<SEC-DOCUMENT>0001104659-24-024927.txt : 20240216
<SEC-HEADER>0001104659-24-024927.hdr.sgml : 20240216
<ACCEPTANCE-DATETIME>20240216163021
ACCESSION NUMBER:		0001104659-24-024927
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		25
CONFORMED PERIOD OF REPORT:	20240216
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240216
DATE AS OF CHANGE:		20240216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1230

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		24648847

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 16pt"><b>UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, DC 20549</b></p>

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<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CURRENT REPORT</p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 2in"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-size: 8pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Wingdings"><span id="xdx_907_edei--WrittenCommunications_c20240216__20240216_zWsYDUuT9hYg"><span style="-sec-ix-hidden: xdx2ixbrl0022">o</span></span></span></td>
    <td>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr>

<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Wingdings"><span id="xdx_90F_edei--SolicitingMaterial_c20240216__20240216_zOtae3bs3KAe"><span style="-sec-ix-hidden: xdx2ixbrl0023">o</span></span></span></td>
    <td>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr>

<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Wingdings"><span id="xdx_900_edei--PreCommencementTenderOffer_c20240216__20240216_zagMPb5dcaZj"><span style="-sec-ix-hidden: xdx2ixbrl0024">o</span></span></span></td>
    <td style="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr>

<tr style="vertical-align: top">
    <td style="width: 0.5in"><span style="font-family: Wingdings"><span id="xdx_90C_edei--PreCommencementIssuerTenderOffer_c20240216__20240216_zDmOnMlwoci3"><span style="-sec-ix-hidden: xdx2ixbrl0025">o</span></span></span></td>
    <td>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 2in"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><p style="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 32%"><b>Title of each class</b></td>
    <td style="text-align: center; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 32%"><b>Trading Symbol</b></td>
    <td style="text-align: center; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center; width: 32%"><b>Name of each exchange on which registered</b></td></tr>
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    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90D_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--Commonstockparvalue123centspershareMember_z0RIXBhXS39g"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_Commonstockparvalue123centspershareMember" name="dei:Security12bTitle" id="ixv-745">Common Stock, par value 1-2/3 cents per share</ix:nonNumeric></span></span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointTwoFivePercentNotesDue2024Member_zoFerlVjLpP3"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointTwoFivePercentNotesDue2024Member" name="dei:Security12bTitle" id="ixv-748">0.250% Senior Notes due 2024</ix:nonNumeric></span></span></td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--TwoPointSixTwoFivePercentNotesDue2026Member_zxW3gm5RE2r"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_TwoPointSixTwoFivePercentNotesDue2026Member" name="dei:Security12bTitle" id="ixv-751">2.625% Senior Notes due 2026</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_904_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2027Member_zap08WCszdT7"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2027Member" name="dei:Security12bTitle" id="ixv-754">0.750% Senior Notes due 2027</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_900_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2027Member_zQxeeWt1m5Y5"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2027Member" name="dei:TradingSymbol" id="ixv-755">PEP27</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_905_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2027Member_zgg1i6LkWmp5"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2027Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-756">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90C_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFivePercentNotesDue2028Member_zeB3iauZU8Hj"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFivePercentNotesDue2028Member" name="dei:Security12bTitle" id="ixv-757">0.875% Senior Notes due 2028</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFivePercentNotesDue2028Member_zO2mULrMOPxj"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFivePercentNotesDue2028Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-759">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90B_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointFivePercentNotesDue2028Member_zZuouJDQiVe5"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointFivePercentNotesDue2028Member" name="dei:Security12bTitle" id="ixv-760">0.500% Senior Notes due 2028</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_904_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointFivePercentNotesDue2028Member_zpOjop3P4zSb"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointFivePercentNotesDue2028Member" name="dei:TradingSymbol" id="ixv-761">PEP28A</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointFivePercentNotesDue2028Member_zAFi97x9pJBf"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointFivePercentNotesDue2028Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-762">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span id="xdx_90B_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ThreePointTwoPercentNotesDue2029Member_zNWGzQg83Ex1"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ThreePointTwoPercentNotesDue2029Member" name="dei:Security12bTitle" id="ixv-763">3.200% Senior Notes due 2029</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_900_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ThreePointTwoPercentNotesDue2029Member_zTPDWCEaFFy2"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ThreePointTwoPercentNotesDue2029Member" name="dei:TradingSymbol" id="ixv-764">PEP29</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ThreePointTwoPercentNotesDue2029Member_zEtwC1MtgsSc"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ThreePointTwoPercentNotesDue2029Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-765">The Nasdaq Stock Market LLC</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90A_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--OnePointOneTwoFivePercentNotesDue2031Member_zZyW9kGG8K73"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_OnePointOneTwoFivePercentNotesDue2031Member" name="dei:Security12bTitle" id="ixv-766">1.125% Senior Notes due 2031</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_903_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--OnePointOneTwoFivePercentNotesDue2031Member_zgpnTANxXaI9"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_OnePointOneTwoFivePercentNotesDue2031Member" name="dei:TradingSymbol" id="ixv-767">PEP31</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_903_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--OnePointOneTwoFivePercentNotesDue2031Member_z3aEyEVDDfcf"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_OnePointOneTwoFivePercentNotesDue2031Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-768">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span id="xdx_904_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointFourPercentNotesDue2032Member_z9Dsq3YP9G2i"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointFourPercentNotesDue2032Member" name="dei:Security12bTitle" id="ixv-769">0.400% Senior Notes due 2032</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointFourPercentNotesDue2032Member_zrM9tdD24gSd"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointFourPercentNotesDue2032Member" name="dei:TradingSymbol" id="ixv-770">PEP32</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_905_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointFourPercentNotesDue2032Member_zYMCvUHSu8ag"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointFourPercentNotesDue2032Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-771">The Nasdaq Stock Market LLC</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span id="xdx_90B_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2033Member_zWFNhnaYTpE7"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2033Member" name="dei:Security12bTitle" id="ixv-772">0.750% Senior Notes due 2033</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2033Member_zGyh9i06fcmb"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2033Member" name="dei:TradingSymbol" id="ixv-773">PEP33</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_902_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointSevenFivePercentNotesDue2033Member_zqLuB9TSlJug"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2033Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-774">The Nasdaq Stock Market LLC</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span id="xdx_90F_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ThreePointFiveFivePercentNotesDue2034Member_zuGrQLEvl8fg"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ThreePointFiveFivePercentNotesDue2034Member" name="dei:Security12bTitle" id="ixv-775">3.550% Senior Notes due 2034</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_906_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ThreePointFiveFivePercentNotesDue2034Member_zDg3hc4JpEW4"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ThreePointFiveFivePercentNotesDue2034Member" name="dei:TradingSymbol" id="ixv-776">PEP34</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_904_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ThreePointFiveFivePercentNotesDue2034Member_zfTMuUzy8uIj"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ThreePointFiveFivePercentNotesDue2034Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-777">The Nasdaq Stock Market LLC</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_909_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFiveNotesDue2039Member_zaV6NEoqzJpk"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFiveNotesDue2039Member" name="dei:Security12bTitle" id="ixv-778">0.875% Senior Notes due 2039</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><span id="xdx_90C_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFiveNotesDue2039Member_zWdCP5E2a2f6"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFiveNotesDue2039Member" name="dei:TradingSymbol" id="ixv-779">PEP39</ix:nonNumeric></span></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_90F_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--ZeroPointEightSevenFiveNotesDue2039Member_zrnFT8ABczmk"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFiveNotesDue2039Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-780">The Nasdaq Stock Market LLC</ix:nonNumeric></span></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span id="xdx_90E_edei--Security12bTitle_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--OnePointZeroFivePercentNotesDue2050Member_zQcjaevwBu33"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_OnePointZeroFivePercentNotesDue2050Member" name="dei:Security12bTitle" id="ixv-781">1.050% Senior Notes due 2050</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_904_edei--TradingSymbol_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--OnePointZeroFivePercentNotesDue2050Member_zv6ufds6kWF6"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_OnePointZeroFivePercentNotesDue2050Member" name="dei:TradingSymbol" id="ixv-782">PEP50</ix:nonNumeric></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span id="xdx_901_edei--SecurityExchangeName_c20240216__20240216__us-gaap--CapitalUnitsByClassAxis__custom--OnePointZeroFivePercentNotesDue2050Member_zVZHCjWrGfJ5"><ix:nonNumeric contextRef="From2024-02-162024-02-16_custom_OnePointZeroFivePercentNotesDue2050Member" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="ixv-783">The Nasdaq Stock Market LLC</ix:nonNumeric></span></td></tr>
  </table>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(33,29,30)">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 23%; font-size: 10pt"><span style="font-size: 10pt">Emerging growth company</span></td>
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</table>
<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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="text-align: justify; width: 97%">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </td>
  <td style="vertical-align: bottom; text-align: right; width: 3%"><span style="font-family: Wingdings">&#168;</span></td></tr>
</table>


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

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 8.01.</b></td><td><b>Other Events.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>Senior Notes Offering.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 12, 2024, PepsiCo, Inc. (&#8220;PepsiCo&#8221;)
announced an offering of $300,000,000 aggregate principal amount of Floating Rate Notes due 2027 (the &#8220;2027 Floating Rate Notes&#8221;),
$550,000,000 aggregate principal amount of 4.650% Senior Notes due 2027 (the &#8220;2027 Notes&#8221;), $450,000,000 aggregate principal
amount of 4.550% Senior Notes due 2029 (the &#8220;2029 Notes&#8221;) and $450,000,000 aggregate principal amount of 4.700% Senior Notes
due 2034 (the &#8220;2034 Notes,&#8221; and together with the 2027 Floating Rate Notes, 2027 Notes and 2029 Notes, the &#8220;Notes&#8221;),
each issued by PepsiCo Singapore Financing I Pte. Ltd. (the &#8220;Issuer&#8221;), a wholly owned subsidiary of PepsiCo. The Notes are
fully and unconditionally guaranteed by PepsiCo on a senior unsecured basis (the Notes, together with such guarantee, the &#8220;Securities&#8221;).
Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte., Mizuho Securities (Singapore) Pte. Ltd. and Morgan Stanley Asia (Singapore)
Pte. were joint book-running and joint lead managers for the offering of the Securities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer received net proceeds of approximately
$1,739 million, after deducting underwriting discounts and estimated offering expenses. The net proceeds will be used for PepsiCo&#8217;s
general corporate purposes, including the repayment of commercial paper.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Securities were offered and sold pursuant
to a Terms Agreement (the &#8220;Terms Agreement&#8221;) dated February&#160;12, 2024 (incorporating the PepsiCo Singapore Underwriting
Agreement Standard Provisions dated as of February&#160;12, 2024 (the &#8220;Standard Provisions&#8221;)) among the Issuer, PepsiCo and
the representatives of the several underwriters, under PepsiCo&#8217;s and the Issuer&#8217;s automatic shelf registration statement on
Form&#160;S-3 (File Nos. 333-277003 and 333-277003-01), filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on
February&#160;12, 2024 (the &#8220;Registration Statement&#8221;). PepsiCo and the Issuer have filed with the SEC a prospectus supplement,
dated February&#160;12, 2024, together with the accompanying prospectus, dated February&#160;12, 2024, relating to the offer and sale
of the Securities. The Securities were issued on February&#160;16, 2024 pursuant to an Indenture (the &#8220;Indenture&#8221;) dated as
of February&#160;12, 2024, among the Issuer, PepsiCo and U.S. Bank Trust Company, National Association, as Trustee. The following table
summarizes information about the Notes and the offering thereof.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 10pt; vertical-align: top">&#160;</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Floating Rate Notes<br/> due 2027</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">4.650% Senior Notes due 2027</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>4.550%
Senior Notes due 2029</b>&#160;</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>4.700%
Senior Notes due 2034</b>&#160;</p></td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 26%; font-size: 10pt; text-align: left">Aggregate Principal Amount Offered:</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 24%; font-size: 10pt; text-align: left">$300,000,000</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 15%; font-size: 10pt; text-align: left">$550,000,000</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 15%; font-size: 10pt; text-align: left">$450,000,000</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 15%; font-size: 10pt; text-align: left">$450,000,000</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; font-size: 10pt; text-align: left">Maturity Date:</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">February 16, 2027</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">February 16, 2027</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">February 16, 2029</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">February 16, 2034</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-size: 10pt; text-align: left">Interest Payment Dates:</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">Quarterly in arrears on each February 16, May 16, August 16 and November 16, commencing May 16, 2024</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Semi-annually in arrears on each February 16 and August 16, commencing August 16, 2024</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Semi-annually in arrears on each February 16 and August 16, commencing August 16, 2024</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Semi-annually in arrears on each February 16 and August 16, commencing August 16, 2024</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; font-size: 10pt; vertical-align: top">Coupon:</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Compounded SOFR plus 0.560%. The interest rate on the Floating Rate Notes due 2027 will in no event be lower than zero</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">4.650%</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">4.550%</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">4.700%</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font-size: 10pt; text-align: left">Compounded SOFR:</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">A compounded average of the daily Secured Overnight Financing Rate (&#8220;SOFR&#8221;) determined by reference to the SOFR Index for each quarterly interest period in accordance with the specific formula in the prospectus</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">&#8212;</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">&#8212;</td><td style="font-size: 10pt">&#160;</td>
    <td style="text-align: left; font-size: 10pt">&#8212;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="vertical-align: top; font-size: 10pt; text-align: left">Optional Redemption:</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#8212;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Prior to January 16, 2027, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after January 16, 2027</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Prior to January 16, 2029, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after January 16, 2029</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">Prior to November 16, 2033, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after November 16, 2033</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; vertical-align: top">Price to Public:</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">100.000%</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">99.967%</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">99.854%</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">99.803%</td>
    <td>&#160;</td></tr>
  </table>


