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)

	Fiscal Year
	2006		2005		2004			2003			2002
Net income before taxes, minority interest and cumulative effect of change in accounting principle	$	740	$	772	$	745		$	710		$	700
Undistributed (income) loss from equity investments		2		—		(1	)		(1	)		—
Fixed charges excluding capitalized interest	$	331	$	288	$	261		$	270			221
Earnings as adjusted	$	1,073	$	1,060	$	1,005		$	979		$	921
Fixed charges:
Interest expense	$	298	$	258	$	236		$	247		$	200
Capitalized interest		—		—		—			—			—
Interest portion of rental expense		33		30		25			23			21
Total fixed charges	$	331	$	288	$	261		$	270		$	221
Ratio of earnings to fixed charges		3.24		3.68		3.85			3.63			4.17