Exhibit 12 (1) (1) (1)

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

PepsiCo, Inc. and Subsidiaries

(in millions except ratio amounts, unaudited)



	36 Weeks Ended
	9/6/2014			9/7/2013
Earnings:
Income before income taxes	$	6,976		$	6,727
Unconsolidated affiliates’ interests, net	(100		)	(30		)
Amortization of capitalized interest	4			4
Interest expense ^(a)	625			642
Interest portion of rent expense ^(b)	157			142
Earnings available for fixed charges	$	7,662		$	7,485

Fixed Charges:
Interest expense ^(a)	$	625		$	642
Capitalized interest	5			4
Interest portion of rent expense ^(b)	157			142
Total fixed charges	$	787		$	788

Ratio of Earnings to Fixed Charges ^(c)	9.73			9.50

(a) Excludes interest related to our reserves for income taxes as such interest is included in provision for income taxes.

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