Form 4 - Robert E. Allen


FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(h) of the Investment Company Act of 1940 		OMB APPROVAL
o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). OMB Number:     3235-0287
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(Print or Type Responses)  

1. Name and Address of Reporting Person*




Allen                    Robert                       E.		 2. Issuer Name and Ticker or Trading Symbol




PepsiCo, Inc.           (PEP)

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)


      x Director              o 10% Owner
      o Officer                o Other (specify below)
          (give title below)


              

    (Last)                    (First)                   (Middle)



c/o AT&T
180 Park Avenue, Room 1E38 		3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)      4. Statement for Month/Day/Year



4/1/2003
                                (Street)




Florham Park                                    NJ                        07932		 5. If Amendment, Date of Original (Month/Day/Year)



 7. Individual or Joint/Group Filing (Check
Applicable Line)  

     x Form filed by One Reporting Person
     o Form filed by More than One Reporting Person
   (City)                      (State)                    (Zip) Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
 1. Title of Security
(Instr. 3) 		  2. Trans-
action Date 
(Month/
Day/
Year)		  2A. Deemed
Execution Date,
if any (Month/
Day/Year) 		3. Trans-
action Code
(Instr. 8) 		 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of
Securities
Beneficially Owned
Following Reported
Transaction(s)
(Instr. 3 and 4) 		 6. Owner-
ship Form: Direct (D) or Indirect (I) (Instr. 4) 		 7. Nature of Indirect Beneficial Ownership
(Instr. 4) 
Code V Amount (A) or (D) Price
PepsiCo, Inc. Common Stock               7,136.00 D  
                     
                     
                     
                     
                     

 

FORM 4 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conver-
sion or Exercise Price of Derivative Security

 		 3. Trans-
action Date (Month/
Day/Year) 		 3A. Deemed
Execution Date,
if any, (Month/
Day/Year) 		 4. Trans-
action Code
(Instr. 8) 		 5. Number of Derivative Securites Acquired (A) or Disposed of (D) (Instr. 3,
4 and 5) 		 6. Date Exercisable and Expiration Date (Month/Day/Year)  7. Title and Amount of Underlying Securities
(Instr. 3 and 4) 		 8. Price of Derivative Security (Instr. 5)  9. Number of Derivative Securities Beneficially Owned Following Reported Trans-
action(s) (Instr. 4) 

10. Owner-
ship Form of Derivative Securities: Direct(D)
or Indirect(I)
(Instr. 4) 

 11. Nature of Indirect Beneficial Ownership (Instr. 4)  
 Code V (A) (D) Date Excer-
cisable		 Expira-
tion Date		 Title Amount or Number of Shares
Phantom Stock Units 1-for-1 3/31/2003   A V 22.06 (1)   Retirement Retirement PepsiCo, Inc. Common Stock 22.06 $40.00 1,925.61 D  
Phantom Stock Units 1-for-1 3/31/2003   A V 4.78 (1)   01/01/03 01/01/03 PepsiCo, Inc. Common Stock 4.78 $40.00   D  
Phantom Stock Units 1-for-1 3/31/2003   A V 222.89 (1)   01/01/01
(2,3)		 01/01/05 PepsiCo, Inc. Common Stock 222.89 $40.00   D  
Phantom Stock Units 1-for-1 3/31/2003   A V 70.37 (1)   04/01/05 04/01/05 PepsiCo, Inc. Common Stock 70.37 $40.00 6,141.09 D  
Phantom Stock Units 1-for-1 4/1/2003   I     20,676.87 01/01/01
(2,3)		 01/01/05 PepsiCo, Inc. Common Stock 20,676.87 $40.00 9,299.80 D  
Phantom Stock Units 1-for-1 4/1/2003   I     453.46 01/01/03 01/01/03 (4) PepsiCo, Inc. Common Stock 453.46 $40.00 0.00 D  

Explanation of Responses:
1.  This amount was credited to the reporting person's account as a dividend reinvestment.
2.  Payable in 5 installments between 2001 and 2005.
3.  Participants in the deferral plan are afforded a one-time opportunity to change the payout date of their deferrals. This must be done at least 6 months before, and in the calendar year prior to, payout.
4.  This amount was paid out to the reporting person on April 1, 2003.

/s/David R. Andrews   April 3, 2003
  
David R. Andrews
Attorney-in-fact
** Signature of Reporting Person		   Date
 
Reminder:   Report on a separate line for each class of securities beneficially owned directly or indirectly.
*   If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.