FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Garvey Mark A   2. Issuer Name and Ticker or Trading Symbol Sara Lee Corp [SLE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EVP and CFO (Last) (First) (Middle) C/O SARA LEE CORPORATION, 3500 LACEY ROAD 3. Date of Earliest Transaction (Month/Day/Year) 03/22/2012 (Street) DOWNERS GROVE, IL 60515 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/22/2012   M   3,486 A $ 15.9607 153,175 D   Common Stock 03/22/2012   M   2,556 A $ 16.7054 155,731 D   Common Stock 03/22/2012   M   3,010 A $ 19.7701 158,741 D   Common Stock 03/22/2012   M   866 A $ 19.7701 159,607 D   Common Stock 03/22/2012   M   2,902 A $ 20.9022 162,509 D   Common Stock 03/22/2012   M   263 A $ 20.9022 162,772 D   Common Stock 03/22/2012   F   11,807 (1) D $ 21.61 150,965 (2) D   Common Stock               1,638 I By 401(K) Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 15.9607

03/22/2012

M

3,486

08/29/2005

08/29/2012

Common Stock

3,486

$ 0

0

D

Employee Stock Option (right to buy)

$ 16.7054

03/22/2012

M

2,556

01/30/2006

01/30/2013

Common Stock

2,556

$ 0

0

D

Employee Stock Option (right to buy)

$ 19.7701

03/22/2012

M

3,010

12/15/2004

08/29/2012

Common Stock

3,010

$ 0

0

D

Employee Stock Option (right to buy)

$ 19.7701

03/22/2012

M

866

12/15/2004

01/30/2013

Common Stock

866

$ 0

0

D

Employee Stock Option (right to buy)

$ 20.9022

03/22/2012

M

2,902

06/15/2005

08/29/2012

Common Stock

2,902

$ 0

0

D

Employee Stock Option (right to buy)

$ 20.9022

03/22/2012

M

263

06/15/2005

01/30/2013

Common Stock

263

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Garvey Mark A C/O SARA LEE CORPORATION 3500 LACEY ROAD DOWNERS GROVE, IL 60515			EVP and CFO

Signatures

/s/ Helen N. Kaminski for Mark A. Garvey pursuant to power of attorney previously filed.		03/26/2012
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Represents shares of common stock withheld by Sara Lee to satisfy the reporting person's obligations to pay the exercise price and tax liability incurred upon the exercise of the options.
(2)	Includes 54,796 RSUs that may be settled only for shares of common stock. RSUs generally vest one to five years after the grant date and, upon vesting, are convertible into shares of common stock on a one-for-one basis.

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