The Walt Disney Company and Frito-Lay Form Multi-Year Strategic Alliance

October 10, 2002



BURBANK, California, and PLANO, Texas – The Walt Disney Company (NYSE: DIS) and Frito-Lay have entered into a multi-year agreement by which Frito-Lay snack products will be featured at Walt Disney World® Resort and Disneyland® Resort. The relationship includes sponsorship, promotional and commerce opportunities.

Frito-Lay, the maker of snack products such as Lay's potato chips, Cheetos cheese puffs, Cracker Jack popcorn snacks, Doritos tortilla chips, Tostitos tortilla chips, Rold Gold pretzels and a variety of low, reduced and no-fat snacks, will be sold sell its snacksbe soldat restaurants and food kiosks throughout Disney's domestic theme parks.

In addition, In addition, Frito-Lay will sponsor park attractions, including California Screamin' presented by Lay's in Disney's California Adventure and Disney's Typhoon Lagoon Water Park presented by Cheetos at the Walt Disney World® Resort. Frito Lay also will receive naming rights to the baseball stadium at Disney's Wide World of Sports™ Complex, currently home to the Atlanta Braves spring training and double-A Orlando Rays, which will be renamed Cracker Jack Stadium.

In making the announcement, Disney Parks and Resorts President Jay Rasulo said, "Frito-Lay has some of the preeminent products in the snack foods category and we are pleased to be able to join with them to provide our guests with some of their most popular items. We also welcome their new presence at our park attractions, making Frito-Lay an even more integral part of our parks."

"This relationship is a great example of two iconic brands coming together – America's favorite snack foods with two of America's most popular resort destinations", said Al Bru, Frito-Lay's President & CEO. "Our presence at Disney properties is a new channel for us to offer a wide variety of fun snacks catering to consumers' needs."

The Walt Disney Company is a diversified, international family entertainment and media company whose operations include theme parks and resorts, filmed entertainment including motion pictures and television shows, home video products, records, consumer products, a cruise line, radio and television stations, broadcast and cable networks, Internet offerings, publishing activities and professional sports enterprises. Disney owns ABC Inc. Founded in 1923 by Walter E. Disney and his brother Roy O. Disney, The Walt Disney Company generated revenues of $25.2 billion in 2001. It employs more than 110,000 people worldwide.

Frito-Lay North America is the convenient fun foods division of PepsiCo, Inc., which is headquartered in Purchase, NY. Frito-Lay makes and sells some of America's favorite snack brands including Lay's potato chips, Ruffles potato chips, Doritos tortilla chips, Tostitos tortilla chips and Cheetos cheese-flavored snacks. The company also offers a wide variety of low-fat, reduced fat and no-fat snacks like Baked Doritos, Baked Lay's, Baked Ruffles, Baked Tostitos, Ruffles Reduced Fat and its WOW! line, Rold Gold pretzels, and coming soon , Lay's Reduced Fat and Cheetos Reduced Fat. The company also makes and sells Cracker Jack snacks, Quaker Chewy granola bars, Fruit and Oatmeal bars, Gatorade energy bars and Quakes rice snacks.