<SEC-DOCUMENT>0001104659-20-035907.txt : 20200319
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<ACCEPTANCE-DATETIME>20200319163908
ACCESSION NUMBER:		0001104659-20-035907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20200317
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200319
DATE AS OF CHANGE:		20200319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1226

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		20729001

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, DC 20549</b></p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90D_edei--DocumentType_c20200316__20200317_zb7SOS2Vxyd4"><ix:nonNumeric contextRef="From2020-03-16to2020-03-17" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Check the appropriate box below if the
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered pursuant to Section
12(b) of the Securities Exchange Act of 1934:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 0.5pt solid; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Title of each class</b></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Trading Symbol</b></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: Black 0.5pt solid; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><b>Name of each exchange on which registered</b></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--Commonstockparvalue123centspershareMember_zPpOmcG4RJSd"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_Commonstockparvalue123centspershareMember" name="dei:Security12bTitle">Common Stock, par value 1-2/3 cents per share</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_908_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--Commonstockparvalue123centspershareMember_zHhqDuyQ0moe"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_Commonstockparvalue123centspershareMember" name="dei:TradingSymbol">PEP</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--Commonstockparvalue123centspershareMember_zdbA0px6DBK3"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_Commonstockparvalue123centspershareMember" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_901_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--TwoPointFivePercentNotesDue2022Member_zZmhIhP2p917"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_TwoPointFivePercentNotesDue2022Member" name="dei:Security12bTitle">2.500% Senior Notes due 2022</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--TwoPointFivePercentNotesDue2022Member_z9aWh0K2JGli"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_TwoPointFivePercentNotesDue2022Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--OnePointSevenFivePercentNotesDue2021Member_zUcTzQndv1ge"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_OnePointSevenFivePercentNotesDue2021Member" name="dei:Security12bTitle">1.750% Senior Notes due 2021</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_90C_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--OnePointSevenFivePercentNotesDue2021Member_zGw8iMFAYa0c"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_OnePointSevenFivePercentNotesDue2021Member" name="dei:TradingSymbol">PEP21a</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--OnePointSevenFivePercentNotesDue2021Member_zGv022zhqwef"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_OnePointSevenFivePercentNotesDue2021Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--TwoPointSixTwoFivePercentNotesDue2026Member_zN6hD2Otn5R1"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_TwoPointSixTwoFivePercentNotesDue2026Member" name="dei:Security12bTitle">2.625% Senior Notes due 2026</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_90A_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--TwoPointSixTwoFivePercentNotesDue2026Member_zfGa9Y1stLo7"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_TwoPointSixTwoFivePercentNotesDue2026Member" name="dei:TradingSymbol">PEP26</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--TwoPointSixTwoFivePercentNotesDue2026Member_zqjDpgXGj7L1"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_TwoPointSixTwoFivePercentNotesDue2026Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_900_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFivePercentNotesDue2028Member_zUwHSPS917id"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointEightSevenFivePercentNotesDue2028Member" name="dei:Security12bTitle">0.875% Senior Notes due 2028</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFivePercentNotesDue2028Member_zMFgBLrsMt49"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointEightSevenFivePercentNotesDue2028Member" name="dei:TradingSymbol">PEP28</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFivePercentNotesDue2028Member_zVCKvUGn5tYi"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointEightSevenFivePercentNotesDue2028Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_906_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2027Member_zhqOEuMHEt1b"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointSevenFivePercentNotesDue2027Member" name="dei:Security12bTitle">0.750% Senior Notes due 2027</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_90E_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2027Member_zAbh4ClYL8Dc"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointSevenFivePercentNotesDue2027Member" name="dei:TradingSymbol">PEP27</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_902_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2027Member_z5xVdBZ1Vsm4"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointSevenFivePercentNotesDue2027Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--OnePointOneTwoFivePercentNotesDue2031Member_zkHtfaBGV6Fe"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_OnePointOneTwoFivePercentNotesDue2031Member" name="dei:Security12bTitle">1.125% Senior Notes due 2031</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_90F_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--OnePointOneTwoFivePercentNotesDue2031Member_zB4nkimmqtPb"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_OnePointOneTwoFivePercentNotesDue2031Member" name="dei:TradingSymbol">PEP31</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--OnePointOneTwoFivePercentNotesDue2031Member_zm7znNfuIGe3"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_OnePointOneTwoFivePercentNotesDue2031Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--Security12bTitle_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFiveNotesDue2039Member_zWnPeVLlglMk"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointEightSevenFiveNotesDue2039Member" name="dei:Security12bTitle">0.875% Senior