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79TH AnnualShareholders

Meeting

79TH AnnualShareholders

Meeting

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This presentation contains forward-looking 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 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 or tax rates; 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 laws and regulations, including labeling and advertising regulations; 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 customer 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 hedge price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure of our information technology systems; resolution of uncertain income tax matters; 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.

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FISCAL 2007 RESULTSFISCAL 2007 RESULTS

Net Sales Growth +6%

Segment OperatingProfit Growth* +7%

Diluted Earnings perShare Growth +10%

*Segment Operating Profit is a non-GAAP measure defined in our Form 10-K.

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OFFSET COMMODITY & FUEL INFLATIONOFFSET COMMODITY & FUEL INFLATION

F06 F07

Gross Margin

35.6%

+50 bps

36.1%

F06 F07

Segment Operating Margin*

18.0%

+20 bps

18.2%

*Segment Operating Profit Margin is a non-GAAP measure defined in our Form 10-K.

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INCREASED CONSUMERMARKETING SPENDING

INCREASED CONSUMERMARKETING SPENDING

F06 F07

+8%

+5%

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INVESTED TO SUPPORTFUTURE GROWTH & PRODUCTIVITY

INVESTED TO SUPPORTFUTURE GROWTH & PRODUCTIVITY

CerealManufacturing

YogurtManufacturing

Granola Bar Growth

$460 Million in 2007

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INCREASED SHAREHOLDER DIVIDENDSINCREASED SHAREHOLDER DIVIDENDS

$1.10$1.24

$1.34$1.44

F04 F05 F06 F08Annualized

Rate

F07

Compound Annual Growth Rate = 9%

$1.56Current

Yield= 2.7%

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REPURCHASED SHARES(Average Diluted Shares Outstanding in Millions)

REPURCHASED SHARES(Average Diluted Shares Outstanding in Millions)

379

360

F06 F07

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STOCK PRICE PERFORMANCESTOCK PRICE PERFORMANCE(Latest Fiscal Year)

$51.79

$60.15

May 26, 2006 May 25, 2007

+16%

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TOTAL RETURN TO SHAREHOLDERS(Share Price Appreciation Plus Dividends)

TOTAL RETURN TO SHAREHOLDERS(Share Price Appreciation Plus Dividends)

Fiscal 2007 19.2%

Last 3 Years 12.3%(Compound Growth Rate)

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LONG-TERM GROWTH MODELLONG-TERM GROWTH MODEL

Net Sales Low Single-digit

Segment Operating Profit Mid Single-digit

Diluted EPS High Single-digit

+ Dividend Yield

Total Shareholder Return Double-digit

Compound Growth Rate

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LONG-TERM GOALSLONG-TERM GOALS

• Deliver Superior Growth and Returnsfor Shareholders

• Rank as an Employer of Choice

• Provide High-quality Food Products for Consumers

• Make a Positive Impact on Our Communities and Our World

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ATTRACTING AND RETAINING GREAT PEOPLEATTRACTING AND RETAINING GREAT PEOPLE

• America’s Most Admired Companies– Fortune Magazine

• 100 Best Corporate Citizens– Corporate Responsibility Officer Magazine

• Top 10 Companies for Supplier Diversity– Hispanic Business Magazine

• Training Top 100– Training Magazine

• Best Companies for Multicultural Women– Working Mother Magazine

• 40 Best Companies for Diversity– Black Enterprise Magazine

• 50 Best Places to Launch a Career– Business Week

• Global Top Company for Leaders– Fortune Magazine

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EARNED STRONGRETURN ON PENSION PLAN ASSETS

EARNED STRONGRETURN ON PENSION PLAN ASSETS

10-yr Compound Annual Growth Rate = 11%

Fiscal Year0797 98 99 00 01 02 03 04 05 06

F07 Return: 18%

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INNOVATING TO MEET CONSUMER NEEDSINNOVATING TO MEET CONSUMER NEEDS

Nutrition

Convenience

Taste

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NUTRITIONAL IMPROVEMENTS ON U.S. RETAIL PRODUCTS

NUTRITIONAL IMPROVEMENTS ON U.S. RETAIL PRODUCTS

16%21%

30%

40%

F05 F06 F07 2010 Goal

% of Products Improved

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NEW PRODUCTS WITH HEALTH BENEFITSNEW PRODUCTS WITH HEALTH BENEFITS

WeightManagement

Targeted HealthConcerns

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MORE CONVENIENT PRODUCT OFFERINGSMORE CONVENIENT PRODUCT OFFERINGS

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COMMITMENT TO OUR COMMUNITIESCOMMITMENT TO OUR COMMUNITIES

Box Tops for EducationSince 1998, Raised Over $200 Millionfor K-8 Schools

Improving Youth Nutrition and FitnessFoundation Grants of $11 MillionSince 2002

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COMMITMENT TO OUR COMMUNITIESCOMMITMENT TO OUR COMMUNITIES

• Donated $50,000 toAmerican Red Cross –Twin Cities Chapter

• Donated $25,000 to Southern MinnesotaInitiative Foundation

• Product Donations forRescue Workers andFlood Victims

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SUSTAINING OUR RESOURCESSUSTAINING OUR RESOURCES

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GENERAL MILLS HAS HIGH STANDARDSFOR CORPORATE CITIZENSHIP

GENERAL MILLS HAS HIGH STANDARDSFOR CORPORATE CITIZENSHIP

OurEmployees

OurConsumers

OurWorld

OurShareholders

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FIRST QUARTER FISCAL 2008FINANCIAL SUMMARY

