International Net Sales Bakeries and Foodservice Segment Operating Profi t Margin Segment Operating Profi t* (dollars in millions) (percent) (dollars in millions) We’ve delivered consistent growth in segment  operating profit, averaging nearly 8 percent per  year since 2006.  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.  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.  *See page 87 of our 2010 Annual Report for discussion of  non-GAAP measures. *Not consolidated. See page 87 of our 2010 Annual Report for  discussion of non-GAAP measures. 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.  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.  Sincerely, August 2, 2010 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  5 Annual Report 2010 Kendall J. Powell Chairman and Chief Executive Officer 10 09 08 07 06 14.1 8.4 8.2 8.1 6.7 10 09 08 07 06 2,861 2,643 2,407 2,261 2,113 10 09 08 07 3,882 3,725 3,650 3,109 06 2,710 Our Share of CPW and H¨aagen-Dazs Joint Ventures* Wholly Owned Businesses