Notes due 2039</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_90E_edei--TradingSymbol_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFiveNotesDue2039Member_zJwTqd3QINk8"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointEightSevenFiveNotesDue2039Member" name="dei:TradingSymbol">PEP39</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span><span id="xdx_904_edei--SecurityExchangeName_c20200316__20200317__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFiveNotesDue2039Member_zX9BYriyA6o8"><ix:nonNumeric contextRef="From2020-03-162020-03-17_custom_ZeroPointEightSevenFiveNotesDue2039Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #211D1E">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #211D1E">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 97%; padding-bottom: 3pt; font-size: 10pt"><span style="font-size: 10pt">Emerging growth company</span></td>
    <td style="width: 3%; padding-bottom: 3pt; font-size: 10pt; text-align: right"><span style="font-family: Wingdings"><span id="xdx_90F_edei--EntityEmergingGrowthCompany_c20200316__20200317_z3S9vo30pKG9"><ix:nonNumeric contextRef="From2020-03-16to2020-03-17" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 3pt; font-size: 10pt">&#160;</td>
    <td style="padding-bottom: 3pt; font-size: 10pt">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 3pt; font-size: 10pt"><span style="font-size: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</span></td>
    <td style="padding-bottom: 3pt; font-size: 10pt; text-align: right; vertical-align: bottom"><span style="font-family: Wingdings">&#168;</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

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<tr style="vertical-align: top">
    <td style="width: 1in">Item 8.01.</td>
    <td>Other Events.</td></tr>
</table>
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">PepsiCo Senior Notes Offering.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March 17, 2020, PepsiCo, Inc. (&#8220;PepsiCo&#8221;)
announced an offering of $1.5 billion of its 2.250% Senior Notes due 2025 (the &#8220;2025 Notes&#8221;), $500 million of its 2.625%
Senior Notes due 2027 (the &#8220;2027 Notes&#8221;), $1.5 billion of its 2.750% Senior Notes due 2030 (the &#8220;2030 Notes&#8221;),
$750 million of its 3.500% Senior Notes due 2040 (the &#8220;2040 Notes&#8221;), $1.5 billion of its 3.625% Senior Notes due 2050
(the &#8220;2050 Notes&#8221;) and $750 million of its 3.875% Senior Notes due 2060 (the &#8220;2060 Notes,&#8221; and together
with the 2025 Notes, 2027 Notes, 2030 Notes, 2040 Notes and 2050 Notes, the &#8220;Notes&#8221;). BofA Securities, Inc., Citigroup
Global Markets Inc. and J.P. Morgan Securities LLC were joint book-running managers for the offering of the Notes.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">PepsiCo received net proceeds of approximately
$6.4 billion, after deducting underwriting discounts and estimated offering expenses payable by PepsiCo. The net proceeds will
be used for general corporate purposes, including the repayment of commercial paper.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes were offered and sold pursuant
to a Terms Agreement (the &#8220;Terms Agreement&#8221;) dated March 17, 2020 (incorporating the PepsiCo, Inc. Underwriting Agreement
Standard Provisions dated as of November 18, 2019 (the &#8220;Standard Provisions&#8221;)) among PepsiCo and the representatives
of the several underwriters, under PepsiCo&#8217;s automatic shelf registration statement (the &#8220;Registration Statement&#8221;)
on Form S-3 (File No. 333-234767), filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on November 18, 2019.
PepsiCo has filed with the SEC a prospectus supplement, dated March 17, 2020, together with the accompanying prospectus, dated
November 18, 2019, relating to the offer and sale of the Notes. The Notes were issued on March 19, 2020 pursuant to an Indenture
(the &#8220;Indenture&#8221;) dated as of May 21, 2007 between PepsiCo and The Bank of New York Mellon, as Trustee. The following
table summarizes information about the Notes and the offering thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2025 Notes</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2027 Notes</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2030 Notes</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2040 Notes</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2050 Notes</td><td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2060 Notes</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-size: 10pt; text-align: left">Aggregate Principal Amount Offered:</td><td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; font-size: 10pt; text-indent: 0in">$1.5 billion</td><td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; font-size: 10pt; text-indent: 0in">$500 million</td><td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; font-size: 10pt; text-indent: 0in">$1.5 billion</td><td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; font-size: 10pt; text-indent: 0in">$750 million</td><td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: left; font-size: 10pt; text-indent: 0in">$1.5 billion</td><td style="vertical-align: top; text-align: left; font-size: 10pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes are unsecured obligations of
PepsiCo and rank equally with all of PepsiCo&#8217;s other unsecured senior indebtedness. The Indenture also contains customary
event of default provisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The above description of the Terms Agreement,
the Indenture and the Notes is qualified in its entirety by reference to the Terms Agreement, the Indenture and the forms of Notes.
Each of the Terms Agreement, the Standard Provisions and the forms of the 2025 Note, 2027 Note, 2030 Note, 2040 Note, 2050 Note
and 2060 Note is incorporated by reference into the Registration Statement and is filed with this Current Report on Form 8-K as
Exhibit 1.1, Exhibit 1.2, Exhibit 4.1, Exhibit 4.2, Exhibit 4.3, Exhibit 4.4, Exhibit 4.5 and Exhibit 4.6, respectively. The Board
of Directors resolutions authorizing PepsiCo&#8217;s officers to establish the terms of the Notes have been filed as Exhibit 4.7
