Consolidated Statement of Shareholders’ Equity
(in millions)
PepsiCo, Inc. and Subsidiaries
Fiscal years ended December 30, 2000, December 25, 1999
and December 26, 1998

                                           Capital               Accumulated           Total
                                              in                    Other            Currency
                                          Excess of  Retained  Comprehensive        Translation
                                          Par Value  Earnings       Loss      Total  Adjustment
-----------------------------------------------------------------------------------------------
Shareholders' Equity, December 27, 1997..    $1,314   $11,567   $  (988)     $ 6,936   $ (988)
                                             --------------------------------------------------
 1998 Net income.........................         -     1,993         -        1,993
 Currency translation adjustment.........         -         -       (75)         (75)     (75)
 CTA reclassification adjustment.........         -         -        24           24       24
 Minimum pension liability adjustment,
  net of tax benefit of $11..............         -         -       (20)         (20)
                                                                             --------
   Comprehensive income..................                                      1,922
 Cash dividends declared.................         -      (760)        -         (760)
 Share repurchases.......................         -         -         -       (2,230)
 Stock option exercises, including
  tax benefit of $109....................      (151)        -         -          524
 Other...................................         3         -         -            9
                                             --------------------------------------------------
Shareholders' Equity, December 26, 1998..     1,166    12,800    (1,059)       6,401   (1,039)
                                             --------------------------------------------------
 1999 Net income.........................         -     2,050         -        2,050
 Currency translation adjustment.........         -         -      (121)        (121)    (121)
 CTA reclassification adjustment.........         -         -       175          175      175
 Minimum pension liability adjustment,
  net of tax of $9.......................         -         -        17           17
 Other comprehensive income..............         -         -        (1)          (1)
                                                                             --------
   Comprehensive income..................                                      2,120
 Cash dividends declared.................         -      (784)        -         (784)
 Share repurchases.......................         -         -         -       (1,285)
 Stock option exercises, including
  tax benefit of $82.....................      (131)        -         -          383
 Other...................................        46         -         -           46
                                             --------------------------------------------------
Shareholders' Equity, December 25, 1999..     1,081    14,066      (989)       6,881     (985)
                                             --------------------------------------------------
 2000 Net income.........................         -     2,183         -        2,183
 Currency translation adjustment.........         -         -      (273)        (273)    (273)
 Minimum pension liability adjustment,
  net of tax benefit of $1...............         -         -        (2)         (2)
 Other comprehensive income..............         -         -         1            1
                                                                             --------
   Comprehensive income..................                                      1,909
 Cash dividends declared.................         -      (801)        -         (801)
 Share repurchases.......................         -         -         -       (1,430)
 Stock option exercises, including
  tax benefit of $131....................      (126)        -         -          690
                                             --------------------------------------------------
Shareholders' Equity, December 30, 2000..    $  955   $15,448   $(1,263)     $ 7,249  $(1,258)
                                             ==================================================


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See accompanying Notes to Consolidated Financial Statements.