General Mills, Inc.

Greetings and welcome to the General Mills third quarter fiscal 2022 earnings Q&A webcast. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press the 1 followed by the 4 on your telephone. If at any time during the conference you need to reach an operator, please press star 0. As a reminder, this conference is being recorded on Wednesday, March 23, 2022. I would now like to turn the conference over to Mr. Jeff Seaman. Please go ahead.

Jeff Seaman Thank you, Frank, and good morning, everyone. Thanks for joining us today for our Q&A session on third quarter results. I hope everyone had time to review our press release, listen to our prepared remarks, and view our presentation materials, which were made available this morning on our investor relations website. As a reminder, beginning this quarter, we are reporting results under a new segment structure. You can find supplementary information on our website that shows our historical net sales and segment operating profit results recast for this new segment structure. I'll also remind you that in our Q&A session, we may make forward-looking statements that are based on management's current views and assumptions. Please refer to this morning's press release for factors that could impact forward-looking statements and for reconciliations of non-GAAP information, which may be discussed on today's call. Joining me this morning are Jeff Harmoning, our chairman and CEO, Kofi Bruce, our CFO, and John Newdy, group president of our North America retail segment. Let's go ahead and get to the first question. Frank, could you get us started, please?

Thank you. Ladies and gentlemen, if you would like to register a question, please press the 14 on your telephone. You will hear a three-tone prompt to acknowledge your request. If your question has been answered and you would like to withdraw your registration, please press the 14 by the three. One moment, please, for the first question. Our first question comes from Andrew Lazar with Barclays. Please proceed.