General Mills (GIS) 10-Q 2008 Q3 Quarterly report

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine-Month Period Ended					Fiscal Year Ended
Dollars in millions	Feb. 24, 2008			Feb. 25, 2007		May 27, 2007		May 28, 2006		May 29, 2005		May 30, 2004			May 25, 2003
Earnings before income taxes and after-tax earnings from joint ventures	$	1,560.8		$	1,329.8	$	1,631.3	$	1,559.4	$	1,807.6	$	1,502.3		$	1,309.6
Distributed income of equity investees		50.1			17.7		45.2		77.4		83.0		60.0			94.6
Plus: Fixed charges (1)		383.4			370.8		496.8		462.8		524.1		569.0			619.1
Plus: amortization of capitalized interest, net of interest capitalized		(1.3	)		—		—		1.7		0.9		(4.6	)		(4.5	)
Earnings available to cover fixed charges	$	1,993.0		$	1,718.3	$	2,173.3	$	2,101.3	$	2,415.6	$	2,126.7		$	2,018.8
Ratio of earnings to fixed charges		5.20			4.63		4.37		4.54		4.61		3.74			3.26
(1) Fixed charges:
Interest and minority interest expense	$	354.5		$	344.1	$	460.8	$	427.4	$	488.3	$	537.0		$	589.7
Rentals (1/3)		28.9			26.7		36.0		35.4		35.8		32.0			29.4
Total fixed charges	$	383.4		$	370.8	$	496.8	$	462.8	$	524.1	$	569.0		$	619.1

For purposes of computing the ratio of earnings to fixed charges, earnings represent earnings before income taxes and after-tax earnings of joint ventures, distributed income of equity investees, fixed charges, and amortization of capitalized interest, net of interest capitalized. Fixed charges represent gross interest expense (excluding interest on taxes) and subsidiary preferred distributions to minority interest holders, plus one-third (the proportion deemed representative of the interest factor) of rent expense.