to the Registration Statement. The Indenture has been filed as Exhibit 4.3 to the Registration Statement. Opinions regarding the
legality of the Notes are incorporated by reference into the Registration Statement and are filed with this Current Report on Form
8-K as Exhibits 5.1 and 5.2; and consents relating to such incorporation of such opinions are incorporated by reference into the
Registration Statement and are filed with this Current Report on Form 8-K as Exhibits 23.1 and 23.2 by reference to their inclusion
within Exhibits 5.1 and 5.2, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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    <td>Financial Statements and Exhibits.</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="width: 0.5in"><a href="tm2013070d1_ex1-1.htm" style="-sec-extract: exhibit">1.1</a></td>
    <td><a href="tm2013070d1_ex1-1.htm" style="-sec-extract: exhibit">Terms Agreement dated March 17, 2020 (incorporating the PepsiCo, Inc. Underwriting Agreement Standard Provisions dated as of November 18, 2019) among PepsiCo and BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as representatives of the several underwriters named therein.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="width: 0.5in"><a href="http://www.sec.gov/Archives/edgar/data/77476/000104746919006367/a2240066zex-1_2.htm" style="-sec-extract: exhibit">1.2</a></td>
    <td><a href="http://www.sec.gov/Archives/edgar/data/77476/000104746919006367/a2240066zex-1_2.htm" style="-sec-extract: exhibit">PepsiCo, Inc. Underwriting Agreement Standard Provisions dated as of November 18, 2019 (incorporated by reference to Exhibit 1.2 to PepsiCo&#8217;s Registration Statement on Form S-3 (File No. 333-234767) filed with the SEC on November 18, 2019).</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="width: 0.5in"><a href="tm2013070d1_ex4-1.htm" style="-sec-extract: exhibit">4.1</a></td>
    <td><a href="tm2013070d1_ex4-1.htm" style="-sec-extract: exhibit">Form of 2.250% Senior Note due 2025.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex4-2.htm" style="-sec-extract: exhibit">4.2</a></td>
    <td><a href="tm2013070d1_ex4-2.htm" style="-sec-extract: exhibit">Form of 2.625% Senior Note due 2027.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex4-3.htm" style="-sec-extract: exhibit">4.3</a></td>
    <td><a href="tm2013070d1_ex4-3.htm" style="-sec-extract: exhibit">Form of 2.750% Senior Note due 2030.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="width: 0.5in"><a href="tm2013070d1_ex4-4.htm" style="-sec-extract: exhibit">4.4</a></td>
    <td><a href="tm2013070d1_ex4-4.htm" style="-sec-extract: exhibit">Form of 3.500% Senior Note due 2040.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex4-5.htm" style="-sec-extract: exhibit">4.5</a></td>
    <td><a href="tm2013070d1_ex4-5.htm" style="-sec-extract: exhibit">Form of 3.625% Senior Note due 2050.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex4-6.htm" style="-sec-extract: exhibit">4.6</a></td>
    <td><a href="tm2013070d1_ex4-6.htm" style="-sec-extract: exhibit">Form of 3.875% Senior Note due 2060.</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex5-1.htm" style="-sec-extract: exhibit">5.1</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex5-2.htm" style="-sec-extract: exhibit">5.2</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex5-1.htm" style="-sec-extract: exhibit">23.1</a></td>
    <td><a href="tm2013070d1_ex5-1.htm" style="-sec-extract: exhibit">Consent of Davis Polk &#38; Wardwell LLP (included in Exhibit 5.1).</a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="width: 0.5in"><a href="tm2013070d1_ex5-2.htm" style="-sec-extract: exhibit">23.2</a></td>
    <td><a href="tm2013070d1_ex5-2.htm" style="-sec-extract: exhibit">Consent of Womble Bond Dickinson (US) LLP (included in Exhibit 5.2).</a></td></tr>
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    <td style="width: 0.5in">104</td>
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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    <td style="padding-right: 2.9pt; padding-left: 2.9pt">Date: March 19, 2020</td>
    <td colspan="2" style="padding-right: 2.9pt"><b>PepsiCo, Inc.</b></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 2.9pt; padding-left: 2.9pt">&#160;</td>
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    <td style="width: 3%; padding-right: 2.9pt">By:</td>
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    <td style="font-size: 10pt; width: 5%"><span style="font-size: 10pt">Name: </span></td>
    <td style="font-size: 10pt; width: 42%"><span style="font-size: 10pt">Cynthia A. Nastanski</span></td></tr>
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    <td style="font-size: 10pt"><span style="font-size: 10pt">Title: </span></td>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.250% Senior Notes due 2025<BR>
2.625% Senior Notes due 2027<BR>
2.750% Senior Notes due 2030<BR>
3.500% Senior Notes due 2040<BR>
3.625% Senior Notes due 2050<BR>
3.875% Senior Notes due 2060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 17, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt">To:</TD><TD>PepsiCo, Inc.<BR>
700 Anderson Hill Road<BR>
Purchase, New York 10577</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We understand that PepsiCo, Inc., a North
Carolina corporation (the &ldquo;Company&rdquo;), proposes to issue and sell $1,500,000,000 of its 2.250% Senior Notes due 2025
(the &ldquo;2025 Notes&rdquo;), $500,000,000 of its 2.625% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), $1,500,000,000
of its 2.750% Senior Notes due 2030 (the &ldquo;2030 Notes&rdquo;), $750,000,000 of its 3.500% Senior Notes due 2040 (the &ldquo;2040
Notes&rdquo;), $1,500,000,000 of its 3.625% Senior Notes due 2050 (the &ldquo;2050 Notes&rdquo;) and $750,000,000 of its 3.875%
Senior Notes due 2060 (the &ldquo;2060 Notes,&rdquo; and together with the 2025 Notes, 2027 Notes, 2030 Notes, 2040 Notes and 2050
Notes, the &ldquo;Underwritten Securities&rdquo;) subject to the terms and conditions stated herein and in the PepsiCo, Inc. Underwriting
Agreement Standard Provisions dated as of November 18, 2019 filed with the Securities and Exchange Commission on November 18, 2019
as Exhibit 1.2 to the Company&rsquo;s Registration Statement on Form S-3 (File No. 333-234767) (the &ldquo;Standard Provisions&rdquo;).
