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GENERAL MILLS INC. Consolidated Statements of Earnings $ millions 12 Months Ended May 29, 2016 $16,563.1 10,733.6 3,118.9 (148.2) 151.4 2,707.4 303.8 Net sales. ..... Cost of sales...... Selling, general, and administrative expenses..... Divestitures (gain)..... Restructuring, impairment, and other exit costs.... Operating profit ...... Interest, net ... Earnings before income taxes and after-tax earnings from joint ventures. ... Income taxes.... After-tax earnings from joint ventures .... Net earnings, including earnings attributable to redeemable and noncontrolling interests .... Net earnings attributable to redeemable and noncontrolling interests ... Net earnings attributable to General Mills ..... 2,403.6 755.2 88.4 1,736.8 39.4 $ 1,697.4 GENERAL MILLS INC. Consolidated Balance Sheet $ millions, except par value May 29, 2016 Current assets Cash and cash equivalents.......... Receivables ....... Inventories .............. Prepaid expenses and other current assets... Total current assets. ... Land, buildings, and equipment....... Goodwill......... Other intangible assets................... Other assets.................... Total assets. ......... $ 763.7 1,360.8 1,413.7 399.0 3,937.2 3,743.6 8,741.2 4,538.6 751.7 $21,712.3 Current liabilities Accounts payable........ Current portion of long-term debt ... Notes payable.... Other current liabilities. Total current liabilities Long-term debt ..... Deferred income taxes.. $ 2,046.5 1,103.4 269.8 1,595.0 5,014.7 7,057.7 1,399.6 2,087.6 15,559.6 3 845.6 Other liabil Total liabilities. ....... Redeemable interest value.. Stockholders' equity Common stock, 754.6 shares issued, $0.10 par value..... Additional paid-in capital ... Retained earnings ....... Common stock in treasury, at cost .... Accumulated other comprehensive loss. Total stockholders' equity .. Noncontrolling interests .. Total equity... Total liabilities and equity. 75.5 1,177.0 12,616.5 (6,326.6) (2,612.2) 4,930.2 376.9 5,307.1 $21,712.3 . Refer to the FY2016 income statement and balance sheet for General Mills along with the forecasted FY2017 income statement. Required Use that information and the following assumptions to forecast the General Mills balance sheet for FY2017. Unless noted in other assumptions, all assets and liabilities as a percentage of FY2017 sales. remain unchanged. Depreciation expense for FY2016 is $580.1 million. FY2016 CAPEX is $729.3 million, and its land, buildings, and equipment in FY2015 total $3,783.3 million. Goodwill remains unchanged. Form 10-K reports that amortization expense for each of the next five fiscal years is estimated to be S28 million. Notes payable remains unchanged. Long-term debt footnotes reveal that principal payments due on long-term debt in the next five years are: $1,103.4 million in FY2017, S604.7 million in FY 2018, S1,150.4 million in FY2019, $1,056.0 million in FY2020, and $555.9 million in FY2021. Stock repurchases will be $300 million in FY2017. Dividends in FY2016 are $1,071.7 million and will not change in FY2017 as a percentage of net earnings attributable to General Mills. 2016 Act. % of Sales Computations 2017 Est. % of Sales Explanation 1,038 1,038 $ millions Shareholders' equity Convertible Class A preferred stock..... Non-voting Class B preferred stock. Common stock. ........ Additional paid-in capital... Reserve for ESOP debt retirement. Accumulated other comprehensive income/ (loss)... Treasury stock ... Retained earnings Noncontrolling interest. 1.6% 0.0% 6.1% 97.6% (2.0)% 4,009 63,714 (1.290) no change no change no change no change no change Assume no change in paid-in capital accounts. 