CAGNY 2015

New Growth

Chairman & Chief Executive Officer

Ken Powell

7726-3

A Reminder on Forward-looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on managements current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including: competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including labeling and advertising regulations and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing and promotional programs; changes in consumer behavior, trends and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging and energy; disruptions or inefficiencies in the supply chain; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to publicly revise any forward-looking statements to reflect any future events or circumstances.

7726-4

A Long Legacy of Growth

1866 1928 1945 1976 1995

Flour Miller

Packaged

Foods

Diversified Consumer Products

7726-5

The New Food Company 1995

$5 Billion in Sales

$115MM

Retail Sales 40 Markets

$500MM in Sales

$300MM

Retail Sales

$2B Retail Sales

26% Market Share

Source: General Mills 1995 Annual Report Sales figures not restated for current classifications.

7726-6

New Operating Segments 2005

U.S. Retail $7.8B Net Sales

Bakeries & Foodservice $1.7B Net Sales

International $1.7B Net Sales

Note: Fiscal 2005 figures not restated for current classifications.

7726-7

U.S. Retail Segment

Net Sales ($ in Billions)

F05 Latest 4

Quarters

$7.8

$10.4

$2.7B Retail Sales

31% Market Share

$1.8B Retail Sales

$1.35B Retail Sales

Source: Nielsen XAOC 52 weeks ended 1.24.15 Latest 4 quarters ending Q2 F15 *Fiscal 2005 not restated for current classifications.

*

7726-8

Net Sales ($ in Billions)

F05 Latest

4 Quarters

$1.7 $1.9

Operating Profit ($ in Millions)

F05 Latest

4 Quarters

$134

$332

8% 17% Operating

Profit Margin:

Convenience Stores & Foodservice Segment

Latest 4 quarters ending Q2 F15

*Fiscal 2005 figures not restated for current classifications.

* *

7726-9

A Focused Portfolio for New Growth

Convenience Stores & Foodservice

F15 YTD Net Sales Growth

Yogurt +28%

Frozen Breakfast +18

Snacks +10

Cereal +5

Biscuits +2

Mixes -4

Total Priority

Platforms +9%

7726-10

International Platforms for New Growth

(Net Sales, Plus Proportionate Share of JV Net Sales*; $ in Billions)

F05 F14

$1.7

$6.6

$2.6

$0.9** $5.4

$1.2 Proportionate

JV Share

International Segment

*Non-GAAP measure. **Excludes proportionate share of sales for Snack Ventures Europe, sold during Fiscal 2005

Fiscal 2005 figures not restated for current classifications.

7726-11

1995 2015 YTD +11% +9%

2005 2015 YTD +11% +8%

Strong Shareholder Returns (Price Appreciation Plus Dividends, Compound Annual Growth)

Fiscal Years General Mills S&P 500

Source: Bloomberg, Fiscal 2015 YTD ended 2.6.15

May 1995 May 2005 Feb 2015

GIS

S&P 500

7726-12

The U.S. Consumer Environment Is Slowly Improving

U.S. Consumer Confidence Index (2002 to 2014; 2002 = 100)

Sources: 2009-2014 Bureau of Economic Analysis; 2015-2017 IBISWorld Forecast

U.S. Disposable Personal Income ($ in Thousands, Per Capita)

Sources: The Conference Board; Nielsen

$30.0

$35.0

$40.0

$45.0

2009 2010 2011 2012 2013 2014 2015 2016 2017

CGR = +1.0%

CGR = +2.6%

Forecast

7726-13

U.S. Spending for Food at Home

Share of Total U.S. Food & Beverage Spending

Sources: U.S. Bureau of the Census; Technomic Inc.

