EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges ^(a)

Years Ended December 27, 2008, December 29, 2007, December 30, 2006,

December 31, 2005 and December 25, 2004

(in millions except ratio amounts)

	2008			2007			2006			2005			2004
Earnings:
Income before income taxes – continuing operations	$	7,021		$	7,631		$	6,989		$	6,382		$	5,546
Unconsolidated affiliates interests, net		(165	)		(358	)		(311	)		(320	)		(289	)
Amortization of capitalized interest		4			5			6			7			7
Interest expense		329			224			239			256			167
Interest portion of net rent expense (b)		119			101			97			76			82
Earnings available for fixed charges	$	7,308		$	7,603		$	7,020		$	6,401		$	5,513
Fixed Charges:
Interest expense	$	329		$	224		$	239		$	256		$	167
Capitalized interest		14			21			16			5			2
Interest portion of net rent expense (b)		119			101			97			76			82
Total fixed charges	$	462		$	346		$	352		$	337		$	251
Ratio of Earnings to Fixed Charges		15.82			22.01			19.99			19.03			22.00

(a) Based on unrounded amounts.

(b) One-third of net rent expense is the portion deemed representative of the interest factor.