GENERAL MILLS

Consumer Analyst Group of New York

February 20, 2018
 A Reminder on Forward-looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that
are based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking
statements. In particular, our predictions about future net sales and earnings could be affected by a variety of factors, including:
competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions,
advertising activities, pricing actions and promotional activities of our competitors; economic conditions, including changes in
inflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance of
new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or
dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax
reform legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible
assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the
impact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes in
consumer demand for our products; effectiveness of advertising, marketing and promotional programs; changes in consumer
behavior, trends and preferences, including weight loss trends; consumer perception of health-related issues, including obesity;
consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost
and availability of supply chain resources, including raw materials, packaging and energy; disruptions or inefficiencies in the supply
chain; effectiveness of restructuring and cost savings initiatives; volatility in the market value of derivatives used to manage price risk
for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan
liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations;
and political unrest in foreign markets and economic uncertainty due to terrorism or war. The company undertakes no obligation to
publicly revise any forward-looking statements to reflect any future events or circumstances.

2
 Today’s Key Messages
1. Clear Priorities for Restoring Consistent Topline Growth

2. Remaining Disciplined on Margins and Cash

3. Updating F18 Outlook, Including U.S. Tax Reform Impact

3
Our Strategic Framework is Grounded on the Consumer

4
 Four Levers Drive Shareholder Returns
10-YEAR ANNUALIZED
TOTAL SHAREHOLDER RETURN
(Through Calendar 2017)

11%
10%
Sales Margin
Growth Expansion 9%

Food Peers S&P 500

Cash Cash
Conversion Returns

Source: Capital IQ; Total shareholder return reflects price appreciation plus dividends, compound 5
annual growth, in USD. Food Peers include: BN, CAG, CPB, HSY, K, MDLZ, NESN, SJM.
With Change Happening All Around…

6
…Consumer First is More Relevant Than Ever
 3 Keys to Restoring Consistent Topline Growth

1. COMPETE Effectively Across All Brands and All Geographies

2. ACCELERATE Our Differential Growth Platforms

3. RESHAPE the Portfolio for Growth

8
Competing Effectively in the U.S.
GENERAL MILLS U.S. RETAIL SALES
(% vs. LY)

1%

-1%

-4%

-7%

Q4 Q1 Q2 Q3TD

Fiscal 2017 Fiscal 2018

9
Source: Nielsen XAOC; Q3TD through January 2018
Competing Effectively in the U.S.
GENERAL MILLS U.S. RETAIL SALES IMPROVEMENT
(Last 3 Months Growth % vs. Q4 Fiscal 2017 Growth %, basis points)

1,990

1,250
1,170
680 790
440 570
250

(220)
Cereal Yogurt Grain Dough Soup Desserts Hot Fruit Mexican
Snacks Snacks Snacks

>80% of U.S. Retail Measured Sales

10
Source: Nielsen XAOC; last 3 months ended January 2018
 Competing Effectively Requires Strong Execution

COMPELLING MARKETING

IMPACTFUL INNOVATION

EXCELLENCE AT POINT OF SALE

11
 Competing Effectively Requires
Global Idea Sharing with Local Activation

MARKETING

NEW PRODUCT PLATFORMS

LEVERAGING THE “CHASSIS”

12
 Competing Effectively Requires New Capabilities

E-COMMERCE

STRATEGIC REVENUE MANAGEMENT

CONSUMER FIRST DESIGN

13
 Compete Effectively: Cereal

F17 Net Sales = $2.7B

(17% of total)
50% of CPW
Net Sales = $0.8B
Growing and Gaining CEREAL GROWTH DRIVERS:
Share in F18 YTD ✓ Relevant Consumer News
✓ Innovation Focused on
Consumer Needs
✓ Execution Across Channels

14
 Cereal Growth Drivers
RELEVANT INNOVATION FOCUSED ON EXECUTION ACROSS
CONSUMER NEWS CONSUMER NEEDS CHANNELS

Granola

15
 Compete Effectively: Yogurt

F17 Net Sales = $2.4B

(15% of total)
YOGURT GROWTH DRIVERS:
F18 Share Improving, ✓ Premium New Products
but Below LY ✓ Strengthen the Core
✓ Geographic Expansion

