PepsiCo Announces Delivery of Squeeze-Out Demand Notice to Wimm-Bill-Dann

PepsiCo, Inc. PEP announced today that it delivered a squeeze-out demand notice to Wimm-Bill-Dann Foods OJSC on June 30, 2011. By delivering the notice, PepsiCo has elected to exercise its right under Russian law to purchase all remaining WBD ordinary shares not already owned by PepsiCo, including those underlying WBD's American Depositary Shares. As further described below, this squeeze-out process is expected to be concluded by mid September 2011. As stated in the squeeze-out demand notice, all registered holders of ordinary shares on the list date of August 15, 2011 will be entitled to receive 3,883.70 Russian rubles per ordinary share, which is the same price that was offered to WBD shareholders in PepsiCo's recently completed tender offer in Russia. Under Russian law, PepsiCo is required to send payment to all remaining registered holders within 25 days after the list date (i.e., by September 9, 2011). All ordinary shares (including those underlying ADSs) will be transferred to PepsiCo by operation of law within three days after PepsiCo provides to WBD's registrar evidence of having made payment to such registered shareholders.