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## Segment Operating Profi t* 

(dollars in millions) 

We’ve delivered consistent growth in segment operating profit, averaging nearly 8 percent per year since 2006. 

<img src='content_image/154219.jpg'>

*See page 87 of our 2010 Annual Report for discussion of non-GAAP measures. 

After-tax earnings from these joint ventures increased 11 percent in 2010 to reach $102 million. CPW operates in 130 markets out- side of North America and posted 6 percent net sales growth in fiscal 2010. Our wholly owned International businesses combined with our proportionate share of joint ventures generate nearly $4 billion in net sales today. As consumers worldwide look for more wholesome and convenient foods, we expect our international businesses will be our fastest growing in the years ahead. 

Our companywide focus on margin management is generating funds to reinvest in our businesses. We expect to see renewed input cost inflation in 2011, so our HMM efforts will remain critical in helping us offset increasing costs. Our pipeline of HMM ideas is robust. We’re taking a broader look at our supply chain by including our customers and suppliers when identifying cost-saving opportunities. And we’ll benefit from our growing international business as we’re sharing our HMM ideas across countries. From fiscal 2010 through fiscal 2012, we expect to achieve a cumulative $1 billion in savings from initiatives that reduce our cost of goods sold. Many of our HMM initiatives have a posi- tive impact on the environment, reducing our water and energy usage rates. You can read more about these environmental benefi  ts in our 2010 Corporate Social Responsibility Report available on our website. 

General Mills’ exceptional performance is the result of the hard work of our 33,000 employees around the world. It is their collective talent and dedication that gives me great confi  dence 

## Bakeries and Foodservice Segment Operating Profi t Margin 

(percent) 

Our strong product line and focus on growing customer channels contributed to signifi cant margin expansion in fiscal 2010 for our Bakeries and Foodservice segment. 

<img src='content_image/154218.jpg'>

in our ability to deliver continued high-quality growth and achieve our long-term goals. 

In closing, I’d like to thank you for your investment in General Mills. My colleagues and I think it is a great time to be in the food business. Our food categories are well-positioned to meet the needs of today’s consumers in markets around the world. We appreciate your confidence in our company’s pros- pects, and we look forward to reporting on our future progress. 

Sincerely, 

<img src='content_image/154217.jpg'>

August 2, 2010 

## International Net Sales 

(dollars in millions) 

Net sales for our wholly owned International businesses combined with our proportionate share of sales from international joint ventures grew to nearly $4 billion in fi scal 2010. 

<img src='content_image/154220.jpg'>

*Not consolidated. See page 87 of our 2010 Annual Report for discussion of non-GAAP measures. 

