GENERAL MILLS Consumer Analyst Group of New York

February 20, 2018

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 thatare based on management’s current expectations and assumptions. These forward-looking statements are subject to certain risksand uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-lookingstatements. 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 ininflation rates, interest rates, tax rates, or the availability of capital; product development and innovation; consumer acceptance ofnew products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions ordispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including taxreform legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangibleassets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and theimpact of significant accounting estimates; product quality and safety issues, including recalls and product liability; changes inconsumer demand for our products; effectiveness of advertising, marketing and promotional programs; changes in consumerbehavior, 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 costand availability of supply chain resources, including raw materials, packaging and energy; disruptions or inefficiencies in the supplychain; effectiveness of restructuring and cost savings initiatives; volatility in the market value of derivatives used to manage price riskfor certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine planliabilities; 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 topublicly revise any forward-looking statements to reflect any future events or circumstances.

A Reminder on Forward-looking Statements

2

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

Today’s Key Messages

3

Our Strategic Framework is Grounded on the Consumer

4

SalesGrowth

MarginExpansion

CashConversion

CashReturns

Four Levers Drive Shareholder Returns

11%

10%

9%

Food Peers S&P 500

10-YEAR ANNUALIZED TOTAL SHAREHOLDER RETURN

(Through Calendar 2017)

5Source: Capital IQ; Total shareholder return reflects price appreciation plus dividends, compound 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

1. COMPETE Effectively Across All Brands and All Geographies

2. ACCELERATE Our Differential Growth Platforms

3. RESHAPE the Portfolio for Growth

8

3 Keys to Restoring Consistent Topline Growth

GENERAL MILLS U.S. RETAIL SALES

9

Competing Effectively in the U.S.

(% vs. LY)

-7%

-4%

-1%

1%

Q4 Q1 Q2 Q3TD

Fiscal 2017 Fiscal 2018

Source: Nielsen XAOC; Q3TD through January 2018

GENERAL MILLS U.S. RETAIL SALES IMPROVEMENT

10

Competing Effectively in the U.S.

680

1,250

790

440

1,990

1,170

570

250

(220)

Cereal Yogurt Grain

Snacks

Dough Soup Desserts Hot

Snacks

Fruit

Snacks

Mexican

(Last 3 Months Growth % vs. Q4 Fiscal 2017 Growth %, basis points)

Source: Nielsen XAOC; last 3 months ended January 2018

>80% of U.S. Retail Measured Sales

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

CEREAL GROWTH DRIVERS:

✓ Relevant Consumer News

✓ Innovation Focused on Consumer Needs

✓ Execution Across Channels

F17 Net Sales = $2.7B

(17% of total)

50% of CPW

Net Sales = $0.8B

Growing and Gaining

Share in F18 YTD

14

Cereal Growth Drivers

15

INNOVATION FOCUSED ON CONSUMER NEEDS

RELEVANT CONSUMER NEWS

EXECUTION ACROSS CHANNELS

Granola

YOGURT GROWTH DRIVERS:

✓ Premium New Products

✓ Strengthen the Core

✓ Geographic Expansion

Compete Effectively: Yogurt

16

F17 Net Sales = $2.4B

(15% of total)

F18 Share Improving,

but Below LY

17

Yogurt Growth Drivers

China

STRENGTHEN THE COREPREMIUM NEW PRODUCTS GEOGRAPHIC EXPANSION

Brazil

(FISCAL 2018, LATEST 12 WEEKS, % VS LY)

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

Compete Effectively: Regional Business Highlights

Expand Snacking Competitive in Key Season Premium Innovation

SEASONAL BUSINESSESTOTINO’S WANCHAI FERRY

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

• F17 Net Sales ~$4B ($25% of Total)

• Growing and Gaining Share in F18 YTD

• Increasing Investment to Drive MSD+ Net Sales Growth

19

Accelerate Our Differential Growth Platforms

Häagen-Dazs Old El Paso Natural & OrganicSnack Bars

• 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

20Source: Euromonitor

Accelerate: Häagen-Dazs

21

Häagen-Dazs Growth Drivers

Emerging Markets

Developed Markets

Marketing

DIFFERENTIAL INNOVATIONBUILD THE CORE EXPAND DISTRIBUTION

Point of Sale

Australia Italy

China

• Global Category: ~$20B, Growing +MSD

• General Mills is the Global Snack Bars Leader

• Our Key Advantages are our Innovation Engine and Global Scale

22Source: Euromonitor

Accelerate: Snack Bars

(F18 YTD RETAIL SALES GROWTH)

23Source: Nielsen XAOC through January 2018

Snack Bars: Performance Highlights

NatureValleyU.S.

