<SEC-DOCUMENT>0001104659-23-020156.txt : 20230214
<SEC-HEADER>0001104659-23-020156.hdr.sgml : 20230214
<ACCEPTANCE-DATETIME>20230213205818
ACCESSION NUMBER:		0001104659-23-020156
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230214
DATE AS OF CHANGE:		20230213

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:	333-266332
		FILM NUMBER:		23621451

	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>tm232558d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&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. 333-266332<BR>
February 13, 2023</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PepsiCo,
Inc.</B></FONT><BR>
Floating Rate Notes due 2026<BR>
4.550% Senior Notes due 2026<BR>
4.450% Senior Notes due 2028<BR>
4.450% Senior Notes due 2033<BR>
4.650% Senior Notes due 2053</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="border: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ratings (S&amp;P / Moody&rsquo;s):</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 13, 2023</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date (T+2):</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 15, 2023</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of Securities:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating Rate Notes due 2026</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.550% Senior Notes due 2026</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.450% Senior Notes due 2028</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.450% Senior Notes due 2033 </FONT></TD>
    <TD STYLE="padding: 3pt 5pt; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.650% Senior Notes due 2053 </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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Principal Amount Offered:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$350,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$650,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000,000,000</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,000,000</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 13, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 13, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 15, 2028</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 15, 2033</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 15, 2053</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly in arrears on each February 13, May 13, August 13 and November 13, commencing May 13, 2023</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each February 13 and August 13, commencing August 13, 2023</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each May 15 and November 15, commencing November 15, 2023</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each February 15 and August 15, commencing August 15, 2023</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on each February 15 and August 15, commencing August 15, 2023</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.000% due February 15, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.500% due January 31, 2028</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.500% due February 15, 2033</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.000% due November 15, 2052</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark Treasury Yield:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.221%</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.925%</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.717%</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.779%</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Treasury:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT>35 basis points</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT>55 basis points</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT>75 basis points</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">+</FONT>87.5 basis points</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.571%</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.475%</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.467%</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.654%</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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compounded SOFR plus 0.400</FONT>%. The interest rate on the Floating Rate Notes due 2026 will in no event be lower than zero</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.550</FONT>%</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.450</FONT>%</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.450</FONT>%</TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.650</FONT>%</TD></TR>
</TABLE>

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<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; text-indent: -0.125in; padding: 3pt 5pt 3pt 0.2in; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Floating Rate Interest Calculation:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of interest accrued and payable on the Floating Rate Notes due 2026 for each interest period will be calculated by the calculation agent and will be equal to the product of (i) the outstanding principal amount of the Floating Rate Notes due 2026 multiplied by (ii) the product of (a) the interest rate for the relevant interest period multiplied by (b) the quotient of the actual number of calendar days in the relevant Observation Period divided by 360. See &ldquo;Description of Notes&mdash;Floating Rate Notes&mdash;Compounded SOFR&rdquo; in the prospectus supplement</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 5pt; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compounded SOFR:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A compounded average of the daily Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;) determined by reference to the SOFR Index for each quarterly interest period in accordance with the specific formula described under &ldquo;Description of Notes&mdash;Floating Rate Notes&mdash;Compounded SOFR&rdquo; in the prospectus supplement</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
</TABLE>

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<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: 3pt 5pt 3pt 0.2in; text-indent: -0.125in; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.000%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.942%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.866%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.864%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.936%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to January 13, 2026, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after January 13, 2026</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to April 15, 2028, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after April 15, 2028</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to November 15, 2032, make-whole call at Treasury Rate plus 15 basis points; par call at any time on or after November 15, 2032</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to August 15, 2052, make-whole call at Treasury Rate plus 15 basis points; par call at any time on or after August 15, 2052</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Proceeds to PepsiCo (Before Expenses):</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$349,212,500</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$498,585,000 </FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$646,854,000</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$994,140,000 </FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT>495,305,000 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds:</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Day Count Fraction:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual/360</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30/360</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FP8 / US713448FP87</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FQ6 / US713448FQ60</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FR4 / US713448FR44</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FS2 / US713448FS27</FONT></TD>
    <TD STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">713448 FT0 / US713448FT00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denomination:</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint
Book-Running Managers:</FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BofA
Securities, Inc.</FONT><BR>
Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Co-Managers:</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><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>
BBVA Securities Inc.<BR>
TD Securities (USA) LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; text-indent: -0.125in; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 5pt 3pt 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities, Inc.<BR>
ANZ Securities, Inc.<BR>
Cabrera Capital Markets LLC<BR>
CastleOak Securities, L.P.<BR>
ING Financial Markets LLC<BR>
PNC Capital Markets LLC<BR>
Siebert Williams Shank &amp; Co., LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</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"><B><I>&nbsp;</I></B></P>

<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 rating.</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 BofA Securities, Inc. toll-free
at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or J.P. Morgan Securities LLC at 1-212-834-4533 (collect).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any disclaimers or other notices that may appear below are not applicable
to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication
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