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The above description of the Terms Agreement,
the Indenture and the Securities is qualified in its entirety by reference to the Terms Agreement, the Indenture and the forms of Notes.
Each of the Terms Agreement, the Standard Provisions and the forms of 2027 Floating Rate Note, 2027 Note, 2029 Note and 2034 Note is incorporated
by reference into the Registration Statement and is filed with this Current Report on Form&#160;8-K as Exhibit&#160;1.1, Exhibit&#160;1.2,
Exhibit&#160;4.1, Exhibit&#160;4.2, Exhibit&#160;4.3 and Exhibit&#160;4.4, respectively. The Board of Directors resolutions authorizing
the Issuer&#8217;s and PepsiCo&#8217;s officers to establish the terms of the Notes have been filed as Exhibit&#160;4.10 to the Registration
Statement. The Indenture has been filed as Exhibit&#160;4.5 to the Registration Statement. Opinions regarding the legality of the Notes
and guarantees thereof are incorporated by reference into the Registration Statement and are filed with this Current Report on Form&#160;8-K
as Exhibits 5.1, 5.2 and 5.3, respectively; and consents relating to such incorporation of such opinions are incorporated by reference
into the Registration Statement and are filed with this Current Report on Form&#160;8-K as Exhibits 23.1, 23.2 and 23.3 by reference to
their inclusion within Exhibits 5.1, 5.2 and 5.3, respectively.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 9.01.</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(d)&#8239;&#8239;&#8239;&#8239;Exhibits</b></p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex1-1.htm">1.1</a></td><td><a href="tm244508d6_ex1-1.htm">Terms Agreement dated February&#160;12, 2024 (incorporating the PepsiCo Singapore Underwriting Agreement Standard Provisions dated
as of February&#160;12, 2024) among the Issuer, PepsiCo and Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte., Mizuho
Securities (Singapore) Pte. Ltd. and Morgan Stanley Asia (Singapore) Pte., as Representatives of the several underwriters named therein.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="http://www.sec.gov/Archives/edgar/data/77476/000110465924013645/tm244508d2_ex1-4.htm" style="-sec-extract: exhibit">1.2</a></td><td><a href="http://www.sec.gov/Archives/edgar/data/77476/000110465924013645/tm244508d2_ex1-4.htm" style="-sec-extract: exhibit">PepsiCo Singapore Underwriting Agreement Standard Provisions dated as of February&#160;12, 2024 (incorporated by reference to Exhibit&#160;1.4
to the Issuer&#8217;s and PepsiCo&#8217;s Registration Statement on Form&#160;S-3 (File Nos. 333-277003 and 333-277003-01).</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex4-1.htm">4.1</a></td><td><a href="tm244508d6_ex4-1.htm">Form&#160;of Floating Rate Note due 2027.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex4-2.htm">4.2</a></td><td><a href="tm244508d6_ex4-2.htm">Form&#160;of 4.650% Senior Note due 2027.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex4-3.htm">4.3</a></td><td><a href="tm244508d6_ex4-3.htm">Form&#160;of 4.550% Senior Note due 2029.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex4-4.htm">4.4</a></td><td><a href="tm244508d6_ex4-4.htm">Form&#160;of 4.700% Senior Note due 2034.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex5-1.htm">5.1</a></td><td><a href="tm244508d6_ex5-1.htm">Opinion of Davis Polk&#160;&amp; Wardwell LLP.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex5-2.htm">5.2</a></td><td><a href="tm244508d6_ex5-2.htm">Opinion of Womble Bond Dickinson (US) LLP.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex5-3.htm">5.3</a></td><td><a href="tm244508d6_ex5-3.htm">Opinion of WongPartnership LLP.</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex5-1.htm">23.1</a></td><td><a href="tm244508d6_ex5-1.htm">Consent of Davis Polk&#160;&amp; Wardwell LLP (included in Exhibit&#160;5.1).</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex5-2.htm">23.2</a></td><td><a href="tm244508d6_ex5-2.htm">Consent of Womble Bond Dickinson (US) LLP (included in Exhibit&#160;5.2).</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in"><a href="tm244508d6_ex5-3.htm">23.3</a></td><td><a href="tm244508d6_ex5-3.htm">Consent of WongPartnership LLP (included in Exhibit&#160;5.3).</a></td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">104</td><td>The cover page&#160;from this Current Report on Form&#160;8-K, formatted in Inline XBRL.</td></tr></table>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: February&#160;16, 2024</span></td>
    <td colspan="3">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PepsiCo,&#160;Inc.</b></p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td colspan="2">
    <p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Cynthia A. Nastanski</p></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%"/>
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cynthia A. Nastanski</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td/>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Corporate Law and Deputy Corporate Secretary</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>tm244508d6_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;<B>Exhibit&nbsp;<FONT STYLE="text-transform: uppercase">1.1</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO
SINGAPORE FINANCING I PTE. LTD.<BR>
</B></FONT><I>Issuer<BR>
</I><FONT STYLE="font-size: 10pt"><B>PEPSICO,&nbsp;INC.<BR>
</B></FONT><I>Guarantor</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floating Rate Notes due 2027<BR>
4.650% Senior Notes due 2027<BR>
4.550% Senior Notes due 2029<BR>
4.700% Senior Notes due 2034</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February&nbsp;12, 2024</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</FONT></TD><TD>PEPSICO
                                            SINGAPORE FINANCING I PTE. LTD.<BR>
                                            PEPSICO,&nbsp;INC.<BR>
                                            c/o PepsiCo,&nbsp;Inc.<BR>
                                            700 Anderson Hill Road<BR>
                                            Purchase, New York 10577</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 0pt 0.5in; text-indent: -0.5in">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We understand that PEPSICO SINGAPORE FINANCING
I PTE. LTD. (the &ldquo;Issuer&rdquo;), a private company limited by shares incorporated under the laws of the Republic of Singapore,
proposes to issue and sell $300,000,000 of its Floating Rate Notes due 2027 (the &ldquo;2027 Floating Rate Notes&rdquo;), $550,000,000
of its 4.650% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), $450,000,000 of its 4.550% Senior Notes due 2029 (the &ldquo;2029
Notes&rdquo;) and $450,000,000 of its 4.700% Senior Notes due 2034 (the &ldquo;2034 Notes,&rdquo; and together with the 2027 Floating
Rate Notes, 2027 Notes and 2029 Notes, the &ldquo;Notes&rdquo;), which Notes are to be fully and unconditionally guaranteed by PEPSICO,
INC. (&ldquo;PepsiCo&rdquo;), a North Carolina corporation (the Notes, together with such guarantee, the &ldquo;Underwritten Securities&rdquo;),
subject to the terms and conditions stated herein and in the PepsiCo Singapore Underwriting Agreement Standard Provisions dated as of
February 12, 2024 incorporated by reference to Exhibit 1.4 to the Issuer&rsquo;s and PepsiCo&rsquo;s Registration Statement on Form S-3
(File Nos. 333-277003 and 333-277003-01) filed with the Securities and Exchange Commission on February 12, 2024 (the &ldquo;Standard
Provisions&rdquo;). Each of the applicable provisions in the Standard Provisions (including defined terms) is incorporated herein by
reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth
in full herein. We, the underwriters named below (the &ldquo;Underwriters&rdquo;), offer to purchase, severally and not jointly, the
amount of Underwritten Securities opposite our names set forth below at a purchase price equal to 99.820% of the principal amount thereof
for the 2027 Floating Rate Notes, 99.787% of the principal amount thereof for the 2027 Notes, 99.554% of the principal amount thereof
for the 2029 Notes and 99.403% of the principal amount thereof for the 2034 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Underwriters</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2027 Floating
    Rate Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2027 Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2029 Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2034 Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">Deutsche Bank AG, Singapore
    Branch&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">60,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">110,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">Goldman Sachs (Singapore) Pte.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">110,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">Mizuho Securities (Singapore) Pte. Ltd.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">110,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">Morgan Stanley Asia (Singapore) Pte.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">60,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">110,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">BNP Paribas Securities Corp. &#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">HSBC Securities (USA) Inc. &#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">Barclays Capital Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">BBVA Securities Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">TD Securities (USA) LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">RBC Capital Markets, LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -22.3pt; padding-left: 23.75pt">SG Americas Securities, LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -22.3pt; padding-left: 23.75pt">U.S. Bancorp Investments,
    Inc.&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-indent: -30.25pt; padding-left: 63.35pt">Total&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">300,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">550,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">450,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">450,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the purchase price for the Underwritten
Securities shall be net of $336,960 of GST charged by the GST-registered Underwriters as follows, such amount being the prevailing GST
rate of 9% multiplied by the difference (with respect to each of the Underwritten Securities set forth opposite each GST-registered Underwriter&rsquo;s
name above) between the price to the public as set forth below and the purchase price of the Underwritten Securities as set forth above:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><B>GST-Registered Underwriters</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount
    of GST Charged</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 77%; font-size: 10pt; text-align: left">Deutsche Bank AG, Singapore Branch&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">84,240</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Goldman Sachs (Singapore) Pte.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,240</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Mizuho Securities (Singapore) Pte. Ltd.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,240</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Morgan Stanley Asia (Singapore) Pte.&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">84,240</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -30.25pt; padding-left: 63.35pt">Total&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">336,960</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sec</FONT>tion&nbsp;9(f)&nbsp;of
the Standard Provisions shall apply to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of Section&nbsp;21 of the Standard
Provisions, the identified provisions are: (i)&nbsp;the fifth paragraph of text under the caption &ldquo;Underwriting&rdquo; in such
preliminary prospectus, Time of Sale Prospectus and the Prospectus; (ii)&nbsp;the third sentence of the seventh paragraph of text under
the caption &ldquo;Underwriting&rdquo; in such preliminary prospectus, Time of Sale Prospectus and the Prospectus; (iii)&nbsp;the eighth
paragraph of text under the caption &ldquo;Underwriting&rdquo; in such preliminary prospectus, Time of Sale Prospectus and the Prospectus;
and (iv)&nbsp;the eleventh and twelfth paragraphs of text under the caption &ldquo;Underwriting&rdquo; in such preliminary prospectus,
Time of Sale Prospectus and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned are acting as the &ldquo;Representative&rdquo;
under the Standard Provisions (the &ldquo;Representatives&rdquo;). The Representatives represent and warrant that they are duly authorized
to execute and deliver this Terms Agreement on behalf of the several Underwriters named above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
signature </FONT>of any signatory to this Agreement may be manual or facsimile (including, for the avoidance of doubt, electronic).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
</FONT>Underwritten Securities and the offering thereof shall have the following additional terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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-right: 5.4pt; padding-left: 5.4pt">Issuer:</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">PepsiCo
    Singapore Financing I Pte. Ltd. (the &ldquo;Issuer&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Guarantor:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">PepsiCo,
    Inc. (&ldquo;PepsiCo&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Trade
    Date:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">February
    12, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Time
    of Sale:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4:00
    P.M. New York time on the Trade Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Settlement
    Date (T+4):</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">February
    16, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Closing
    Time:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">9:00
    A.M. New York time on the Settlement Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Closing
    Location:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">New
    York, New York</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Time
    of Sale Prospectus:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Base
    prospectus dated February 12, 2024, preliminary prospectus supplement dated February 12, 2024 and free writing prospectus dated February
    12, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 18%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Title
    of Securities:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 22%; border-bottom: Black 1pt solid; padding-left: 5.4pt">Floating
    Rate Notes due 2027</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.650%