+11%

Snack BarsEurope

& Australia

+39%

LärabarU.S.

+31%

U.S.A.

India

U.K.

24

Snack Bars Growth Drivers

INVEST IN BRAND BUILDINGFUEL THE

INNOVATION ENGINEEXPAND

PLATFORMS GLOBALLY

• Global Category: $3.5B, Growing +LSD

• Consumers Looking for Freshness, Variety, and Convenience

• Old El Paso is the Global Leader in Mexican

25Source: Nielsen and company estimates.

Accelerate: Old El Paso

26

Old El Paso Growth Drivers

In Store Support

Media and Online Support

DIFFERENTIAL INNOVATIONMORE FROM OUR CORE EXPANDED FOOTPRINT

Distribution Growth

Online

Presence

• 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

27Source: Nielsen and company estimates.

Accelerate: Natural & Organic

28

Natural & Organic Growth Drivers

Sampling

TV and Digital

INNOVATIONDISTRIBUTION CONSUMER SUPPORT

F15-F17 Acquisitions

M&A HAS ENHANCED OUR ORGANIC GROWTH PROFILE

29

Reshape Our Portfolio for Growth

Acquisition Focus Areas:

✓ Bolt-on Acquisitions in North America and Europe

✓ Adding Scale in Emerging Markets

✓ New Growth Platforms that Leverage Our Capabilities

Divestiture Scope: Roughly 5% of Company Sales

F16 Divestiture

NET SALES GROWTH OPPORTUNITY

30*Organic Net Sales CGR. Non-GAAP measure. See appendix for reconciliation.

3 Keys to Restoring Consistent Topline Growth

+LSD

Sustainable Growth

Opportunity

Accelerate Differential

Growth Platforms

Reshape Portfolio

F14-F17 CGR*

-1%

Compete Effectively

1 2 3

Don MulliganEVP, Chief Financial Officer

SalesGrowth

MarginExpansion

CashConversion

CashReturns

32

Four Levers to Drive Shareholder Returns

+MSDAdjusted Op. Profit*

+LSD ≥ 95% ≥ 90%of Free Cash Flow*

LT Target:

*Non-GAAP measures.

COST OF GOODS HMM SAVINGS ANNOUNCED PROJECTS SAVINGS

33

Significant Cost Savings Realization

$3,250

$4,000

F10 - F17Cumulative

Savings

F18Target

F10 - F20Cumulative

Savings Goal

$390

$75

$350

$540

$700

F15 F16 F17 F18Target

$700

($ in Millions)

ADJUSTED OPERATING PROFIT MARGIN*

SG&A EXPENSE EXCLUDING MEDIA AND R&D*

34

19.0

12.5

8.6

GIS

15.1 16.4

17.2 15.9

16.8 18.1

F15 F16 F17

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.

Profit Margins and Cost StructureAhead of Food Peer Median

(% of Net Sales) (% of Net Sales)

Global Sourcing Go to Market Human Resources Finance

ENTERPRISE PROCESS TRANSFORMATION

35

Further Opportunities for Global Efficiency

$1.7 $1.6

$1.4

$1.2

$0.7 $0.8

40

34

29

24

810

0

5

10

15

20

25

30

35

40

45

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

F12 F13 F14 F15 F16 F17

Core Working Capital CWC Days

($ in Billions)

36

Reducing Core Working Capital and Increasing Efficiency

-52% Cum Decline

56

10

(44)

GIS

Source: CapIQ, fiscal 2017/calendar year 2016.Industry Peer Group – see 2017 proxy for full list.

Opportunities to Drive FurtherCore Working Capital Improvement

Top Quartile

Core Working Capital Days

Global CPG Peers

37

Free Cash Flow Performance

$4.1

$4.9

$5.9 $6.0$5.6

$5.4

$6.1

83%

94%

109% 109%102%

97%

111%

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

TARGET: CASH CONVERSION ≥ 95%

38*Non-GAAP measure. See appendix for reconciliation. Latest 12 quarters through F18 Q2.

