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Sara Lee Reports Third Quarter Earnings

In the first nine months, adjusted and reported net sales increased by approximately 3% and 9%, respectively, driven primarily by higher pricing and the impact of the Aidells acquisition. Adjusted and reported operating segment declines can be attributed to higher commodity costs and declining volumes offsetting additional higher pricing and lower SG&A costs.

Additional Information

Corporate Expenses
Third Quarter   ($ millions, excluding significant items)   First Nine Months
2012   2011 2012   2011
(5) (33) General corporate expenses (36) (97)
(4) (4) Amortization of trademarks and intangibles (10) (10)
(10) 8 Commodity MTM gains/(losses) (6) 18
(19)   (29)   Total corporate expenses   (52)   (89)

Total corporate expenses were $19 million for the quarter, a decline of $10 million from the prior year. The reduction was primarily in general corporate expenses due to corporate headcount reductions, lower pension and casualty insurance costs and lower overhead expenses related to sold companies. These reductions were somewhat offset by commodity mark-to-market losses of $10 million for the quarter (mainly due to declining coffee costs) compared to an $8 million gain last year. We expect full year total corporate expenses (including amortization and commodity MTM adjustments) to be in a range of $70-$80 million.

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