    Senior Notes due 2027</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.550%
    Senior Notes due 2029</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.700%
    Senior Notes due 2034</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Guarantee:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">The
    Notes will be fully and unconditionally guaranteed on a senior unsecured basis by PepsiCo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Aggregate
    Principal Amount Offered:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">$300,000,000</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">$550,000,000</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">$450,000,000</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">$450,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Maturity
    Date:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">February 16,
    2027</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">February 16,
    2027</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">February 16,
    2029</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">February 16,
    2034</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Interest
    Payment Dates:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Quarterly in
    arrears on each February 16, May 16, August 16 and November 16, commencing May 16, 2024</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Semi-annually
    in arrears on each February 16 and August 16, commencing August 16, 2024</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Semi-annually
    in arrears on each February 16 and August 16, commencing August 16, 2024</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Semi-annually
    in arrears on each February 16 and August 16, commencing August 16, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Benchmark
    Treasury:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.125% due<BR>
    February 15, 2027</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.000% due<BR>
    January 31, 2029</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.000% due<BR>
    February 15, 2034</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Benchmark
    Treasury Yield:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.262%</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.133%</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.175%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">Spread
    to Treasury:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase">+</FONT>40
    basis points</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase">+45
    </FONT>basis points</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase">+55
    </FONT>basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Re-offer Yield:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&mdash;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">4.662%</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">4.583%</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">4.725%</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; width: 18%; padding-left: 5.4pt">Coupon:</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">Compounded
    SOFR plus 0.560%. The interest rate on the Floating Rate Notes due 2027 will in no event be lower than zero</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.650%</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.550%</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; width: 22%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">4.700%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-indent: -0.125in; padding-right: 5.4pt; padding-left: 0.25in; width: 18%"><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-right: 5.4pt; padding-left: 5.4pt; width: 22%"><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 2027 for each interest period will be calculated by the calculation
    agent and will be equal to the product of (i)&nbsp;the outstanding principal amount of the Floating Rate Notes due 2027 multiplied
    by (ii)&nbsp;the product of (a)&nbsp;the interest rate for the relevant interest period multiplied by (b)&nbsp;the quotient of the
    actual number of calendar days in the relevant Observation Period divided by 360. See &ldquo;Description of Debt Securities &mdash;
    Floating Rate Notes &thinsp;&mdash;&thinsp; Compounded SOFR&rdquo; in the prospectus </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><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-right: 5.4pt; padding-left: 5.4pt; width: 20%"><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-right: 5.4pt; padding-left: 5.4pt; width: 20%"><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; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compounded
    SOFR:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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 Debt Securities &mdash;
    Floating Rate Notes &thinsp;&mdash;&thinsp; Compounded SOFR&rdquo; in the prospectus </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><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; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    to Public:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.000%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">99.967%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">99.854%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">99.803%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -0.125in; padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional
    Redemption:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to January&nbsp;16, 2027, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after January&nbsp;16,
    2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to January&nbsp;16, 2029, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after January&nbsp;16,
    2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to November&nbsp;16, 2033, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after November&nbsp;16,
    2033</FONT></TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; text-indent: -0.125in; padding-right: 5.4pt; padding-left: 0.25in">Redemption for Tax Reasons:</TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt">In
    the event of developments affecting taxation described in the prospectus under &ldquo;Description of Debt Securities &mdash; Additional
    Provisions Applicable to Debt Securities Issued Under the PepsiCo Singapore Indenture &mdash; Redemption for Tax Reasons,&rdquo;
    the Issuer will have the right, at its option, to redeem the notes of a series, in whole but not in part, at any time upon giving
    prior notice, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, to, but excluding, the
    date of redemption.</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Substitution
    of PepsiCo as Issuer:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">PepsiCo
    has the right, at its option at any time, without the consent of any holders of any series of notes, to be substituted for, and assume
    the obligations of, the Issuer under any series of the notes that is then outstanding under the indenture if, immediately after giving
    effect to such substitution, no event of default, and no event which, after notice or lapse of time or both, would become an event
    of default, has occurred and is continuing (other than a default or event of default that would be cured by such substitution), provided
    that PepsiCo executes a supplemental indenture in which it agrees to be bound by the terms of each such series of notes and the indenture.</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-right: 5.4pt; width: 18%; padding-left: 0.25in; text-indent: -11.15pt">Net
    Proceeds to the Issuer (Before Expenses):</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 22%; border-bottom: Black 1pt solid; padding-left: 5.4pt">$299,460,000</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-bottom: Black 1pt solid; padding-left: 5.4pt">$548,828,500</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-bottom: Black 1pt solid; padding-left: 5.4pt">$447,993,000</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 20%; border-bottom: Black 1pt solid; padding-left: 5.4pt">$447,313,500</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Use
    of Proceeds:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">The
    net proceeds from this offering are intended for PepsiCo&rsquo;s general corporate purposes, including the repayment of commercial
    paper.</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-right: 5.4pt; padding-left: 0.25in; text-indent: -0.15in">Day
    Count Fraction:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Actual/360</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">30/360</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">30/360</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">30/360</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">CUSIP
    / ISIN:</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">713466AE0 /
    US713466AE09</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">713466AA8 /
    US713466AA86</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">713466AB6 /
    US713466AB69</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">713466AD2 /
    US713466AD26</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Minimum
    Denomination:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">$2,000
    and integral multiples of $1,000</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Joint
    Book-Running and Joint Lead Managers:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Deutsche
    Bank AG, Singapore Branch<BR>
    Goldman Sachs (Singapore) Pte.<BR>
    Mizuho Securities (Singapore) Pte. Ltd.<BR>
    Morgan Stanley Asia (Singapore) Pte.</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Senior
    Co-Managers:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">Barclays
    Capital Inc.<BR>
    BBVA Securities Inc.&#9;<BR>
    BNP Paribas Securities Corp.<BR>
    HSBC Securities (USA) Inc.<BR>
    TD Securities (USA) LLC&#9;</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Co-Managers:</TD>
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; border-bottom: Black 1pt solid; padding-left: 5.4pt">RBC
    Capital Markets, LLC<BR>
    SG Americas Securities, LLC<BR>
    U.S. Bancorp Investments, Inc.&#9;</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-right: 5.4pt; padding-left: 0.25in; text-indent: -11.15pt">Address
    for Notices to the Representatives:</TD>
    <TD COLSPAN="4" STYLE="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">Deutsche Bank AG, Singapore Branch<BR>
    One Raffles Quay<BR>
    #17-00 South Tower<BR>
    Singapore 048583</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">Goldman Sachs (Singapore) Pte.<BR>
    1 Raffles Link<BR>
    #07-01 South Lobby<BR>
    Singapore 039393<BR>
    Attn: Global Banking &amp; Markets</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">Mizuho Securities (Singapore) Pte. Ltd.<BR>
    12 Marina View<BR>
    #08-02 Asia Square Tower 2<BR>
    Singapore 018961</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">Morgan Stanley Asia (Singapore) Pte.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">23 Church Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">#16-01 Capital Square</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore 049481</P></TD></TR>
  </TABLE>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS </FONT>WHEREOF, the parties hereto have executed this Terms Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEPSICO SINGAPORE FINANCING I PTE. LTD.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    James T. Caulfield</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Name:&#9;James T. Caulfield</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Title:&#9;Authorized Signatory</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ada Cheng</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Name:&#9;Ada Cheng</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Title:&#9;Authorized Signatory</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">&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="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEPSICO,&nbsp;INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    James T. Caulfield</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Name:&#9;James T. Caulfield</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Title:&#9;Executive Vice President
    and Chief Financial Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ada Cheng</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Name:&#9;Ada Cheng</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Title:&#9;Senior Vice President,
    Finance and Treasurer</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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DEUTSCHE BANK AG, SINGAPORE BRANCH<BR>
GOLDMAN SACHS (SINGAPORE) PTE.<BR>
MIZUHO SECURITIES (SINGAPORE) PTE. LTD.<BR>
MORGAN STANLEY ASIA (SINGAPORE) PTE.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEUTSCHE BANK AG, SINGAPORE BRANCH</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Adhit Shetty</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adhit Shetty</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Gabriel Pang</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabriel Pang</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOLDMAN SACHS (SINGAPORE) PTE.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Andy Tai</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andy Tai&nbsp;</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MIZUHO SECURITIES (SINGAPORE) PTE. LTD.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Shaun Horton</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shaun Horton</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MORGAN STANLEY ASIA (SINGAPORE) PTE.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Vijay Vaidyanathan</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vijay Vaidyanathan</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Preliminary Prospectus dated February&nbsp;12, 2024 (including the Base
                                            Prospectus dated February&nbsp;12, 2024)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Any free writing prospectuses approved by the Representatives and filed
                                            by the Issuer and PepsiCo under Rule&nbsp;433(d)&nbsp;under the Securities Act</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Final Term Sheet dated February&nbsp;12, 2024 to be filed by the Issuer
                                            and PepsiCo pursuant to Rule&nbsp;433 under the Securities Act setting forth certain terms
                                            of the Underwritten Securities</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; text-align: center"></P>

