) (32.7) (16.5) (18.5) 38.3 Net Change in Cash 2.0 46.0 135.4 2.4 54.7 Depreciation, Supplemental 152.5 301.1 448.3 603.6 145.1 Cash Interest Paid, Supplemental -- 141.9 263.8 -- -- Cash Taxes Paid, Supplemental -- 290.8 394.3 -- --

Source Document 8-K 10-Q 10-Q PRESS 10-Q Fiscal Period 1 2 3 4 1

T o t a l O p e r a t in g Ac t iv it ie s

6 0 0

1 2 0 0

1 7 0 0

2 3 0 0

2 9 0 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Ca p it a l Ex p e n d it u r e s

- 8 7 0

- 6 8 0

- 5 0 0

- 3 1 0

- 1 2 0

7 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Is s u e o f St o c k

- 1 9 7 0

- 1 5 6 0

- 1 1 5 0

- 7 4 0

- 3 4 0

7 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Is s u e o f De b t

8 0

4 1 0

7 5 0

1 0 9 0

1 4 3 0

1 7 7 0

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

Ne t Ch a n g e in Ca s h

3 4

6 8

1 0 2

1 3 5

1 6 9

Au g 1 6 No v 1 6 Fe b 1 7 Ma y 1 7 Au g 1 7

($ Millions)

GIS GENERAL MILLS INC (NEW YORK STOCK EXCHANGE)

Further Information

Data Source: Reuters Fundamentals

Internet Information Home Page: http://www.generalmills.com

Officers Kendall Powell Chairman of the Board Jeffrey Harmening Chief Executive Officer, Director Donal Mulligan Chief Financial Officer, Executive Vice President Jon Nudi Group President - North America Retail Bethany Quam Group President - Europe & Australia Jacqueline Williams-Roll Chief Human Resource Officer, Senior Vice President John Church Executive Vice President - Supply Chain and Global Business Solutions and Chief Supply Chain Officer Peter Erickson Executive Vice President - Innovation, Technology and Quality Richard Allendorf Senior Vice President, General Counsel, Secretary Christina Law Senior Vice President, Group President - Asia & Latin America Kimberly Nelson Senior Vice President - External Relations, President - General Mills Foundation Shawn O'Grady Senior Vice President - Global Revenue Development and Group President, Convenience Stores & Foodservice Kofi Bruce Principal Accounting Officer, Vice President, Controller Olivier Faujour Vice President, President - Dairy Strategic Brand Unit R. Kerry Clark Lead Independent Director Bradbury Anderson Independent Director Alicia Boler Davis Independent Director David Cordani Independent Director Roger Ferguson Independent Director Henrietta Fore Independent Director

General Mills Inc Group Headquarters: Number One General Mills Blvd, MINNEAPOLIS, MN 55426, United States, Jeff Siemon (Vice President - Investor Relations)

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