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

Business Wire, May 16, 2005

MINNEAPOLIS -- PepsiAmericas, Inc. (NYSE:PAS) today announced the reference yield for its previously announced tender offers for any and all of its outstanding $100 million 6.50% Notes due 2006, originally issued by Whitman Corporation, its $200 million 5.95% Notes due 2006, and its $250 million 3.875% Notes due 2007.

Accrued
                                                  Purchase    Interest
                                                  Price per     per
                    Reference             Fixed    $1,000     $1,000
                       U.S.              Spread   principal  principal
                     Treasury Reference  (basis   amount of  amount of
CUSIP No.  Security  Security   Yield    points)    Notes      Notes
---------- -------- --------- --------- -------- ---------- ----------

96647KAB8   6.50%     1.625%    3.283%    12.5    $1,021.23    $19.32
            Notes    due 2/06
             due
             2006

71343XAA2   5.95%     1.625%    3.283%    12.5    $1,018.40    $15.37
            Notes    due 2/06
             due
             2006

71343XAC8  3.875%      2.75%    3.617%    30.0      $999.03     $7.10
            Notes    due 8/07
             due
             2007

The prices were determined at 11:00 a.m., New York City time, today. The prices for the 6.50% Notes and the 5.95% Notes, both due 2006, are based on the yield to maturity of the 1.625% U.S. Treasury security due February 2006 plus a fixed spread of 12.5 basis points, as described in the Offer to Purchase dated May 11, 2005. The price for the 3.875% Notes due 2007 is based on the yield to maturity of the 2.75% U.S. Treasury security due August 2007 plus a fixed spread of 30 basis points, as described in the Offer to Purchase dated May 11, 2005. 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.

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"). No tenders will be valid if submitted after the Expiration Time.

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. Each tender offer is made with respect to one series of the Notes and is independent of the other tender offers. Each tender offer, however, is conditioned upon satisfaction of certain conditions described in the Offer to Purchase.

PepsiAmericas has retained Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. 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.

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. at 800-558-3745, or J.P. Morgan Securities Inc. at 866-834-4666.

This news release is not an offer to purchase or a solicitation of an offer to sell any securities. 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. 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. and J.P. Morgan Securities Inc., or one or more registered brokers or dealers under the laws of such jurisdiction.

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.

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. In total, PepsiAmericas serves geographic areas with a population of more than 122 million people. PepsiAmericas manufactures, distributes and markets a broad portfolio of Pepsi-Cola, and other national and regional brands. PepsiCo, Inc. (NYSE:PEP) beneficially owns approximately a 41 percent equity interest in PepsiAmericas.