49.0%

50.0%

51.0%

52.0%

53.0%

2009 2010 2011 2012 2013 2014 2015 2016

Forecast

52.4%

7726-14

Emerging Markets Growing Middle Class

China & Brazil GDP Growth Middle Class Population Growth for China & Brazil

10.4%

9.3%

7.7% 7.7% 7.3% 7.1% 7.5%

2.7%

1.0%

2.5%

0.3% 1.5%

2010 2011 2012 2013 2014 2015

Est

GDP Growth Middle Class Households in

China, India, Brazil, Indonesia (Millions)

China

Brazil

Source: OECD Economic Outlook Nov 2014

200

384

2010 2020

Source: Euromonitor 2010

7726-15

Changing Food Interests = Opportunity

7726-16

General Mills New Growth

Introduction

U.S. Retail Growth

International Growth

Balancing Growth & Returns

Conclusion, Q&A

. Ken Powell

.. Jeff Harmening

Chris OLeary

... Don Mulligan

.. Ken Powell

EVP, Chief Operating Officer, U.S. Retail

Jeff Harmening

7726-18

Fiscal 2015 U.S. Retail Update

First-half Sales and Segment Operating Profit Below Last Year

Expect Renewed Sales and Profit Growth in Second Half

Actions Now that Will Fuel New Growth in F16 and Beyond

7726-19

U.S. Retail Priorities for New Growth

Put the Consumer First

Deliver Compelling Core Renovation & Innovation

Focus on Key Businesses: Cereal Yogurt Snacks Natural & Organic

Operate a Lean, Agile Organization

7726-20

Key U.S. Consumer Trends

Wellness & Snacking

7726-21

Yoplait Has Returned to Growth

Source: Nielsen XAOC

Yoplait Retail Dollar Sales (% Change vs LY)

-6%

0%

4%

7% 9%

Q3 F14 Q4 F14 Q1 F15 Q2 F15 Dec-Jan

F15

7726-22

Yoplait Growth - Greek

Source: Nielsen XAOC

21%

14%

7% 9% 8%

22% 25%

37% 38%

46%

Q3 F14 Q4 F14 Q1 F15 Q2 F15 Dec-Jan

F15

Greek Segment General Mills Greek

Retail Dollar Sales (% Change vs LY)

7726-23 Source: Nielsen XAOC

Original Style Yoplait

Retail Dollar Sales (% Change vs LY)

2%

9%

12% 12%

14%

Q3 F14 Q4 F14 Q1 F15 Q2 F15 Dec-Jan

F15

Yoplait Growth Original Style

7726-24 Source: Nielsen XAOC

General Mills Kid Yogurt Retail Dollar Sales

(% Change vs LY)

-11%

-8%

5% 7%

Q4 F14 Q1 F15 Q2 F15 Dec-Jan F15

Yoplait Growth - Kid

7726-25

U.S. Cereal Has a Record of Long-term Growth

Sources: SAMI, Nielsen XAOC

Retail Dollar Sales ($ in Billions)

$3.5

$9.0

F83 F14

CGR = +3.1%

7726-26

4.4%

2.1%

-2.5%

1.8%

-0.2%

-3.1%

-4.5%

CY 08 CY 09 CY 10 CY 11 CY 12 CY 13 CY 14

But Recent History Has Been More Challenging

Sources: CY08-09 Nielsen All-outlet; CY10-14 Nielsen XAOC

RTE Cereal Retail Sales (% Change vs LY)

7726-27

Factors Affecting Cereal Category Growth

Insufficient Renovation and Innovation from Branded Manufacturers

Consumers Redefining Wellness

RTE Cereal Losing Share of Voice

7726-28

Cereal Consumption by Age

F96 Index

Under 6 6-12 13-17 18-34 35-44 45-54 55+

(Index: % Eatings / % Population)

F14 Index

Under 6 6-12 13-17 18-34 35-44 45-54 55+

Sources: F96: National Eating Trends; F14: NPD Group, 2 years ending May

100 100

7726-29

Current Consumer Interests: Gluten Free

Millennials (18-34) 28%

Gen X (35-48) 21%

Boomers (49-67) 15%

Percent of consumers who purchased

gluten free foods in the past week:

Sources: SPINS, IRI, Mintel Source: The Hartman Group, Culture of Wellness 2013 report

$5.4 $6.9

$8.8

$10.6

$12.3

$14.2

2012 2013 2014

Est

2015 2016 2017

Gluten Free Foods Retail Sales ($ in Billions)

Forecast

7726-30

Gluten Free News Drives Sales Growth

Source: Nielsen U.S. Food

Chex Franchise Retail Sales

F05 F10 F14

CGR = +10%

CGR = -4%

7726-31

Cheerios Goes Gluten Free

88% of Cheerios Sales (11% of Cereal Category Sales)

