Annual Meeting
The Annual Meeting of Shareholders will be held at Frito-Lay Corporate Headquarters, 7701 Legacy Drive, Plano, Texas, on Wednesday, May 3, 2000 at 11:00 a.m. Proxies for the meeting will be solicited by an independent proxy solicitor. This Annual Report is not part of the proxy solicitation.

Inquiries Regarding Your Stock Holdings
Registered Shareholders (shares held by you in your name) should address communications concerning statements, dividend payments, address changes, lost certificates and other administrative matters to:

The Bank of New York
Shareholder Services Dept.
P.O. Box 11258
Church Street Station
New York, NY 10286-1258
Telephone: (800) 226-0083
E-mail: shareowner-svcs@bankofny.com
Web site: http://stock.bankofny.com

or

Manager, Shareholder Relations
PepsiCo, Inc.
Purchase, NY 10577
Telephone: (914) 253-3055

In all correspondence or telephone inquires, please mention PepsiCo, your name as printed on your stock certificate, your social security number, address and telephone number.

Beneficial Shareholders (shares held by your broker in the name of the brokerage house) should direct communications on all administrative matters to your stockbroker.

SharePower Participants (employees with SharePower options) should address all questions regarding your account, outstanding options or shares received through option exercises to:

Merrill Lynch/SharePower
Group Employee Services
400 Atrium Drive
Somerset, NJ 08873

Telephone:	(800) 637-6713	(U.S., Puerto Rico and Canada)
	(908) 469-8877	(all other locations)

In all correspondence, please provide your account number (for U.S. citizens, this is your social security number), your address, your telephone number and mention PepsiCo SharePower. For telephone inquiries, please have a copy of your most recent statement available.

Employee Benefit Plan Participants:
Capital Stock Purchase Program
(Moving to Merrill Lynch mid-year 2000)
Merrill Lynch
P.O. Box 30430
New Brunswick, NJ 08989
Attention: PepsiCo Capital Stock Purchase Program
Telephone: (800) 637-6713

PepsiCo 401(k) Plan
(Moving to Fidelity Investments® mid-year 2000)
Fidelity Investments®
82 Devonshire Street
Boston, MA 02109

Telephone:	(800) 883-4015
	(606) 491-8257 (outside U.S.)

Please have a copy of your most recent statement available when calling with inquires.

Dividend Reinvestment Plan
A brochure explaining this convenient plan, for which PepsiCo pays all administrative costs, is available from our transfer agent:

The Bank of New York
Dividend Reinvestment Dept.
P.O. Box 1958
Newark, NJ 07101-9774
Telephone: (800) 226-0083

Direct Deposit of Dividends
Information on the Direct Deposit service is available from our transfer agent at this address:

The Bank of New York
Shareholder Services Dept.
P.O. Box 11258
Church Street Station
New York, NY 10286-1258
Telephone: (800) 226-0083

Financial and Other Information
PepsiCo's 2000 quarterly earnings releases are expected to be issued the week of April 17, July 17, and October 2, 2000 and February 5, 2001.

Earnings and other financial results, corporate news and other company information are available on PepsiCo's web site: www.pepsico.com.

Copies of PepsiCo's SEC Form 8-K, 10-K and 10-Q reports and quarterly earnings releases are available free of charge. Contact PepsiCo's Manager of Shareholder Relations at (914) 253-3055.

Securities analysts, portfolio managers, representatives of financial institutions and other individuals with questions regarding PepsiCo's performance are invited to contact:

Susan V. Watson
Vice President, Investor Relations
PepsiCo, Inc.
Purchase, NY 10577
Telephone: (914) 253-3035