Form 4 - Lionel L. Nowell, III


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
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(Print or Type Responses)  

1. Name and Address of Reporting Person*




Nowell III                    Lionel                       L.		 2. Issuer Name and Ticker or Trading Symbol




PepsiCo, Inc.           (PEP)

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


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


        Senior Vice President and Treasurer

    (Last)                    (First)                   (Middle)



700 Anderson Hill Road
 		3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)      4. Statement for Month/Day/Year



2/1/2003
                                (Street)




Purchase                           NY                      10577		 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               426.78 (1) 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
Employee Stock Option
(right to buy)		 $50.00 2/1/2002   A V 65,703.00   02/01/05 01/31/12 PepsiCo, Inc. Common Stock 65,703.00   65,703.00 D  
Employee Stock Option
(right to buy)		 $39.75 2/1/2003   A   83,374.00   02/01/06 01/31/13 PepsiCo, Inc. Common Stock 83,374.00   83,374.00 D  
                               
                               

Explanation of Responses:
1. Includes shares acquired pursuant to the PepsiCo, Inc. dividend reinvestment plan.



/s/ Lionel L. Nowell, III   February 3, 2003
 
Lionel L. Nowell, III
** 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.