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

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm244508d6_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART&nbsp;FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (&ldquo;<B>DTC</B>&rdquo;) TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT>&nbsp;R-</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B>&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;713466AE0</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN US713466AE09</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; text-align: center"><B>PEPSICO SINGAPORE FINANCING I PTE. LTD.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEPSICO
SINGAPORE FINANCING I PTE. LTD., </FONT>a private company limited by shares incorporated under the laws of the Republic of Singapore (herein
called the &ldquo;<B>Issuer</B>,&rdquo; which term includes any successor corporation under the Indenture referred to on the reverse hereof),
for value received, hereby promises to pay to Cede&nbsp;&amp; Co. or registered assigns, the principal sum of $&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
February&nbsp;16, 2027, and to pay interest on said principal sum from February&nbsp;16, 2024, or from the most recent Floating Rate Interest
Payment Date (as defined below) to which interest has been paid or duly provided for, quarterly in arrears on February&nbsp;16, May&nbsp;16,
August&nbsp;16 and November&nbsp;16 in each year, commencing May&nbsp;16, 2024 (each, a &ldquo;<B>Floating Rate Interest Payment Date</B>&rdquo;),
at a floating rate per annum equal to Compounded SOFR (as defined on the reverse hereof) plus 0.560% until payment
of the principal sum has been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Floating
Rate Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Record Date for such Floating Rate Interest Payment Date, which shall be the
February&nbsp;2, May&nbsp;2, August&nbsp;2 and November&nbsp;2, as the case may be (whether or not a Business Day), next preceding such
Floating Rate Interest Payment Date (except that interest payable on the maturity date shall be paid to the Person to whom the principal
hereof is payable). Interest on this Note will be computed on the basis of a 360-day year and the actual number of days in the Observation
Period (as defined on the reverse hereof). Any such interest that is payable but is not so punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holder on such Record Date, and may either be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Notes may be listed and upon such notice as may be required by such exchange, if such manner of payment shall be deemed practical
by the Trustee, all as more fully provided in the Indenture. This Note is entitled to the benefit of the Guarantee (as defined on the
reverse hereof) of PEPSICO,&nbsp;INC., a corporation in existence under the laws of the State of North Carolina (&ldquo;<B>PepsiCo</B>&rdquo;),
as Guarantor (as defined on the reverse hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any Floating Rate Interest Payment Date falls
on a day that is not a Business Day, the Issuer will make the interest payment on the next succeeding Business Day, unless that Business
Day is in the next succeeding calendar month, in which case (other than in the case of the maturity date) the Issuer will make the interest
payment on the immediately preceding Business Day. If an interest payment is made on the next succeeding Business Day, no interest will
accrue as a result of the delay in payment. If the date of any payment of principal (including the maturity date) for this Note falls
on a day that is not a Business Day, the payment due on such date will be postponed to the next succeeding Business Day, and no further
interest will accrue in respect of such postponement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On each Interest Payment Determination Date (as
defined on the reverse hereof) relating to the applicable Floating Rate Interest Payment Date, the calculation agent will calculate the
amount of accrued interest payable on the Notes for each interest period in accordance with the applicable calculation agency agreement
by multiplying (i)&nbsp;the outstanding principal amount of the Notes by (ii)&nbsp;the product of (a)&nbsp;the interest rate for the relevant
interest period multiplied by (b)&nbsp;the quotient of the actual number of calendar days in such Observation Period divided by 360. In
no event will the interest rate on the Notes be less than zero.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The term &ldquo;<B>interest period</B>,&rdquo;
with respect to this Note, means the period from and including any Floating Rate Interest Payment Date (or, with respect to the initial
interest period only, commencing on February&nbsp;16, 2024) to, but excluding, the next succeeding Floating Rate Interest Payment Date,
and in the case of the last such period, from and including the Floating Rate Interest Payment Date immediately preceding the maturity
date to, but excluding, the maturity 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; text-indent: 0.25in">The interest rate for any interest period will
not be adjusted for any modifications or amendments to the SOFR Index or SOFR (each, as defined on the reverse hereof) data that the Federal
Reserve Bank of New York may publish after the interest rate for that interest period has been determined.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the principal of and interest on this
Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payments of interest may be made at the option of the Issuer by funds transmitted
to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, each of the Issuer and the
Guarantor has caused this instrument to be duly executed by manual or facsimile signature.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________, 2024</FONT></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt"><B>PEPSICO SINGAPORE FINANCING I
    PTE. LTD.,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.15pt; text-indent: -12.5pt"><I>as Issuer</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;James T. Caulfield</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Signatory</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;Ada Cheng</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Signatory</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO,&nbsp;INC.,<BR>
</B></FONT><I>as Guarantor</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;James T. Caulfield</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;Ada Cheng</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Officer</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note is one of a duly authorized issue of
debentures, notes or other evidences of indebtedness of the Issuer (herein called the &ldquo;<B>Securities</B>&rdquo;), issued and to
be issued in one or more series under an Indenture, dated as of February&nbsp;12, 2024 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
among the Issuer, the Guarantor and U.S. Bank Trust Company, National Association, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities,
the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein
and not otherwise defined herein. The Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at
different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Issuer designated as set forth on the face hereof
(herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $300,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note is entitled to the benefit of a full
and unconditional guarantee (the &ldquo;<B>Guarantee</B>&rdquo;) by PepsiCo, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;) for the
benefit of the Holders in accordance with Article&nbsp;14 of the Indenture. The Guarantor has the right, at its option at any time, without
the consent of any Holder, to be substituted for, and assume the obligations of, the Issuer under the Notes, as described in Section&nbsp;8.03
of the Indenture. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantor, the Trustee and the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Compounded SOFR</B>&rdquo; will be determined
by the calculation agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the
nearest one hundred-thousandth of a percentage point):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 13.5pt"><IMG SRC="tm244508d6_ex4-1img001.jpg" ALT="" STYLE="height: 45px; width: 171px"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">where:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>SOFR
Index</B></FONT><B><FONT STYLE="font-size: 10pt"><SUB>Start</SUB></FONT></B>&rdquo; = For periods other than the initial interest period,
the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial interest period, the SOFR Index value
on February&nbsp;14, 2024;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>SOFR
Index</B></FONT><B><FONT STYLE="font-size: 10pt"><SUB>End</SUB></FONT></B>&rdquo; = The SOFR Index value on the Interest Payment Determination
Date relating to the applicable Floating Rate Interest Payment Date (or in the final interest period, relating to the maturity date);
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>d</B></FONT><B><FONT STYLE="font-size: 10pt"><SUB>c</SUB></FONT></B>&rdquo;
is the number of calendar days in the relevant Observation Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of determining Compounded SOFR:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Interest Payment Determination Date</B>&rdquo;
means the date two UST Business Days (as defined herein) before each Floating Rate Interest Payment Date (or in the final interest period,
before the maturity 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Observation Period</B>&rdquo; means,
in respect of each interest period, the period from, and including, the date two UST Business Days preceding the first date in such interest
period to, but excluding, the date two UST Business Days preceding the Floating Rate Interest Payment Date for such interest period (or
in the final interest period, preceding the maturity date).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>SOFR Index</B>&rdquo; means, with respect
to any UST Business Day, the SOFR Index value as published by the SOFR Administrator (as defined herein) as such index appears on the
SOFR Administrator&rsquo;s Website (as defined herein) at 3:00 p.m.&nbsp;(New York time) on such UST Business Day (the &ldquo;<B>SOFR
Index Determination Time</B>&rdquo;); <I>provided</I> that if a SOFR Index value does not so appear at the SOFR Index Determination Time,
then (i)&nbsp;if a Benchmark Transition Event (as defined herein) and its related Benchmark Replacement Date (as defined herein) have
not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the SOFR Index unavailability provisions
described below; or (ii)&nbsp;if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to
SOFR, then Compounded SOFR shall be the rate determined pursuant to the benchmark replacement provisions described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>SOFR</B>&rdquo; means the daily secured
overnight financing rate as provided by the SOFR Administrator on the SOFR Administrator&rsquo;s Website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>SOFR Administrator</B>&rdquo; means
the Federal Reserve Bank of New York (or a successor administrator of SOFR).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>SOFR Administrator&rsquo;s Website</B>&rdquo;
means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>UST Business Day</B>&rdquo; means any
day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed
income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding anything to the contrary in the
Indenture or this Note, if the Issuer or its designee determines on or prior to the relevant Reference Time (as defined herein) that a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then
the benchmark replacement provisions set forth below will thereafter apply to all determinations of the rate of interest payable on the
Notes. For the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred, the interest rate for each interest period on the Notes will be an annual rate equal
to the sum of the Benchmark Replacement (as defined herein) and the applicable margin as set forth on the front of this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a SOFR Index</FONT><FONT STYLE="font-size: 10pt"><SUB>Start</SUB></FONT> or SOFR Index<FONT STYLE="font-size: 10pt"><SUB>End</SUB></FONT>
is not published on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related Benchmark Replacement
Date have not occurred with respect to SOFR, &ldquo;Compounded SOFR&rdquo; means, for the applicable interest period for which such index
is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages,
and definitions required for such formula, published on the SOFR Administrator&rsquo;s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information.
For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to &ldquo;calculation
period&rdquo; shall be replaced with &ldquo;Observation Period&rdquo; and the words &ldquo;that is, 30-, 90-, or 180- calendar days&rdquo;
shall be removed. If SOFR does not so appear for any day &ldquo;<I>i</I>&rdquo; in the Observation Period, SOFR<FONT STYLE="font-size: 10pt"><SUB>i</SUB></FONT>
for such day &ldquo;<I>i</I>&rdquo; shall be SOFR published in respect of the first preceding UST Business Day for which SOFR was published
on the SOFR Administrator&rsquo;s Website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Issuer or its designee determines that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the relevant Reference Time in respect
of any determination of the Benchmark (as defined herein) on any date, the Benchmark Replacement will replace the then-current Benchmark
for all purposes relating to the Notes in respect of such determination on such date and all determinations on all subsequent dates. In
connection with the implementation of a Benchmark Replacement, the Issuer or its designee will have the right to make Benchmark Replacement
Conforming Changes (as defined herein) from time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any determination, decision or election that may
be made by the Issuer or its designee pursuant to the benchmark replacement provisions described herein, including any determination with
respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take
or refrain from taking any action or any selection, will be conclusive and binding absent manifest error; if made by the Issuer, will
be made in its sole discretion; if made by the Issuer&rsquo;s designee, will be made after consultation with the Issuer, and such designee
will not make any such determination, decision or election to which the Issuer objects; and notwithstanding anything to the contrary in
the Indenture or this Note, shall become effective without consent from Holders of the Notes or any other party.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any determination, decision or election pursuant
to the benchmark replacement provisions shall be made by the Issuer or its designee (which may be the Issuer&rsquo;s affiliate) on the
basis as described above. The calculation agent shall have no obligation to make, and shall have no liability with respect to, any such
determination, decision or election.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Benchmark</B>&rdquo; means, initially,
Compounded SOFR; <I>provided</I> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then &ldquo;Benchmark&rdquo;
means the applicable Benchmark Replacement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Benchmark Replacement</B>&rdquo; means
the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Benchmark Replacement
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; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of: (1)&nbsp;an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body (as defined herein)
as the replacement for the then-current Benchmark and (2)&nbsp;the Benchmark Replacement Adjustment (as defined herein);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of: (1)&nbsp;the ISDA Fallback Rate (as defined herein) and (2)&nbsp;the Benchmark Replacement Adjustment; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
sum of: (1)&nbsp;the alternate rate of interest that has been selected by the Issuer or its designee as the replacement for the then-current
Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S.
dollar denominated floating rate notes at such time and (2)&nbsp;the Benchmark Replacement Adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Benchmark Replacement Adjustment</B>&rdquo;
means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Benchmark Replacement
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; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment,
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement (as defined
herein);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment (as defined herein);
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer or its designee giving due
consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at
such time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Benchmark Replacement Conforming Changes</B>&rdquo;
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions
or interpretations of interest period, the timing and frequency of determining rates and making payments of interest, the rounding of
amounts or tenors, and other administrative matters) that the Issuer or its designee decides may be appropriate to reflect the adoption
of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Issuer or its designee decides that
adoption of any portion of such market practice is not administratively feasible or if the Issuer or its designee determines that no market
practice for use of the Benchmark Replacement exists, in such other manner as the Issuer or its designee determines is reasonably practicable).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Benchmark Replacement Date</B>&rdquo;
means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component
used in the calculation thereof):</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause (a)&nbsp;or (b)&nbsp;of the definition of &ldquo;Benchmark Transition Event,&rdquo; the later of (i)&nbsp;the date
of the public statement or publication of information referenced therein and (ii)&nbsp;the date on which the administrator of the Benchmark
permanently or indefinitely ceases to provide the Benchmark (or such component); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of clause (c)&nbsp;of the definition of &ldquo;Benchmark Transition Event,&rdquo; the date of the public statement or publication
of information referenced therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the avoidance of doubt, if the event giving
rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. For the avoidance of
doubt, for purposes of the definition of &ldquo;Benchmark Replacement Date,&rdquo; references to &ldquo;Benchmark&rdquo; also include
any reference rates underlying such Benchmark.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Benchmark Transition Event</B>&rdquo;
means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published
component used in the calculation thereof):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that
such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, <I>provided</I>
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or
such component);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component),
the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator
for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component),
which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component)
permanently or indefinitely, <I>provided</I> that, at the time of such statement or publication, there is no successor administrator that
will continue to provide the Benchmark (or such component); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the avoidance of doubt, for purposes of the
definition of &ldquo;Benchmark Transition Event,&rdquo; references to &ldquo;Benchmark&rdquo; also include any reference rates underlying
such Benchmark.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>ISDA Definitions</B>&rdquo; means the
2006 ISDA Definitions published by the International Swaps and Derivatives Association,&nbsp;Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>ISDA Fallback Adjustment</B>&rdquo;
means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>ISDA Fallback Rate</B>&rdquo; means
the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index
cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Reference Time</B>&rdquo; with respect
to any determination of the Benchmark means (1)&nbsp;if the Benchmark is Compounded SOFR, the SOFR Index Determination Time and (2)&nbsp;if
the Benchmark is not Compounded SOFR, the time determined by the Issuer or its designee in accordance with the Benchmark Replacement Conforming
Changes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Relevant Governmental Body</B>&rdquo;
means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal
Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Unadjusted Benchmark Replacement</B>&rdquo;
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The interest rate and amount of interest to be
paid on this Note for each interest period will be determined by the calculation agent in accordance with the applicable calculation agency
agreement. All determinations made by the calculation agent shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Issuer and the Holders of the Notes. So long as Compounded SOFR is required to be determined with respect to the Notes,
there will at all times be a calculation agent. U.S. Bank Trust Company, National Association will act as calculation agent initially.
In the event that any then-acting calculation agent shall be unable or unwilling to act, or that such calculation agent shall fail duly
to establish Compounded SOFR for any interest period, or the Issuer proposes to remove such calculation agent, the Issuer shall appoint
another calculation agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the Trustee, the Paying Agent, the Securities
Registrar or the calculation agent shall be under any obligation (i)&nbsp;to monitor, determine or verify the unavailability or cessation
of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of,
any Benchmark Transition Event or related Benchmark Replacement Date, (ii)&nbsp;to select, determine or designate any Benchmark Replacement,
or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied,
(iii)&nbsp;to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index,
or (iv)&nbsp;to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with
any of the foregoing. In connection with the foregoing, each of the Trustee, the Paying Agent, the Securities Registrar and the calculation
agent shall be entitled to conclusively rely on any determinations made by the Issuer or its designee without independent investigation,
and none will have any liability for actions taken at the direction of the Issuer in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of the Trustee, the Paying Agent, the Securities
Registrar or the calculation agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth
herein as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any
failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice
or information required or contemplated herein and reasonably required for the performance of such duties. In connection with any determinations
made hereunder, none of the Trustee, the Paying Agent, the Securities Registrar or the calculation agent shall be responsible or liable
for actions or omissions of the Issuer or its designee, or for any failure or delay in the performance by the Issuer or its designee,
nor shall any of the Trustee, the Paying Agent, the Securities Registrar or the calculation agent be under any obligation to oversee or
monitor the performance of the Issuer or its designee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the circumstances described in Section&nbsp;11.09
of the Indenture, the Issuer will have the right, at its option, to redeem the Notes prior to maturity, in whole but not in part, at any
time upon giving prior notice, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, to, but
excluding, 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; text-indent: 0.25in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article&nbsp;11 of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the Guarantor and the rights of the Holders of the Securities of any series under the Indenture at any time by the Issuer,
the Guarantor and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time
Outstanding of each series to be affected by such amendment or modification (voting together as a single class). The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of the Securities of each affected series at the time Outstanding</FONT>
(voting together as a single class) to waive compliance by the Issuer and the Guarantor with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture contains provisions setting forth
certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default with respect to the Notes
shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner
and with the effect provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration
of transfer at the office or agency of the Issuer in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer
in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes are issuable only in registered form
without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different
authorized denominations as requested by the Holder surrendering the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No service charge shall be made for any such registration
or transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the presentment of this Note for registration
of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice
to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.
The signature of any officer or authorized signatory on this Note may be manual or facsimile (including, for the avoidance of doubt, electronic).
The Issuer, the Guarantor and the Trustee, and each Holder of this Note by its acceptance hereof, acknowledge that for purposes of the
Indenture, manually affixing a signature by electronic means shall constitute a manual signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s)&nbsp;and transfer(s)&nbsp;unto ____________________________________________</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">[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PLEASE PRINT OR TYPE NAME AND ADDRESS,&nbsp;INCLUDING ZIP CODE, OF
ASSIGNEE]</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 within Note and all rights thereunder, hereby irrevocably constituting
and appointing _________________________ attorney to transfer such Note on the books of the Issuer, with full power of substitution in
the premises.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration
or enlargement or any change whatsoever.</P>

