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PepsiCo Inc.

PEP

PepsiCo, Inc. is a global snack and beverage company. Pepsi manufactures, markets and sells a variety of salty, convenient, sweet and grain-based snacks, carbonated and non-carbonated drinks, and foods. PepsiCo is organized in four segments: Frito-Lay North America (FLNA), PepsiCo Beverages North America (PBNA), PepsiCo International (PI) and Quaker Foods North America (QFNA). The company’s North American segments operate in the United States and Canada. Its international segments operate in over 200 countries, with its largest operations in Mexico and the United Kingdom. Pepsi’s customers include franchise bottlers, and independent distributors and retailers. For the fiscal year ended December 25, 2004, FLNA, PBNA, PI and QFNA represented approximately 33%, 28%, 34% and 5%, respectively, of PepsiCo’s total division net revenues.

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