Each of the applicable provisions in the Standard Provisions (including defined terms) is incorporated herein by reference in its
entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full
herein. We, the underwriters named below (the &ldquo;Underwriters&rdquo;), offer to purchase, severally and not jointly, the amount
of Underwritten Securities opposite our names set forth below at a purchase price equal to 99.579% of the principal amount thereof
for the 2025 Notes, 99.087% of the principal amount thereof for the 2027 Notes, 99.013% of the principal amount thereof for the
2030 Notes, 98.607% of the principal amount thereof for the 2040 Notes, 98.599% of the principal amount thereof for the 2050 Notes
and 97.544% of the principal amount thereof for the 2060 Notes.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 9pt Times New Roman, Times, Serif"></TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center; font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid">Principal Amount of</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 9pt"><B>Underwriters</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold">2025 Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold">2027 Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold">2030 Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold">2040 Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold">2050 Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold">2060 Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 9pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; font: 9pt Times New Roman, Times, Serif; text-align: left">BofA Securities, Inc.</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 9pt Times New Roman, Times, Serif; text-align: right">116,667,000</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 9pt Times New Roman, Times, Serif; text-align: right">175,000,000</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 8%; font: 9pt Times New Roman, Times, Serif; text-align: right">175,000,000</TD><TD STYLE="width: 1%; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc. </TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">116,667,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">175,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">175,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">116,666,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">175,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">350,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">175,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">BNP Paribas Securities Corp.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">25,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Deutsche Bank Securities Inc.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">25,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">HSBC Securities (USA) Inc.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">25,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">75,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Barclays Capital Inc.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">22,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">22,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">BBVA Securities Inc.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">22,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">22,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">TD Securities (USA) LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">22,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">45,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">22,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">ANZ Securities, Inc.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">ING Financial Markets LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">PNC Capital Markets LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">RBC Capital Markets, LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">UBS Securities LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">U.S. Bancorp Investments, Inc.</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Drexel Hamilton, LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Loop Capital Markets LLC</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">9,000,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Samuel A. Ramirez &amp; Company, Inc.</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">9,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">3,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">9,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">9,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-left: 0.375in; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">1,500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">1,500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">750,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">1,500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">750,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 24.5pt">The Underwriters agree to reimburse the
Company for $4,987,500 of its expenses incurred in connection with the offering of the Underwritten Securities; such reimbursement
to occur simultaneously with the purchase and sale of the Underwritten Securities at the Closing Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 24.5pt">Section 9(f) of the Standard Provisions
shall apply to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 24.5pt">For purposes of Section 21 of the Standard
Provisions, the identified provisions are: (i) the fifth paragraph of text under the caption &ldquo;Underwriting&rdquo; in such
preliminary prospectus, Time of Sale Prospectus and the Prospectus; (ii) the third sentence of the seventh paragraph of text under
the caption &ldquo;Underwriting&rdquo; in such preliminary prospectus, Time of Sale Prospectus and the Prospectus; (iii) the eighth
paragraph of text under the caption &ldquo;Underwriting&rdquo; in such preliminary prospectus, Time of Sale Prospectus and the
Prospectus; and (iv) the tenth and eleventh paragraphs of text under the caption &ldquo;Underwriting&rdquo; in such preliminary
prospectus, Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 24.5pt">The undersigned are acting as the &ldquo;Representative&rdquo;
under the Standard Provisions (the &ldquo;Representatives&rdquo;). The Representatives represent and warrant that they are duly
authorized to execute and deliver this Terms Agreement on behalf of the several Underwriters named above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 24.5pt">The Underwritten Securities and the offering
thereof shall have the following additional terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 17, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time of Sale:</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5:00 p.m. New York Time on the Trade Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Time:</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9:00 a.m. New York Time on the Settlement Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing Location:</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time of Sale Prospectus:</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base prospectus dated November 18, 2019, preliminary prospectus supplement dated March 17, 2020 and free writing prospectus dated March 17, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; width: 20%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.250% Senior Notes due 2025</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.625% Senior Notes due 2027</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.750% Senior Notes due 2030</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 15%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.500% Senior Notes due 2040</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.625% Senior Notes due 2050</FONT></TD>
    <TD STYLE="padding-left: 3pt; width: 13%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875% Senior Notes due 2060 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,500,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,500,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,500,000,000</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$750,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2025</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2027</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2030</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2040</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2050</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 19, 2060</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each March 19 and September 19, commencing on September 19, 2020</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each March 19 and September 19, commencing on September 19, 2020</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each March 19 and September 19, commencing on September 19, 2020</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each March 19 and September 19, commencing on September 19, 2020</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each March 19 and September 19, commencing on September 19, 2020</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each March 19 and September 19, commencing on September 19, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.125% due February 28, 2025</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.125% due February 28, 2027</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.500% due February 15, 2030</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.375% due November 15, 2049</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.375% due November 15, 2049</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.375% due November 15, 2049</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.665%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.906%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.012%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.654%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.654%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.654%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+160</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+180</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+180</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+190</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+200</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">basis points</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+230</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">basis points</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.265%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.706%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.812%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.554%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.654%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.954%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.250%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.625%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.750%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.500%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.625%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.875%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.929%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.487%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.463%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.232%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.474%</FONT></TD>
