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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
23666	Sara Lee Corp	SLE	Food And Kindred Products (2000)	362089049

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1159187	W Jeffrey Ubben	435 Pacific Avenue, Fourth Floor San Francisco CA 94133		Yes	No	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2011-05-09	7,000,000	$18.99	0	No	4	S	Indirect	See footnote

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See footnote

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	20,404,523	Indirect	See footnote

Footnotes

ValueAct Capital Master Fund, L.P. sold the reported common stock in an open market sale pursuant to Rule 144.
The reported stock is owned directly by ValueAct Capital Master Fund, L.P. and may be deemed to be beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of of ValueAct Capital Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P.