A R E M I N D E R O N F O R WA R D - L O O K I N G S TAT E M E N T S

C A G N Y 2 0 2 1

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: the impact of the COVID-19 pandemic on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of the COVID-19 pandemic; 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 tax legislation, 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; effectiveness of restructuring and cost saving initiatives; 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.

A R E M I N D E R O N F O R WA R D - L O O K I N G S TAT E M E N T S

JEFF

HARMENING

C A G N Y 2 0 2 1

B U L L I S H

on our prospects for generating

profitable growth and superior shareholder returns

4

B U I L D I N G

on our sustained momentum

E X E C U T I N G

our Accelerate Strategy

C A G N Y 2 0 2 1 5

WE’VE BEEN WINNING

Continued Strong Execution

Amid Pandemic

Organic Net

Sales

+8%

Adjusted

Operating Profit

+13%

Adjusted

Diluted EPS

+17%

Building Momentum

Pre-Pandemic

Strengthened organic net

sales growth

Improved market share

performance

Continued strong results

on margins and cash

1_{Non-GAAP measure. See appendix for reconciliation}

2_{Constant currency growth rate. Non-GAAP measure. See appendix for reconciliation}

C A G N Y 2 0 2 1

O U R A C C E L E R AT E S T R AT E G Y

W H E R E T O P L AY

H O W T O W I N

D R I V E L O N G - T E R M S H A R E H O L D E R VA L U E

O U R P U R P O S E

1_{Constant currency growth rate}

Core

Markets

Global

Platforms

Local

Gems

Portfolio

Reshaping

Boldly Building

Brands

Relentlessly

Innovating

Unleashing

Our Scale

Being a Force

for Good

Organic Net

Sales* 2-3%

Adj. Operating

Profit* +MSD

Adj. Diluted EPS*

+MSD to +HSD

Maintain Capital

Discipline

C A G N Y 2 0 2 1 H O W T O W I N D R I V I N G V A L U E

W H E R E

T O

P L AY

P R I O R I T I Z I N G 8 C O R E M A R K E T S

W I N N I N G I N N O R T H A M E R I C A A S # 1 P R I O R I T Y

Core markets

make up

95%

of total

F20 Net Sales

C A G N Y 2 0 2 1 C A G N Y 2 0 2 1 H O W T O W I N D R I V I N G V A L U E

W H E R E

T O

P L AY

I C E C R E A M

P E T

G L O B A L P L AT F O R M S

I N V E S T I N G I N A R E A S W I T H

H I G H E S T G R O W T H P O T E N T I A L

~45%

A D V A N T A G E D P L A T F O R M S W I T H

G L O B A L G R O W T H P O T E N T I A L

B A R S

_{M E X I C A N}

C E R E A L

C A G N Y 2 0 2 1 H O W T O W I N D R I V I N G V A L U E

W H E R E

T O

P L AY

L O C A L G E M S

A T T R A C T I V E L O C A L A N D

R E G I O N A L G R O W T H D R I V E R S

~35%

C A G N Y 2 0 2 1 H O W T O W I N D R I V I N G V A L U E

W H E R E

T O

P L AY

P O R T F O L I O R E S H A P I N G

Strategic

Divestitures

Accretive

Acquisitions

✓

Growth accretive

✓

Bolt-on

✓

Present in our core markets

✓

Existing or new growth platforms that

leverage our capabilities

✓

Targeting roughly 5%

of sales

✓

Growth dilutive platforms with

lower ROI

B U I L D I N G O N O U R S T R O N G T R A C K

R E C O R D O F G R O W T H - E N H A N C I N G M & A

C A G N Y 2 0 2 1 W H E R E T O P L A Y D R I V I N G V A L U E

H O W

T O

W I N

B O L D LY B U I L D I N G B R A N D S

M E E T I N G C O N S U M E R S W H E R E T H E Y A R E W I T H

P U R P O S E - D R I V E N B R A N D S

C A G N Y 2 0 2 1 W H E R E T O P L A Y D R I V I N G V A L U E

H O W

T O

W I N

R E L E N T L E S S LY I N N O VAT I N G

Core Platform

Innovation

Internal Start-Up Accelerator

C R E A T I N G N E W S O L U T I O N S T O R E A L C O N S U M E R P R O B L E M S

C A G N Y 2 0 2 1 W H E R E T O P L A Y D R I V I N G V A L U E

H O W

T O

W I N

U N L E A S H I N G O U R S C A L E

Enhancing Core Capabilities

Across our Business

Strategic Revenue

Management

E-Commerce

Holistic Margin

Management

Differentially Driving

Data & Analytics

C A G N Y 2 0 2 1 W H E R E T O P L A Y D R I V I N G V A L U E

H O W

T O

W I N

B E I N G A F O R C E F O R G O O D

Our Priorities

Improving

FOOD security

Regenerating

our PLANET

Advancing

inclusion among

our PEOPLE

Strengthening our

COMMUNITIES

CLIMATE COMMITMENTS

By 2030:

