The Pepsi Bottling Group Announces Pricing of Senior Notes

Business Wire, Oct 21, 2008

SOMERS, N.Y. -- Bottling Group, LLC (the "Company"), the principal operating subsidiary of The Pepsi Bottling Group, Inc. (NYSE: PBG), today announced the pricing of $1.3 billion of 6.95% senior notes due 2014 (the "Notes").

The Company expects to use the proceeds of the offering to repay the Company's senior notes due February 2009 at their maturity. Pending such use, the Company will invest the proceeds in short-term instruments with an original maturity of three months or less or it may choose to apply a portion of the proceeds to repay outstanding short-term indebtedness.

Morgan Stanley, Deutsche Bank, HSBC, JPMorgan Chase and Merrill Lynch are acting as joint book-running managers for the offering. Potential purchasers of the Notes can obtain copies of the written prospectus related to the Notes, as supplemented, from Morgan Stanley or PBG. Requests to Morgan Stanley may be directed to Keren Lipnowski by calling (212) 761-5960 or by mail to 180 Varick Street, 2nd Floor, New York, NY 10013, Attn. Prospectus Department. Requests to PBG may be directed to Mary Winn Settino at (914) 767-7216.

About PBG

The Pepsi Bottling Group, Inc. (NYSE:PBG) is the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages. With approximately 70,000 employees and annual sales of nearly $14 billion, PBG has operations in the U.S., Canada, Greece, Mexico, Russia, Spain and Turkey. For more information, please visit www.pbg.com.

This press release is not an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these Notes is being made only by means of a base prospectus (as supplemented and amended from time to time), which is part of a registration statement that the Company filed with the SEC utilizing a "shelf" registration process.

Forward-Looking Statement:

Statements made in this press release that relate to future performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual performance or results to materially differ. PBG undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in PBG's Securities and Exchange Commission reports, including PBG's Form 10-K for the year ended December 29, 2007.