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Selected Financial Data

(in millions except per share amounts, unaudited)

                       
Quarterly
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Net revenue
                     
2008
$
8,333
 
$
10,945
 
$
11,244
 
$
12,729
2007
$
7,350
 
$
9,607
 
$
10,171
 
$
12,346
Gross profit
                     
2008
$
4,499
 
$
5,867
 
$
5,976
 
$
6,558
2007
$
4,065
 
$
5,265
 
$
5,544
 
$
6,562
Restructuring and impairment charges(a)
                     
2008
 
   
   
 
$
543
2007
 
   
   
 
$
102
Tax benefits(b)
                     
2007
 
   
 
$
(115
)
$
(14
)
Mark-to-market net impact(c)
                     
2008
$
4
 
$
(61
)
$
176
 
$
227
2007
$
(17
)
$
(13
)
$
29
 
$
(18
)
PepsiCo portion of PBG restructuring and impairment charge(d)
                     
2008
 
   
   
 
$
138
Net income
                     
2008
$
1,148
 
$
1,699
 
$
1,576
 
$
719
2007
$
1,096
 
$
1,557
 
$
1,743
 
$
1,262
Net income per common share – basic
                     
2008
$
0.72
 
$
1.07
 
$
1.01
 
$
0.46
2007
$
0.67
 
$
0.96
 
$
1.08
 
$
0.78
Net income per common share – diluted
                     
2008
$
0.70
 
$
1.05
 
$
0.99
 
$
0.46
2007
$
0.65
 
$
0.94
 
$
1.06
 
$
0.77
Cash dividends declared per common share
                     
2008
$
0.375
 
$
0.425
 
$
0.425
 
$
0.425
2007
$
0.30
 
$
0.375
 
$
0.375
 
$
0.375
2008 stock price per share(e)
                     
High
$
79.79
 
$
72.35
 
$
70.83
 
$
75.25
Low
$
66.30
 
$
64.69
 
$
63.28
 
$
49.74
Close
$
71.19
 
$
67.54
 
$
68.92
 
$
54.56
2007 stock price per share(e)
                     
High
$
65.54
 
$
69.64
 
$
70.25
 
$
79.00
Low
$
61.89
 
$
62.57
 
$
64.25
 
$
68.02
Close
$
64.09
 
$
66.68
 
$
67.98
 
$
77.03
2008 results reflect our change in reporting calendars of Spain and Portugal.

(a) The restructuring and impairment charge in 2008 was $543 million ($408 million after-tax or $0.25 per share). The restructuring and impairment charge in 2007 was $102 million ($70 million after-tax or $0.04 per share). See Note 3.
(b) The non-cash tax benefits in 2007 of $129 million ($0.08 per share) relate to the favorable resolution of certain foreign tax matters. See Note 5.
(c) In 2008, we recognized $346 million ($223 million after-tax or $0.14 per share) of mark-to-market net losses on commodity hedges in corporate unallocated expenses. In 2007, we recognized $19 million ($12 million after-tax or $0.01 per share) of mark-to-market net gains on commodity hedges in corporate unallocated expenses.
(d) In 2008, we recognized a non-cash charge of $138 million ($114 million after-tax or $0.07 per share) included in bottling equity income as part of recording our share of PBG’s financial results.
(e) Represents the composite high and low sales price and quarterly closing prices for one share of PepsiCo common stock.
                 
Five-Year Summary
 
2008
   
2007
   
2006
Net revenue
$
43,251
 
$
39,474
 
$
35,137
Net income
$
5,142
 
$
5,658
 
$
5,642
Income per common share – basic
$
3.26
 
$
3.48
 
$
3.42
Income per common share – diluted
$
3.21
 
$
3.41
 
$
3.34
Cash dividends declared per common share
$
1.65
 
$
1.425
 
$
1.16
Total assets
$
35,994
 
$
34,628
 
$
29,930
Long-term debt
$
7,858
 
$
4,203
 
$
2,550
Return on invested capital(a)
 
25.5
%
 
28.9
%
 
30.4
%
           
Five-Year Summary (continued)
 
2005
   
2004
Net revenue
$
32,562
 
$
29,261
Income from continuing operations
$
4,078
 
$
4,174
Net income
$
4,078
 
$
4,212
Income per common share – basic, continuing operations
$
2.43
 
$
2.45
Income per common share – diluted, continuing operations
$
2.39
 
$
2.41
Cash dividends declared per common share
$
1.01
 
$
0.85
Total assets
$
31,727
 
$
27,987
Long-term debt
$
2,313
 
$
2,397
Return on invested capital(a)
 
22.7
%
 
27.4
%
(a) Return on invested capital is defined as adjusted net income divided by the sum of average shareholders equity and average total debt. Adjusted net income is defined as net income plus net interest expense after-tax. Net interest expense after-tax was $184 million in 2008, $63 million in 2007, $72 million in 2006, $62 million in 2005 and $60 million in 2004.
                             
   
2008
   
2007
   
2006
   
2005
   
2004
Pre-tax
$
543
 
$
102
 
$
67
 
$
83
 
$
150
After-tax
$
408
 
$
70
 
$
43
 
$
55
 
$
96
Per share
$
0.25
 
$
0.04
 
$
0.03
 
$
0.03
 
$
0.06
                 
   
2008
   
2007
   
2006
Pre-tax
$
346
 
$
(19
)
$
18
After-tax
$
223
 
$
(12
)
$
12
Per share
$
0.14
 
$
(0.01
)
$
0.01