By 2050:

Advance regenerative

agriculture on

1MM acres

Reduce greenhouse

gas emissions

by 30%

Achieve net-zero

greenhouse gas

emissions

C A G N Y 2 0 2 1 H O W T O W I N

D R I V I N G

V A L U E

D R I V I N G

V A L U E

A C C E L E R AT E G R O W T H

Goal: Drive Top-Tier Shareholder Returns

Sales

Growth

Margin

Expansion

Cash

Conversion

Cash

Returns

IVAN

POLLARD

C A G N Y 2 0 2 1

O U R B E L I E F S A B O U T B R A N D B U I L D I N G

Brands

Matter

Big Ideas

Count

Execution

is Crucial

C A G N Y 2 0 2 1

O U R P L AY B O O K F O R B O L D LY

B U I L D I N G B R A N D S I S E V O LV I N G

18

Clear Brand Anatomies,

Built with Purpose

Executing with a

New, Modern Playbook

Connected Commerce Quantum Marketing Upskill marketers Intelligent Investment 3x the Speed Evolution of Insights Cultural Capital Compelling Creative

C A G N Y 2 0 2 1

F19

F20

F21 Est.

TOTAL MEDIA SPENDING

T H E S I Z E O F O U R

I N V E S T M E N T I S I N C R E A S I N G

+MSD

to +HSD

+15%

YOY

C A G N Y 2 0 2 1

T H E S H A P E O F O U R

I N V E S T M E N T I S E V O LV I N G

F19

F21 Est.

MIX OF MEDIA SPENDING

F O L L O W T H E C O N S U M E R A N D U S E T H E B E S T T O O L T O G E T T H E J O B D O N E

C A G N Y 2 0 2 1

T H E C R E AT I O N O F C O N N E C T E D C O M M E R C E :

B O X TO P S F O R E D U C AT I O N

DIGITAL

PHYSICAL

IMPACT

ACTION

Digitized Box Tops Program

2.7MM

App Downloads

>700MM

Receipt Rows

81,000+

Schools

C A G N Y 2 0 2 1

L E V E R A G I N G C U LT U R A L C A P I TA L

F O R G O O D : W H E AT I E S

#1

Consumer

Goods

ACTION

Featuring Influencers and their Causes

IMPACT

Retail Sales

Growth

+8%

#6

Overall

Source: Wheaties Nielsen xAOC FYTD vs. LY through 1/2/21 Source: Newsweek December 2020

C A G N Y 2 0 2 1

T H E E L E VAT I O N O F C O M P E L L I N G

C R E AT I V I T Y: H Ä A G E N - D A Z S

ACTION

New Modern Campaign

IMPACT

Retail Sales

Growth

+DD

Market Share

Growth

+0.3 pts

KOFI

BRUCE

C A G N Y 2 0 2 1

Cash Returns to

Shareholders

~80-90%

Adj. Diluted EPS*

+MSD to +HSD

A C C E L E R AT E G R O W T H

25

*Non-GAAP measures

1_{Constant currency growth rate. Non-GAAP measures}

Organic Net Sales*

+2 to +3%

Adj. Operating Profit*

+MSD

FCF Conversion*

95%+

Goal: Drive Top-Tier Shareholder Returns

Sales

Growth

Margin

Expansion

Cash

Conversion

Cash

Returns

C A G N Y 2 0 2 1

I N C R E A S I N G N E T S A L E S G R O W T H E X P O S U R E

W I T H P O R T F O L I O R E S H A P I N G

26

Existing Portfolio

Portfolio Reshaping Impact

Target Exposure

+2 to +3%

C A G N Y 2 0 2 1

M A R G I N E X PA N S I O N TO S U P P O R T

+ M S D A D J . O P E R AT I N G P R O F I T G R O W T H

HMM

Leveraging

Global Scale

SRM

Data &

Analytics

16.6%

16.9%

17.3%

F18

F19

F20

F21 Est.