Free Cash Flow* Free Cash Flow Conversion*

(3-Year Rolling, $ in Billions)

+5% CGR

DIVIDENDS PER SHARE AVERAGE DILUTED SHARES OUTSTANDING

39

Consistent Dividend and Share Repurchase Track Record

$1.22$1.32

$1.55$1.67

$1.78$1.92 $1.96

F12 F13 F14 F15 F16 F17 CurrentAnnualized

Rate

CGR = +9%

667 666

646

619 612

598

F12 F13 F14 F15 F16 F17 F18Target

CGR = -2%

Down 2%

TARGET: CASH RETURN ≥ 90%

40*Non-GAAP measure. See appendix for reconciliation. Latest 12 quarters through F18 Q2.

Strong Cash Returns to Shareholders

$4.1

$4.9

$5.9 $6.0$5.6

$5.4

$6.1

$3.3

$4.0

$5.1

$6.2 $6.1 $6.2$5.9

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

Free Cash Flow* Net Share Repurchases + Dividends Paid

Cash

Return %:

(3-Year Rolling, $ in Billions)

81% 86% 104% 110% 96%80% 116%

41

Four Levers to Drive Shareholder Returns

SalesGrowth

MarginExpansion

CashConversion

CashReturns

• 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

42*Non-GAAP measure.

U.S. Tax Reform Impact

• Broad-based Topline Momentum Continues to Strengthen

• Greater Input Cost Pressure and Slower Improvement in Brazil Impacting Profit Expectations

• Increased Adjusted Diluted EPS

• Strong Free Cash Flow Growth

43*Non-GAAP measure.(1) Constant-currency growth rate.

Updating Fiscal 2018 Guidance

GUIDANCE MEASURE

Organic Net Sales* Growth

Total Segment Operating Profit* Growth

Tax Rate Excluding Items*

Adjusted Diluted EPS* Growth

Free Cash Flow* Growth

PREVIOUS F18 GUIDANCE

-1% to Flat

Flat to +1%1

~29%

+1 to 2%1

N/A

REVISED F18 GUIDANCE

Flat

-1% to Flat1

~27%

+3 to 4%1

> 15%

• 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

Today’s General Mills Summary

GENERAL MILLS Consumer Analyst Group of New York

February 20, 2018

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

A Reminder on Non-GAAP Guidance

47

Reconciliation of Organic Net Sales Growth(Fiscal Years)

Full Year

Organic

Volume

Organic

Price/Mix

Organic

Net Sales

Foreign

Exchange

Acquisitions &

Divestitures 53rd Week

Reported

Net Sales

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) %

48

Reconciliation of Adjusted Operating Profit Margin

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 %

(Fiscal Years)

49

Reconciliation of SG&A Expense Excluding Media and R&D

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%

(Fiscal Year)

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%

50

*See reconciliation of tax rate excluding items.

Table does not foot due to rounding.

Reconciliation of Free Cash Flow and Free Cash Flow Conversion

(Fiscal Years, $ in Millions)

Latest 12

Quarters2018 1H 2017 2016 2015 2H

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%

51

*See reconciliation of tax rate excluding items.

Table does not foot due to rounding.

Reconciliation of Free Cash Flow and Free Cash Flow Conversion for Latest 12 Quarters

(Fiscal Years, $ in Millions)

52Fiscal year table does not foot due to rounding.

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%

53Fiscal year table does not foot due to rounding.

Cash Return to Shareholdersfor Latest 12 Quarters

(Fiscal Years, $ in Millions)

Latest 12

Quarters2018 1H 2017 2016 2015 2H

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%

54

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

Table does not foot due to rounding.

Reconciliation of Income Taxes on Adjusting Items

2017 2016 2015 2014 2013 2012 2011 2010

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

Taxes

Pretax

Earnings*

Income

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

(Fiscal Years, $ in Millions)

55

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

Table does not foot due to rounding.

Reconciliation of Income Taxes on Adjusting Itemsfor Latest 12 Quarters

2018 1H 2017 2016 2015 2H

Pretax

Earnings* Income Taxes

Pretax

Earnings* Income Taxes

Pretax

Earnings* Income Taxes

Pretax

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

(Fiscal Years, $ in Millions)

56

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.

57

Reconciliation of Fiscal 2017 Tax Rate Excluding Items

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)

($ in Millions)

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