Pepsi-Cola Company And Yahoo! Team To "Power" Pepsi With Yahoo!

Yahoo! Logo Scheduled to Appear on Front Label of 1.5 Billion Bottles of Pepsi Products

Tune in March 23 for Live Video Webcast of Yahoo!'s Jerry Yang Addressing Pepsi's Bottler Principals' Meeting

PURCHASE, N.Y. and SANTA CLARA, Calif. -- March 22, 2000 -- As part of their continuing efforts to develop innovative and integrated marketing solutions, Pepsi-Cola Company (NYSE: PEP) and Yahoo! Inc. (Nasdaq: YHOO), today announced a joint online and offline promotional program, Pepsi Stuff.com. The Pepsi Stuff.com program will enable consumers to earn digital awards and discounts online from promotional partners through an under-the-cap promotion scheduled to appear on 1.5 billion single-serve bottles of Pepsi, Diet Pepsi, Pepsi ONE, Mountain Dew, Diet Mountain Dew and Wild Cherry Pepsi. The five-month promotion is expected to launch in August 2000.

Through Yahoo!, Pepsi's popular "Pepsi Stuff" promotion will become interactive, allowing consumers to collect points under the caps of 20-ounce and one-liter bottles of Pepsi and Mountain Dew products and quickly redeem their points online for digital and hard-good prizes and discounts from leading manufacturers and retailers. Pepsi Stuff.com also will feature auctions of rare items from Pepsi and the program's promotional partners.

Pepsi Has Yahoo! "Power"
Pepsi and Mountain Dew product bottles will have a "Pepsi Stuff.com, Powered by Yahoo!" logo on the front of the label to alert consumers about the promotion and Yahoo! is scheduled to receive logo placement on point-of-purchase materials that will be placed in approximately 50,000 retail stores nationwide.

"We're out to connect with consumers in ways that really touch their lives. That requires being relevant and, in today's increasingly Web-connected world, few brands are more relevant than Yahoo!. By bringing Pepsi Stuff.com online, it is now even easier for consumers to collect points and redeem them for prizes and discounts," said Dawn Hudson, chief marketing officer of Pepsi-Cola North America. "Yahoo! is hugely popular among teens and young adults - Pepsi's primary target. Combining two of the world's biggest brands, Pepsi Stuff.com is just the beginning. With our offline capabilities and their online reach, we're only scratching the surface of what may evolve in collaboration with Yahoo!."

Pepsi and Yahoo! are working together to leverage Yahoo!'s Fusion Marketing programs. Fusion Marketing provides one-stop shopping for companies seeking to secure a measurable Internet presence. Yahoo!'s Fusion Marketing programs are innovative, interactive marketing programs designed to help connect Yahoo!'s significant global audience with leading brands.

"Aligning with Pepsi to 'power' Pepsi Stuff.com gives us extensive distribution into significant new channels. Pepsi is an innovative, marketing-savvy company with very broad reach and we are pleased to be working them," said Anil Singh, chief sales and marketing officer, Yahoo! Inc. "Pepsi joins a growing list of leading brands that work with Yahoo! to bring offline and online marketing concepts together quickly. Our Fusion Marketing approach is designed to leverage Yahoo!'s broad platform of services tailored to meet specific marketing objectives."

Watch and Listen Live!
Consumers can watch the live video Internet broadcast of Chief Yahoo Jerry Yang addressing Pepsi's bottler principals' meeting on March 23, 2000 at 12:45 p.m. EST. To view the broadcast, log on to the site at http://webevents.broadcast.com/pepsi/0300meeting/ or link directly from www.pepsi.com.

About Pepsi-Cola Company
Pepsi-Cola Company (www.pepsi.com), headquartered in Purchase, N.Y., is the global beverage division of PepsiCo, Inc. (www.pepsico.com). Its brands in the United States include Pepsi, Diet Pepsi, Pepsi ONE, Mountain Dew, Mug, Slice, Wild Cherry Pepsi, Aquafina, All Sport Body Quencher and FruitWorks. The company also makes and markets ready-to-drink iced teas and coffees, respectively, via joint ventures with Lipton and Starbucks.

About Yahoo!
Yahoo! Inc. is a global Internet communications, commerce and media company that offers a comprehensive branded network of services to 120 million people each month worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach, and is one of the most recognized brands associated with the Internet. The company also provides online business services designed to enhance Yahoo!'s clients' Web services, including audio and video streaming, store hosting and management, and Web site tools and services. The company's global Web network includes 22 World properties. Yahoo! has offices in Europe, the Asia Pacific, Latin America, Canada and the United States, and is headquartered in Santa Clara, Calif.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements or predictions. These statements represent our judgment as of this date and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements. Potential risks and uncertainties include, without limitation, those associated with economic conditions, government regulations and delays or other problems with product development. These and other factors are discussed in more depth in both companies' filings with the SEC, copies of which may be accessed through the SEC's World Wide Web site at http://www.sec.gov.

EDITOR'S NOTE:
Screen shot of Pepsi bottle art "Pepsi Stuff.com, Powered by Yahoo!" available via Business Wire (search for "Yahoo!" or "Pepsi" or reference photo link to press release).