<P STYLE="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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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>tm244508d6_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
    <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>[Form&nbsp;of
4.650% Senior Note due 2027]</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
    PART&nbsp;FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY&nbsp;NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY
    (&ldquo;<B>DTC</B>&rdquo;) TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC, OR BY DTC OR ANY SUCH NOMINEE
    TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT>&nbsp;R-</TD>
    <TD STYLE="width: 51%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B>&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;713466AA8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN US713466AA86</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; text-align: center"><B>PEPSICO SINGAPORE FINANCING I PTE. LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.650% SENIOR NOTE DUE 2027</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEPSICO
SINGAPORE FINANCING I PTE. LTD., </FONT>a private company limited by shares incorporated under the laws of the Republic of Singapore
(herein called the &ldquo;<B>Issuer</B>,&rdquo; which term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to Cede&nbsp;&amp; Co. or registered assigns, the principal sum of
$&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
February&nbsp;16, 2027, and to pay interest on said principal sum semi-annually on February&nbsp;16 and August&nbsp;16 of
each year, commencing August&nbsp;16, 2024, at the rate of 4.650% per annum from February&nbsp;16, 2024, or from the most recent
date in respect of which interest has been paid or duly provided for, until payment of the principal sum has been made or duly
provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of
business on the Record Date for such Interest Payment Date, which shall be the February&nbsp;2 and August&nbsp;2 (whether or not a
Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier
than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange,
if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture. This Note is
entitled to the benefit of the Guarantee (as defined on the reverse hereof) of PEPSICO,&nbsp;INC., a corporation in existence under
the laws of the State of North Carolina (&ldquo;<B>PepsiCo</B>&rdquo;), as Guarantor (as defined on the reverse hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the principal of and interest on this
Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payments of interest may be made at the option of the Issuer by funds transmitted
to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, each of the Issuer and the
Guarantor has caused this instrument to be duly executed by manual or facsimile signature.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________, 2024</FONT></TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-indent: -12.25pt"><B>PEPSICO SINGAPORE FINANCING I
    PTE. LTD.,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.15pt; text-indent: -12.5pt"><I>as Issuer</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;James T. Caulfield</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Signatory</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;Ada Cheng</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Signatory</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO,&nbsp;INC.,<BR>
</B></FONT><I>as Guarantor</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;James T. Caulfield</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Officer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:&#9;Ada Cheng</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:&#9;Authorized Officer</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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.650% SENIOR NOTE DUE 2027</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (herein called the &ldquo;<B>Securities</B>&rdquo;),
issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;12, 2024 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
among the Issuer, the Guarantor and U.S. Bank Trust Company, National Association, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities,
the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein
and not otherwise defined herein.</FONT> The Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at
different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Issuer designated as set forth on the face hereof
(herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $550,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note is entitled to the benefit of a full
and unconditional guarantee (the &ldquo;<B>Guarantee</B>&rdquo;) by PepsiCo, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;) for the
benefit of the Holders in accordance with Article&nbsp;14 of the Indenture. The Guarantor has the right, at its option at any time, without
the consent of any Holder, to be substituted for, and assume the obligations of, the Issuer under the Notes, as described in Section&nbsp;8.03
of the Indenture. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantor, the Trustee and the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes shall be redeemable as a whole or in
part, at the Issuer&rsquo;s option, at any time and from time to time prior to January&nbsp;16, 2027 (one month prior to the maturity
date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price (expressed as a percentage of principal amount and rounded
to three decimal places) equal to the greater of (i)&nbsp;100% of the principal amount of such Notes being redeemed and (ii)&nbsp;(a)&nbsp;the
sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming for such purpose that the Notes
matured on the Par Call Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 10 basis points less (b)&nbsp;interest accrued to the date of redemption, 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; text-indent: 0.25in">The Notes shall be redeemable as a whole or in
part, at the Issuer&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price equal to 100%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Treasury Rate</B>&rdquo; means, with
respect to any Redemption Date, the yield determined by the Issuer in accordance with the following two paragraphs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Treasury Rate shall be determined by the Issuer
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as &ldquo;Selected Interest Rates (Daily)&mdash;H.15&rdquo; (or any successor designation or publication) (&ldquo;<B>H.15</B>&rdquo;)
under the caption &ldquo;U.S. government securities&mdash;Treasury constant maturities&mdash;Nominal&rdquo; (or any successor caption
or heading) (&ldquo;<B>H.15 TCM</B>&rdquo;). In determining the Treasury Rate, the Issuer shall select, as applicable: (1)&nbsp;the yield
for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the &ldquo;<B>Remaining
Life</B>&rdquo;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&mdash;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&mdash;and shall interpolate to the Par Call Date on a straight-line basis
(using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15
closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be
deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the 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"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If on the third Business Day preceding the Redemption
Date H.15 TCM is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual
equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United
States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call
Date, the Issuer shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or
more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria
of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities
at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield
to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as
a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal
places.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer&rsquo;s actions and determinations
in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notice of any redemption will be transmitted at
least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). Any redemption notice may, at the Issuer&rsquo;s and the Guarantor&rsquo;s discretion, be subject
to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption
shall describe each such condition and, if applicable, shall state that, at the Issuer&rsquo;s and the Guarantor&rsquo;s discretion, the
Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all
such conditions shall not have been satisfied (or waived by the Issuer and the Guarantor in their sole discretion) by the Redemption Date,
or by the Redemption Date as so delayed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If fewer than all of the Notes are to be redeemed,
selection of the Notes for redemption will be made by lot by the Trustee, subject to the last sentence of this paragraph. No notes of
a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed only in part, the notice of redemption that
relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in a principal amount equal to
the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder of the Note upon surrender of
the original Note. For as long as the Notes are held by DTC, the redemption of the Notes will be done in accordance with the policies
and procedures of DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee will not be responsible for calculating
the Redemption Price of the Notes or portions thereof called for redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the circumstances described in Section&nbsp;11.09
of the Indenture, the Issuer will have the right, at its option, to redeem the Notes prior to maturity, in whole but not in part, at any
time upon giving prior notice, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, to, but
excluding, 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; text-indent: 0.25in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article&nbsp;11 of the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the
rights of the Holders of the Securities of any series under the Indenture at any time by the Issuer, the Guarantor and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be
affected by such amendment or modification (voting together as a single class). The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each affected series at the time Outstanding (voting together
as a single class) to waive compliance by the Issuer and the Guarantor with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture contains provisions setting forth
certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default with respect to the Notes
shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner
and with the effect provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration
of transfer at the office or agency of the Issuer in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer
in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes are issuable only in registered form
without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different
authorized denominations as requested by the Holder surrendering the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No service charge shall be made for any such registration
or transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the presentment of this Note for registration
of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice
to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.
The signature of any officer or authorized signatory on this Note may be manual or facsimile (including, for the avoidance of doubt, electronic).
The Issuer, the Guarantor and the Trustee, and each Holder of this Note by its acceptance hereof, acknowledge that for purposes of the
Indenture, manually affixing a signature by electronic means shall constitute a manual signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s)&nbsp;and transfer(s)&nbsp;unto ____________________________________________</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">[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PLEASE PRINT OR TYPE NAME AND ADDRESS,&nbsp;INCLUDING ZIP CODE, OF
ASSIGNEE]</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 within Note and all rights thereunder, hereby irrevocably constituting
and appointing _________________________ attorney to transfer such Note on the books of the Issuer, with full power of substitution in
the premises.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration
or enlargement or any change whatsoever.</P>

