General Mills, Inc. · NYSE:GIS
General Mills — Investor Day (July 2015)
35 slides from General Mills's investor day presentation, Jul 14, 2015
Slide 1: Jeff Harmening
Jeff Harmening Executive Vice President; Chief Operating Officer — U.S. Retail
Slide 2: U.S. Retail Segment Overview
U.S. Retail Segment Overview als Cheerios yoplair'= Meals $2.7 Billion Baking Products $2.0 Billion Cereal $2.3 Billion Snacks $2.1 Billion F15 Net Sales = $10.5 Billion
Slide 3: Health to Wellness
Imore di IVVIL VS TbSWUTTLCT SY ~~ Health to Wellness Snacking Occasions are Millennials Driving Value is Growing Change Essential
Slide 4: U.S. Industry Sales are Stabilizing
U. S. Industry Sales are Stabilizing (U. S. Food & Beverage Sales Growth) 4.6% F12 F13 Fl4 F1I5 Units: -0.9% 0.2% 0.2% -0.7% Price: 5.5% 2.0% 1.5% 2.97% Source: Nielsen XAOC
Slide 5: Share in Many Key Categories
} Keres g Share in Many Key Categories Fiscal 2015 Dollar Share Change Share vs. LY (bps) Grain Snacks 42.8% +168 Frozen Hot Snacks 25.8 +97 Yogurt 24.9 +88 Ready-to-eat Cereal 31.3 +26 Frozen Pizza 9.4 +23 Refrigerated Baked Goods 70.1 +16 Ready-to-serve Soup 39.3 -28 Mexican Products* 16.8 -51 Fru
Slide 6: U.S. Retail Fiscal 2016 Priorities
U.S. Retail Fiscal 2016 Priorities * Grow Cereal « Accelerate Yogurt and Snacks ¢ Drive Double-digit Growth on Natural & Organic Portfolio ¢ Deliver Consumer-first Value on Key Brands
Slide 7: Improved Cereal Category Performance
Improved Cereal Category Performance in Fiscal 2015 Second Half (RTE Cereal Category Dollar Volume % vs. LY) 2.0% F12 F13 F14 F15 F15 Source: Nielsen XAOC ee . ae — == se 7990-22
Slide 8: Second Half Fiscal 2015 Cereal Category Drivers
Second Half Fiscal 2015 | Cereal Category Drivers _ 4 ¢ Media Share of Voice Increased 3 Points | Versus Alternative Breakfasts | | ¢ Improved Pound Volume Trends ¢ Positive Net Price Realization
Slide 9: Gluten Free Cereal News
Gluten Free Cereal News First Half Second Half « Same Oats as GF Cheerios « No Reformulation Required
Slide 10: Color and Flavor Renovation
Color and Flavor Renovation SSE? ANI coe od NIDA * 75% of Portfolio by January 2016 « All General Mills Cereals by Calendar 2017
Slide 11: New Product Innovation
New Product Innovation
Slide 12: More Cereal Innovation
More Cereal Innovation Now 25 10 Grams of Protein Cascadian Farm Varieties per Serving
Slide 13: Strong Promotional Events
Strong Promotional Events First Quarter Second Quarter ae SPECIAL EDITION EAI & BE ‘WM OTE NATAL FAS
Slide 14: General Mills U.S. RTE Cereal Dollar Market Share
General Mills U.S. RTE Cereal Dollar Market Share 31.3 29.7 FO7 Fos FO? F10 Fll F12 F13. F14 FI5 Sources: FO7-F09 Nielsen All Outlet; F10-F15 Nielsen XAOC.
