General Mills, Inc. · NYSE:GIS
General Mills — 2019 Barclays Global Consumer Staples Conference
31 slides from General Mills's conference presentation, Sep 4, 2019
Slide 1: General Mills Making Food People Love
General Mills Making Food People Love 2019 Barclays Global Consumer Staples Conference September 4, 2019
Slide 2: Jon Nudi, Group President, North America Retail
a FLAKY LATERS S10) Jon Nudi Group President North America Retail Segment 2019 Barclays Global Consumer Staples Conference September 4, 2019
Slide 3: A Reminder on Forward-looking Statements
A Reminder on Forward-looking Statements This presentation contains forwardtooking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks
Slide 4: General Mills Overview
General Mills Overview Our Purpose Our Goal Create market-leading growth to deliver We SErU@ tre top-tier shareholder returns aking § FOO J Our Strategy Consumer First: Deeply understand the people OYE needs and lives of our consumers and respond quickly to give them what they want
Slide 5: General Mills Portfolio Today
General Mills Portfolio Today FISCAL 2019 NET SALES: $16.9 BILLION Net Sales by Operating Segment Net Sales by Product Platform @ Accelerate Platforms - Snack Bars @ North America Retail silesiGroamt ® Convenience Stores - Mexican ; & Foodservice - Natural & Organic Europe & Australia @ Pet Food @ A
Slide 6: Our Global Growth Framework
Our Global Growth Framework y i } Effectively Across All Brands and SP SAI Geographies yy Our Differential Growth Platforms a 3 Vasa Lc Ez the Parttotit for Growth
Slide 7: North America Retail Segment Overview
North America Retail Segment Overview F19 NETSALES=$10B | 25 CATEGORIES | LEADINGBRANDS | SERVE >95% ox HOUSEHOLDS i“ Cheerios «aa
Slide 8: Keys to Improving Organic Sales Growth in NAR
Keys to Improving Organic Sales Growth in NAR Innovation, Brand-building, and Capabilities Maintaining Momentum on U.S. Cereal and Improving U.S. Snacks and U.S. Yogurt Competing Effectively Across the Portfolio
Slide 9: General Mills U.S. Retail Sales Trend
General Mills U.S. Retail Sales Trend RETAIL SALES % VS. LY mm% +/- LY ==2-Year Average 0.1% 0.1% 0.7% 0.0% -7.0% F17 F18 1H F19 2H F19 Q1TD F20 Source: Nielsen xAOC, Q1TD F20 week ending 8/17/19
Slide 10: Consumer First Innovation and Modern Brand Building
Consumer First Innovation and Modern Brand Building CONSUMER FIRST INNOVATION MODERN BRAND BUILDING ovat Sr / ‘ SI) 75h AK BUY SCAN EARN Senne PROTEIN roan, = _— eee = Sal. INI =! jos = EMERGING BRAND ELEVATOR
Slide 11: Growth-Driving Capabilities: Strategic Revenue Management & E-Commerce
Growth-Driving Capabilities: Strategic Revenue Management & E-Commerce STRATEGIC REVENUE MANAGEMENT E-COMMERCE Scan To Save On Lucky Charms Snacking made simple i Shop now » NAR F19 Organic Price/Mix = +1 pt NAR F19 E-commerce Net Sales +51% vs. LY
Slide 12: Continue U.S. Cereal Momentum
Continue U.S. Cereal Momentum GENERAL MILLS U.S. CEREAL MOMENTUM CONTINUES (Retail Sales, % vs. LY) 0.8% 0.2% 0.3% mz -3.4% F17 F18 F19 Q1TD F20 Source: Nielsen xAOC, Q1TD F20 week ending 8/17/19 CATEGORY LEADERSHIP (U.S. Cereal Dollar Share) 32.1 Fi7 F1i8 F19 52 Weeks Ending 7/27/19 General Mills T
Slide 13: U.S. Cereal Growth Drivers
U.S. Cereal Growth Drivers MODERN BRAND BUILDING CATEGORY LEADING INNOVATION (0). Healthy Hearts —/ make the Good Go Round Cheerios
Slide 14: Continue to Improve U.S. Yogurt
Continue to Improve U.S. Yogurt YOGURT SALES (General Mills U.S. Yogurt Retail Sales, % vs. LY) F17 F18 F19 QI1TD F20 -11% -19% Source: Nielsen xAOC, Q1TD F20 week ending 8/17/19 14
Slide 15: Drive Growth in U.S. Yogurt
Drive Growth in U.S. Yogurt DRIVE GROWTH ON THE CORE ENTER NEW GROWTH GROW SIMPLY BETTER SPACES
Slide 16: Improve U.S. Snacks
Improve U.S. Snacks U.S. SNACKS OPERATING UNIT (Net Sales, $ in Billions) — +3% —— “evs. LY iy 87 Ny, EPIC PROVISIONS — asumieg Chey os iber FOOD vie SHOULD 4 TASTE CB: GOOD a> ig me Wilt = 16