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

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

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>5
<FILENAME>tm244508d6_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;4.3</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Form&nbsp;of </B></FONT><B>4.550% Senior Note due 2029]</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">No.&nbsp;R-</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: right; width: 50%">$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">CUSIP No.&nbsp;713466AB6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">ISIN US713466AB69</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.550% SENIOR NOTE DUE 2029</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEPSICO
SINGAPORE FINANCING I PTE. LTD., </FONT>a private company limited by shares incorporated under the laws of the Republic of Singapore
(herein called the &ldquo;<B>Issuer</B>,&rdquo; which term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to Cede&nbsp;&amp; Co. or registered assigns, the principal sum of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
February&nbsp;16, 2029, and to pay interest on said principal sum semi-annually on February&nbsp;16 and August&nbsp;16 of
each year, commencing August&nbsp;16, 2024, at the rate of 4.550% per annum from February&nbsp;16, 2024, or from the most recent
date in respect of which interest has been paid or duly provided for, until payment of the principal sum has been made or duly
provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of
business on the Record Date for such Interest Payment Date, which shall be the February&nbsp;2 and August&nbsp;2 (whether or not a
Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier
than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange,
if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture. This Note is
entitled to the benefit of the Guarantee (as defined on the reverse hereof) of PEPSICO,&nbsp;INC., a corporation in existence under
the laws of the State of North Carolina (&ldquo;<B>PepsiCo</B>&rdquo;), as Guarantor (as defined on the reverse hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the principal of and interest on this
Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payments of interest may be made at the option of the Issuer by funds transmitted
to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, each of the Issuer and the
Guarantor has caused this instrument to be duly executed by manual or facsimile signature.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________, 2024</FONT></TD>
    <TD COLSPAN="3"><B>PEPSICO SINGAPORE FINANCING I PTE. LTD.,</B> <I>as Issuer</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 42%">James T. Caulfield</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ada Cheng</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PEPSICO,&nbsp;INC.,</B></FONT></P>
                    <P STYLE="margin-left: 0.15in; margin-top: 0; margin-bottom: 0"><I>as Guarantor</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>James T. Caulfield</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ada Cheng</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Officer</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Bank Trust Company, National Association,
    as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.550% SENIOR NOTE DUE 2029</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (herein called the &ldquo;<B>Securities</B>&rdquo;),
issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;12, 2024 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
among the Issuer, the Guarantor and U.S. Bank Trust Company, National Association, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities,
the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein
and not otherwise defined herein.</FONT> The Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at
different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Issuer designated as set forth on the face hereof
(herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $450,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note is entitled to the benefit of a full
and unconditional guarantee (the &ldquo;<B>Guarantee</B>&rdquo;) by PepsiCo, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;) for the
benefit of the Holders in accordance with Article&nbsp;14 of the Indenture. The Guarantor has the right, at its option at any time, without
the consent of any Holder, to be substituted for, and assume the obligations of, the Issuer under the Notes, as described in Section&nbsp;8.03
of the Indenture. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantor, the Trustee and the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes shall be redeemable as a whole or in
part, at the Issuer&rsquo;s option, at any time and from time to time prior to January&nbsp;16, 2029 (one month prior to the maturity
date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price (expressed as a percentage of principal amount and rounded
to three decimal places) equal to the greater of (i)&nbsp;100% of the principal amount of such Notes being redeemed and (ii)&nbsp;(a)&nbsp;the
sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming for such purpose that the Notes
matured on the Par Call Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 10 basis points less (b)&nbsp;interest accrued to the date of redemption, 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; text-indent: 0.25in">The Notes shall be redeemable as a whole or in
part, at the Issuer&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price equal to 100%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Treasury Rate</B>&rdquo; means, with
respect to any Redemption Date, the yield determined by the Issuer in accordance with the following two paragraphs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Treasury Rate shall be determined by the Issuer
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as &ldquo;Selected Interest Rates (Daily)&mdash;H.15&rdquo; (or any successor designation or publication) (&ldquo;<B>H.15</B>&rdquo;)
under the caption &ldquo;U.S. government securities&mdash;Treasury constant maturities&mdash;Nominal&rdquo; (or any successor caption
or heading) (&ldquo;<B>H.15 TCM</B>&rdquo;). In determining the Treasury Rate, the Issuer shall select, as applicable: (1)&nbsp;the yield
for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the &ldquo;<B>Remaining
Life</B>&rdquo;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&mdash;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&mdash;and shall interpolate to the Par Call Date on a straight-line basis
(using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15
closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be
deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If on the third Business Day preceding the Redemption
Date H.15 TCM is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual
equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United
States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call
Date, the Issuer shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or
more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria
of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities
at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield
to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as
a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal
places.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer&rsquo;s actions and determinations
in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notice of any redemption will be transmitted at
least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). Any redemption notice may, at the Issuer&rsquo;s and the Guarantor&rsquo;s discretion, be subject
to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption
shall describe each such condition and, if applicable, shall state that, at the Issuer&rsquo;s and the Guarantor&rsquo;s discretion, the
Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all
such conditions shall not have been satisfied (or waived by the Issuer and the Guarantor in their sole discretion) by the Redemption Date,
or by the Redemption Date as so delayed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If fewer than all of the Notes are to be redeemed,
selection of the Notes for redemption will be made by lot by the Trustee, subject to the last sentence of this paragraph. No notes of
a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed only in part, the notice of redemption that
relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in a principal amount equal to
the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder of the Note upon surrender of
the original Note. For as long as the Notes are held by DTC, the redemption of the Notes will be done in accordance with the policies
and procedures of DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee will not be responsible for calculating
the Redemption Price of the Notes or portions thereof called for redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the circumstances described in Section&nbsp;11.09
of the Indenture, the Issuer will have the right, at its option, to redeem the Notes prior to maturity, in whole but not in part, at any
time upon giving prior notice, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, to, but
excluding, 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; text-indent: 0.25in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article&nbsp;11 of the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the
rights of the Holders of the Securities of any series under the Indenture at any time by the Issuer, the Guarantor and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be
affected by such amendment or modification (voting together as a single class). The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each affected series at the time Outstanding (voting together
as a single class) to waive compliance by the Issuer and the Guarantor with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture contains provisions setting forth
certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default with respect to the Notes
shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner
and with the effect provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration
of transfer at the office or agency of the Issuer in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer
in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes are issuable only in registered form
without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different
authorized denominations as requested by the Holder surrendering the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No service charge shall be made for any such registration
or transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the presentment of this Note for registration
of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice
to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.
The signature of any officer or authorized signatory on this Note may be manual or facsimile (including, for the avoidance of doubt, electronic).
The Issuer, the Guarantor and the Trustee, and each Holder of this Note by its acceptance hereof, acknowledge that for purposes of the
Indenture, manually affixing a signature by electronic means shall constitute a manual signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s)&nbsp;and transfer(s)&nbsp;unto ____________________________________________</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">[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; width: 60%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 4pt; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 4pt">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PLEASE PRINT OR TYPE NAME AND ADDRESS,&nbsp;INCLUDING ZIP CODE, OF
ASSIGNEE]</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 within Note and all rights thereunder, hereby irrevocably constituting
and appointing<BR>
 _________________________ attorney to transfer such Note on the books of the Issuer, with full power of substitution in
the premises.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration
or enlargement or any change whatsoever.</P>

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

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

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

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>6
<FILENAME>tm244508d6_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;4.4</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Form&nbsp;of
4.700% Senior Note due 2034]</B></FONT></P>

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</FONT>&nbsp;R-</TD>
    <TD STYLE="padding-right: 0.5in; width: 51%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT><FONT STYLE="font-size: 10pt"><B></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP No.&nbsp;713466AD2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN US713466AD26</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; text-align: center"><B>PEPSICO SINGAPORE FINANCING I PTE. LTD.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.700% SENIOR NOTE DUE 2034</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEPSICO
SINGAPORE FINANCING I PTE. LTD., </FONT>a private company limited by shares incorporated under the laws of the Republic of Singapore
(herein called the &ldquo;<B>Issuer</B>,&rdquo; which term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to Cede&nbsp;&amp; Co. or registered assigns, the principal sum of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
February&nbsp;16, 2034, and to pay interest on said principal sum semi-annually on February&nbsp;16 and August&nbsp;16 of
each year, commencing August&nbsp;16, 2024, at the rate of 4.700% per annum from February&nbsp;16, 2024, or from the most recent
date in respect of which interest has been paid or duly provided for, until payment of the principal sum has been made or duly
provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of
business on the Record Date for such Interest Payment Date, which shall be the February&nbsp;2 and August&nbsp;2 (whether or not a
Business Day) next preceding such Interest Payment Date. Any such interest that is payable but is not so punctually paid or duly
provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not earlier
than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange,
if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture. This Note is
entitled to the benefit of the Guarantee (as defined on the reverse hereof) of PEPSICO,&nbsp;INC., a corporation in existence under
the laws of the State of North Carolina (&ldquo;<B>PepsiCo</B>&rdquo;), as Guarantor (as defined on the reverse hereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payment of the principal of and interest on this
Note will be made at the Place of Payment in such coin or currency of the United States as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payments of interest may be made at the option of the Issuer by funds transmitted
to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IN WITNESS WHEREOF, each of the Issuer and the
Guarantor has caused this instrument to be duly executed by manual or facsimile signature.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; orphans: 2; text-transform: none; widows: 2; letter-spacing: normal; word-spacing: 0px; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____________, 2024</FONT></TD>
    <TD COLSPAN="3"><B>PEPSICO SINGAPORE FINANCING I PTE. LTD.,</B>&nbsp;<I>as Issuer</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 42%">James T. Caulfield</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ada Cheng</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Signatory</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><B>PEPSICO,&nbsp;INC.,</B></P>
    <P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.15in"><I>as Guarantor</I></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>James T. Caulfield</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ada Cheng</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Authorized Officer</TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); margin: 0pt 0; text-indent: 0px"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; orphans: 2; text-transform: none; widows: 2; letter-spacing: normal; word-spacing: 0px; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Bank Trust Company, National Association, as Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); margin: 0pt 0; text-indent: 0px"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4.700% SENIOR NOTE DUE 2034</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>fully and unconditionally guaranteed by</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (herein called the &ldquo;<B>Securities</B>&rdquo;),
issued and to be issued in one or more series under an Indenture, dated as of February&nbsp;12, 2024 (herein called the &ldquo;<B>Indenture</B>&rdquo;),
among the Issuer, the Guarantor and U.S. Bank Trust Company, National Association, as Trustee (herein called the &ldquo;<B>Trustee</B>,&rdquo;
which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities,
the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein
and not otherwise defined herein.</FONT> The Securities may be issued in one or more series, which different series may be issued in various
aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at
different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to
different sinking, purchase or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Issuer designated as set forth on the face hereof
(herein called the &ldquo;<B>Notes</B>&rdquo;), initially limited in aggregate principal amount to $450,000,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note is entitled to the benefit of a full
and unconditional guarantee (the &ldquo;<B>Guarantee</B>&rdquo;) by PepsiCo, as guarantor (the &ldquo;<B>Guarantor</B>&rdquo;) for the
benefit of the Holders in accordance with Article&nbsp;14 of the Indenture. The Guarantor has the right, at its option at any time, without
the consent of any Holder, to be substituted for, and assume the obligations of, the Issuer under the Notes, as described in Section&nbsp;8.03
of the Indenture. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantor, the Trustee and the Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes shall be redeemable as a whole or in
part, at the Issuer&rsquo;s option, at any time and from time to time prior to November&nbsp;16, 2033 (three months prior to the maturity
date of the Notes) (the &ldquo;<B>Par Call Date</B>&rdquo;) at a Redemption Price (expressed as a percentage of principal amount and rounded
to three decimal places) equal to the greater of (i)&nbsp;100% of the principal amount of such Notes being redeemed and (ii)&nbsp;(a)&nbsp;the
sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming for such purpose that the Notes
matured on the Par Call Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 10 basis points less (b)&nbsp;interest accrued to the date of redemption, 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; text-indent: 0.25in">The Notes shall be redeemable as a whole or in
part, at the Issuer&rsquo;s option, at any time and from time to time on or after the Par Call Date, at a Redemption Price equal to 100%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;<B>Treasury Rate</B>&rdquo; means, with
respect to any Redemption Date, the yield determined by the Issuer in accordance with the following two paragraphs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Treasury Rate shall be determined by the Issuer
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as &ldquo;Selected Interest Rates (Daily)&mdash;H.15&rdquo; (or any successor designation or publication) (&ldquo;<B>H.15</B>&rdquo;)
under the caption &ldquo;U.S. government securities&mdash;Treasury constant maturities&mdash;Nominal&rdquo; (or any successor caption
or heading) (&ldquo;<B>H.15 TCM</B>&rdquo;). In determining the Treasury Rate, the Issuer shall select, as applicable: (1)&nbsp;the yield
for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the &ldquo;<B>Remaining
Life</B>&rdquo;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields&mdash;one
yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant
maturity on H.15 immediately longer than the Remaining Life&mdash;and shall interpolate to the Par Call Date on a straight-line basis
(using the actual number of days) using such yields and rounding the result to three decimal places; or (3)&nbsp;if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15
closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be
deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If on the third Business Day preceding the Redemption
Date H.15 TCM is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual
equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United
States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call
Date, the Issuer shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or
more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria
of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities
at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield
to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as
a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal
places.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Issuer&rsquo;s actions and determinations
in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notice of any redemption will be transmitted at
least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of DTC). Any redemption notice may, at the Issuer&rsquo;s and the Guarantor&rsquo;s discretion, be subject
to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption
shall describe each such condition and, if applicable, shall state that, at the Issuer&rsquo;s and the Guarantor&rsquo;s discretion, the
Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all
such conditions shall not have been satisfied (or waived by the Issuer and the Guarantor in their sole discretion) by the Redemption Date,
or by the Redemption Date as so delayed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If fewer than all of the Notes are to be redeemed,
selection of the Notes for redemption will be made by lot by the Trustee, subject to the last sentence of this paragraph. No notes of
a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed only in part, the notice of redemption that
relates to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in a principal amount equal to
the unredeemed portion of the principal of the Note surrendered may be issued in the name of the Holder of the Note upon surrender of
the original Note. For as long as the Notes are held by DTC, the redemption of the Notes will be done in accordance with the policies
and procedures of DTC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Trustee will not be responsible for calculating
the Redemption Price of the Notes or portions thereof called for redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the circumstances described in Section&nbsp;11.09
of the Indenture, the Issuer will have the right, at its option, to redeem the Notes prior to maturity, in whole but not in part, at any
time upon giving prior notice, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest, to, but
excluding, 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; text-indent: 0.25in">Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article&nbsp;11 of the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the Guarantor and the
rights of the Holders of the Securities of any series under the Indenture at any time by the Issuer, the Guarantor and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be
affected by such amendment or modification (voting together as a single class). The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each affected series at the time Outstanding (voting together
as a single class) to waive compliance by the Issuer and the Guarantor with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Indenture contains provisions setting forth
certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy under the
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an Event of Default with respect to the Notes
shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner
and with the effect provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal
of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration
of transfer at the office or agency of the Issuer in any Place of Payment duly endorsed, or accompanied by a written instrument of transfer
in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes are issuable only in registered form
without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different
authorized denominations as requested by the Holder surrendering the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No service charge shall be made for any such registration
or transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the presentment of this Note for registration
of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Issuer, the Guarantor, the Trustee nor any such agent shall be affected by notice
to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Note may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.
The signature of any officer or authorized signatory on this Note may be manual or facsimile (including, for the avoidance of doubt, electronic).
The Issuer, the Guarantor and the Trustee, and each Holder of this Note by its acceptance hereof, acknowledge that for purposes of the
Indenture, manually affixing a signature by electronic means shall constitute a manual signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s)&nbsp;and transfer(s)&nbsp;unto ____________________________________________</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">[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE]</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; orphans: 2; text-transform: none; widows: 2; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt; width: 60%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-top: 4pt; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-top: 4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-top: 4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PLEASE PRINT OR TYPE NAME AND ADDRESS,&nbsp;INCLUDING ZIP CODE, OF
ASSIGNEE]</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 within Note and all rights thereunder, hereby irrevocably constituting
and appointing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________________________ attorney to transfer such Note on the books of the Issuer, with full power of substitution in
the premises.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration
or enlargement or any change whatsoever.</P>