Slide 15: Better-for-you Snacks Portfolio
Better-for-you Snacks Portfolio eel ge gies i.“ 5, JATURE VALLE) reer = > Checscse Nee i a “te ‘ y in wiley) 7
Slide 16: U.S. Yogurt Growth in Fiscal 2015
U.S. Yogurt Growth in Fiscal 2015 Yoplait Retail Dollar Sales (% Change vs LY) 7% -3% F14 F15 Source: Nielsen XAOC
Slide 17: Original Style Yoplait Renovation
Original Style Yoplait Renovation YOU LOVE, 25% LESS SUGAR
Slide 18: Greek Yogurt, Oats and Seeds
Greek Yogurt, Oats and Seeds strawberry Improved Taste 7990-33
Slide 19: Kid Yogurt News
| Kid Yogurt News
Slide 20: Snacks Operating Unit Net Sales
Snacks Operating Unit Net Sales ($ in Billions) CGR=+10% ————_+ $2.1 $1.4 ae Cheddar Bunnies Fll F12 F13 Fl4 FI5
Slide 21: Grain Snacks Renovation
Grain Snacks Renovation CRUNCHYy NOW 32 ASIER %, TO BITE! gy Product Gluten Free News on 20% Improvement of Nature Valley Line
Slide 22: Snacks Innovation
Snacks Innovation — —S a a FIBER ne Cheesecake BAR
Slide 23: A Growing U.S. Natural & Organic Portfolio
A Growing U.S. Natural & Organic Portfolio Portfolio Net Sales ($ in Millions) r—— CGR=+19% —— $675 CHEDDAR BUNNIES F15 Proforma FOO figure not restated for current classifications F15 Proforma includes 12 months of Annie's Includes Net Sales in U.S. Retail and CS&F segments. 7990-38
Slide 24: Annie's Distribution Opportunity in Traditional Grocery
Avg. ACV ACV Goal Annie s Distribution Opportunity in Traditional Grocery __ Mac & Cheese Crackers 59% 21% Fruit Snacks 20% 27% Cookies Frozen Snacks New Total ha Ke) / 33” 30% 80% Source: SPINSscan, 52 weeks ended 5.17.15 “Average ACV of top 8 Annie's SKUs (where available) in each category. 7990-3
Slide 25: Cheddar Bunnies
Cheddar Bunnies Sauce I ta Sou} News in Fiscal 2016 t rearny Toma & Bunny ito P anny Pasta SOUP 4 3 le § C Ann
Slide 26: New Products
re We, SuuieN im FRE Non cuo* PINTO BEAN BLACK BEAN MULTIGRAIN MULTIGRAIN Pm. N CHIPS » r q tee | [LARABAR | Basan Rnsnodzigua aus Favine ne avs Nous
Slide 27: Targeting $1 Billion in U.S. Natural & Organic Net Sales
Targeting $1 Billion in _U.S. Natural & Organic Net Sales (U.S. Natural & Organic Net Sales, $ in Millions) $675 a” F15 F20 Proforma Goal F15 Proforma includes 12 months of Annie's. Includes Net Sales in U.S. Retail and CS&F segments. 7990-42
Slide 28: Delivering Value in Fiscal 2016
Delivering Value in Fiscal 2016 7990-43
Slide 29: Other U.S. Retail News
Other U.S. Retail News ZEPPERON\ PORK, CHICKEN, BEEF
Slide 30: More U.S. Retail News
More U.S. Retail News ec STEWen ARANCH 3 TACO SHELLS Poe ;
Slide 31: Fiscal 2016 Growth Enablers: Core Renovation
Fiscal 2016 Growth Enablers: Core Renovation —_—_—- (Net Sales Impacted by Renovation, $ in Billions) $5.0 7990-46
Slide 32: Fiscal 2016 Growth Enablers: Improved Distribution
Fiscal 2016 Growth Enablers: Improved Distribution Powigg Top 450 SKUs 75% of Volume 77% Average ACV
Slide 33: Fiscal 2016 Growth Enablers: Channel Expansion
Fiscal 2016 Growth Enablers: —_ Channel Expansion Natural & Organic G Market Objective: 50% Growth +DD Growth Beverage Increase ns Increase Pe aes L A : Actions: Distribution and Reigecap aie. Marketing Investment Investment 7990-48
Slide 34: Fiscal 2016 Growth Enablers: More Effective Marketing
Fiscal 2016 Growth Enablers: More Effective Marketing F15 F1é Other Digital Hiv
Slide 35: U.S. Retail Summary
U.S. Retail Summary * Expanding the Impact of Consumer First * Strong Core Brand Renovation and Innovation Planned for Fiscal 2016 * Cereal, Yogurt, Snacks, and Natural & Organic are Top Priorities * Expect Flat Net Sales and Margin Expansion As Reported in Fiscal 2016