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BEAT egg with milk and oil in large bowl with wire whisk until well blended. Add pancake mix; beat until well blended. Stir in cereal. Let stand 5 min.
LADLE batter onto hot griddle or into hot skillet, using 1/4 cup batter for each pancake. Cook until bubbles form on tops, then turn over to brown other sides.
SERVE topped with bananas, strawberries and powdered sugar.