Our approach Water issues are local, so we take a risk-based approach to address risks in priority watersheds across our global supply chain. Through an updated and expanded water risk assessment conducted in 2019–2020, we assessed 20 key ingredients in 45 sourcing regions and 255 facilities (including 208 in our external supply chain), covering 60 major watershed basins and 221 minor watershed subbasins globally. This process included factors such as water quantity, water quality and reputation. We used the World Resources Institute (WRI) Aqueduct Water Risk Atlas and World Wildlife Fund (WWF) Water Risk Filter in this assessment. Based on this assessment, we identified 10 priority watersheds as the most material and at-risk (see map). Within these watersheds, we consider two types of risks: Acute risks are tied to specific locations, where we are focused on risk mitigation by supporting key NGO partners implementing watershed health strategies. Widespread/diffuse risks are broader in geographic scope and not easily traceable to specific organizations. To help address these, we pursue holistic approaches such as regenerative agriculture pilots. Water stress can manifest in different ways. For example, acute quantity risk could take the form of extreme droughts or flooding. Acute quality risk could be point-source pollution or widespread, such as agriculture runoff that leads to dead zones in bodies of water. The context around water stress in a given location helps determine the response needed. Goal: Our goal is to champion the activation of water stewardship plans for the company’s most material and at- risk watersheds in its global value chain by 2025. This is an ongoing process; as we continue to grow our company and identify new watersheds impacted by our business, this target may be extended to an evergreen commitment given the ongoing importance of water. Progress: Three of our 10 priority watersheds have active water stewardship plans in place. See map for details on how we’re advancing water stewardship in all of our priority watersheds. Our actions: n Fund and participate in local water stewardship activities and policy advocacy with NGO partners n Maximize water efficiency in owned plants in priority watersheds n Advance regenerative agriculture in California almonds, a priority watershed and high-risk ingredient, inspired by water impact in our Kansas regenerative agriculture wheat pilot Acute risks – Tier 1 Acute risks – Tier 2 Widespread/diffuse risks – Tier 3 Acute risks – Tier 1: Risk mitigation Acute risks – Tier 2: Observation n These high to extremely high watershed impact risks pose financial and brand risk due to geographically restricted commodity sourcing or plant impact n We implement local solutions to mitigate these risks, often focused on water use reduction and efficiency EXAMPLE AWS Certification in Albuquerque cereal/snacks plant n We monitor successful implementation of local solutions, with limited additional input needed from General Mills EXAMPLE Observing progress of Central Everglades Planning Project in a key sugarcane sourcing region n These geographically broad watershed risks cannot be pinpointed to water impacts at a specific location. As a result, brand risk is low to medium. n We pursue holistic approaches such as regenerative agriculture to address these issues EXAMPLE Our regenerative wheat pilot project in the Cheney Lake Watershed in Kansas. Tier 3: Positive impact potential GENERAL MILLS GLOBAL RESPONSIBILITY 33 Food Planet People Community