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| | Diageo agrees call option with General Mills 23 October 2002 |
 | | On October 23, 2002, Diageo granted to General Mills a call option over 26,183,088 of General Mills' ordinary shares that are held by Diageo and, if the initial purchasers option is exercised, Diageo expects that it will grant General Mills a call option over up to an additional 2,909,232 of General Mills' ordinary shares. |
 | | The premium for the call option is $3.07 per share or an aggregate of $80,382,080.16 ($89,313,422.40 if the initial purchasers option is covered in full). |
 | | The option premium paid to Diageo will, under UK GAAP, be deferred in creditors on the balance sheet and only reflected in the profit and loss account on the exercise or lapse of the option at the end of the option period in three years' time. |
| www.diageo.com /en-row/NewsAndMedia/PressReleases/2002/23+Oct+2004+Call+option+with+GM.htm (345 words) |
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