General Mills, Inc. announced pricing terms with respect to its previously announced offer to exchange the four series of notes summarized below for a combination of cash and a series of newly issued General Mills notes due 2051 For each $1,000 principal amount of Existing Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on January 21, 2021, and accepted by General Mills, the following table sets forth, among other things, the yields, the total consideration, the principal amount of the New Notes and the amount of cash, each as calculated as of 10:00 a.m., New York City time, on January 22, 2021. Summarized: 5.400% Notes due 2040, CUSIP Number 370334BJ2, Reference UST Security 1.375% due August 15, 2050, Reference Yield 1.863%, Yield 2.563%, Total Consideration $1,431.22; 4.700% Notes due 2048, CUSIP Number 370334CJ1, Reference UST Security 1.375% due August 15, 2050, Reference Yield 1.863%, Yield 2.793%, Total Consideration $1,357.36; 4.550% Notes due 2038, CUSIP Number 370334CH5, Reference UST Security 1.375% due August 15, 2050, Reference Yield 1.863%, Yield 2.463%, Total Consideration $1,284.60; 4.150% Notes due 2043, CUSIP Number 370334BP8, Reference UST Security 1.375% due August 15, 2050, Reference Yield 1.863%, Yield 2. 663%, Total Consideration $1, 242. 62. In addition, Eligible Holders will receive in cash accrued and unpaid interest on the Existing Notes accepted for exchange from the last applicable interest payment date to, but excluding, the date on which the exchange of Existing Notes accepted for exchange is settled, less the amount of any pre-issuance interest on the New Notes exchanged therefor, and amounts due in lieu of fractional amounts of New Notes. The interest rate on the New Notes will be 3.000%. The yield on the New Notes will be 3.013%, and the new issue price will be $997.44, which has been determined by reference to the bid-side yield on the 1.375% U.S. Treasury Notes due August 15, 2050, as of the Pricing Time, which was 1.863%, plus 1.15%, calculated in accordance with the procedures set forth in the Offering Memorandum. On the settlement date for Existing Notes validly tendered and not validly withdrawn at or prior to the Early Participation Time, which will be January 27, 2021, subject to the terms and conditions of the Exchange Offer, General Mills expects to accept all of the Existing Notes validly tendered and not validly withdrawn at or prior to the Early Participation Time and issue approximately $600 million aggregate principal amount of New Notes. The Exchange Offer is being conducted upon the terms and subject to the conditions set forth in the Offering Memorandum, as amended by General Mills’ press release, dated as of January 22, 2021, relating to the early participation results of and amendments to the Exchange Offer. The Exchange Offer will expire at 11:59 pm, New York City time, on February 4, 2021, unless extended or earlier terminated by General Mills. The withdrawal deadline for the Exchange Offer occurred at 5:00 pm, New York City time, on January 21, 2021. As a result, tendered Existing Notes may no longer be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law as determined by General Mills. As announced in the Early Participation Results Press Release, General Mills has increased the Exchange Consideration for Existing Notes validly tendered after the Early Participation Time, but at or prior to the Expiration Time, by $30 of principal amount of New Notes for each $1,000 principal amount of Existing Notes tendered and accepted for exchange. As a result, the consideration to be paid for Existing Notes validly tendered at or prior to the Early Participation Time and following the Early Participation Time, but at or prior to the Expiration Time, will be the same.