Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES. We have calculated PBG’s ratio of earnings to fixed charges in the following table by dividing earnings by fixed charges. For this purpose, earnings are before taxes, minority interest and cumulative effect of change in accounting principle, plus fixed charges (excluding capitalized interest) and losses recognized from equity investments, reduced by undistributed income from equity investments. Fixed charges include interest expense, capitalized interest and one-third of net rent which is the portion of the rent deemed representative of the interest factor.

Ratio of Earnings to Fixed Charges
($ in millions)

	2005		2004			2003			2002		2001
Net income before taxes, minority interest and cumulative effect of change in accounting principle	$	772	$	745		$	710		$	700	$	482
Undistributed (income) loss from equity investments		—		(1	)		(1	)		—		—
Fixed charges excluding capitalized interest	$	288	$	261		$	270			221		217
Earnings as adjusted	$	1,060	$	1,005		$	979		$	921	$	699
Fixed charges:
Interest expense	$	258	$	236		$	247		$	200	$	204
Capitalized interest		—		—			—			—		1
Interest portion of rental expense		30		25			23			21		13
Total fixed charges	$	288	$	261		$	270		$	221	$	218
Ratio of earnings to fixed charges		3.68		3.85			3.63			4.17		3.20