EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

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

Years Ended December 31, 2011, December 25, 2010, December 26, 2009,

December 27, 2008 and December 29, 2007

(in millions except ratio amounts)

	2011			2010		2009			2008			2007
Earnings:
Income before income taxes	$	8,834		$	8,232	$	8,079		$	7,045		$	7,643
Unconsolidated affiliates interests, net		(30	)		72		(301	)		(189	)		(370	)
Amortization of capitalized interest		3			3		4			4			5
Interest expense		856			903		397			329			224
Interest portion of net rent expense (b)		196			175		137			119			101
Earnings available for fixed charges	$	9,859		$	9,385	$	8,316		$	7,308		$	7,603
Fixed Charges:
Interest expense	$	856		$	903	$	397		$	329		$	224
Capitalized interest		10			6		3			14			21
Interest portion of net rent expense (b)		196			175		137			119			101
Total fixed charges	$	1,062		$	1,084	$	537		$	462		$	346
Ratio of Earnings to Fixed Charges		9.29			8.65		15.48			15.82			22.01

(a) Based on unrounded amounts.

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