PEPSICO INC — Director's Dealing 2004

Feb 3, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PEPSICO INC (PEP)
CIK: 0000077476
Period of Report: 2004-02-01

Reporting Person: NOWELL LIONEL L III (SVP and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-01	PepsiCo, Inc. Common Stock	A	20000.00	—	Acquired	20429.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-01	Employee Stock Option (right to buy)	$47.25	A	438.00	Acquired	2014-01-31	PepsiCo, Inc. Common Stock (438.00)	Direct

Footnotes

F1: This number reflects the number of restricted stock units granted to the reporting person as a portion of his compensation for serving as an officer of PepsiCo, Inc. Restricted stock units are calculated on a one unit for one share basis.

F2: This amount includes shares acquired pursuant to the PepsiCo, Inc. dividend reinvestment plan.

F3: There is no price for this derivative security.