PEPSICO RESCINDS SHARE REPURCHASE PROGRAMS


PURCHASE,  N.Y.  Dec.  4 -  PepsiCo,  Inc.  announced  today  that its  Board of
Directors has rescinded its recently  authorized share repurchase  program under
which the  company  intended to buy back $4 billion of stock over the next three
years.

The new program had been  authorized  by of the Board of Directors and announced
on November 21, 2000.

The Board also rescinded the earlier $3 billion share  repurchase  program under
which $2.8 billion has been expended.


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