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

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

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

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<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibits <FONT STYLE="text-transform: uppercase">5.1 </FONT>and <FONT STYLE="text-transform: uppercase">23.1</FONT></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 20%; padding-bottom: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm244508d6_ex5-1img001.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 25%; padding-bottom: 0.05in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Davis Polk&nbsp;&amp;
    Wardwell <FONT STYLE="font-variant: small-caps">llp<BR>
    </FONT>450 Lexington Avenue<BR>
    New York, NY 10017<BR>
    davispolk.com</FONT></TD>
    <TD STYLE="padding-bottom: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.05in; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;16, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PEPSICO SINGAPORE FINANCING I PTE. LTD.<BR>
PEPSICO,&nbsp;INC.<BR>
c/o PepsiCo,&nbsp;Inc.<BR>
700 Anderson Hill Road<BR>
Purchase, New York 10577</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as special counsel for PepsiCo Singapore Financing
I Pte. Ltd., a private company limited by shares incorporated under the laws of the Republic of Singapore (the
 &ldquo;Issuer&rdquo;), and PepsiCo,&nbsp;Inc., a North Carolina corporation (&ldquo;PepsiCo&rdquo;), in connection with the
Registration Statement on Form&nbsp;S-3 (File Nos. 333-277003 and 333-277003-01 ) (the &ldquo;Registration Statement&rdquo;) filed
by the Issuer and PepsiCo with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;), for the registration by the Issuer of $300,000,000 aggregate principal
amount of Floating Rate Notes due 2027 (the &ldquo;2027 Floating Rate Notes&rdquo;), $550,000,000 aggregate principal amount of
4.650% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), $450,000,000 aggregate principal amount of 4.550% Senior Notes due
2029 (the &ldquo;2029 Notes&rdquo;) and $450,000,000 aggregate principal amount of 4.700% Senior Notes due 2034 (the
 &ldquo;2034 Notes,&rdquo; and together with the 2027 Floating Rate Notes, 2027 Notes and 2029 Notes, the &ldquo;Notes&rdquo;). The
Notes will be guaranteed by PepsiCo (such guarantee, together with the Notes, the &ldquo;Securities&rdquo;). The Securities are to
be issued pursuant to the provisions of the Indenture dated as of February&nbsp;12, 2024 (the &ldquo;Indenture&rdquo;) among the
Issuer, PepsiCo and U.S. Bank Trust Company, National Association, as trustee, and to be sold pursuant to a Terms Agreement dated as
of February&nbsp;12, 2024 (incorporating the PepsiCo Singapore Underwriting Agreement Standard Provisions dated as of
February&nbsp;12, 2024, the &ldquo;Terms Agreement&rdquo;) among the Issuer, PepsiCo and the several underwriters named therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We, as your counsel, have examined originals or copies of such documents,
corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of
rendering this opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In rendering the opinion expressed herein, we have, without independent
inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals are authentic and complete; (ii)&nbsp;all
documents submitted to us as copies conform to authentic, complete originals; (iii)&nbsp;all documents filed as exhibits to the Registration
Statement that have not been executed will conform to the forms thereof; (iv)&nbsp;all signatures on all documents that we reviewed are
genuine; (v)&nbsp;all natural persons executing documents had and have the legal capacity to do so; (vi)&nbsp;all statements in certificates
of public officials and officers of the Issuer and PepsiCo that we reviewed were and are accurate; and (vii)&nbsp;all representations
made by the Issuer and PepsiCo as to matters of fact in the documents that we reviewed were and are accurate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion, when the Notes have been duly executed, authenticated, issued
and delivered in accordance with the Indenture and the Terms Agreement against payment therefor, the Securities will constitute valid
and binding obligations of each of the Issuer and PepsiCo, respectively, enforceable in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles
of general applicability and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign
laws affecting creditors&rsquo; rights, provided that we express no opinion as to (x)&nbsp;the enforceability of any waiver of rights
under any usury or stay law and (y)&nbsp;the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable
law on the conclusions expressed above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the opinion expressed above, we have assumed that
(i)&nbsp;the Registration Statement became effective upon filing with the Commission and such effectiveness shall not have been terminated
or rescinded; and (ii)&nbsp;the Indenture and the Securities are valid, binding and enforceable agreements of each party thereto (other
than as expressly covered above in respect of the Issuer and PepsiCo). We have also assumed that the execution, delivery and performance
of the Indenture and the Notes by the Issuer and PepsiCo (x)&nbsp;have been duly authorized in accordance with, in the case of the Issuer,
the laws of the Republic of Singapore and, in the case of PepsiCo, the laws of the State of North Carolina and (y)&nbsp;will not violate
any applicable law or public policy or result in a violation of any provision of any instrument or agreement binding upon the Issuer
or PepsiCo, or any restriction imposed by any court or governmental body having jurisdiction over the Issuer or PepsiCo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are members of the Bar of the State of New York, and the foregoing
opinion is limited to the laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing of this opinion as an exhibit to a
Current Report on Form&nbsp;8-K to be filed by PepsiCo on the date hereof and to its incorporation by reference into the Registration
Statement. In addition, we consent to the reference to our name under the caption &ldquo;Legal Opinions&rdquo; in the preliminary prospectus
supplement dated February&nbsp;12, 2024 and the prospectus supplement dated February&nbsp;12, 2024, and under the caption &ldquo;Validity
of Securities&rdquo; in the prospectus dated February&nbsp;12, 2024, each of which is a part of the Registration Statement. In giving
this consent, we do not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities
Act.</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">Very truly yours,</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">/s/ <FONT STYLE="font-variant: small-caps">Davis Polk&nbsp;&amp; Wardwell
LLP</FONT></P>

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

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

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

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<TYPE>EX-5.2
<SEQUENCE>8
<FILENAME>tm244508d6_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibits 5.2 and 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February&nbsp;16, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PEPSICO,&nbsp;INC.<BR>
700 Anderson Hill Road<BR>
Purchase, New York 10577</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as special North Carolina counsel to PepsiCo,&nbsp;Inc., a North Carolina corporation (&ldquo;PepsiCo&rdquo;) in connection
with the Registration Statement on Form&nbsp;S-3 (File Nos. 333-277003 and 333-277003-01 ) filed by PepsiCo </FONT>Singapore Financing
I Pte. Ltd., a private company limited by shares incorporated under the laws of the Republic of Singapore (the &ldquo;Issuer&rdquo;),
and PepsiCo with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Securities Act of 1933, as amended
(the &ldquo;1933 Act&rdquo;), on February&nbsp;12, 2024 (collectively, the &ldquo;Registration Statement&rdquo;) for the registration
by (i)&nbsp;the Issuer of $300,000,000 aggregate principal amount of Floating Rate Notes due 2027 (the &ldquo;2027 Floating Rate Notes&rdquo;),
$550,000,000 aggregate principal amount of 4.650% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), $450,000,000 aggregate principal
amount of 4.550% Senior Notes due 2029 (the &ldquo;2029 Notes&rdquo;) and $450,000,000 aggregate principal amount of 4.700% Senior
Notes due 2034 (the &ldquo;2034 Notes,&rdquo; and together with the 2027 Floating Rate Notes, 2027 Notes and 2029 Notes, the &ldquo;Notes&rdquo;)
and (ii)&nbsp;PepsiCo of its guarantee in respect of the Notes (the &ldquo;Guarantee&rdquo; and, together with the Notes, the &ldquo;Securities&rdquo;).
The Securities are to be issued pursuant to an Indenture (the &ldquo;Indenture&rdquo;) dated as of February&nbsp;12, 2024 among the Issuer,
PepsiCo and U.S. Bank Trust Company, National Association, as trustee, and to be sold pursuant to a Terms Agreement dated as of February&nbsp;12,
2024 (incorporating the PepsiCo Singapore Underwriting Agreement Standard Provisions dated as of February&nbsp;12, 2024, the &ldquo;Terms
Agreement&rdquo;) among the Issuer, PepsiCo and the several underwriters named therein. This opinion is delivered to you pursuant to
Item 16 of Form&nbsp;S-3 and Item 601(b)(5)&nbsp;of Regulation S-K of the Commission. This opinion is being furnished in accordance with
the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the 1933 Act, and no opinion is expressed herein as to any matter pertaining
to the contents of the Registration Statement, the prospectus or any prospectus supplement other than as expressly stated herein with
respect to the issuance of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
PepsiCo</FONT>&rsquo;s special North Carolina counsel, we have examined originals or copies, certified or otherwise identified to our
satisfaction, of PepsiCo&rsquo;s articles of incorporation and by-laws, each as amended to date, and minutes and records of the corporate
proceedings of PepsiCo relating to the filing of the Registration Statement and the issuance of the Securities, as provided to us by
PepsiCo, certificates of public officials and of representatives of PepsiCo, and statutes and other instruments and documents, as a basis
for the opinion hereinafter expressed. In rendering this opinion, we have relied upon certificates of public officials and representatives
of PepsiCo with respect to the accuracy of the factual matters contained in such certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with such examination, we have
assumed (a)&nbsp;the genuineness of all signatures and the legal capacity of all signatories; (b)&nbsp;the authenticity of all documents
submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic copies;
and (c)&nbsp;the proper issuance and accuracy of certificates of public officials and representatives of PepsiCo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on and subject to the foregoing, we advise
you that, in our opinion, the Indenture, including the Guarantee set forth in Article&nbsp;14 thereof, and the Notes have been duly authorized
by all necessary corporate action of PepsiCo, and the Indenture, including the Guarantee set forth in Article&nbsp;14 thereof, and the
Notes have been duly executed and delivered by PepsiCo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This opinion is limited to the laws of the State
of North Carolina, and we are expressing no opinion as to the effect of the laws of any other jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This opinion is rendered as of the date hereof,
and we undertake no obligation to advise you of any changes in applicable law or any other matters that may come to our attention after
the date hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to a Current Report on Form&nbsp;8-K to be filed by PepsiCo on the date hereof
and to its incorporation by reference into the Registration Statement. In addition, we consent to any reference to the name of our firm
under the caption &ldquo;Legal Opinions&rdquo; in the preliminary prospectus supplement dated February&nbsp;12, 2024 and the prospectus
supplement dated February&nbsp;12, 2024, and under the caption &ldquo;Validity of Securities&rdquo; in the prospectus dated February&nbsp;12,
2024, each of which is a part of the Registration Statement. In givin</FONT>g this consent, we do not admit that we are in the category
of persons whose consent is required under Section&nbsp;7 of the 1933 Act or the rules&nbsp;and regulations of the Commission thereunder.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ WOMBLE BOND DICKINSON (US)
    LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WOMBLE BOND DICKINSON (US)
    LLP</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>