    <TD STYLE="padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.419%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; padding-top: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to February 19, 2025, make-whole call at Treasury rate plus 25 basis points; par call at any time on or after February 19, 2025</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 3pt; padding-top: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to January 19, 2027, make-whole call at Treasury rate plus 30 basis points; par call at any time on or after January 19, 2027</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to December 19, 2029, make-whole call at Treasury rate plus 30 basis points; par call at any time on or after December 19, 2029</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to September 19, 2039, make-whole call at Treasury rate plus 30 basis points; par call at any time on or after September 19, 2039</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to September 19, 2049, make-whole call at Treasury rate plus 30 basis points; par call at any time on or after September 19, 2049</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 3pt; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to September 19, 2059, make-whole call at Treasury rate plus 35 basis points; par call at any time on or after September 19, 2059</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,493,685,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$495,435,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,485,195,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$739,552,500</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,478,985,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 3pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$731,580,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo intends to use the net proceeds from this offering for general corporate purposes, including the repayment of commercial paper.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 EQ7 / US713448EQ79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 ER5 / US713448ER52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 ES3 / US713448ES36</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 ET1 / US713448ET19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 EU8 / US713448EU81</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 EV6 / US713448EV64</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 and integral multiples of $1,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
Book-Running Managers:</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA Securities, Inc.<BR>
Citigroup Global Markets Inc.<BR>
J.P. Morgan Securities LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNP Paribas Securities Corp.<BR>
Deutsche Bank Securities Inc.<BR>
HSBC Securities (USA) Inc.<BR>
Barclays Capital Inc.<BR>
BBVA Securities Inc.<BR>
TD Securities (USA) LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANZ Securities, Inc.<BR>
ING Financial Markets LLC<BR>
PNC Capital Markets LLC<BR>
RBC Capital Markets, LLC<BR>
SG Americas Securities, LLC<BR>
UBS Securities LLC<BR>
U.S. Bancorp Investments, Inc.<BR>
Drexel Hamilton, LLC<BR>
Loop Capital Markets LLC<BR>
Samuel A. Ramirez &amp; Company, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-left: 3pt; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address for Notices to the Representatives:</FONT></TD>
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; padding-left: 3pt; padding-top: 3pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.<BR>
        One Bryant Park<BR>
        New York, NY 10036</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.<BR>
        388 Greenwich Street<BR>
        New York, NY 10013</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC<BR>
383 Madison Avenue<BR>
New York, NY 10179&nbsp;</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">IN WITNESS WHEREOF, the parties hereto
have executed this Terms Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PEPSICO, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Hugh F. Johnston</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="font-size: 10pt; width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Hugh F. Johnston</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">Title:</TD>
<TD STYLE="font-size: 10pt">Executive Vice President and Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Kenneth Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>Name:</TD>
<TD>Kenneth Smith</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD>Title:</TD>
<TD>Senior Vice President, Finance and Treasurer</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>BOFA SECURITIES, INC.<BR>
CITIGROUP GLOBAL MARKETS INC.<BR>
J.P. MORGAN SECURITIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Representatives of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BOFA SECURITIES, INC.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laurie Campbell</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurie Campbell</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
<TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CITIGROUP GLOBAL MARKETS INC.</B></FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="4">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Brian D. Bednarski</FONT></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 4%">&nbsp;</TD>
<TD STYLE="width: 4%">&nbsp;</TD>
<TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT></TD>
<TD STYLE="width: 38%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Brian D. Bednarski</FONT></TD>
<TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</FONT></TD>
<TD>&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.P. MORGAN SECURITIES LLC</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Bottamedi</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert Bottamedi</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Time of Sale Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt">1.</TD><TD>Preliminary Prospectus dated March 17, 2020 (including the Base Prospectus dated November 18, 2019)</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD>Any free writing prospectuses approved by the Representatives and filed by the Company under Rule 433(d) under the Securities
Act</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3.</TD><TD>Final Term Sheet dated March 17, 2020 to be filed by the Company pursuant to Rule 433 under the Securities Act setting forth
certain terms of the Underwritten Securities</TD></TR></TABLE>



<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2013070d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form of 2.250% Senior Note due 2025]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">No. R-</FONT></TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">CUSIP No. 713448 EQ7<BR>
ISIN US713448EQ79 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.250% SENIOR NOTE DUE 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the &ldquo;<B>Company</B>,&rdquo; which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &amp; Co.
or registered assigns, the principal sum of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on March 19, 2025, and to pay interest on said principal sum semi-annually on
March 19 and September 19 of each year, commencing September 19, 2020, at the rate of 2.250% per annum from March 19, 2020, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has
been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such Interest Payment Date, which shall be the March 5 and September 5 (whether
or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal; font-weight: normal">Dated: _____________,
    2020</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">PEPSICO, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Title:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">[seal]</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Title:&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: normal 10pt Times New Roman, Times, Serif">Attest:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">The Bank of New York Mellon, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dated:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[REVERSE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.250% SENIOR NOTE DUE 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
between the Company and The Bank of New York Mellon, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $1,500,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time prior to February 19, 2025 (one month prior to the
maturity date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price equal to the greater of (i) 100% of
the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes
matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus in each case accrued and unpaid interest to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the &ldquo;<B>Remaining Term</B>&rdquo;), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Independent Investment Banker</B>&rdquo;
means one of the Reference Treasury Dealers appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:_____________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>tm2013070d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form of 2.625% Senior Note due 2027]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">No. R-</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">CUSIP No. 713448 ER5<BR>
ISIN US713448ER52 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.625% SENIOR NOTE DUE 2027</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the &ldquo;<B>Company</B>,&rdquo; which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &amp; Co.
or registered assigns, the principal sum of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on March 19, 2027, and to pay interest on said principal sum semi-annually on
March 19 and September 19 of each year, commencing September 19, 2020, at the rate of 2.625% per annum from March 19, 2020, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has
been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such Interest Payment Date, which shall be the March 5 and September 5 (whether
or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%">Dated: </TD><TD STYLE="width: 45%; text-align: left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
                                  2020</TD><TD STYLE="text-align: justify; width: 50%"><B>PEPSICO, INC.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Name:</TD>
                                                 <TD STYLE="text-align: justify">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: left; width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 4%">Title:</TD>
                                                 <TD STYLE="text-align: justify; width: 43%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Name:</TD>
                                                 <TD STYLE="text-align: justify">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: left; width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 4%">Title:</TD>
                                                 <TD STYLE="text-align: justify; width: 43%">&nbsp;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<FONT STYLE="font-weight: normal">seal</FONT>]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">Attest:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%">The Bank of New York Mellon, as Trustee</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 45%">Authorized Signatory</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dated:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[REVERSE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.625% SENIOR NOTE DUE 2027</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
between the Company and The Bank of New York Mellon, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $500,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time prior to January 19, 2027 (two months prior to the
maturity date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price equal to the greater of (i) 100% of
the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes
matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus in each case accrued and unpaid interest to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the &ldquo;<B>Remaining Term</B>&rdquo;), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Independent Investment Banker</B>&rdquo;
means one of the Reference Treasury Dealers appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:_____________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>5
<FILENAME>tm2013070d1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form of 2.750% Senior Note due 2030]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">No. R-</FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">CUSIP No. 713448 ES3<BR>
ISIN US713448ES36 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.750% SENIOR NOTE DUE 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the &ldquo;<B>Company</B>,&rdquo; which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &amp; Co.