Start Ship Q1 F16

7726-32

Granola Sales are Growing

Source: Nielsen XAOC

General Mills Granola Varieties

Retail Sales

F10 F11 F12 F13 F14

CGR = +27%

F15 News

7726-33

Protein News is Driving Sales Growth

Source: Nielsen XAOC, FYTD ended 1.24.15

General Mills Protein Cereals

Dollar Share

0.3

1.3

F14 YTD F15 YTD

F15 News

7726-34

Great Taste Drives Sales Growth

Source: Nielsen XAOC, FYTD ended 1.24.15

F15 News

FYTD Retail Sales +8%

Cinnamon Toast Crunch

Taste Renovation

7726-35

Focused on Growing Our Cereal Business

Sources: F07-F09 Nielsen All Outlet; F10-F14 Nielsen XAOC; F15 Nielsen XAOC FYTD ended 1.24.15

F07 F08 F09 F10 F11 F12 F13 F14 F15 YTD

29.7

31.7

General Mills RTE Cereal

Dollar Market Share

7726-36

Consumers Increasingly Open to Snacking

% of Respondents agreeing or disagreeing with statement

71.4 71.8

55.8 52.5

50.0

39.1

18.2 18.2

31.3 34.8 36.1

47.3

'85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14

Agree

Disagree

Source: The NPD Group/National Eating Trends. Years ending Feb.

I try to avoid snacking entirely.

7726-37

F08 F14 F15

YTD

27.8

41.3 42.9

Strong Grain Snacks Performance

2H News General Mills Grain Snacks Dollar Share

Sources: F08 Nielsen All Outlet; F14 Nielsen XAOC; F15 Nielsen XAOC FYTD ended 1.24.15

F16 News

7726-38

Snacking Trend Driving Growth

F15 YTD Retail Sales +3% F15 YTD Net Sales +10%

Convenience Stores &

Foodservice Snacks Frozen Hot Snacks

Source: Nielsen XAOC FYTD ended 1.24.15

7726-39

$3.0 $3.9

CY12 CY14

($ in Billions)

Natural Channel

Source: SPINS Multi-Outlet data for food & beverage sales.

$20.9

$25.9

CY12 CY14

Conventional Channels

CGR = +14% CGR = +11%

Retail Sales of Natural & Organic Products

7726-40

A Strong Platform in Natural & Organic

Proforma Net Sales >$600MM

7726-41

Significant Scale in Natural Channel

Source: SPINS Natural Channel Dollar Sales in Packaged Food Categories

Natural Channel Packaged Food

Dollar Sales by Manufacturer

65%

35%

Natural Channel

Category Exposure (% of Total Food Dollars)

Mfr #1 General

Mills

Mfr #3 Mfr #4 Mfr #5

(Calendar 2014)

General Mills

Categories Other

7726-42

($ in Millions)

Latest

4 Quarters*

F20

Goal

*Latest 4 quarters ending Q2 F15; Proforma, includes 12 months of Annies

>$600

$1,000

General Mills Natural & Organic Sales

7726-43

Structural Changes to Accelerate Growth

Project Century Streamlined Supply Chain

Project Catalyst Faster-moving Organization

5 Operating Units, Aligned with R&D Platforms

Central Marketing

Resources Focused on Biggest Opportunities

7726-44

New Growth Ahead for U.S. Retail

Investing in Consumer-first Innovation and Marketing

Winning in Cereal, Yogurt, & Snacks

Accelerating our Natural & Organic Growth

Reconfiguring our Organization for the Next Phase of Growth

EVP, Chief Operating Officer, International

Chris OLeary

7726-46

General Mills International Growth (Fiscal Year Net Sales, Plus Proportionate Share of JV Net Sales*; $ in Billions)

$1.7

$2.9

$4.2 $5.2 $5.4

$0.9

$1.2

$1.3

$1.3 $1.2

F05 F11 F12 F13 F14

Consolidated Joint Ventures

$2.6

$6.6

$4.1

$5.5

$6.5

*Non-GAAP measure. Excludes proportionate share of sales for Snack Ventures Europe sold during F05.

F05 figures not restated for current classifications.

7726-47

Fiscal 2015 International Performance

2nd Half 1st Half

Consolidated Business Constant-currency Net Sales +5%*

Good Growth in Europe

Joint Ventures Constant-currency Net Sales -1%

Expect DD Growth in Emerging Markets

Strong Levels of Product Innovation

53rd Week

*Non-GAAP measure. See appendix for reconciliation.