(As Reported, in Millions Except per Share Data)

FIRST QUARTER FISCAL 2008FINANCIAL SUMMARY

(As Reported, in Millions Except per Share Data)

Net Sales $3,072 +7 %

Segment Operating Profit* 578 +9

Diluted EPS .81 +9

$ % Change

*Segment Operating Profit is a non-GAAP measure. See our 10-Q Report for Reconciliation.

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Ken PowellKen Powell

OPERATING REVIEWOPERATING REVIEW

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GENERAL MILLSGROWTH DRIVERS

GENERAL MILLSGROWTH DRIVERS

• Product Innovation

• Channel Expansion

• International Expansion

• Brand-building Investment

• Margin Expansion

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Net Sales Growth +4% +6%Operating Profit Growth +5% +6%

2007 Q1 2008

U.S. RetailU.S. RetailU.S. RetailInternational

Bakeries &Foodservice

U.S. RETAIL SEGMENT2007 Net Sales = $8.5 Billion

U.S. RETAIL SEGMENT2007 Net Sales = $8.5 Billion

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BIG G 2007 PROGRESSF07 Net Sales +2%

BIG G 2007 PROGRESSF07 Net Sales +2%

• Maintained Market Share

• Cheerios FranchiseSales Grew

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BIG G CEREALRIGHT SIZE, RIGHT PRICE

BIG G CEREALRIGHT SIZE, RIGHT PRICE

• Low Single-digit Price Increase

• Better Align Box Size and EverydayPrices with Competing Products

• On-going Cost Savings– Less Packaging Material– More Efficient Truck Usage

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BIG G CEREAL MOMENTUMQ1 F08 Net Sales +5%

BIG G CEREAL MOMENTUMQ1 F08 Net Sales +5%

June July

New Products Launching

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YOPLAIT YOGURT MOMENTUMF07 Net Sales +6%

YOPLAIT YOGURT MOMENTUMF07 Net Sales +6%

Carbonated Yogurt

Fiber and Probiotic Cultures

DHAOmega 3

Less Sugar

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GRAIN SNACKS MOMENTUMGRAIN SNACKS MOMENTUM

AC Nielsen plus Wal-Mart; Share data is AC Nielsen Only

• F07 Retail Sales = $470 Million

• Q1 F08 Retail Sales +39%

Mar Apr May Jun Jul Aug

24.8%

27.1%

Dollar Share in Measured Channels

(Rolling 3 Months)

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GRAIN SNACKS NEW PRODUCTSGRAIN SNACKS NEW PRODUCTS

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PROGRESSO SOUP MOMENTUMPROGRESSO SOUP MOMENTUM

Source: AC Nielsen plus Wal-Mart

• F07 Retail Sales +10%

• Q1 F08 Retail Sales +16%

• New Progresso Lightin Stores Now

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PILLSBURY USA GROWTHF07 Net Sales +3%

PILLSBURY USA GROWTHF07 Net Sales +3%

Refrigerated Dough +4%

Frozen Hot Snacks +6%

Frozen Pizza +14%

Toaster Strudel +21%

Q1 F08 RetailSales Growth

Source: AC Nielsen plus Wal-Mart

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BISQUICK GROWTHBISQUICK GROWTH

F06 F07

-5%+10%

Retail Sales in Select Channels

+10%F08 YTD

Source: AC Nielsen plus Wal-Mart

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U.S. RETAIL SEGMENTNET SALES BY DIVISIONU.S. RETAIL SEGMENT

NET SALES BY DIVISION

Total U.S. Retail +4 % +6 %Snacks +10 +16Baking Products +3 +7Meals +5 +6Pillsbury USA +3 +6Big G +2 +5Yoplait +6 +3Small Planet Foods +21 -4

F07 Q1 F08

% Change

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GENERAL MILLSGROWTH DRIVERS

GENERAL MILLSGROWTH DRIVERS

• Product Innovation

• Channel Expansion

• International Expansion

• Brand-building Investment

• Margin Expansion

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CHANNEL EXPANSIONCHANNEL EXPANSION

Organic/Natural Stores Club Stores

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Bakeries &FoodserviceBakeries &Bakeries &FoodserviceFoodservice

International

U.S. Retail

BAKERIES & FOODSERVICE SEGMENT2007 Net Sales = $1.8 Billion

BAKERIES & FOODSERVICE SEGMENT2007 Net Sales = $1.8 Billion

Net Sales Growth +5% -1%Operating Profit Growth +28% +17%

2007 Q1 2008

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BAKERIES AND FOODSERVICE GROWTH DRIVERS