or registered assigns, the principal sum of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on March 19, 2030, and to pay interest on said principal sum semi-annually on
March 19 and September 19 of each year, commencing September 19, 2020, at the rate of 2.750% per annum from March 19, 2020, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has
been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such Interest Payment Date, which shall be the March 5 and September 5 (whether
or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
    2020</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[<FONT STYLE="font-weight: normal">seal</FONT>]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">Attest:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bank of New York Mellon, as Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[REVERSE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2.750% SENIOR NOTE DUE 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
between the Company and The Bank of New York Mellon, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $1,500,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time prior to December 19, 2029 (three months prior to
the maturity date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price equal to the greater of (i) 100%
of the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments
of principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the
Notes matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus in each case accrued and unpaid interest to the date of
redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the &ldquo;<B>Remaining Term</B>&rdquo;), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Independent Investment Banker</B>&rdquo;
means one of the Reference Treasury Dealers appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>[</B>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 60%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 40%">&nbsp;</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>[</B>PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 5%">Dated:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 45%">&nbsp;</TD>
                                           <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>6
<FILENAME>tm2013070d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form of 3.500% Senior Note due 2040]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. R-</FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No. 713448 ET1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN US713448ET19</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.500% SENIOR NOTE DUE 2040</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the &ldquo;<B>Company</B>,&rdquo; which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &amp; Co.
or registered assigns, the principal sum of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on March 19, 2040, and to pay interest on said principal sum semi-annually on
March 19 and September 19 of each year, commencing September 19, 2020, at the rate of 3.500% per annum from March 19, 2020, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has
been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such Interest Payment Date, which shall be the March 5 and September 5 (whether
or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: _____________, 2020</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[</B></FONT><FONT STYLE="font-size: 10pt">seal<B>]</B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp; &nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Bank of New York Mellon, as </FONT> Trustee</TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[REVERSE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.500% SENIOR NOTE DUE 2040</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
between the Company and The Bank of New York Mellon, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $750,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time prior to September 19, 2039 (six months prior to the
maturity date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price equal to the greater of (i) 100% of
the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes
matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus in each case accrued and unpaid interest to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the &ldquo;<B>Remaining Term</B>&rdquo;), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Independent Investment Banker</B>&rdquo;
means one of the Reference Treasury Dealers appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>7
<FILENAME>tm2013070d1_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">+</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form of 3.625% Senior Note due 2050]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">No. R-</FONT></TD>
    <TD STYLE="padding-right: 0.75in; padding-left: 0in; width: 50%; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">$</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">CUSIP No. 713448 EU8<BR>
ISIN US713448EU81 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.625% SENIOR NOTE DUE 2050</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PEPSICO, INC., a corporation in
existence under the laws of the State of North Carolina (herein called the &ldquo;<B>Company</B>,&rdquo; which term includes
any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay
to Cede &amp; Co. or registered assigns, the principal sum of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on March 19, 2050, and to pay
interest on said principal sum semi-annually on March 19 and September 19 of each year, commencing September 19, 2020, at the
rate of 3.625% per annum from March 19, 2020, or from the most recent date in respect of which interest has been paid or duly
provided for, until payment of the principal sum has been made or duly provided for. The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such
Interest Payment Date, which shall be the March 5 and September 5 (whether or not a New York Business Day) next preceding
such Interest Payment Date. Any such interest that is payable but is not so punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier
than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:&nbsp;_____________, 2020</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt; font-weight: bold">[<FONT STYLE="font-weight: normal">seal</FONT>]</TD>
    <TD STYLE="width: 50%; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">Attest:</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">The Bank of New York Mellon, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dated:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[REVERSE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.625% SENIOR NOTE DUE 2050</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
between the Company and The Bank of New York Mellon, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $1,500,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time prior to September 19, 2049 (six months prior to the
maturity date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price equal to the greater of (i) 100% of
the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes
matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus in each case accrued and unpaid interest to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the &ldquo;<B>Remaining Term</B>&rdquo;), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Independent Investment Banker</B>&rdquo;
means one of the Reference Treasury Dealers appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Dated:</FONT>&#8239;_____________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>8
<FILENAME>tm2013070d1_ex4-6.htm
<DESCRIPTION>EXHIBIT 4.6
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Form of 3.875% Senior Note due 2060]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;)
TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">No. R-</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt; font-weight: bold"><FONT STYLE="font-weight: normal">CUSIP No. 713448 EV6<BR>
ISIN US713448EV64 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.875% SENIOR NOTE DUE 2060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">PEPSICO, INC., a corporation in existence
under the laws of the State of North Carolina (herein called the &ldquo;<B>Company</B>,&rdquo; which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &amp; Co.
