<SEC-DOCUMENT>0001104659-20-112223.txt : 20201005
<SEC-HEADER>0001104659-20-112223.hdr.sgml : 20201005
<ACCEPTANCE-DATETIME>20201005163223
ACCESSION NUMBER:		0001104659-20-112223
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201005
DATE AS OF CHANGE:		20201005

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234767
		FILM NUMBER:		201223973

	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

FILED BY:		

	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:		FWP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2031154d2_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-234767<BR>
October 5, 2020</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><BR>
0.400% Senior Notes due 2032<BR>
1.050% Senior Notes due 2050</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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="padding: 3pt 5.4pt; border: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A+ / A1 (Stable Outlook / Stable Outlook)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 5, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date (T+4):</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 9, 2020</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.400% Senior Notes due 2032 </FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.050% Senior Notes due 2050 </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&euro;750,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&euro;750,000,000</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 9, 2032</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 9, 2050</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually on each October 9, commencing October 9, 2021</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually on each October 9, commencing October 9, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Bund:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBR 0.000% due August 15, 2030</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DBR 0.000% due August 15, 2050</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Bund Yield:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.512%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.088%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Benchmark Bund:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">92.4 bps</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">114.5 bps</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mid-Swap Yield:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.138%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.007%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Mid-Swap:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">55 bps</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT><FONT STYLE="font-size: 10pt">105 bps</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.400</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.050</FONT><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public (Issue Price):</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.860%</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.821%</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption for Tax Reasons:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may redeem all, but not less than all, of the notes in the event of certain changes in the tax laws of the United States (or any taxing authority in the United States). This redemption would be at a redemption price equal to 100% of the principal amount, together with accrued and unpaid interest on the notes to, but not including, the date fixed for redemption.</FONT></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>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="padding: 3pt 5.4pt; border: Black 1pt solid; vertical-align: top; width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption Provisions:</FONT></TD>
    <TD STYLE="text-align: left; padding: 3pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to July 9, 2032, the greater of (i)&nbsp;100% of the principal
        amount of the notes being redeemed and (ii)&nbsp;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 2032 Notes matured
        on July 9, 2032, discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government
        Bond Rate plus 15 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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after July 9, 2032 (three months prior to the maturity
        date), at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest
        to the date of redemption.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to April 9, 2050, the greater of (i)&nbsp;100% of the
        principal amount of the notes being redeemed and (ii)&nbsp;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 2050
        Notes matured on April 9, 2050, discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable
        Government Bond Rate plus 20 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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after April 9, 2050 (six months prior to the maturity
        date), at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest
        to the date of redemption.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Par
        Call Date&rdquo; means, with respect to the 2032</FONT> Notes, July 9, 2032, the date that is three months prior to the maturity
        date of such 2032 Notes and, with respect to the 2050 Notes, April 9, 2050, the date that is six months prior to the maturity date
        of such 2050 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">&ldquo;Comparable Government Bond Rate&rdquo; means, with respect
        to any redemption date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards),
        at which the gross redemption yield on the notes to be redeemed, if they were to be purchased at such price on the third Business
        Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable
        Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00
        a.m.&nbsp;(London time) on such Business Day as determined by an independent investment bank selected 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">&ldquo;Comparable Government Bond&rdquo; means, in relation
        to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Company,
        a German government bond whose maturity is closest to the maturity of the notes to be redeemed, assuming for such purpose that
        the notes matured on the applicable Par Call Date, or if such independent investment bank in its discretion considers that such
        similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three
        brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining
        the Comparable Government Bond Rate.</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">&ldquo;Remaining Scheduled Payments&rdquo; means, with
respect to each note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would
be due after the related redemption date but for such redemption, assuming for such purpose that such note matured on the applicable
Par Call Date; provided, however, that, if such redemption date is not an interest payment date with respect to such note, the
amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued
thereon to such redemption date.</P></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border: Black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Business Day&rdquo; means any day, other than a Saturday or Sunday, (1)&nbsp;which is not a day on which banking institutions in the City of New York or the City of London are authorized or required by law or executive order to close and (2)&nbsp;on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates.</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTUAL/ACTUAL (ICMA)</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN / Common Code:</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FC7 / XS2242633258 / 224263325</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FD5 / XS2242633332 / 224263333</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency of Payment:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments of interest and principal, including payments made upon any redemption of the </FONT><FONT STYLE="font-size: 10pt">notes, will be payable in euro. If, on or after the issuance of the notes, the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company&rsquo;s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the notes will be made in U.S. dollars until the euro is again available to the Company and so used.</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Amounts:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will, subject to certain exceptions and limitations, pay as additional interest on the </FONT><FONT STYLE="font-size: 10pt">notes such additional amounts as are necessary in order that the net payment by the Company of the principal of and interest on the notes to a holder who is not a United States person, after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the notes then due and payable.</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo intends to apply to list the </FONT><FONT STYLE="font-size: 10pt">notes on the Nasdaq Bond Exchange and expects trading in the notes to begin within 30 days after the date of their issuance. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&euro;100,000 and integral multiples of &euro;1,000</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
Joint Book-Running Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deutsche Bank AG, London Branch<BR>
Goldman Sachs &amp; Co. LLC<BR>
Merrill Lynch International</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNP Paribas<BR>
HSBC Bank plc<BR>
Mizuho International plc<BR>
Banco Bilbao Vizcaya Argentaria, S.A.<BR>
Barclays Bank PLC<BR>
The Toronto-Dominion Bank</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ING Bank N.V., Belgian Branch<BR>
Soci&eacute;t&eacute; G&eacute;n&eacute;rale<BR>
UBS AG London Branch</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>An explanation of the significance of ratings may be obtained
from the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of their own
investigations, studies and assumptions, as they deem appropriate. The security ratings above are not a recommendation to buy,
sell or hold the securities offered hereby. The ratings may be subject to review, revision, suspension, reduction or withdrawal
at any time by S&amp;P and Moody&rsquo;s. Each of the security ratings above should be evaluated independently of any other security
rating.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Manufacturer target market (MiFID II product governance)
is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID)
has been prepared as not available to retail in EEA.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with
the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR
on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will
arrange to send you the prospectus if you request it by calling</B></FONT><B> Deutsche Bank AG, London Branch toll-free at 1-800-503-4611,
Goldman Sachs &amp; Co. LLC toll-free at 1-866-471-2526 or Merrill Lynch International toll-free at 1-800-294-1322.</B></P>

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not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated
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