16
 Yogurt Growth Drivers
PREMIUM NEW PRODUCTS STRENGTHEN THE CORE GEOGRAPHIC EXPANSION

China

Brazil

17
 Compete Effectively: Regional Business Highlights
(FISCAL 2018, LATEST 12 WEEKS, % VS LY)

TOTINO’S SEASONAL BUSINESSES WANCHAI FERRY

Expand Snacking Competitive in Key Season Premium Innovation

Retail Sales: +7% Retail Sales: +2% Net Sales: +DD

Source: Nielsen XAOC through January 2018; net sales through November 2017 18
Note: Net sales held at a constant exchange rate
 Accelerate Our Differential Growth Platforms

Häagen-Dazs Snack Bars Old El Paso Natural & Organic

• F17 Net Sales ~$4B ($25% of Total)

• Growing and Gaining Share in F18 YTD
• Increasing Investment to Drive MSD+ Net Sales Growth

19
 Accelerate: Häagen-Dazs

• Category Outside N. America: $49B,

Growing +MSD

• Premium, Indulgence, and Impulse

Driving Category Growth

• Häagen-Dazs is the World’s Premier

Super-premium Ice Cream Brand

Source: Euromonitor 20
 Häagen-Dazs Growth Drivers
BUILD THE CORE DIFFERENTIAL INNOVATION EXPAND DISTRIBUTION

Australia Italy

Marketing
Developed Markets

China

Point of Sale
Emerging Markets

21
 Accelerate: Snack Bars

• Global Category: ~$20B,

Growing +MSD

• General Mills is the Global

Snack Bars Leader

• Our Key Advantages are our

Innovation Engine and Global
Scale

Source: Euromonitor 22
 Snack Bars: Performance Highlights
(F18 YTD RETAIL SALES GROWTH)
Nature
Valley
U.S.
+11%
Lärabar
U.S.
+31%

Snack Bars
Europe
& Australia
+39%

Source: Nielsen XAOC through January 2018 23

 Snack Bars Growth Drivers
FUEL THE EXPAND
INNOVATION ENGINE INVEST IN BRAND BUILDING PLATFORMS GLOBALLY

U.K.

India

U.S.A.

24
 Accelerate: Old El Paso

• Global Category: $3.5B, Growing +LSD

• Consumers Looking for Freshness,

Variety, and Convenience

• Old El Paso is the Global Leader in

Mexican

Source: Nielsen and company estimates. 25

 Old El Paso Growth Drivers
MORE FROM OUR CORE DIFFERENTIAL INNOVATION EXPANDED FOOTPRINT

Media and Online Support Online

Presence

Distribution Growth

In Store Support
26
 Accelerate: Natural & Organic

• N. America Category: $41B, Growing +HSD

• General Mills is #3 N&O Food Producer in U.S.
• Leading Brands: Annie’s, Lärabar, Liberté,
Cascadian Farm

Source: Nielsen and company estimates. 27

 Natural & Organic Growth Drivers
DISTRIBUTION INNOVATION CONSUMER SUPPORT

TV and Digital

Sampling 28
 Reshape Our Portfolio for Growth
M&A HAS ENHANCED OUR ORGANIC GROWTH PROFILE
F15-F17 Acquisitions
Acquisition Focus Areas:
✓ Bolt-on Acquisitions in North America and Europe
✓ Adding Scale in Emerging Markets
✓ New Growth Platforms that Leverage Our Capabilities

F16 Divestiture

Divestiture Scope: Roughly 5% of Company Sales

29
 3 Keys to Restoring Consistent Topline Growth
NET SALES GROWTH OPPORTUNITY
+LSD

-1%
1 2 3

F14-F17 Compete Accelerate Reshape Sustainable

CGR* Effectively Differential Portfolio Growth
Growth Platforms Opportunity
*Organic Net Sales CGR. Non-GAAP measure. See appendix for reconciliation. 30
Don Mulligan
EVP, Chief Financial Officer
 Four Levers to Drive Shareholder Returns