Adj. Op. Profit Margin*

(% of Net Sales)

Levers to

Expand Margins

C A G N Y 2 0 2 1

E X C E L L E N T C A S H M A N A G E M E N T P R O V I D E S

B A L A N C E S H E E T F L E X I B I L I T Y

$5.7

$6.0

$6.2

$7.7

103%

108%

109%

127%

F15-F17

F16-F18

F17-F19

F18-F20

Free Cash Flow* Free Cash Flow Conversion*

(3-Year Rolling, $ in Billions

)

*Non-GAAP measures. See appendix for reconciliation

Delivering on

Long-term FCF

Conversion

Target

≥ 95%

C A G N Y 2 0 2 1

L O N G - T E R M C A P I TA L

A L L O C AT I O N P R I O R I T I E S

F18

Pro Forma

F19

F20

Q2 F21

4.2x

3.9x

3.2x

2.9x

Enables Execution on our

Long-term Priorities

*Net Debt to Trailing 12-Month Adjusted-EBTIDA Ratio. Non-GAAP measure. See appendix for reconciliation

• CAPEX ~4% of Net Sales

• Grow Dividends with Earnings

• Strategic M&A

• Share Repurchases

Achieved Target Leverage*

of 3.0x in F21

C A G N Y 2 0 2 1

A C H I E V I N G O U R F I S C A L

2 0 2 1 P R I O R I T I E S

Compete

Fuel

Investments

Reduce

Compete Effectively,

Everywhere We Play

Drive Efficiency to Fuel

Investments in Brands

and Capabilities

Reduce Debt Leverage to

Increase Financial Flexibility

1

2

C A G N Y 2 0 2 1

R E A F F I R M I N G S E C O N D H A L F

F I S C A L 2 0 2 1 A S S U M P T I O N S

Q3 GUIDANCE

• Organic Net Sales* Growth

Roughly Similar to F21 Q2

• Adj. Operating Profit Margin* In Line

with Last Year

FULL-YEAR OUTLOOK

• Full-Year Adj. Operating Profit

Margin In Line or Better than F20

C A G N Y 2 0 2 1

B U L L I S H

on our prospects for generating

profitable growth and superior shareholder returns

32

B U I L D I N G

on our sustained momentum

E X E C U T I N G

our Accelerate Strategy

C A G N Y 2 0 2 1

O U R A C C E L E R AT E S T R AT E G Y

33

*Non-GAAP measures

1_{Constant currency growth rate}

W H E R E T O P L AY

H O W T O W I N

D R I V E L O N G - T E R M S H A R E H O L D E R VA L U E

O U R P U R P O S E

Core

Markets

Global

Platforms

Local

Gems

Portfolio

Reshaping

Boldly Building

Brands

Relentlessly

Innovating

Unleashing

Our Scale

Being a Force

for Good

Organic Net

Sales* 2-3%

Adj. Operating

Profit* +MSD

Adj. Diluted EPS*

+MSD to +HSD

Maintain Capital

Discipline

C A G N Y 2 0 2 1

Our outlook for organic net sales growth and adjusted operating profit margin are non-GAAP financial

measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the

effect of foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd week, when

applicable. We are not able to reconcile these forward-looking non-GAAP financial measures to their most

directly comparable forward-looking GAAP financial measure without unreasonable efforts because we are

unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency

exchange rates or the timing of acquisitions and divestitures throughout fiscal 2021. The unavailable

information could have a significant impact on our fiscal 2021 GAAP financial results.

A R E M I N D E R O N N O N - G A A P G U I D A N C E

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F F I S C A L 2 0 2 1 O R G A N I C N E T S A L E S

G R O W T H

36

*Table may not foot due to rounding

(FISCAL YEAR)

Organic

Volume

Organic

Price/Mix

Organic

Net Sales

Foreign

Exchange

Acquisitions

& Divestitures

Reported Net

Sales Growth

F21 Q2

4 pts

3 pts

7%

-

-

7%

F21 1H

6 pts

3 pts

8%

-

-

8%

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F F I R S T H A L F F I S C A L 2 0 2 1 A D J U S T E D

O P E R AT I N G P R O F I T C O N S TA N T - C U R R E N C Y G R O W T H R AT E

37

*Table may not foot due to rounding

(FISCAL YEARS, $ IN MILLIONS)