1.6% 0.0% 6.1% 96.6% (2.0)% 4,009 63,714 (1,290) Assume no change. (15,907) (24.4)% (82,176) (125.8)% 87.953 134.7% 642 1.0% no change -$4.000 $10,685 - 87,565 (15,907) (86,176) 91,073 (24.1)% (130.7)% 138.1% Assume no change. Use P&G guidance, Increased by forecasted net income less forecasted dividends. Increased by net income allocated to noncontrolling interests. $97 739 1.1% Total shareholders' equity 57,983 88.8% Subtotal 57,200 86.7% GENERAL MILLS INC. Consolidated Statements of Earnings $ millions 12 Months Ended May 29, 2016 $16,563.1 10,733.6 3,118.9 (148.2) 151.4 2,707.4 303.8 Net sales. ..... Cost of sales...... Selling, general, and administrative expenses..... Divestitures (gain)..... Restructuring, impairment, and other exit costs.... Operating profit ...... Interest, net ... Earnings before income taxes and after-tax earnings from joint ventures. ... Income taxes.... After-tax earnings from joint ventures .... Net earnings, including earnings attributable to redeemable and noncontrolling interests .... Net earnings attributable to redeemable and noncontrolling interests ... Net earnings attributable to General Mills ..... 2,403.6 755.2 88.4 1,736.8 39.4 $ 1,697.4 GENERAL MILLS INC. Consolidated Balance Sheet $ millions, except par value May 29, 2016 Current assets Cash and cash equivalents.......... Receivables ....... Inventories .............. Prepaid expenses and other current assets... Total current assets. ... Land, buildings, and equipment....... Goodwill......... Other intangible assets................... Other assets.................... Total assets. ......... $ 763.7 1,360.8 1,413.7 399.0 3,937.2 3,743.6 8,741.2 4,538.6 751.7 $21,712.3 Current liabilities Accounts payable........ Current portion of long-term debt ... Notes payable.... Other current liabilities. Total current liabilities Long-term debt ..... Deferred income taxes.. $ 2,046.5 1,103.4 269.8 1,595.0 5,014.7 7,057.7 1,399.6 2,087.6 15,559.6 3 845.6 Other liabil Total liabilities. ....... Redeemable interest value.. Stockholders' equity Common stock, 754.6 shares issued, $0.10 par value..... Additional paid-in capital ... Retained earnings ....... Common stock in treasury, at cost .... Accumulated other comprehensive loss. Total stockholders' equity .. Noncontrolling interests .. Total equity... Total liabilities and equity. 75.5 1,177.0 12,616.5 (6,326.6) (2,612.2) 4,930.2 376.9 5,307.1 $21,712.3 . Refer to the FY2016 income statement and balance sheet for General Mills along with the forecasted FY2017 income statement. Required Use that information and the following assumptions to forecast the General Mills balance sheet for FY2017. Unless noted in other assumptions, all assets and liabilities as a percentage of FY2017 sales. remain unchanged. Depreciation expense for FY2016 is $580.1 million. FY2016 CAPEX is $729.3 million, and its land, buildings, and equipment in FY2015 total $3,783.3 million. Goodwill remains unchanged. Form 10-K reports that amortization expense for each of the next five fiscal years is estimated to be S28 million. Notes payable remains unchanged. Long-term debt footnotes reveal that principal payments due on long-term debt in the next five years are: $1,103.4 million in FY2017, S604.7 million in FY 2018, S1,150.4 million in FY2019, $1,056.0 million in FY2020, and $555.9 million in FY2021. Stock repurchases will be $300 million in FY2017. Dividends in FY2016 are $1,071.7 million and will not change in FY2017 as a percentage of net earnings attributable to General Mills. 2016 Act. % of Sales Computations 2017 Est. % of Sales Explanation 1,038 1,038 $ millions Shareholders' equity Convertible Class A preferred stock..... Non-voting Class B preferred stock. Common stock. ........ Additional paid-in capital... Reserve for ESOP debt retirement. Accumulated other comprehensive income/ (loss)... Treasury stock ... Retained earnings Noncontrolling interest. 1.6% 0.0% 6.1% 97.6% (2.0)% 4,009 63,714 (1.290) no change no change no change no change no change Assume no change in paid-in capital accounts. 1.6% 0.0% 6.1% 96.6% (2.0)% 4,009 63,714 (1,290) Assume no change. (15,907) (24.4)% (82,176) (125.8)% 87.953 134.7% 642 1.0% no change -$4.000 $10,685 - 87,565 (15,907) (86,176) 91,073 (24.1)% (130.7)% 138.1% Assume no change. Use P&G guidance, Increased by forecasted net income less forecasted dividends. Increased by net income allocated to noncontrolling interests. $97 739 1.1% Total shareholders' equity 57,983 88.8% Subtotal 57,200 86.7%

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