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General Mills Reports Fiscal 2013 First Quarter Results

(7) The effective tax rate for the first quarter of fiscal 2013 was 22.7 percent compared to 32.1 percent for the first quarter of fiscal 2012. The 9.4 percentage point decrease was primarily related to the restructuring of a subsidiary during the first quarter of fiscal 2013 which resulted in a $67 million decrease to deferred income tax liabilities related to the tax basis of the investment in the subsidiary and certain distributed assets, with a corresponding discrete non-cash reduction to income taxes in the first quarter of fiscal 2013.

(8) We have included five measures in this release that are not defined by generally accepted accounting principles (GAAP): (1) diluted earnings per share excluding mark-to-market valuation of certain commodity positions and grain inventories (“mark-to-market effects”), restructuring costs reflecting employee severance expense (“restructuring costs”), and a discrete tax item related to a subsidiary (“tax item”) (collectively, these three items are referred to as “certain items affecting comparability” in this footnote), (2) earnings comparisons as a percent of net sales excluding certain items affecting comparability, (3) total segment operating profit, (4) net sales growth rates for our International segment in total and by region excluding the impact of changes in foreign currency exchange, and (5) effective income tax rates excluding certain items affecting comparability. We believe that these measures provide useful supplemental information to assess our operating performance. These measures are reconciled below to the measures as reported in accordance with GAAP, and should be viewed in addition to, and not in lieu of, our diluted earnings per share and operating performance measures as calculated in accordance with GAAP.

Diluted EPS excluding certain items affecting comparability follows:
Quarter Ended
Per Share Data    

Aug. 26, 2012

Aug. 28, 2011
Diluted earnings per share, as reported $ 0.82   $ 0.61
Mark-to-market effects (a) (0.07 ) 0.03
Restructuring costs (b) 0.01 -
Tax item (c)     (0.10 )     -

Diluted earnings per share, excluding certain items affecting

  $ 0.66     $ 0.64

(a) See Note 5.(b) See Note 4.(c) See Note 7.

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