Sales Margin Cash Cash

Growth Expansion Conversion Returns

LT Target: +LSD +MSD ≥ 95% ≥ 90%

Adjusted Op. Profit* of Free Cash Flow*

*Non-GAAP measures.
32
 Significant Cost Savings Realization
($ in Millions)

COST OF GOODS HMM SAVINGS ANNOUNCED PROJECTS SAVINGS

$4,000
$390
$3,250 $700
$700
$540

$350

$75

F10 - F17 F18 F10 - F20 F15 F16 F17 F18

Cumulative Target Cumulative Target
Savings Savings Goal

33
 Profit Margins and Cost Structure
Ahead of Food Peer Median
ADJUSTED OPERATING SG&A EXPENSE EXCLUDING
PROFIT MARGIN* MEDIA AND R&D*
(% of Net Sales) (% of Net Sales)
18.1 19.0
17.2
15.9 16.4 16.8
15.1

12.5

8.6

F15 F16 F17 GIS

U.S. Food Median GIS
Source: CapIQ, fiscal 2017/calendar year 2016.
Food Peers: CAG, CPB, HSY, K, KHC, MDLZ, SJM.
*Non-GAAP measure. See appendix for reconciliation. 34
 Further Opportunities for Global Efficiency
ENTERPRISE PROCESS TRANSFORMATION

Global Sourcing Go to Market Human Resources Finance

35
 Reducing Core Working Capital
and Increasing Efficiency
($ in Billions)

-52% Cum Decline

$1.8 $1.7 45
$1.6
$1.6 40
40 $1.4
$1.4 35
$1.2
$1.2 34 30
$1.0 29 25
24 $0.8
$0.8 $0.7 20
$0.6 15
$0.4 10
10
$0.2 8 5
$0.0 0
F12 F13 F14 F15 F16 F17
Core Working Capital CWC Days
36
 Opportunities to Drive Further
Core Working Capital Improvement
Core Working Capital Days
56 Global CPG Peers

Top Quartile
10

GIS

Source: CapIQ, fiscal 2017/calendar year 2016. (44)

Industry Peer Group – see 2017 proxy for full list. 37
 Free Cash Flow Performance
TARGET: CASH CONVERSION ≥ 95%
(3-Year Rolling, $ in Billions)

+5% CGR
$5.9 $6.0 $6.1
$5.6 $5.4
$4.9
$4.1
109% 109% 111%
102%
94% 97%
83%

F10-F12 F11-F13 F12-F14 F13-F15 F14-F16 F15-F17 Latest 12 Qtrs

Free Cash Flow* Free Cash Flow Conversion*

*Non-GAAP measure. See appendix for reconciliation. Latest 12 quarters through F18 Q2. 38
 Consistent Dividend and Share
Repurchase Track Record
DIVIDENDS PER SHARE AVERAGE DILUTED
SHARES OUTSTANDING
CGR = +9%
CGR = -2%

$1.92 $1.96 667 666

$1.78
$1.67
$1.55 646

$1.32
$1.22 619
612
598
Down 2%

F12 F13 F14 F15 F16 F17 Current F12 F13 F14 F15 F16 F17 F18
Annualized Target
Rate

39
 Strong Cash Returns to Shareholders
TARGET: CASH RETURN ≥ 90%
(3-Year Rolling, $ in Billions)

$5.9 $6.0 $6.2 $6.1 $6.2 $6.1

$5.9
$5.6
$5.4
$4.9 $5.1

$4.1 $4.0
$3.3

F10-F12 F11-F13 F12-F14 F13-F15 F14-F16 F15-F17 Latest 12 Qtrs

Cash
Return %: 80% 81% 86% 104% 110% 116% 96%
Free Cash Flow* Net Share Repurchases + Dividends Paid

*Non-GAAP measure. See appendix for reconciliation. Latest 12 quarters through F18 Q2. 40
 Four Levers to Drive Shareholder Returns

Sales Margin Cash Cash

Growth Expansion Conversion Returns

41
 U.S. Tax Reform Impact

• Estimate F18 Adjusted ETR* ~27%; F19 Adjusted ETR ~22-24%

• Plan to Reinvest a Portion of Benefit in High-ROI Initiatives:

