50% Notes due 2006, originally issued by Whitman
Corporation , its $200 million 5.
PepsiAmericas is the second largest Pepsi bottler with operations
in 19 states , Central Europe including Poland, Hungary, the Czech
Republic and Republic of Slovakia, and the Caribbean including Puerto
Rico, Jamaica, the Bahamas, Barbados and Trinidad and Tobago.

bermuda emi

875% Notes due 2007 .32
Notes due 2/06
due
2006

71343XAA2 5.625 % 3.
Morgan Securities Inc.

rico puerto

PepsiAmericas Announces Pricing for Debt Tender Offers; 6.50% Notes due 2006 5.95% Notes due 2006 and 3.875% Notes due 2007

Business Editors

MINNEAPOLIS----PepsiAmericas, Inc.
The tender offers for the Notes will expire at midnight, New York
City time, on Tuesday, May 17, 2005, unless extended or earlier
terminated (as that date may be extended or earlier terminated, the
"Expiration Time").
Each tender offer, however, is conditioned upon satisfaction of
certain conditions described in the Offer to Purchase. Morgan
Securities Inc.

PepsiAmericas is the second-largest Pepsi bottler with operations
in 19 states, Central Europe including Poland, Hungary, the Czech
Republic, and Republic of Slovakia, and the Caribbean including,
Puerto Rico, Jamaica, the Bahamas, Barbados and Trinidad and Tobago.

puerto caribbean

S.40 $15.617% 30. The prices for the 6. All payments for Notes validly tendered and accepted for
purchase will include accrued and unpaid interest on the principal
amount tendered up to, but not including, the payment date.P.
"Kathryn has been a valuable resource for our investors and the
analyst community that follows PepsiAmericas.

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No tenders will be valid if submitted after the
Expiration Time. PepsiCo , Inc.

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95% Notes due 2006, and its $250
million 3.283% 12.
Ms.

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5 $1,021.10
Notes due 8/07
due
2007

The prices were determined at 11:00 a. The tender offers are being made only
pursuant to the terms of the Offer to Purchase, dated May 11, 2005,
and the related letter of transmittal. PepsiAmericas manufactures, distributes and
markets a broad portfolio of Pepsi-Cola, and other national and
regional brands.

PepsiAmericas Announces Management Change

(NYSE:PAS) announced today that Kathryn Koessel, Vice President,
Investor Relations , has decided to leave the company effective June 3,
2005. During her tenure, she
has strengthened and expanded the scope of our investor relations
efforts," said Alex Ware, Chief Financial Officer .

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(NYSE:PAS) today announced the reference yield for its previously
announced tender offers for any and all of its outstanding $100
million 6.50% 1.625% U.

jurisdictions placement

m. "We regret her
departure and wish her well.

vacancies dominican

Each tender offer is made with respect to
one series of the Notes and is independent of the other tender offers. (NYSE:PEP) beneficially owns
approximately a 41 percent equity interest in PepsiAmericas. PepsiAmericas manufactures, distributes
and markets a broad portfolio of Pepsi -Cola, and other national and
regional brands.

bermuda fee

Security Security Yield points) Notes Notes
---------- -------- --------- --------- -------- ---------- ----------

96647KAB8 6.95% 1.5 $1,018.875% 2.S.
PepsiAmericas has retained Citigroup Global Markets Inc.

at 866-834-4666.P.
This release shall not constitute an offer to sell or the
solicitation of an offer to buy the debt securities that PepsiAmericas
is offering under its effective shelf registration statement. Koessel, who has held this position since 2003, is leaving
PepsiAmericas to pursue other opportunities.pepsiamericas.

upload fee

283% 12.875% Notes due 2007 is based on the yield to maturity of the
2. to serve as dealer managers for the tender
offers, and Global Bondholder Services Corporation to serve as the
depositary and information agent for the tender offers. In
total, PepsiAmericas serves geographic areas with a population of more
than 122 million people. PepsiCo, Inc.

placement accountants

fee caribbean

03 $7. Morgan
Securities Inc.

jurisdictions fee

tobago candidates

Accrued
Purchase Interest
Price per per
Reference Fixed $1,000 $1,000
U.75% U.com

barbados fee

S.
The terms and conditions of the tender offers, including the
conditions of PepsiAmericas' obligation to accept the Notes tendered
and pay the purchase price for them, are set forth in the Offer to
Purchase dated May 11, 2005 .

therapists accountants

625% 3. Treasury security due August 2007 plus a fixed spread of 30
basis points, as described in the Offer to Purchase dated May 11,
2005.
Requests for documents may be directed to Global Bondholder
Services Corporation toll-free at 866-857-2200 or collect at
212-430-3774. Questions regarding the tender offers may be directed to
Citigroup Global Markets Inc."
Mr.

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75% 3.50% Notes and the 5.

dominican jamaica

37
Notes due 2/06
due
2006

71343XAC8 3., New York City time,
today. at 800-558-3745, or J.
This news release is not an offer to purchase or a solicitation of
an offer to sell any securities. In any jurisdiction where the
laws require the tender offers to be made by a licensed broker or
dealer, the tender offers will be deemed made on behalf of
PepsiAmericas by Citigroup Global Markets Inc. (NYSE:PEP) beneficially owns a 41
percent equity interest in PepsiAmericas.

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Spread principal principal
Treasury Reference (basis amount of amount of
CUSIP No.23 $19.0 $999. and J.

Business Editors

MINNEAPOLIS----PepsiAmericas, Inc.

upload employment

Treasury
security due February 2006 plus a fixed spread of 12. The price
for the 3. and J., or one or more registered brokers or dealers under
the laws of such jurisdiction. Ware will oversee Investor Relations, until Kathryn's
replacement is announced .

Includes links to resources offering information on employment in the region.

vacancies bermuda

In total, PepsiAmericas serves geographic areas with a population of
more than 122 million people.

For more information on PepsiAmericas, please visit our Web site
at www.

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candidates rico

95% Notes, both due
2006, are based on the yield to maturity of the 1.5 basis points,
as described in the Offer to Purchase dated May 11, 2005 .