7726-48

A Focused International Portfolio

*Non-GAAP measure. Includes $1.2 billion proportionate share of JV net sales plus $5.4 billion consolidated net sales. Source: Euromonitor 2014

2014 Net Sales Outside U.S.*: $6.6 Billion

Snacks

Yogurt

Convenient Meals

Super premium

Ice Cream

RTE Cereal

RTE Cereal $28 Billion +4%

Ice Cream $71 Billion +7%

Yogurt $83 Billion +8%

Convenient Meals $118 Billion +5%

Sweet & Savory Snacks $287 Billion +6%

Global Category

2014

Retail Sales

Projected

5-Yr CGR

7726-49

Cereal Partners Worldwide 25 Years of Growth

Source: Nielsen, latest 52 weeks available through November 2014.

F14 Net Sales $2.1 Billion

4,900 Employees

17 Factories

In 130+ Countries

22% Value Share

7726-50

234 222

209

114 102

Brazil Russia South Africa Colombia Chile

Cereal Category Performance by Market

(Euros, Latest 52 Weeks Growth vs LY)

Source: Nielsen, Latest 52 weeks available through Oct/Nov 2014

Top 5 Developed Markets -2% Top 5 Emerging Markets +6%

1,850

686 683 654 507

UK/Ireland Australia/New

Zealand

Germany France Mexico

Growth: -3% -3% +3% -2% Flat +9% +6% +7% -3% +7%

7726-51

CPW: Leading Shares in Emerging Markets

Indonesia 80

Malaysia 73

Turkey 53

Thailand 51

Chile 50

CPW Value Share Positions

Russia 48

Saudi Arabia 48

Ukraine 38

Brazil 35

Singapore 34

Source: Nielsen, Latest 52 weeks available through Nov. 2014

7726-52

Consumer-focused Innovation

Gluten Free Protein Less Sugar

Available in

17 Markets

Expanding in Europe For Adults and Kids

7726-53

F09 F10 F11 F12 F13 F14

Convenient Meals Wanchai Ferry in China

Wanchai Ferry Net Sales

CGR = +18%

Frozen Dim Sum Annual

Category Sales

Total Category $1.7 Billion

Dumplings $640 Million

Tangyuan $330 Million

Source: Hyper Scanning Data, Latest 12 months through Dec. 2014

7726-54

Convenient Meals Wanchai Ferry Product Innovation

New Varieties of

Crystal Tangyuan Better-for-you

Dumplings

7726-55

Australia +8% 75% #1

France +7% 73% #1

UK +9% 53% #1

Norway +DD% 42% #1

Canada +4% 41% #1

Convenient Meals - Old El Paso

GMI FYTD Retail Sales Growth

Source: Nielsen, FYTD Latest 26 weeks available through Dec. 7, 2014

GMI FYTD Share

GMI Rank

7726-56

Snacking is a Global Phenomenon

Ice Cream Sweet Snacks Grain Snacks

Savory Snacks Yogurt

7726-57

Hagen-Dazs Europe

FYTD Net Sales to Retail Outlets +5%

Launching New Premium Stick Bars

7726-58

Hagen-Dazs China

161 209

268

351 392

F11 F12 F13 F14 F15 Q2

Shops Growth (# of Stores in Greater China)

New Flavored Coffees and Ice Cream Cakes

7726-59

Hagen-Dazs China

44

54

Q2 F14 Q2 F15

Retail Distribution (# of Cities in Mainland China)

7726-60

Hagen-Dazs AMEA

Significant Baked Goods

Snacking Opportunity

600 Hagen-Dazs Shops by 2024

7726-61

Grain and Savory Snacks

Nature Valley Yoki

Source: Kantar Worldpanel

Canada +7%

Mexico +16%

Microwave Popcorn Household Penetration in Brazil

25

19

28

22

Category Yoki

2012

2013

(FYTD Net Sales Growth)