• “Accelerate” Plans on Häagen-Dazs, Snack Bars, Old El Paso, and N&O
• Key Capabilities Including E-commerce and SRM

• Anticipate One-time Impacts in F18 Q3:

• Deemed Repatriation
• Restating Deferred Tax Liabilities

*Non-GAAP measure. 42
 Updating Fiscal 2018 Guidance
PREVIOUS REVISED
• Broad-based Topline Momentum GUIDANCE MEASURE F18 GUIDANCE F18 GUIDANCE
Continues to Strengthen
Organic Net Sales* Growth -1% to Flat Flat

• Greater Input Cost Pressure and Total Segment Operating

Slower Improvement in Brazil Profit* Growth Flat to +1%1 -1% to Flat1
Impacting Profit Expectations
Tax Rate Excluding Items* ~29% ~27%
• Increased Adjusted Diluted EPS
Adjusted Diluted EPS* Growth +1 to 2%1 +3 to 4%1
• Strong Free Cash Flow Growth
Free Cash Flow* Growth N/A > 15%

*Non-GAAP measure.
(1) Constant-currency growth rate. 43
 Today’s General Mills Summary

• Consumer First Remains Our Central Strategy

• Changing How We Operate: More Global, New Capabilities,

Stronger Execution

• Competing, Accelerating, and Reshaping to Drive

Consistent LSD Topline Growth

• Balancing All Levers to Generate Long-term Shareholder Value

44
 GENERAL MILLS
Consumer Analyst Group of New York
February 20, 2018
 A Reminder on Non-GAAP Guidance
Our fiscal 2018 outlook for organic net sales growth, constant currency total segment operating profit, adjusted operating profit
margin, tax rate excluding items, adjusted diluted EPS, and free cash flow are non-GAAP financial measures that exclude, or
have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate
fluctuations, restructuring charges and project-related costs, mark-to-market effects, unusual tax items, acquisitions, and
divestitures. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable
forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable
degree of certainty the impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of
restructuring actions, unusual tax items, acquisitions, and divestitures throughout fiscal 2018. The unavailable information
could have a significant impact on our fiscal 2018 GAAP financial results.
For fiscal 2018, we currently expect: foreign currency exchange rates (based on blend of forward and forecasted rates and
hedge positions), acquisitions, and divestitures to increase net sales by approximately 1 percent; foreign currency exchange
rates to increase total segment operating profit and adjusted diluted EPS growth by approximately 1 percent; total restructuring
charges and project-related costs related to actions previously announced to total $40 million; and unusual tax items previously
announced to total approximately $42 million of expense.

46
 Reconciliation of Organic Net Sales Growth
(Fiscal Years)

Full Year
Reported
Organic Organic Organic Foreign Acquisitions & Net Sales
Volume Price/Mix Net Sales Exchange Divestitures 53rd Week Growth
2015 (2) pts 2 pts Flat (3) pts - 1 pt (2) %

2016 Flat Flat Flat (4) pts (1) pt (1) pt (6) %

2017 (7) pts 3 pts (4) % (1) pt (1) pt - (6) %

47
Reconciliation of Adjusted Operating Profit Margin
(Fiscal Years)

Full Year
% of Net Sales
2017 2016 2015

Operating profit as reported 16.4 % 16.3 % 11.8 %

Mark-to-market effects (0.1) (0.4) 0.5
Divestitures (gain) loss, net 0.1 (0.9) -
Restructuring costs 1.4 1.4 1.9
Project-related costs 0.3 0.4 0.1
Acquisition integration costs - - 0.1
Intangible asset impairment - - 1.5
Adjusted operating profit margin 18.1 % 16.8 % 15.9 %

