EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

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

Years Ended December 31, 2005, December 25, 2004,

December 27, 2003, December 28, 2002 and December 29, 2001

(in millions except ratio amounts)

	2005			2004			2003			2002			2001
Earnings:
Income before income taxes – continuing operations	$	6,382		$	5,546		$	4,992		$	4,433		$	3,644
Unconsolidated affiliates interests, net		(320	)		(289	)		(275	)		(251	)		(100	)
Amortization of capitalized interest		7			7			9			8			10
Interest expense		256			167			163			178			219
Interest portion of net rent expense (b)		76			82			77			64			55
Earnings available for fixed charges	$	6,401		$	5,513		$	4,966		$	4,432		$	3,828
Fixed Charges:
Interest expense	$	256		$	167		$	163		$	178		$	219
Capitalized interest		5			2			4			3			3
Interest portion of net rent expense (b)		76			82			77			64			55
Total fixed charges	$	337		$	251		$	244		$	245		$	277
Ratio of Earnings to Fixed Charges		19.03			22.00			20.37			18.08			13.83

(a) Based on unrounded amounts.

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