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, noncontrolling interests 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
	2008			2007		2006		2005		2004
Income before income taxes	$	334		$	803	$	740	$	772	$	745
Undistributed (income) loss from equity investments		(1	)		—		2		—		(1	)
Fixed charges excluding capitalized interest		356			343		331		288		261
Earnings as adjusted	$	689		$	1,146	$	1,073	$	1,060	$	1,005
Fixed charges:
Interest expense	$	316		$	305	$	298	$	258	$	236
Capitalized interest		—			—		—		—		—
Interest portion of rental expense		40			38		33		30		25
Total fixed charges	$	356		$	343	$	331	$	288	$	261
Ratio of earnings to fixed charges		1.94			3.34		3.24		3.68		3.85