48
 Reconciliation of SG&A Expense
Excluding Media and R&D
(Fiscal Year)

Full Year 2017

$ in Millions % of Net Sales

SG&A as reported $2,801 17.9 %

Media 624 4.0
R&D 218 1.4
SG&A Excluding Media and R&D $1,959 12.5%

49
 Reconciliation of Free Cash Flow and
Free Cash Flow Conversion
(Fiscal Years, $ in Millions)
2017 2016 2015 2014 2013 2012 2011 2010
Net earnings, including earnings attributable to redeemable and
noncontrolling interests $1,701 $1,737 $1,259 $1,861 $1,893 $1,589 $1,804 $1,535
Mark-to-market effects* (9) (40) 57 (31) (3) 66 (60) 5
Divestitures (gain) loss* 9 (66) - (36) - - - -
Tax-related items - - 79 - (85) - (89) 35

Acquisition integration costs* - - 10 - 9 10 - -

Venezuela currency devaluation* - - 8 58 21 - - -

Restructuring costs* 154 161 218 4 16 64 3 20

Project-related costs* 28 37 8 - - - - -

Intangible asset impairment* - - 177 - - - - -

Adjusted net earnings, including earnings attributable to
redeemable and noncontrolling interests $1,884 $1,829 $1,816 $1,856 $1,850 $1,729 $1,657 $1,594

Net cash provided by operating activities, as reported $2,313 $2,630 $2,543 $2,541 $2,926 $2,407 $1,531 $2,185
Purchases of land, buildings, and equipment (684) (729) (712) (664) (614) (676) (649) (650)
Free cash flow $1,629 $1,901 $1,830 $1,878 $2,312 $1,731 $882 $1,535
Free cash flow, rolling 3-year $5,360 $5,608 $6,020 $5,921 $4,926 $4,149
Free cash flow conversion, rolling 3-years 97% 102% 109% 109% 94% 83%
*See reconciliation of tax rate excluding items.
Table does not foot due to rounding. 50
 Reconciliation of Free Cash Flow and
Free Cash Flow Conversion for Latest 12 Quarters
(Fiscal Years, $ in Millions)
Latest 12
2018 1H 2017 2016 2015 2H
Quarters
Net earnings, including earnings attributable to redeemable and
noncontrolling interests $4,842 $852 $1,701 $1,737 $552
Mark-to-market effects* (30) (4) (9) (40) 22
Divestitures (gain) loss* (57) - 9 (66) -

Tax-related items 121 42 - - 79

Acquisition integration costs* 8 - - - 8

Venezuela currency devaluation* 8 - - - 8

Restructuring costs* 390 14 154 161 61

Project-related costs* 77 4 28 37 8

Intangible asset impairment* 177 - - - 177

Adjusted net earnings, including earnings attributable to redeemable and
noncontrolling interests $5,539 $908 $1,884 $1,829 $914

Net cash provided by operating activities, as reported $8,190 $1,567 $2,313 $2,630 $1,680
Purchases of land, buildings, and equipment (2,069) (260) (684) (729) ($395)
Free cash flow $6,121 $1,307 $1,629 $1,901 $1,285
Free cash flow conversion, rolling 3-years 111%

*See reconciliation of tax rate excluding items.

Table does not foot due to rounding. 51

 Cash Return to Shareholders
(Fiscal Years, $ in Millions)

2017 2016 2015 2014 2013 2012 2011 2010

Dividends paid $1,135 $1,072 $1,018 $983 $868 $800 $729 $644

Purchases of common stock for treasury 1,652 607 1,162 1,745 1,045 313 1,164 692
Proceeds from common stock issued on
exercised options (113) (172) (164) (108) (301) (234) (410) (389)

Total cash return to shareholders $2,674 $1,507 $2,016 $2,621 $1,612 $880 $1,483 $947

Cash returns, rolling 3-year $6,197 $6,143 $6,248 $5,112 $3,974 $3,309

Cash returns %, rolling 3-year 116% 110% 104% 86% 81% 80%

Fiscal year table does not foot due to rounding. 52

 Cash Return to Shareholders
for Latest 12 Quarters
(Fiscal Years, $ in Millions)

Latest 12
2018 1H 2017 2016 2015 2H
Quarters

Dividends paid $3,287 $565 $1,135 $1,072 $515

Purchases of common stock for treasury 3,052 601 1,652 607 193
Proceeds from common stock issued on
exercised options (463) (51) (113) (172) (128)

