Joint Venture Summary

After-tax earnings from joint ventures totaled $19 million in the first quarter, matching prior year results. This year’s results include a $2 million after-tax charge that is part of a previously announced restructuring of the Cereal Partners Worldwide (CPW) manufacturing plants in the United Kingdom. Net sales for CPW grew 7 percent in the quarter. Net sales for the Haagen-Dazs joint ventures in Asia declined 4 percent. The 8^th Continent joint venture with DuPont (U.S. soy beverages) posted a 2 percent net sales increase.

Joint Venture Summary

Earnings after tax from joint ventures totaled $15 million in the third quarter, down from $23 million last year due to the absence of earnings from SVE. Cereal Partners Worldwide, the company’s ready-to-eat cereal joint venture with Nestle, posted 8 percent volume growth in the quarter. Net sales grew 2 percent, restrained by unfavorable foreign exchange. Net sales for the Häagen-Dazs ice cream joint ventures in Asia were down 22 percent due to an unseasonably cold winter and increased competitive pressure in Japan. 8^th Continent, the U.S. joint venture with DuPont, posted 13 percent net sales growth for its line of soy beverages.

        Through the first nine months of 2006, earnings from joint ventures totaled $54 million after tax. The earnings growth for continuing joint ventures was 15 percent.

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Joint Venture Summary

Earnings after tax from joint ventures totaled $21 million in the second quarter, down from $24 million a year earlier due to the absence of earnings from the divested Snack Ventures Europe (SVE) joint venture. Cereal Partners Worldwide, the company’s ready-to-eat cereal joint venture with Nestle, posted a 4 percent net sales gain for the period. Net sales for the Haagen-Dazs joint ventures in Asia also grew 4 percent, and net sales for 8^th Continent, the company’s joint venture with DuPont, rose 9 percent.

        Through the first half, earnings from joint ventures totaled $39 million after tax.

Joint Venture Summary

Earnings after tax from joint ventures totaled $89 million in 2005, up 20 percent from $74 million in 2004. The 2005 results include just nine months of contribution from Snack Ventures Europe, as General Mills’ 40.5 percent share of this joint venture was redeemed for $750 million in February 2005.

        Cereal Partners Worldwide, the company’s joint venture with Nestle, continued to generate good growth. General Mills’ proportionate share of CPW net sales increased to $666 million in 2005 and unit volume grew 4 percent. The company’s Haagen-Dazs joint ventures in Asia posted 3 percent volume growth for the year. 8^th Continent, the company’s U.S. joint venture with Dupont, achieved strong double-digit volume growth and increased its dollar share of the refrigerated soymilk category to 16 percent.

        Fourth quarter earnings after tax from joint ventures declined to $16 million, reflecting the absence of contributions from Snack Ventures Europe in this year’s final period.

Joint Venture Summary

Earnings after tax from joint ventures totaled $23 million in the third quarter, compared to $15 million a year earlier. Unit volumes for Cereal Partners Worldwide, our joint venture with Nestlé, and SVE were each up 2 percent. Unit volumes for the Häagen-Dazs joint ventures in Asia were essentially unchanged. 8^th Continent, the company’s joint venture with DuPont, achieved strong double-digit volume growth and increased its dollar share of the refrigerated soymilk category.

        Through the first nine months, earnings from joint ventures increased 43 percent to $73 million after tax. As a result of the disposition of the company’s SVE interests, that joint venture will no longer contribute to General Mills earnings effective with the Feb. 28, 2005, closing.

Joint Venture Summary

Earnings after tax from joint ventures totaled $24 million in the second quarter, compared to $16 million a year earlier. Unit volumes for Cereal Partners Worldwide (CPW), our joint venture with Nestlé, and Snack Ventures Europe (SVE), our joint venture with PepsiCo, were up 6 percent and 1 percent, respectively. Unit volume for our Häagen-Dazs ice cream joint ventures fell 8 percent primarily due to bad weather in Japan. 8^th Continent, our soy products joint venture with DuPont, posted double-digit unit volume growth as 8^th Continent soymilk continues to gain market share.

For the first half, earnings after tax from joint ventures totaled $50 million, compared to $36 million a year earlier. Unit volume for CPW grew 7 percent. SVE unit volume grew by 1 percent. Unit volumes for the Häagen-Dazs joint ventures declined 1 percent. 8^th Continent achieved 45 percent volume growth and a 3 point increase in dollar share of the refrigerated soymilk category.