or registered assigns, the principal sum of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on March 19, 2060, and to pay interest on said principal sum semi-annually on
March 19 and September 19 of each year, commencing September 19, 2020, at the rate of 3.875% per annum from March 19, 2020, or
from the most recent date in respect of which interest has been paid or duly provided for, until payment of the principal sum has
been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on the Record Date for such Interest Payment Date, which shall be the March 5 and September 5 (whether
or not a New York Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually
paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid
to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not earlier than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment of the principal of and interest
on this Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company
by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Dated: _____________, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">PEPSICO, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">[seal]</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">Attest:</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">The Bank of New York Mellon, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dated:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[REVERSE OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PEPSICO, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3.875% SENIOR NOTE DUE 2060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the &ldquo;<B>Securities</B>&rdquo;), issued
and to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
between the Company and The Bank of New York Mellon, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon
which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not
otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different
rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $750,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time prior to September 19, 2059 (six months prior to the
maturity date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price equal to the greater of (i) 100% of
the principal amount of such Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of
principal and interest thereon (exclusive of interest accrued to the date of redemption), assuming for such purpose that the Notes
matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 35 basis points, plus in each case accrued and unpaid interest to the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable as a whole
or in part, at the Company&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Issue</B>&rdquo;
means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of the Notes to be redeemed, assuming for such purpose that the Notes matured on the
Par Call Date (the &ldquo;<B>Remaining Term</B>&rdquo;), that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Remaining Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Comparable Treasury Price</B>&rdquo;
means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Independent Investment Banker</B>&rdquo;
means one of the Reference Treasury Dealers appointed by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer</B>&rdquo;
means each of any four primary U.S. Government securities dealers in the United States of America selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Reference Treasury Dealer Quotations</B>&rdquo;
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York time on
the third New York Business Day preceding such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B>Treasury Rate</B>&rdquo; means,
with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee will not be responsible for
calculating the Redemption Price of the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). If fewer than all of the Notes are to be redeemed, the particular Notes to be redeemed,
in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary. In the case of physical
Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed only in part, the notice
of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new Note in principal amount
equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder
of the Note upon surrender of the original Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable only in registered
form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount
of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be made for any
such registration or transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to the presentment of this Note for
registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">__________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[</B>PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE<B>]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<SEQUENCE>9
<FILENAME>tm2013070d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibits 5.1 and
23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B></B>&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 76%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York<BR>
Northern California<BR>
Washington DC<BR>
S&atilde;o Paulo<BR>
London</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Paris<BR>
Madrid<BR>
Tokyo<BR>
Beijing<BR>
Hong Kong</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2013070d1_ex5-1img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 25%; padding-top: 1.45pt"><P STYLE="margin-top: 0; margin-bottom: 0">Davis Polk &amp; Wardwell LLP</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">450 Lexington Avenue<BR> New York, NY 10017</P></TD>
<TD STYLE="width: 47%; padding-top: 1.45pt"><P STYLE="margin-top: 0; margin-bottom: 0">212 450 4000 tel</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0">212 701 5800 fax &nbsp;</P></TD>
<TD STYLE="width: 28%; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo, Inc.<BR>
700 Anderson Hill Road<BR>
Purchase, NY 10577</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as special counsel for PepsiCo, Inc. (the &ldquo;Company&rdquo;),
a North Carolina corporation, in connection with the Registration Statement on Form S-3 (File No. 333-234767) (the &ldquo;Registration
Statement&rdquo;) filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), for the registration by the Company of $1,500,000,000 aggregate
principal amount of its 2.250% Senior Notes due 2025 (the &ldquo;2025 Notes&rdquo;), $500,000,000 aggregate principal amount of
its 2.625% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), $1,500,000,000 aggregate principal amount of its 2.750% Senior
Notes due 2030 (the &ldquo;2030 Notes&rdquo;), $750,000,000 aggregate principal amount of its 3.500% Senior Notes due 2040 (the
 &ldquo;2040 Notes&rdquo;), $1,500,000,000 aggregate principal amount of its 3.625% Senior Notes due 2050 (the &ldquo;2050 Notes&rdquo;)
and $750,000,000 aggregate principal amount of its 3.875% Senior Notes due 2060 (the &ldquo;2060 Notes,&rdquo; and together with
the 2025 Notes, 2027 Notes, 2030 Notes, 2040 Notes and 2050 Notes, the &ldquo;Notes&rdquo;). The Notes are to be issued pursuant
to an Indenture (the &ldquo;Indenture&rdquo;) dated as of May 21, 2007 between the Company and The Bank of New York Mellon, as
trustee, and to be sold pursuant to a Terms Agreement dated as of March 17, 2020 (incorporating the PepsiCo, Inc. Underwriting
Agreement Standard Provisions dated as of November 18, 2019, the &ldquo;Terms Agreement&rdquo;) among the Company and the several
underwriters named therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We, as your counsel, have examined originals or copies of such
documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for
the purpose of rendering this opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In rendering the opinion expressed herein, we have, without
independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete; (ii)
all documents submitted to us as copies conform to authentic, complete originals; (iii) all documents filed as exhibits to the
Registration Statement that have not been executed will conform to the forms thereof; (iv) all signatures on all documents that
we reviewed are genuine; (v) all natural persons executing documents had and have the legal capacity to do so; (vi) all statements
in certificates of public officials and officers of the Company that we reviewed were and are accurate; and (vii) all representations
made by the Company as to matters of fact in the documents that we reviewed were and are accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion, when the Notes have been duly executed, authenticated,
issued and delivered in accordance with the Indenture and the Terms Agreement against payment therefor, the Notes will constitute
valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency
and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general applicability,
provided that we express no opinion as to (x) the enforceability of any waiver of rights under any usury or stay law and (y) the
effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the opinion expressed above, we have assumed
that (i) the Registration Statement became effective upon filing with the Commission and such effectiveness shall not have been
terminated or rescinded; and (ii) the Indenture and the Notes are valid, binding and enforceable agreements of each party thereto
(other than as expressly covered above in respect of the Company). We have also assumed that the execution, delivery and performance
of the Indenture and the Notes by the Company (x) have been duly authorized in accordance with the laws of the State of North Carolina
and (y) will not violate any applicable law or public policy or result in a violation of any provision of any instrument or agreement
binding upon the Company, or any restriction imposed by any court or governmental body having jurisdiction over the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are members of the Bar of the State of New York, and the
foregoing opinion is limited to the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit
to a Current Report on Form 8-K to be filed by the Company on the date hereof and to its incorporation by reference into the Registration
Statement. In addition, we consent to the reference to our name under the caption &ldquo;Legal Opinions&rdquo; in the preliminary
prospectus supplement dated March 17, 2020 and the prospectus supplement dated March 17, 2020, and under the caption &ldquo;Validity
of Securities&rdquo; in the prospectus dated November 18, 2019, each of which is a part of the Registration Statement. In giving
this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; width: 50%">/s/ Davis Polk &amp; Wardwell LLP</TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
</TABLE>




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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>10
<FILENAME>tm2013070d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Exhibits 5.2 and 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 19, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo, Inc.<BR>
700 Anderson Hill Road<BR>
Purchase, New York 10577</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as special North Carolina counsel to PepsiCo,
Inc., a North Carolina corporation (the &ldquo;Company&rdquo;) in connection with the Registration Statement on Form S-3 (File
No. 333-234767) (the &ldquo;Registration Statement&rdquo;) filed by the Company with the Securities and Exchange Commission (the
 &ldquo;Commission&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), for the registration
by the Company of $1,500,000,000 aggregate principal amount of its 2.250% Senior Notes due 2025 (the &ldquo;2025 Notes&rdquo;),
$500,000,000 aggregate principal amount of its 2.625% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), $1,500,000,000 aggregate
principal amount of its 2.750% Senior Notes due 2030 (the &ldquo;2030 Notes&rdquo;), $750,000,000 aggregate principal amount of
its 3.500% Senior Notes due 2040 (the &ldquo;2040 Notes&rdquo;), $1,500,000,000 aggregate principal amount of its 3.625% Senior
Notes due 2050 (the &ldquo;2050 Notes&rdquo;) and $750,000,000 aggregate principal amount of its 3.875% Senior Notes due 2060 (the
 &ldquo;2060 Notes,&rdquo; and together with the 2025 Notes, 2027 Notes, 2030 Notes, 2040 Notes and 2050 Notes, the &ldquo;Notes&rdquo;).