Total cash return to shareholders $5,875 $1,115 $2,674 $1,507 $580

Cash returns, rolling 3-year $5,875

Cash returns %, rolling 3-year 96%

Fiscal year table does not foot due to rounding. 53

 Reconciliation of Income Taxes on Adjusting Items
(Fiscal Years, $ in Millions)

2017 2016 2015 2014 2013 2012 2011 2010

Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income Pretax Income
Earnings* Taxes Earnings* Taxes Earnings* Taxes Earnings* Taxes Earnings* Taxes Earnings* Taxes Earnings* Taxes Earnings* Taxes

As reported $2,271 $655 $2,404 $755 $1,762 $587 $2,655 $883 $2,535 $741 $2,211 $710 $2,428 $721 $2,205 $771

Mark-to-market effects (14) (5) (63) (23) 90 33 (49) (18) (4) (2) 104 39 (95) (35) 7 3

Divestitures (gain) loss 14 4 (148) (82) - - (66) (30) - - - - - - - -

Restructuring costs 224 70 230 69 344 126 4 - 19 3 101 36 4 2 31 12

Project-related costs 44 16 58 21 13 5 - - - - - - - - - -

Tax items - - - - - (79) - - - 85 - - - 89 - (35)

Acquisition integration costs - - - - 16 6 - - 12 4 11 2 - - - -

Venezuela currency devaluation - - - - 8 - 62 4 25 4 - - - - - -

Intangible asset impairment - - - - 260 83 - - - - - - - - - -

As adjusted $2,539 $740 $2,480 $740 $2,492 $761 $2,607 $840 $2,587 $836 $2,427 $786 $2,337 $776 $2,243 $750

*Earnings before income taxes and after-tax earnings from joint ventures.

Table does not foot due to rounding. 54

 Reconciliation of Income Taxes on Adjusting Items
for Latest 12 Quarters
(Fiscal Years, $ in Millions)

2018 1H 2017 2016 2015 2H

Pretax Pretax Pretax Pretax
Earnings* Income Taxes Earnings* Income Taxes Earnings* Income Taxes Earnings* Income Taxes

As reported $1,208 $403 $2,271 $655 $2,404 $755 $801 $281

Mark-to-market effects (6) (2) (14) (5) (63) (23) 35 13

Divestitures (gain) loss - - 14 4 (148) (82) - -

Restructuring costs 20 6 224 70 230 69 96 35

Project-related costs 5 2 44 16 58 21 12 5

Tax items - (42) - - - - - (79)

Acquisition integration costs - - - - - - 12 5

Venezuela currency devaluation - - - - - - 8 -

Intangible asset impairment - - - - - - 260 83

As adjusted $1,227 $367 $2,539 $740 $2,480 $740 $1,226 $343

*Earnings before income taxes and after-tax earnings from joint ventures.

Table does not foot due to rounding. 55

 Reconciliation of Fiscal 2017 Adjusted Diluted EPS

Per Share Data Fiscal Year 2017

Diluted earnings per share, as reported $ 2.77
Mark-to-market effects* (0.01)
Divestiture loss, net* 0.01
Restructuring costs* 0.26
Project-related costs* 0.05
Diluted earnings per share, excluding
certain items affecting
comparability $ 3.08

*See reconciliation of Fiscal 2017 tax rate excluding items. 56

 Reconciliation of Fiscal 2017 Tax Rate Excluding Items
($ in Millions)

Fiscal Year 2017

Pretax Earnings* Income Taxes

As reported $2,271.3 $655.2
Mark-to-market effects (13.9) (5.1)
Divestiture loss 13.5 4.3
Restructuring costs 224.1 70.2
Project-related costs 43.9 15.7
As adjusted $2,538.9 $740.3
Effective tax rate:
As reported 28.8%
As adjusted 29.2%
Sum of adjustments to income taxes $85.1
Average number of common shares - diluted EPS 598.0

Impact of income tax adjustments on diluted EPS

excluding certain items affecting comparability $(0.14)

*Earnings before income taxes and after-tax earnings from joint ventures 57