The document provides a reconciliation of non-GAAP financial measures for Pepsi Bottling Group's first quarter 2008 earnings conference call. It summarizes restructuring charges and an asset disposal charge that affected comparability between periods. It provides comparable and reported operating income growth, EPS, and guidance figures. It also defines and provides guidance for operating free cash flow.

1. THE PEPSI BOTTLING GROUP, INC.
FIRST QUARTER 2008 EARNINGS CONFERENCE CALL
RECONCILIATION OF NON-GAAP MEASURES
April 23, 2008
The Company prepares its consolidated financial statements in conformity with accounting
principles generally accepted in the United States of America (U.S. GAAP). In an effort to provide
investors with additional information regarding the Company’s results and to provide a meaningful
year-over-year comparison of the Company’s financial performance, the Company sometimes uses
non-GAAP financial measures as defined by the Securities and Exchange Commission. The
differences between the U.S. GAAP and non-GAAP financial measures are reconciled in this
attachment. In presenting comparable results, the Company discloses non-GAAP financial measures
when it believes such measures will be useful to investors in evaluating the Company’s underlying
business performance. Management uses the non-GAAP financial measures to evaluate the
Company’s financial performance against internal budgets and targets (including under the
Company’s incentive compensation plans). In addition, management internally reviews the results
of the Company excluding the impact of certain items as it believes that these non-GAAP financial
measures are useful for evaluating the Company’s core operating results and facilitating comparison
across reporting periods. Importantly, the Company believes non-GAAP financial measures should
be considered in addition to, and not in lieu of, U.S. GAAP financial measures. The Company’s
non-GAAP financial measures may be different from non-GAAP financial measures used by other
companies.
Items Affecting Comparability in 2008 Results
Restructuring Charges
In the third and fourth quarters of 2007, PBG announced realignments in the Company’s
organization. The total pre-tax charge for the realignments is expected to be approximately $35
million. Since the inception of the program and through March 22, 2008, the Company incurred a
pre-tax charge of approximately $32 million, with a pre-tax cash charge of approximately $2 million
being recorded in the first quarter of 2008.
Asset Disposal Charge
During the fourth quarter of 2007, PBG adopted a Full Service Vending Rationalization plan to
dispose of older underperforming assets and redeploying assets to higher return accounts. The total
pre-tax charge for this plan is expected to be about $30 to $35 million and will be completed by the
end of the second quarter. Since the inception of the program and through March 22, 2008, the
Company incurred a pre-tax charge of approximately $24 million with a pre-tax cash charge of $1
million being recorded in the first quarter of 2008.
2008 First Quarter Results
Operating Income
Growth Rate
Comparable Results (8%)
Restructuring Charges & Asset Disposal Charge (2%)
Reported Results (10%)

2. Diluted Earnings
Per Share
Comparable Results $0.13
Restructuring Charges & Asset Disposal Charge (0.01)
Reported Results $0.12
Impact of
Foreign
Q1 2008 Currency Q1 2008
Comparable Translation As Reported
Net Revenues – Russia 33% 11 44%
Net Revenues – Europe 19% 15 34%
Net Revenues – Mexico 9% 1 10%
Net Revenue per case – U.S. & Canada 1% 2 3%
Net Revenue per case – Russia 18% 9 27%
Net Revenue per case – Mexico 7% 2 9%
Cost of sales per case – Worldwide 5% 3 8%
Gross profit per case – Mexico 4% 1 5%
2008 Full Year Guidance
Full Year 2008
Full Year 2007 Growth Rate
Comparable Operating Income $1,124 4% to 6%
Restructuring Charges (30)
Asset Disposal Charge (23)
Reported Operating Income $1,071 8% to 10%
Diluted Earnings
Per Share
Comparable Results $2.30 to $2.38
Restructuring Charges ($0.01)
Asset Disposal Charge ($0.02) to ($0.03)
Reported Results $2.26 to $2.35

3. 2008 Second Quarter Guidance
Second Quarter 2008
Growth Rate
Comparable Operating Income Low single digits
Restructuring Charges and Asset Disposal Charge (2%) to (4%)
Down low single digits
Reported Operating Income to up low single digits
Diluted Earnings
Per Share
Comparable Results $0.74 to $0.78
Restructuring Charges and Asset Disposal Charge ($0.02) to ($0.03)
Reported Results $0.71 to $0.76
Operating Free Cash Flow
The Company defines Operating Free Cash Flow (OFCF) as Cash Provided by Operations, less
capital expenditures, plus excess tax benefits from the exercise of stock options.
The Company uses OFCF to evaluate the performance of its business and management considers
OFCF an important indicator of the Company’s liquidity, including its ability to satisfy debt
obligations, fund future acquisitions, pay dividends to common shareholders and repurchase
Company stock.
OFCF is a non-GAAP financial measure and should be considered in addition to, not as a substitute
for Cash Provided by Operations as well as other measures of financial performance and liquidity
reported in accordance with U.S. GAAP. The Company’s OFCF may not be comparable to
similarly titled measures reported by other companies.
2008 Full Year OFCF Guidance
PBG expects its full-year 2008 OFCF to be at least $620 million. The Company anticipates capital
expenditures to exceed $800 million and Cash Provided by Operations plus the excess tax benefits
from the exercise of stock options to be over $1.4 billion.