Slide 17: U.S. Snack Bar Initiatives
U.S. Snack Bar Initiatives NATURE VALLEY FIBER ONE * Positive Early Traction on Wafer Bar ¢ Renovated 75% of Product Line ¢ Focus on Back to School Merchandising ¢ Media Support ¢ Increased Media and Sampling ¢ Retail Sales Trends Improving #7 CRUNCHY CRISPY CREAMY
Slide 18: Competing Effectively in U.S. Meals & Baking
Competing Effectively in U.S. Meals & Baking OLD EL PASO SOUP REFRIGERATED DOUGH (QTD F20 Retail Sales % vs. LY) (QTD F20 Retail Sales % vs. LY) (QTD F20 Retail Sales % vs. LY) BROCCOLI CHEESE HA BRON,
Slide 19: Keys to Improving Organic Sales Growth in NAR
Keys to Improving Organic Sales Growth in NAR Innovation, Brand-building, and Capabilities Maintaining Momentum on U.S. Cereal and Improving U.S. Snacks and U.S. Yogurt Competing Effectively Across the Portfolio
Slide 20: Billy Bishop, Group President, Pet Segment
Billy Bishop Group President, Pet Segment 2019 Barclays Global Consumer Staples Conference September 4, 2019
Slide 21: Pet Food Category Driven by Wholesome Natural Segment
Pet Food Category Driven by Wholesome Natural Segment U.S. PET FOOD IS A LARGE AND PREMIUM WHOLESOME NATURAL GROWING CATEGORY SEGMENT OUTPACING CATEGORY (Retail Sales, $ in billions, % vs. LY) (U.S. Pet Food Retail Sales, $ in billions, % vs. LY) +2% —T $28.9 Wholesome $28.4 Natural +HSD vs. LY All
Slide 22: Drive Awareness with Unique Go-to-Market Model
Drive Awareness with Unique Go-to-Market Model TRADITIONAL MEDIA IN-STORE DIGITAL we MAKE Aw BLUE YEAR'S RESOLUTION FEED YOUR CAT HEALTHY IN 2019 aLuE YEARS RESOLUTION Blue Pupale Pet Detective $1B Spent on Brand Building Since 2003
Slide 23: Driving BLUE's Awareness with Pet Parents
Driving BLUE’s Awareness with Pet Parents BLUE BUFFALO HOUSEHOLD PENETRATION TREND 2016 2017 2018 52 Wks Ending 8/11/19 Source: All Channel IRI National Consumer Panel; Numerator Household Panel, 52Wks ending 8/11/19 23
Slide 24: Keys to BLUE's Growth in F20 and Beyond
Keys to BLUE’s Growth in F20 and Beyond Driving Growth in FDM and E-Commerce Executing Exclusive Pet Specialty Initiatives Increasing Assortment, Distribution and Innovation Across Channels and Geographies
Slide 25: Drive Growth in FDM
Drive Growth in FDM * Continue Expansion of Life Protection Formula and Wilderness ¢ Execute National Merchandising Events * Drive In-Store Visibility ¢ Launch into Club and Drug Channels
Slide 26: Significant Progress in FDM
Significant Progress in FDM Source: Nielsen xAOC BLUE BUFFALO RETAIL SALES, $ IN MILLIONS, 12 WEEKS ENDING $149 $120 $89 7 12/1/2018 2/23/2019 5/18/2019 8/10/2019 26
Slide 27: Drive Growth in E-commerce
Drive Growth in E-commerce OPTIMIZE AVAILABILITY AND ONLINE BRANDING PRODUCT ASSORTMENT IMPROVEMENT Walmart >< © TARGET Peaped Product Detail Page
Slide 28: Execute Exclusive Pet Specialty Initiatives
Execute Exclusive Pet Specialty Initiatives EXCLUSIVE PRODUCT DIFFERENTIATED EXCLUSIVE INNOVATION ASSORTMENT PROGRAMS CaRNTVORA i WOODLAND DUAN Pre ALE Nas | nae co
Slide 29: BLUE Beyond F20
BLUE Beyond F20 ¢ Increase Assortment in Existing Distribution ¢ Innovate to Grow Share in Wet Food and Treats ¢ Pursue Select International Expansion OPPORTUNITY IN WET FOOD AND TREATS (Category Retail Sales, 52 Weeks Ending 8/10/19) Bt +1% vs. LY +7% vs. LY Source: Nielsen xAOC + Pet Supercenters
Slide 30: Keys to BLUE's Growth in F20 and Beyond
Keys to BLUE’s Growth in F20 and Beyond Driving Growth in FDM and E-Commerce Executing Exclusive Pet Specialty Initiatives Increasing Assortment, Distribution and Innovation Across Channels and Geographies
Slide 31: General Mills Making Food People Love
General Mills Making Food People Love 2019 Barclays Global Consumer Staples Conference September 4, 2019
General Mills — 2019 Barclays Global Consumer Staples Conference on 6ix