PepsiAmericas Announces Increase in Share Repurchase Program

Minneapolis, MN, December 19, 2002 – PepsiAmericas, Inc. (NYSE: PAS) today announced that its Board of Directors has approved an increase in its share repurchase program pursuant to which the company may purchase up to an additional 20 million shares of its common stock. The 20 million shares represent approximately 13.4% of the approximately 149 million shares of common stock currently outstanding and are in addition to the 3 million shares that remain purchasable under the company’s current share repurchase program.

“We believe that our common stock is undervalued,” stated Robert C. Pohlad, Chairman and Chief Executive Officer of PepsiAmericas. “The Board of Directors believes that an increase in the share repurchase program represents a good investment of free cash flow. We will continue to purchase shares when we see prudent opportunities in the market.”

PepsiAmericas is the number-two anchor bottler in the Pepsi system with operations in 18 states as well as Puerto Rico, Jamaica, the Bahamas, Barbados, Trinidad and Tobago, Poland, Hungary, the Czech Republic and Republic of Slovakia. In total, PepsiAmericas serves areas with a population of more than 117 million people. PepsiAmericas manufactures, distributes and markets a broad portfolio of Pepsi-Cola, and other national and regional brands. PepsiCo, Inc. (NYSE: PEP) holds a 38.5 percent equity interest in PepsiAmericas.