7726-62

Yoplait Yogurt 50 Years of Growth

Established in France in 1965

#2 Global Brand

$1.9 Billion Retail Sales Worldwide

Source: Nielsen, Latest 52 weeks through Nov. 2014

Yoplait 1965

7726-63

Yoplait is a Global Yogurt Brand

Available in 53 Markets Worldwide 9 Direct Markets

27 Franchise Markets

17 Export Markets

7726-64

Our Largest Franchise Markets

Mexico

+10%

Australia

+14%

South Korea

+8%

(Yogurt Category 3-yr Sales CGR)

Source: Euromonitor 2014

7726-65

Yoplait is Driving Greek Yogurt Expansion Worldwide

Mexico 90%

France 49%

Canada 37%

Korea 36%

UK 12%

USA 11%

Greek Yogurt % of

Total Yogurt Category

Yoplait/Libert Value

Share of Greek Segment

Sources: Nielsen and IRI, Latest 12 weeks available through Dec. 2014

45%

27%

7% 2% 2% 1%

USA Canada UK Mexico France Korea

7726-66

The Yogurt Opportunity in China

$8 Billion Category Growing At a Double-digit Pace

Consumers Like Health Benefits

Drinkables Largest Segment; Spoonables Growing the

Fastest

Source: Euromonitor 2014

% of Total Yogurt

Market Sales in China

60% 23%

9% 8%

Drinkable Yogurt

Plain

Fruited

Flavored

Spoonable Yogurt

40%

7726-67

Yoplait in China

Ensuring High-quality Milk Supply

Finalizing Product Portfolio

Strong Marketing Plan to Drive Trial

7726-68

Margin Growth Opportunity

HMM

Project Boost

Business Mix

Goal of 150 bps Operating Margin Expansion Over Next 5 Years

9.9% 10.3% 11.8%

F14 Actual F15 Est F20 Goal

International Segment Operating Profit Margin

Higher Than F14

+150 bps

7726-69

General Mills International Summary

International Businesses are Leading Company Growth

Focused on Key Platforms in Growing Categories

Using Consumer-focused Innovation to Drive Topline Growth

Expect Good Margin Expansion Ahead

EVP, Chief Financial Officer

Don Mulligan

7726-71

A Balanced Approach

Protecting Margins

Investing in our Business

Providing Solid Returns to Shareholders

7726-72

2010-2014 Cumulative

Savings

2015 Plan Cumulative 2010-2020

Savings Goal

COGS HMM Savings (Fiscal Years, $ in Millions)

Holistic Margin Management (HMM)

$2,000

$4,000

>$400

7726-73

Incremental Cost-savings Initiatives

Project Century - Streamlining North American Supply Chain

Project Catalyst - Eliminate 700-800 Positions Across U.S. Policy and Practice Update - Further Administrative Expense Reductions

Cumulative Annual Savings F15: $40 Million

F16: $260-280 Million

F17: More than $350 Million

7726-74

Cost Savings Will Benefit Margins

SG&A Expense Excluding Media and R&D* (as a % of sales)

F13 F14 F15 Est F16 Goal

13.6 13.2 Flat

to Lower than F14

Lower than F15

* Non-GAAP measure. See appendix for reconciliation.

7726-75

Fiscal 2015 Targets Reaffirmed

Renewed Sales Growth in U.S. Retail, Plus Addition of Annies

Emerging Markets Businesses Return to DD Sales Growth

$40 MM Cost Savings

53rd Week

LSD Growth in Net Sales*

LSD Decline in Segment Operating Profit*

LSD Growth in Adjusted Diluted EPS*

Expectations for Second Half:

Full-year Expectations in Constant Currency:

*Non-GAAP measures

7726-76

Operating Cash Flow ($ in Millions)

$1,837

$2,185

$1,531

$2,407

$2,926

$2,541

F09 F10 F11 F12 F13 F14 F15 Est

CGR = +7%

Comparable

to F14*

* Forecast includes $120 MM cash restructuring charges.