The Notes are to be issued pursuant to an Indenture (the &ldquo;Indenture&rdquo;) dated as of May 21, 2007 between the Company
and The Bank of New York Mellon, as trustee, and to be sold pursuant to a Terms Agreement dated as of March 17, 2020 (incorporating
the PepsiCo, Inc. Underwriting Agreement Standard Provisions dated as of November 18, 2019, the &ldquo;Terms Agreement&rdquo;)
among the Company and the several underwriters named therein. This opinion is delivered to you pursuant to Item 16 of Form S-3
and Item 601(b)(5) of Regulation S-K of the Commission. This opinion is being furnished in accordance with the requirements of
Item 601(b)(5) of Regulation S-K under the 1933 Act, and no opinion is expressed herein as to any matter pertaining to the contents
of the Registration Statement, the prospectus or any prospectus supplement other than as expressly stated herein with respect to
the issuance of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Company&rsquo;s special North Carolina counsel, we have
examined originals or copies, certified or otherwise identified to our satisfaction, of the Company&rsquo;s articles of incorporation
and by-laws, each as amended to date, and minutes and records of the corporate proceedings of the Company relating to the filing
of the Registration Statement and the issuance of the Notes, as provided to us by the Company, certificates of public officials
and of representatives of the Company, and statutes and other instruments and documents, as a basis for the opinion hereinafter
expressed. In rendering this opinion, we have relied upon certificates of public officials and representatives of the Company with
respect to the accuracy of the factual matters contained in such certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with such examination, we have assumed (a) the
genuineness of all signatures and the legal capacity of all signatories; (b) the authenticity of all documents submitted to us
as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies; and
(c) the proper issuance and accuracy of certificates of public officials and representatives of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on and subject to the foregoing, we advise you that, in
our opinion, the Indenture and the Notes have been duly authorized by all necessary corporate action of the Company, and have been
duly executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is limited to the laws of the State of North Carolina,
and we are expressing no opinion as to the effect of the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is rendered as of the date hereof, and we undertake
no obligation to advise you of any changes in applicable law or any other matters that may come to our attention after the date
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit
to a Current Report on Form 8-K to be filed by the Company on the date hereof and to its incorporation by reference into the Registration
Statement. In addition, we consent to any reference to the name of our firm under the caption &ldquo;Legal Opinions&rdquo; in the
preliminary prospectus supplement dated March 17, 2020 and the prospectus supplement dated March 17, 2020, and under the caption
 &ldquo;Validity of Securities&rdquo; in the prospectus dated November 18, 2019, each of which is a part of the Registration Statement.
In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the
1933 Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>/s/ WOMBLE BOND DICKINSON (US) LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>WOMBLE BOND DICKINSON (US) LLP</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>13
<FILENAME>pep-20200317_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>14
<FILENAME>pep-20200317_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>15
<FILENAME>pep-20200317_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Mar. 17, 2020</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Mar. 17,  2020<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-1183<span></span>
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<td class="text">NC<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
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<td class="text">Purchase<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10577<span></span>
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<td class="text">914<span></span>
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<td class="text">253-2000<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value 1-2/3 cents per share<span></span>
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<td class="text">PEP<span></span>
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<td class="text">NASDAQ<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_TwoPointFivePercentNotesDue2022Member', window );">Two Point Five Percent Notes Due 2022</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">2.500% Senior Notes due 2022<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP22a<span></span>
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<td class="text">NASDAQ<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.750% Senior Notes due 2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP21a<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_TwoPointSixTwoFivePercentNotesDue2026Member', window );">Two Point Six Two Five Percent Notes Due 2026</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">2.625% Senior Notes due 2026<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP26<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointEightSevenFivePercentNotesDue2028Member', window );">Zero Point Eight Seven Five Percent Notes Due 2028</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.875% Senior Notes due 2028<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP28<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2027Member', window );">Zero Point Seven Five Percent Notes Due 2027</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.750% Senior Notes due 2027<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP27<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_OnePointOneTwoFivePercentNotesDue2031Member', window );">One Point One Two Five Percent Notes Due 2031</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.125% Senior Notes due 2031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointEightSevenFiveNotesDue2039Member', window );">Zero Point Eight Seven Five Notes Due 2039</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.875% Senior Notes due 2039<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_Commonstockparvalue123centspershareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_Commonstockparvalue123centspershareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_TwoPointFivePercentNotesDue2022Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_TwoPointFivePercentNotesDue2022Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_OnePointSevenFivePercentNotesDue2021Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_OnePointSevenFivePercentNotesDue2021Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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