BAKERIES AND FOODSERVICE GROWTH DRIVERS

Back of House Branding

Brand Innovation

Breakfast Solutions

Healthier SnackingPortfolio

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Snacks and Cereal Pillsbury Sweet Minis

BAKERIES & FOODSERVICECONVENIENCE STORES

BAKERIES & FOODSERVICECONVENIENCE STORES

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BAKERIES AND FOODSERVICEGROWTH DRIVERS

BAKERIES AND FOODSERVICEGROWTH DRIVERS

Healthcare Lodging

Channel Expansion

Fitness Centers

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Bakeries &Foodservice

InternationalInternationalInternationalU.S. Retail

INTERNATIONAL SEGMENT2007 Net Sales = $2.1 BillionINTERNATIONAL SEGMENT2007 Net Sales = $2.1 Billion

Net Sales Growth +16% +19%Operating Profit Growth +11% +27%

2007 Q1 2008

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INTERNATIONAL GROWTH PLATFORMSINTERNATIONAL GROWTH PLATFORMS

Super-premiumIce Cream World Cuisine Healthy Snacking

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INTERNATIONAL CEREALSINTERNATIONAL CEREALS

Canada Cereal Partners WorldwideJoint Venture

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BRAND-BUILDING INVESTMENT(Growth in Consumer Marketing Expense)BRAND-BUILDING INVESTMENT(Growth in Consumer Marketing Expense)

F06 F07 F08 Target

+5%+8% +7-9%

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TOTAL INPUT COST INFLATIONTOTAL INPUT COST INFLATION

6%5%

4%5%

F05 F06 F07 F08

Includes Raw Materials, Energy, Labor Expense, Carrier Rates, Storage and Handling

Plan Assumption

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RECENT PRICING ACTIONS(Calendar 2007 YTD)

RECENT PRICING ACTIONS(Calendar 2007 YTD)

• Low Single-digit Increase in Cereal

• Mid Single-digit Increase in Yogurt

• Mid Single-digit Increase in Bakeries & Foodservice

• Pricing on Selected SKUs in:– Baking Products– Green Giant Vegetables– Progresso Soup– Small Planet Foods

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MARGIN EXPANSION LEVERSMARGIN EXPANSION LEVERS

• Sales Mix Opportunities

• SKU Rationalization

• Trade Spending Efficiency

• Product Simplification

• Technology Investment

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2008 OPERATING PERFORMANCEKEY OBJECTIVES

2008 OPERATING PERFORMANCEKEY OBJECTIVES

• Drive Net Sales Growth with Volume Gains, Mix and Price Realization

• Fuel Continued Channel Expansion

• Sustain Sales and Profit Growth in International Businesses

• Maintain Focus on Holistic Margin Management

• Reinvest in Consumer-directed Marketing

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PRODUCT INNOVATIONFIBER ONE BARS

PRODUCT INNOVATIONFIBER ONE BARS

ChampionsMartin AbramsThomas AndersenJanet BoyleChristian Fitchett

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PRODUCT INNOVATIONHÄAGEN-DAZS DOLCE DESSERTS

PRODUCT INNOVATIONHÄAGEN-DAZS DOLCE DESSERTS

ChampionTakuya Nakanishi

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PRODUCT INNOVATIONPILLSBURY PLACE & BAKE MUFFINS

PRODUCT INNOVATIONPILLSBURY PLACE & BAKE MUFFINS

ChampionsVincent ComeauJerri JacksonYang KouCory SparksTim TrainorAbbie Willing

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BRAND BUILDINGBEST LIFE DIET PROMOTION

BRAND BUILDINGBEST LIFE DIET PROMOTION

ChampionsDebbie GarciaAndy HaversackJennifer KalinowskiLauren MehlerMike MurrayDave Wagner

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CHANNEL EXPANSIONDOLLAR GENERAL

CHANNEL EXPANSIONDOLLAR GENERAL

ChampionsMatt BennettKelly LaBountyMark SissonJim Sweeney

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MARGIN EXPANSIONPILLSBURY USA PRODUCTIVITY

MARGIN EXPANSIONPILLSBURY USA PRODUCTIVITY

ChampionsKurt JohnsonPaul LunaScott MarcouxJoana MontenegroDan Wendt

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PURCHASING OPTIMIZATION$300 MILLION

IN MINORITY SUPPLIER SPENDING

PURCHASING OPTIMIZATION$300 MILLION

IN MINORITY SUPPLIER SPENDING

ChampionsDiego OsunaJon RussettBill VollinkPaula West

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CHAMPIONSHIP COMMITMENTPROJECT MALAWI

CHAMPIONSHIP COMMITMENTPROJECT MALAWI

ChampionsDorothea HigginsKaralyn LittlefieldBob SuttonTamara SittsDonna Svendsen

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79TH AnnualShareholders

Meeting

79TH AnnualShareholders

Meeting