General Mills (GIS)

Fiscal 2005 Performance Awards

In June 2004, the Committee established fiscal 2005 corporate performance measures, and individual performance measures for the Company’s chief executive officer, under the EIP.

The corporate performance rating for fiscal 2005 was based 75 percent on the Company’s earnings-per-share performance and 25 percent on a series of earnings quality and strategic growth goals. Key earnings quality measurements included net sales growth, debt reduction and delivered margin improvement. Strategic growth measurements included market share performance, new product performance, consumer preference, product nutrition improvement, and profit and volume targets in highly strategic parts of the business.

Business unit ratings for fiscal 2005 were based 75 percent on financial performance and 25 percent on the quality of this financial performance and progress against strategic growth priorities. Business unit financial performance was measured by earnings before interest and taxes, volume, productivity improvements and/or cost-per-case targets.

Individual performance ratings for fiscal 2005 were based upon achievement of specific objectives, such as financial and operating results, completion of major projects, the quality of business plans and strategies, and progress in organizational and management development and diversity.

The Company will pay, in July 2005, the cash component of fiscal 2005 EIP awards in accordance with the foregoing performance measures.

The Company will provide additional information regarding the compensation of its executive officers in its Proxy Statement for the 2005 Annual Meeting of Stockholders.

SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:   July 1, 2005