PepsiCo (PEP) 10-Q 2004 Q3 Quarterly report

EXHIBIT 12

PEPSICO, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(in millions except ratio amounts, unaudited)

	36 Weeks Ended
	9/4/04		9/6/03
Earnings:
Income before income taxes	$4,276		$3,845
Unconsolidated affiliates interests, net	(246	)	(211	)
Amortization of capitalized interest	6		6
Interest expense	113		112
Interest portion of rent expense(a)	56		48
Earnings available for fixed charges	$4,205		$3,800
Fixed Charges:
Interest expense	$   113		$   112
Capitalized interest	1		3
Interest portion of rent expense(a)	56		48
Total fixed charges	$   170		$   163
Ratio of Earnings to Fixed Charges(b)	24.70		23.47

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

^(b) Based on unrounded amounts.