7726-77

Key Projects: - Yoplait China Plant - Snack Bar Capacity - F16 New Products

Fixed Asset Investment

$676

$614 $664

F12 F13 F14 F15 Est

$750

F15 CapEx Plan (% of Total Budget)

Essential 38%

Cost

Savings 20%

Growth 35%

($ in Millions)

$50 Project Century

Project Century 7%

7726-78

116 Years of Uninterrupted Dividends

$1.12 $1.22

$1.32

$1.55 $1.64

F11 F12 F13 F14 F15 Annualized

Rate

7726-79

Average Diluted Shares Outstanding

817

624

F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15

1H

CGR = -3%

(in Millions)

7726-80

$1,535

$882

$1,731

$2,312

$1,878

$947

$1,483

$880

$1,612

$2,621

F10 F11 F12 F13 F14

Strong Cash Returns to Shareholders

Returned 90% of FCF to Shareholders

Free Cash Flow*

Cash Returned to Shareholders

($ in Millions)

*Non-GAAP measure. See appendix for reconciliation.

7726-81

A Balanced Plan for Returns to Shareholders

Operating Profit F13 F14 F15 Estimate

+MSD

Share

Repurchase

Dividend

+DD

Operating

Profit Shareholder

Return

+

+ =

+MSD

Chairman & CEO

Ken Powell

7726-83

General Mills Long-term Growth Model

Net Sales Low Single Digit

Segment Operating Profit Mid Single Digit

Adjusted Diluted EPS High Single Digit

+ Dividend Yield 2-3%

Total Return to Shareholders Double Digit

Compound Growth Rate

in Constant Currency*

*All measures are Non-GAAP.

7726-84

Growth Through Recession and Recovery

$1.78 $2.03

$2.34 $2.48 $2.56

$2.72 $2.82

F08 F09 F10 F11 F12 F13 F14

Avg. Annual Growth = +8.3%

+6% +15%

+14% +10%

+3% +6%

+4%

(Adjusted Diluted EPS*, % Growth vs LY)

*Non-GAAP measure. See appendix for reconciliation.

7726-85

Todays General Mills Summary

New Growth Ahead

We Have a Long Record of Generating Consumer-focused Growth

Todays Changing Food Preferences Create Opportunities for New Growth

Excellent Prospects for Continued Long-term Growth and Superior Shareholder Returns

CAGNY 2015

New Growth

7726-87

Reconciliation of 1st Half F15 International

Constant-currency Net Sales Growth

International

Net Sales -2% 7pts +5%

% Change

in Net Sales as reported

Impact of foreign

currency exchange

% Change in Net Sales

on a constant- currency basis

7726-88

Reconciliation of

SG&A Expense Excluding Media and R&D

Net Sales $17,910 $17,774

SG&A Expense, As Reported 3,474 19.4% 3,552 20.0%

Advertising and Media Expense 870 895

Research and Development Expense 244 238

SG&A Expense, Excluding Advertising & Media and Research & Development Expense $2,361 13.2% $2,419 13.6%

2014

$ % of

Net Sales

2013

$ % of

Net Sales

Table does not foot due to rounding.

(Fiscal Years, $ in Millions)

7726-89

Reconciliation of Free Cash Flow

Net Income $1,824 $1,855 $1,567 $1,798 $1,531

Net Cash Provided by

Operating Activities, As Reported $2,541 $2,926 $2,407

Purchases of Land, Buildings, and

Equipment (664) (614) (676)

Free Cash Flow $1,878 $2,312 $1,731

2014 2013 2012

(Fiscal Years, $ in Millions)

Table does not foot due to rounding.

2011 2010

$1,531 $2,185

(649) (650)

$882 $1,535

7726-90

Reconciliation of

Adjusted Diluted Earnings per Share (Fiscal Years)

Diluted Earnings per Share, as Reported $2.83 $2.79 $2.35 $2.70 $2.24 $1.90 $1.85 $1.59

Mark-to-market Effects (0.05) - 0.10 (0.09) 0.01 0.11 (0.05) -

Divestiture Gain, Net (0.06) - - - - (0.06) - -

Tax Items - (0.13) - (0.13) 0.05 0.08 (0.04) -

Gain from Insurance Settlement - - - - - (0.04) - -

Acquisition Integration Costs - 0.01 0.01 - - - - -

Venezuela Currency Devaluation 0.09 0.03 - - 0.01 - - -

Restructuring Costs 0.01 0.02 0.10 - 0.03 0.04 0.02 0.03

Diluted Earnings per Share, Excluding Certain Items Affecting Comparability $2.82 $2.72 $2.56 $2.48 $2.34 $2.03 $1.78 $1.62

2014 2013 2012 2011 2010 2009 2008 2007

Table does not foot due to rounding.