<SEC-DOCUMENT>0001104659-22-080244.txt : 20220715
<SEC-HEADER>0001104659-22-080244.hdr.sgml : 20220715
<ACCEPTANCE-DATETIME>20220715165644
ACCESSION NUMBER:		0001104659-22-080244
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220715
DATE AS OF CHANGE:		20220715

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:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234767
		FILM NUMBER:		221087445

	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:			1231

	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>tm2217640d4_fwp.htm
<DESCRIPTION>FWP
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<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: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule 433<BR>
Registration Statement No. 333-234767<BR>
July 15, 2022</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>
3.200% Senior Notes due 2029<BR>
3.550% Senior Notes due 2034</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-right: 5pt; border: Black 1pt solid; padding-top: 3pt; padding-left: 5pt">Issuer:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; padding-top: 3pt">PepsiCo, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-left: 5pt">Ratings (S&amp;P / Moody&rsquo;s):</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; padding-top: 3pt">A+ / A1 (Stable Outlook / Stable Outlook)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-left: 5pt">Trade Date:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; padding-top: 3pt">July 15, 2022</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-left: 5pt">Settlement Date (T+5):</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; padding-top: 3pt">July 22, 2022</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 44%; padding-top: 3pt; padding-left: 5pt">Title of Securities:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; width: 28%; padding-top: 3pt">3.200% Senior Notes due 2029</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; width: 28%; padding-top: 3pt">3.550% Senior Notes due 2034</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Aggregate Principal Amount Offered:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">&pound;300,000,000</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">&pound;450,000,000</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Maturity Date:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">July 22, 2029</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">July 22, 2034</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">Semi-annually on each January 22 and July 22, commencing January 22, 2023</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">Semi-annually on each January 22 and July 22, commencing January 22, 2023</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Benchmark UK Gilt:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">UK Gilt 0.500% due January 31, 2029</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">UK Gilt 4.500% due September 7, 2034</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Benchmark UK Gilt Yield (Semi-Annual) / Benchmark UK Gilt Price:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">1.908% / 91.385%</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">2.312% / 123.042%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Spread to Benchmark UK Gilt:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt"><FONT STYLE="text-transform: uppercase">+</FONT>130 bps</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt"><FONT STYLE="text-transform: uppercase">+</FONT>127 bps</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Re-Offer Yield (Semi-Annual):</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">3.208%</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">3.582%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Coupon:</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">3.200%</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">3.550%</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Price to Public (Issue Price):</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt"><FONT STYLE="font-size: 10pt">99.950%</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt"><FONT STYLE="font-size: 10pt">99.690%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Net Proceeds to PepsiCo (Before Expenses):</TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt"><FONT STYLE="font-size: 10pt">&pound;298,650,000</FONT></TD>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt"><FONT STYLE="font-size: 10pt">&pound;446,355,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-top: 3pt; padding-left: 5pt">Redemption for Tax Reasons:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 3pt">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.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="vertical-align: top; width: 44%; border: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-left: 11.15pt; text-indent: -11.15pt">Redemption Provisions:</TD>
    <TD STYLE="vertical-align: bottom; width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to April 22, 2029 (three months prior to the maturity date; the
    &ldquo;Par Call Date&rdquo;), 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 notes matured on the Par Call Date, discounted to the redemption date on a semi-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 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 date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 28%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to April 22, 2034 (three months prior to the maturity date; the
    &ldquo;Par Call Date&rdquo;), 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 notes matured on the Par Call Date, discounted to the redemption date on a semi-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 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 date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 11.15pt; text-indent: -11.15pt; font-size: 10pt; width: 44%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 56%">
    <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 United
Kingdom 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 Par Call Date, or if such independent investment bank in its discretion considers that such similar bond is not in issue,
such other United Kingdom government bond as such independent investment bank may, with the advice of three brokers of, and/or market
makers in, United Kingdom government bonds selected by the Company, determine to be appropriate for determining the Comparable Government
Bond Rate.</P></TD></TR>
  </TABLE>

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

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  <TR>
    <TD STYLE="vertical-align: top; border: black 1pt solid; padding-top: 3pt; padding-left: 11.15pt; text-indent: -11.15pt; font-size: 10pt; width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 56%">

<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 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>
    <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;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.</P></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTUAL / ACTUAL (ICMA)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; width: 44%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN / Common Code:</FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; width: 28%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FJ2 / XS2503830536 / 250383053</FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; width: 28%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FK9 / XS2503832078 / 250383207</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency of Payment:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><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 notes, will be payable in Sterling. If, on or after the issuance of the notes, Sterling is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company&rsquo;s control (including if Sterling is no longer being used 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 Sterling is again available to the Company and so used.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional Amounts:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><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 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-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PepsiCo intends to apply to list the 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-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&pound;100,000 and integral multiples of &pound;1,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR STYLE="clear: both">
Joint Book-Running Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barclays Bank PLC <BR>
BNP Paribas <BR>
HSBC Bank plc</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banco Bilbao Vizcaya Argentaria, S.A.<BR>
The Toronto-Dominion Bank</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Australia and New Zealand Banking Group Limited <BR>
ING Bank N.V., Belgian Branch<BR>
Soci&eacute;t&eacute; G&eacute;n&eacute;rale</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Manufacturer target market (MiFID II and UK MiFIR product governance)
is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document
(KID) has been prepared as not available to retail in EEA or UK.</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">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 Barclays Bank PLC toll-free
at 1-888-603-5847, BNP Paribas toll-free at 1-800-854-5674 or HSBC Bank plc at +44 (0) 20 7991 1422.</P>

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