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General Mills Reports Fiscal 2013 First Quarter Results

A reconciliation of the effective income tax rate as reported to the effective income tax rate excluding certain items affecting comparability follows:

Quarter Ended
Aug. 26, 2012   Aug. 28, 2011
In Millions  

Pretax Earnings (a)

Income Taxes

Pretax Earnings (a)

Income Taxes
As reported $ 697.1   $ 158.1 $ 553.5   $ 177.5
Mark-to-market effects (b) (81.6 ) (30.2 ) 37.7 13.9
Restructuring costs (c) 9.0 1.5 - -
Tax item (d)     -       66.7       -     -  
As adjusted   $ 624.5     $ 196.1     $ 591.2   $ 191.4  
Effective tax rate:
As reported 22.7 % 32.1 %
As adjusted         31.4 %         32.4 %

(a) Earnings before income taxes and after-tax earnings from joint ventures.(b) See Note 5.(c) See Note 4.(d) See Note 7.

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