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<TYPE>EX-5.3
<SEQUENCE>9
<FILENAME>tm244508d6_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibits 5.3 and 23.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February&nbsp;16, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PEPSICO SINGAPORE FINANCING I PTE. LTD.<BR>
PEPSICO,&nbsp;INC.<BR>
c/o PepsiCo,&nbsp;Inc.<BR>
700 Anderson Hill Road<BR>
Purchase, New York 10577</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PEPSICO SINGAPORE FINANCING I PTE. LTD.</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">ISSUE OF FLOATING RATE NOTES DUE 2027, 4.650% SENIOR NOTES DUE
2027, 4.550% SENIOR NOTES DUE 2029 AND 4.700% SENIOR NOTES DUE 2034</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as special Singapore counsel to PepsiCo Singapore Financing I Pte. Ltd., a private company limited by shares incorporated
under the laws of the Republic of Singapore (the &ldquo;Issuer&rdquo;), in connection with the Registration Statement on Form&nbsp;S-3
(File Nos. 333-277003 and 333-277003-01 ) filed by the Issuer and PepsiCo,&nbsp;Inc., a North Carolina corporation (&ldquo;PepsiCo&rdquo;),
with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to the Securities Act of 1933, as amended (the &ldquo;1933
Act&rdquo;), on February&nbsp;12, 2024 (collectively, the &ldquo;Registration Statement&rdquo;) for the registration by (i)&nbsp;the
Issuer of $300,000,000 aggregate principal amount of Floating Rate Notes due 2027 (the &ldquo;2027 Floating Rate Notes&rdquo;), $550,000,000
aggregate principal amount of 4.650% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), </FONT>$450,000,000 aggregate principal
amount of 4.550% Senior Notes due 2029 (the &ldquo;2029 Notes&rdquo;) and $450,000,000 aggregate principal amount of 4.700% Senior
Notes due 2034 (the &ldquo;2034 Notes,&rdquo; and together with the 2027 Floating Rate Notes, the 2027 Notes and the 2029 Notes, the
 &ldquo;Notes&rdquo;) and (ii)&nbsp;PepsiCo of its guarantees in respect of the Notes (such guarantees, together with the Notes, the &ldquo;Securities&rdquo;).
The Securities are to be issued pursuant to the provisions of the Indenture (the &ldquo;Indenture&rdquo;) dated as of February&nbsp;12,
2024 among the Issuer, PepsiCo and U.S. Bank Trust Company, National Association, as trustee, and to be sold pursuant to a Terms Agreement
dated as of February&nbsp;12, 2024 (incorporating the PepsiCo Singapore Underwriting Agreement Standard Provisions dated as of February&nbsp;12,
2024, the &ldquo;Terms Agreement&rdquo;) among the Issuer, PepsiCo and the several underwriters named therein. This opinion is delivered
to you pursuant to Item 16 of Form&nbsp;S-3 and Item 601(b)(5)&nbsp;of Regulation S-K of the Commission. This opinion is being furnished
in accordance with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the 1933 Act, and no opinion is expressed herein as
to any matter pertaining to the contents of the Registration Statement, the prospectus or any prospectus supplement other than as expressly
stated herein with respect to the issuance of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As the Issuer&rsquo;s special Singapore counsel,
we have examined originals or copies, certified or otherwise identified to our satisfaction, of the Issuer&rsquo;s certificate confirming
incorporation and the Issuer&rsquo;s constitution (together, the &ldquo;Constitutional Documents&rdquo;), each as at February&nbsp;15,
2024, and have examined originals or copies, certified or otherwise identified to our satisfaction, of resolutions duly adopted by the
Board of Directors of the Issuer on February&nbsp;7, 2024 (the &ldquo;Resolutions&rdquo;), as provided to us by the Issuer, certificates
of public officials and of representatives of the Issuer, and statutes and other instruments and documents, as a basis for the opinion
hereinafter expressed. In rendering this opinion, we have relied upon certificates of public officials and representatives of the Issuer
with respect to the accuracy of the factual matters contained in such certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with such examination, we have
assumed with your permission (a)&nbsp;the documents submitted to us for examination is a complete and up-to-date copy and has not in
any way been amended, varied, revoked or substituted since the same was delivered to us; (b)&nbsp;that the signatures, seal, stamps and/or
markings on original, electronic or certified copies of all documents (i)&nbsp;are genuine and authentic and in relation to signatures
in electronic form in the documents, can, under the governing law of the relevant document, be given the same effect as if such signature
were written and signed in hard copy; and (ii)&nbsp;have not been altered or tampered with in any way; (c)&nbsp;the authenticity of all
documents submitted to us as originals and the conformity to original documents of all documents submitted to us as certified or photostatic
copies; (d)&nbsp;the Constitutional Documents are true, complete and up-to-date and in full force and effect and have not been revoked
or amended; (e)&nbsp;the certified true copies of the Resolutions which we have sighted are true, complete, up-to-date and in full force
and effect and have not been revoked or amended and that no other resolution or other action has been taken which could affect the validity
of the aforesaid Resolutions or any of them; (f)&nbsp;none of the parties to each document or any of its respective officers or employees
has any notice of any matter which would adversely affect the validity or regularity of the Resolutions, and the Resolutions were passed
in accordance with the procedures set out in the Constitutional Documents and the provisions of the Companies Act 1967 of Singapore;
(h)&nbsp;that each of the documents has been signed on behalf of the Issuer by such persons who were under no incapacity and were fully
aware of the circumstances; (i)&nbsp;the documents constitute legal, valid, binding and enforceable obligations of the parties thereto,
and are not subject to avoidance by any person, for all purposes under the laws of all relevant jurisdictions; (j)&nbsp;the formal requirements
of the laws of the jurisdiction in which the contract is executed and delivered (to the extent that such jurisdiction is not Singapore)
have been complied with; and (k)&nbsp;the proper issuance and accuracy of certificates of public officials and representatives of the
Issuer.</P>

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

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

<!-- Field: Page; Sequence: 1; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on and subject to the foregoing, we advise
you that, in our opinion, the Issuer has authorized, by all necessary corporate action under Singapore law, the execution and delivery
of the Indenture and the Notes, and the Indenture and the Notes have been duly executed and delivered by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This opinion is limited to the laws of the Republic
of Singapore and we are expressing no opinion as to the effect of the laws of any other jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This opinion is rendered as of the date hereof,
and we undertake no obligation to advise you of any changes in applicable law or any other matters that may come to our attention after
the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We hereby consent to the filing of this opinion
as an exhibit to a Current Report on Form&nbsp;8-K to be filed by PepsiCo on the date hereof and to its incorporation by reference into
the Registration Statement. In addition, we consent to any reference to the name of our firm under the caption &ldquo;Legal Opinions&rdquo;
in the preliminary prospectus supplement dated February&nbsp;12, 2024 and the prospectus supplement dated February&nbsp;12, 2024, each
of which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category of persons whose
consent is required under Section&nbsp;7 of the 1933 Act or the rules&nbsp;and regulations of the Commission thereunder.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/S/ WONGPARTNERSHIP LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WONGPARTNERSHIP LLP</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>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>13
<FILENAME>pep-20240216_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>14
<FILENAME>pep-20240216_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.0.1</span><table class="report" border="0" cellspacing="2" id="idm140368341024304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 16, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 16,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-1183<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">PepsiCo, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000077476<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">13-1584302<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NC<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">700 Anderson Hill Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Purchase<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10577<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">914<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">253-2000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_Commonstockparvalue123centspershareMember', window );">Common stock, par value 1-2/3 cents per share</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value 1-2/3 cents per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointTwoFivePercentNotesDue2024Member', window );">Zero Point Two Five Percent Notes Due 2024 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.250% Senior Notes due 2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP24<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_TwoPointSixTwoFivePercentNotesDue2026Member', window );">Two Point Six Two Five Percent Notes Due 2026</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">2.625% Senior Notes due 2026<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP26<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2027Member', window );">Zero Point Seven Five Percent Notes Due 2027</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.750% Senior Notes due 2027<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP27<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointEightSevenFivePercentNotesDue2028Member', window );">Zero Point Eight Seven Five Percent Notes Due 2028</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.875% Senior Notes due 2028<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP28<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointFivePercentNotesDue2028Member', window );">Zero Point Five Percent Notes Due 2028 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.500% Senior Notes due 2028<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP28A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ThreePointTwoPercentNotesDue2029Member', window );">Three Point Two Percent Notes Due 2029 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">3.200% Senior Notes due 2029<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP29<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_OnePointOneTwoFivePercentNotesDue2031Member', window );">One Point One Two Five Percent Notes Due 2031</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.125% Senior Notes due 2031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointFourPercentNotesDue2032Member', window );">Zero Point Four Percent Notes Due 2032</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.400% Senior Notes due 2032<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP32<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2033Member', window );">Zero Point Seven Five Percent Notes Due 2033</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.750% Senior Notes due 2033<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP33<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ThreePointFiveFivePercentNotesDue2034Member', window );">Three Point Five Five Percent Notes Due 2034 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">3.550% Senior Notes due 2034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP34<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointEightSevenFiveNotesDue2039Member', window );">Zero Point Eight Seven Five Notes Due 2039</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.875% Senior Notes due 2039<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalUnitsByClassAxis=pep_OnePointZeroFivePercentNotesDue2050Member', window );">One Point Zero Five Percent Notes Due 2050</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.050% Senior Notes due 2050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PEP50<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_Commonstockparvalue123centspershareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointTwoFivePercentNotesDue2024Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointTwoFivePercentNotesDue2024Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_TwoPointSixTwoFivePercentNotesDue2026Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_TwoPointSixTwoFivePercentNotesDue2026Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2027Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2027Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointEightSevenFivePercentNotesDue2028Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointEightSevenFivePercentNotesDue2028Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointFivePercentNotesDue2028Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointFivePercentNotesDue2028Member</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ThreePointTwoPercentNotesDue2029Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ThreePointTwoPercentNotesDue2029Member</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_OnePointOneTwoFivePercentNotesDue2031Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_OnePointOneTwoFivePercentNotesDue2031Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointFourPercentNotesDue2032Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointFourPercentNotesDue2032Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2033Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ZeroPointSevenFivePercentNotesDue2033Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalUnitsByClassAxis=pep_ThreePointFiveFivePercentNotesDue2034Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalUnitsByClassAxis=pep_ThreePointFiveFivePercentNotesDue2034Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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      contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2027Member"
      id="ixv-755">PEP27</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2027Member"
      id="ixv-756">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFivePercentNotesDue2028Member"
      id="ixv-757">0.875% Senior Notes due 2028</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFivePercentNotesDue2028Member"
      id="ixv-758">PEP28</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFivePercentNotesDue2028Member"
      id="ixv-759">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ZeroPointFivePercentNotesDue2028Member"
      id="ixv-760">0.500% Senior Notes due 2028</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ZeroPointFivePercentNotesDue2028Member"
      id="ixv-761">PEP28A</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ZeroPointFivePercentNotesDue2028Member"
      id="ixv-762">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ThreePointTwoPercentNotesDue2029Member"
      id="ixv-763">3.200% Senior Notes due 2029</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ThreePointTwoPercentNotesDue2029Member"
      id="ixv-764">PEP29</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ThreePointTwoPercentNotesDue2029Member"
      id="ixv-765">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_OnePointOneTwoFivePercentNotesDue2031Member"
      id="ixv-766">1.125% Senior Notes due 2031</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_OnePointOneTwoFivePercentNotesDue2031Member"
      id="ixv-767">PEP31</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_OnePointOneTwoFivePercentNotesDue2031Member"
      id="ixv-768">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ZeroPointFourPercentNotesDue2032Member"
      id="ixv-769">0.400% Senior Notes due 2032</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ZeroPointFourPercentNotesDue2032Member"
      id="ixv-770">PEP32</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ZeroPointFourPercentNotesDue2032Member"
      id="ixv-771">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2033Member"
      id="ixv-772">0.750% Senior Notes due 2033</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2033Member"
      id="ixv-773">PEP33</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ZeroPointSevenFivePercentNotesDue2033Member"
      id="ixv-774">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ThreePointFiveFivePercentNotesDue2034Member"
      id="ixv-775">3.550% Senior Notes due 2034</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ThreePointFiveFivePercentNotesDue2034Member"
      id="ixv-776">PEP34</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ThreePointFiveFivePercentNotesDue2034Member"
      id="ixv-777">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFiveNotesDue2039Member"
      id="ixv-778">0.875% Senior Notes due 2039</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFiveNotesDue2039Member"
      id="ixv-779">PEP39</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_ZeroPointEightSevenFiveNotesDue2039Member"
      id="ixv-780">NASDAQ</dei:SecurityExchangeName>
    <dei:Security12bTitle
      contextRef="From2024-02-162024-02-16_custom_OnePointZeroFivePercentNotesDue2050Member"
      id="ixv-781">1.050% Senior Notes due 2050</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="From2024-02-162024-02-16_custom_OnePointZeroFivePercentNotesDue2050Member"
      id="ixv-782">PEP50</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="From2024-02-162024-02-16_custom_OnePointZeroFivePercentNotesDue2050Member"
      id="ixv-783">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="AsOf2024-02-16" id="ixv-784">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