2021

2020

Operating profit as reported

$ 1,770.3

$ 1,473.6

20 %

Mark-to-market effects

(62.3)

(7.6)

Investment activity, net

(19.0)

3.7

Product recall

7.1

-Restructuring charges

1.9

24.8

Project-related costs

-

0.7

Adjusted operating profit

$ 1,698.0

$ 1,495.2

14 %

Foreign currency exchange impact

1 pt

Adjusted operating profit growth,

on a constant-currency basis

13 %

1H

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F F I R S T H A L F F I S C A L 2 0 2 1 A D J U S T E D

D I L U T E D E P S A N D R E L AT E D C O N S TA N T - C U R R E N C Y G R O W T H

R AT E S

38

*Table may not foot due to rounding

(FISCAL YEARS)

Per Share Data

2021

2020

Diluted earnings per share, as reported

$

2.14 $

1.80

19 %

Mark-to-market effects**

(0.08)

(0.01)

Investment activity, net**

(0.02)

-Product recall**

0.01

-Restructuring charges**

-

0.03

Tax item

-

(0.09)

Adjusted diluted earnings per share

$

2.06 $

1.74

18 %

Foreign currency exchange impact

1 pt

Adjusted diluted earnings per share growth,

on a constant-currency basis

17 %

1H

Change

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F F I R S T H A L F F I S C A L 2 0 2 1 I N C O M E

TA X E S O N A D J U S T I N G I T E M S

39

*Table may not foot due to rounding

(FISCAL YEARS, $ IN MILLIONS EXCEPT PER SHARE DATA)

Income

Income

Taxes

Taxes

As reported

$

1,624.8

$

360.2 $ 1,295.9

$ 222.7

Mark-to-market effects

(62.3)

(14.3)

(7.6)

(1.7)

Investment activity, net

(19.0)

(4.4)

3.7

4.4

Product recall

7.1

0.8

-

-Restructuring charges

1.9

0.5

24.8

4.3

Project-related costs

-

-

0.7

0.1

Tax item

-

-

-

53.1

As adjusted

$

1,552.4

$

342.8 $ 1,317.5

$ 282.8

Effective tax rate:

As reported

22.2%

17.2%

As adjusted

22.1%

21.5%

Sum of adjustment to income taxes

$

(17.4)

$

60.2

Average number of common shares - diluted EPS

619.7

611.8

Impact of income tax adjustments on adjusted diluted EPS

$

(0.03)

$

0.10

1H

2021

2020

Pretax

Pretax

Earnings**

Earnings**

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F A D J U S T E D O P E R AT I N G P R O F I T M A R G I N

40

*Table may not foot due to rounding

(FISCAL YEARS)

Full-year

Q3

Full-year

Full-year

Operating profit margin as reported

16.8 %

15.6 %

14.9 %

15.4 %

Restructuring charges

0.3

0.3

0.5

0.5

Mark-to-market effects

0.1

0.2

0.2

(0.2)

Product recall

0.1

-

-

-Asset impairments

-

-

1.2

0.6

Divestitures loss

-

-

0.2

-Acquisition transaction and integration costs

-

-

0.1

0.2

Investment activity, net

-

0.1

(0.1)

-Legal recovery

-

-

(0.1)

-Project-related costs

-

-

-

0.1

Adjusted operating profit margin

17.3 %

16.1 %

16.9 %

16.6 %

Percent of Net Sales

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F F R E E C A S H F L O W A N D F R E E C A S H

F L O W C O N V E R S I O N

41

*Table may not foot due to rounding **All adjustments are Net of Income Taxes. See reconciliation of Income Taxes on Adjusting Items

(FISCAL YEARS, $ IN MILLIONS)

2020 2019 2018 2017 2016 2015 Net earnings, including earnings attributable to

redeemable and noncontrolling interests $2,211 $1,786 $2,163 $1,701 $1,737 $1,259

Restructuring charges** 39 63 61 154 161 218 Mark-to-market effects** 19 28 (22) (9) (40) 56 Product recall** 17 - - - - - CPW restructuring costs 5 11 2 - - - Investment activity** 3 (18) - - - - Project-related costs** 1 1 8 28 37 8 Tax items (53) (73) 41 - - 79 Asset impairments** - 160 65 - - 177

