PepsiCo Announces Cash Election Deadline

PURCHASE, N.Y., Feb. 10 /PRNewswire-FirstCall/ -- PepsiCo, Inc. (NYSE: PEP) announced today that The Pepsi Bottling Group, Inc. (NYSE: PBG) and PepsiAmericas, Inc. (NYSE: PAS) stockholders who wish to elect to receive cash for all or a portion of their shares of PBG or PAS stock in connection with the proposed acquisitions by PepsiCo of PBG and PAS must deliver a properly completed cash election form to Mellon Investor Services LLC by 5:00 p.m., New York City time, on February 18, 2010 (the "Election Deadline").  PBG and PAS stockholders who do not make a valid cash election will be deemed to have made an election to receive shares of PepsiCo common stock, subject to the proration procedures described below.

PBG and PAS stockholders who hold their shares in "street" name through a bank, broker or other nominee, in the form of unvested restricted stock awards or through a 401(k) plan may have an election deadline earlier than the Election Deadline.  These PBG and PAS stockholders  should consult with, and carefully review any materials they receive from, their bank, broker, other nominee or plan administrator to determine the election deadline applicable to them.

As previously announced, PBG stockholders (other than PepsiCo or its subsidiaries) have the option to elect either $36.50 in cash or 0.6432 shares of PepsiCo common stock for each share of PBG common stock held by them, subject to proration such that, in aggregate, 50% of PBG common stock not held by PepsiCo and its subsidiaries will be converted into the right to receive cash and the remaining 50% of PBG common stock not held by PepsiCo and its subsidiaries will be converted into the right to receive PepsiCo common stock.

Similarly, PAS stockholders (other than PepsiCo or its subsidiaries) have the option to elect either $28.50 in cash or 0.5022 shares of PepsiCo common stock for each share of PAS common stock held by them, subject to proration such that, in aggregate, 50% of PAS common stock not held by PepsiCo and its subsidiaries will be converted into the right to receive cash and the remaining 50% of PAS common stock not held by PepsiCo and its subsidiaries will be converted into the right to receive PepsiCo common stock.

PBG stockholders may request copies of the election form previously mailed to record holders by calling Morrow & Co., Inc. at [phone].  PAS stockholders may request copies of the election form previously mailed to record holders by calling Innisfree M&A Incorporated at [phone].