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95PepsiCo, Inc. 2008 Annual Report
The nancial measures listed below are not measures dened by
generally accepted accounting principles. However, we believe
investors should consider these measures as they are more indic-
ative of our ongoing performance and with how management
evaluates our operational results and trends. Specically, inves-
tors should consider the following:
• Our 2008 and 2007 division operating prot and total operat-
ing prot excluding the impact of restructuring and impair-
ment charges (including, for 2008, charges associated with
our Productivity for Growth initiatives); 2008 and 2007 total
operating prot excluding the mark-to-market net impact on
commodity hedges; and our 2008 division operating growth
and total operating prot growth excluding the impact of the
aforementioned items;
• Our 2008 net income and diluted EPS excluding the impact
of restructuring and impairment charges (including, for 2008,
charges associated with our Productivity for Growth initia-
tives), mark-to-market net losses on commodity hedges, and
our share of PBG’s restructuring and impairment charges;
our 2007 net income and diluted EPS excluding the impact
of restructuring and impairment charges, mark-to-market
net gains on commodity hedges and certain tax benets;
our 2008 net income and diluted EPS growth excluding the
impact of the aforementioned items; and our 2006 diluted
EPS excluding the impact of restructuring and impairment
charges, mark-to-market net losses on commodity hedges
and certain tax benets; and
• Our 2008 return on invested capital (ROIC) excluding the
impact of restructuring and impairment charges (including,
for 2008, charges associated with our Productivity for Growth
initiatives), mark-to-market net impact on commodity hedges,
our share of PBG’s restructuring and impairment charges
and certain tax benets.

2008 2007 Growth
Total PepsiCo Reported Operating Prot $6,935 $7,170 (3)«%
Impact of Mark-to-Market Net Losses/
(Gains) on Commodity Hedges 346 (19)
Impact of Restructuring and Impairment
Charges 543 102
Total Operating Prot Excluding
above Items 7,824 7,253 8%
Impact of Other Corporate Unallocated 651 772
PepsiCo Total Division Operating Prot
Excluding above Items $8,475 $8,025 6%

2008 2007 Growth
Reported Net Income $5,142 $5,658 (9)«%
Impact of Mark-to-Market Net Losses/
(Gains) on Commodity Hedges 223 (12)
Impact of Restructuring and
Impairment Charges 408 70
Impact of PBG Restructuring and
Impairment Charges 114 –
Impact of Tax Benets –(129)
Net Income Excluding above Items $5,887 $5,587 5%

2008 2007
2008
Growth 2006
Reported Diluted EPS $3.21 $«3.41 (6)«% $«3.34
Impact of Mark-to-Market
Net Losses/(Gains) on
Commodity Hedges 0.14 (0.01) 0.01
Impact of Restructuring and
Impairment Charges 0.25 0.04 0.03
Impact of PBG’s Restructuring
and Impairment Charges 0.07 – –
Impact of Tax Benets –(0.08) (0.37)
Diluted EPS Excluding above Items $3.68* $«3.37* 9% $«3.01
* Does not sum due to rounding

PepsiCo
Americas
Foods
PepsiCo
Americas
Beverages
PepsiCo
International
Reported Operating Prot Growth 8% (19)«% 13%
Impact of Restructuring and
Impairment Charges 3 11 3
Operating Prot Growth Excluding
above Items 10% * (7)«% * 16%
* Does not sum due to rounding

2008
Reported ROIC 26%
Impact of Mark-to-Market Net Impact on Commodity Hedges 1
Impact of Restructuring and Impairment Charges 2
Impact of PBG’s Restructuring and Impairment Charges 1
Impact of Tax Benets (0.5)
ROIC Excluding above Items 29% *
* Does not sum due to rounding
