EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

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

Years Ended December 25, 2010, December 26, 2009, December 27, 2008,

December 29, 2007 and December 30, 2006

(in millions except ratio amounts)

	2010		2009			2008			2007			2006
Earnings:
Income before income taxes – continuing operations	$	8,232	$	8,079		$	7,045		$	7,643		$	6,994
Unconsolidated affiliates interests, net		72		(301	)		(189	)		(370	)		(316	)
Amortization of capitalized interest		3		4			4			5			6
Interest expense		903		397			329			224			239
Interest portion of net rent expense (b)		175		137			119			101			97
Earnings available for fixed charges	$	9,385	$	8,316		$	7,308		$	7,603		$	7,020
Fixed Charges:
Interest expense	$	903	$	397		$	329		$	224		$	239
Capitalized interest		6		3			14			21			16
Interest portion of net rent expense (b)		175		137			119			101			97
Total fixed charges	$	1,084	$	537		$	462		$	346		$	352
Ratio of Earnings to Fixed Charges		8.65		15.48			15.82			22.01			19.99

(a) Based on unrounded amounts.

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