Acquisition transaction and integration costs** - 20 58 - - 10

Divestitures loss (gain)** - 16 - 9 (66) -

Hyperinflationary accounting** - 3 - - - -

Net tax benefit - (7) (523) - - -

Legal recovery** - (11) - - - -

Venezuela currency devaluation** - - - - - 8 Adjusted net earnings, including earnings attributable to

redeemable and noncontrolling interests $2,242 $1,980 $1,853 $1,884 $1,829 $1,815 Net cash provided by operating activities, as reported $3,676 $2,807 $2,841 $2,415 $2,764 $2,648 Purchases of land, buildings, and equipment ($461) ($538) ($623) ($684) ($729) ($712) Free cash flow $3,215 $2,269 $2,218 $1,731 $2,035 $1,936 Free cash flow, rolling 3-year $7,703 $6,219 $5,984 $5,702 $5,930 $6,329 Free cash flow conversion, rolling 3-years 127% 109% 108% 103% 108% 115%

C A G N Y 2 0 2 1

2020 2019 2018** Full-year Full-year Full-year Net earnings, including earnings attributable to

redeemable and noncontrolling interests, as reported

Income taxes 618.0 480.5 367.8 104.3

Interest, net 440.2 466.5 521.8 527.8

Depreciation and amortization 582.1 594.7 620.1 642.6 EBITDA $ 4,073.4 $ 3,752.5 $ 3,295.9 $ 3,559.1 After-tax earnings from joint ventures (122.1) (91.1) (72.0) (84.7) Mark-to-market effects (30.0) 24.7 36.0 (32.1) Investment activity, net (14.3) 8.4 (22.8)

-Project-related costs 0.8 1.5 1.3 11.3

Product recall 26.4 19.3 -

-Restructuring charges 27.3 50.2 77.6 82.7

Asset impairments - - 207.4 96.9

Divestitures loss - - 30.0

-Acquisition integration costs - - 25.6

-Hyperinflationary accounting - - 3.2 -Legal recovery - - (16.2) -Adjusted EBITDA $ 3,961.5 $ 3,765.6 $ 3,566.0 $ 3,633.2 Total debt $ 13,964.4 $ 13,539.5 $ 14,490.0 $ 15,818.6 Cash 2,582.8 1,677.8 450.0 399.0 Net debt $ 11,381.7 $ 11,861.7 $ 14,040.0 $ 15,419.6 Net debt-to-adjusted EBITDA ratio 2.9 3.2 3.9 4.2

$ $ 2,433.1 2,210.8 $ 1,786.2 $ 2,284.4 Trailing 12 Months Ending 2021 Q2

R E C O N C I L I AT I O N O F N E T D E B T - T O - A D J U S T E D E B I T D A R AT I O

*Table may not foot due to rounding **On a pro-forma basis

C A G N Y 2 0 2 1

R E C O N C I L I AT I O N O F I N C O M E TA X E S O N A D J U S T I N G I T E M S

43

*Table may not foot due to rounding **Earnings before income taxes and after-tax earnings from joint ventures

Pretax Earnings** Income Taxes Pretax Earnings** Income Taxes Pretax Earnings** Income Taxes Pretax Earnings** Income Taxes Pretax Earnings** Income Taxes Pretax Earnings** Income Taxes As reported $2,600 $481 $2,082 $368 $2,136 $57 $2,271 $655 $2,404 $755 $1,762 $587 Tax items - 53 - 73 - (41) - - - (79) Restructuring charges 50 11 78 15 83 21 224 70 230 69 344 126 Mark-to-market effects 25 6 36 8 (32) (10) (14) (5) (63) (23) 90 33 Product recall 19 2

Investment activity, net 8 5 (23) (5) - - -

Project-related costs 2 0 1 - 11 3 44 16 58 21 13 5

Asset impairments - - 207 48 97 32 - - - - 260 83

Divestitures loss (gain) - - 30 14 - - 14 4 (148) (82) -

-Acquisition transaction and

integration costs - - 26 6 84 25 - - - - 16 6

Hyperinflationary accounting - - 3 - - -

Legal recovery - - (16) (5) - - -

Net tax benefit - - - 7 - 523 - - -

Venezuela currency devaluation - - - 8

-As adjusted $2,704 $559 $2,424 $528 $2,378 $612 $2,539 $740 $2,480 $740 $2,492 $761

2020

Full-year

2019 2018 2017 2016 2015