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                                                                     NO. 1-14893
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------
                                    FORM 10-K
                                  ANNUAL REPORT
          Pursuant to Section 13 of the Securities Exchange Act of 1934
                   For the Fiscal Year Ended December 30, 2000

                                   ----------
                         THE PEPSI BOTTLING GROUP, INC.
                                  ONE PEPSI WAY
                             SOMERS, NEW YORK 10589
                                 (914) 767-6000

  INCORPORATED IN DELAWARE                          13-4038356
  (JURISDICTION OF INCORPORATION)           (I.R.S. EMPLOYER IDENTIFICATION NO.)

                            -------------------------
        SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE SECURITIES
                             EXCHANGE ACT OF 1934:

                                                      NAME OF EACH EXCHANGE
          TITLE OF EACH CLASS                          ON WHICH REGISTERED
          -------------------                          -------------------
Common Stock, par value $.01 per share               New York Stock Exchange
7% Series B Senior Notes due 2029                    New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE SECURITIES EXCHANGE ACT
OF 1934: NONE

        INDICATE BY CHECK MARK WHETHER THE REGISTRANT: (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 DURING THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE
REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS) AND (2) HAS BEEN SUBJECT TO SUCH
FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES   X      NO
                                             -------     -----

        INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO
ITEM 405 OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED,
TO THE BEST OF REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION
STATEMENTS INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY
AMENDMENT TO THIS FORM 10-K. [ ]

                THE NUMBER OF SHARES OF THE PEPSI BOTTLING GROUP, INC. CAPITAL
STOCK OUTSTANDING AS OF MARCH 12, 2001 WAS 144,480,514. THE AGGREGATE MARKET
VALUE OF THE PEPSI BOTTLING GROUP, INC. CAPITAL STOCK HELD BY NON-AFFILIATES OF
THE PEPSI BOTTLING GROUP, INC. AS OF MARCH 12, 2001 WAS $3,639,388,913.

<TABLE>
<CAPTION>
DOCUMENTS OF WHICH PORTIONS                       PARTS OF FORM 10-K INTO WHICH PORTION
ARE INCORPORATED BY REFERENCE                     OF DOCUMENTS ARE INCORPORATED
-----------------------------                     -----------------------------
<S>                                               <C>
ANNUAL REPORT TO SHAREHOLDERS                                   I, II

PROXY STATEMENT FOR THE PEPSI BOTTLING GROUP,                    III
INC. MAY 23, 2001 ANNUAL MEETING OF SHAREHOLDERS
</TABLE>


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                                     PART I

ITEM 1. BUSINESS

INTRODUCTION

    The Pepsi Bottling Group, Inc. ("PBG") was incorporated in Delaware in
January, 1999 as a wholly-owned subsidiary of PepsiCo, Inc. ("PepsiCo") to
effect the separation of most of PepsiCo's company-owned bottling businesses.
PBG became a publicly traded company on March 31, 1999. As of February 21, 2001,
PepsiCo's ownership represented 37.9% of the outstanding common stock and 100%
of the outstanding Class B common stock, together representing 46.2% of the
voting power of all classes of PBG's voting stock. PepsiCo also owns 7.1% of the
equity interest of Bottling Group, LLC, PBG's principal operating subsidiary,
giving PepsiCo economic ownership of 42.4% of PBG's combined operations. We
refer to our publicly traded common stock as "Common Stock" and, together with
our Class B common stock, as our "Capital Stock." When used in this Report,
"PBG," "we," "us" and "our" each refers to The Pepsi Bottling Group, Inc. and,
where appropriate, to Bottling Group, LLC, which we refer to as "Bottling LLC."

PRINCIPAL PRODUCTS

    PBG is the world's largest manufacturer, seller and distributor of
Pepsi-Cola beverages. Pepsi-Cola beverages sold by us include PEPSI-COLA, DIET
PEPSI, MOUNTAIN DEW, LIPTON BRISK, LIPTON'S ICED TEA, PEPSI ONE, SLICE, MUG,
AQUAFINA, STARBUCKS FRAPPUCCINO, FRUITWORKS, SIERRA MIST and, outside the U.S.,
7UP, PEPSI MAX, MIRINDA and KAS. We have the exclusive right to manufacture,
sell and distribute Pepsi-Cola beverages in all or a portion of 41 states, the
District of Columbia, eight Canadian provinces, Spain, Greece and Russia. In
some of our territories, we also have the right to manufacture, sell and
distribute soft drink products of other companies, including DR PEPPER and 7UP
in the U.S. Approximately 80% of our volume is sold in the United States, and
the remaining 20% is sold in Canada, Spain, Greece and Russia. We have an
extensive distribution system in the United States and Canada. In Russia, Spain
and Greece, we use a combination of direct store distribution and distribution
through wholesalers, depending on local marketplace considerations.

RAW MATERIALS AND OTHER SUPPLIES

    PBG purchases the concentrates to manufacture Pepsi-Cola beverages and other
soft drink products from PepsiCo and other soft-drink companies.

    In addition to concentrates, we purchase sweeteners, glass and plastic
bottles, cans, closures, syrup containers, other packaging materials and carbon
dioxide. We generally purchase our raw materials, other than concentrates, from
multiple suppliers. PepsiCo acts as our agent for the purchase of such raw
materials. The Pepsi beverage agreements provide that, with respect to the soft
drink products of PepsiCo, all authorized containers, closures, cases, cartons
and other packages and labels may be purchased only from manufacturers approved
by PepsiCo. There are no materials or supplies used by PBG that are currently in
short supply. The supply or cost of specific materials could be adversely
affected by price changes, strikes, weather conditions, governmental controls or
other factors.


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PATENTS, TRADEMARKS, LICENSES AND FRANCHISES

    Our portfolio of beverage products includes some of the best recognized
trademarks in the world and include PEPSI-COLA, DIET PEPSI, MOUNTAIN DEW, LIPTON
BRISK, LIPTON'S ICED TEA, PEPSI ONE, SLICE, MUG, AQUAFINA, STARBUCKS FRAPPUCCINO
and outside the U.S., 7UP, PEPSI MAX, KAS and MIRINDA. The majority of our
volume is derived from brands licensed from PepsiCo or PepsiCo joint ventures.
In some of our territories, we also have the right to manufacture, sell and
distribute soft drink products of other companies, including DR PEPPER and 7UP
in the U.S.

    PBG conducts its business primarily under agreements with PepsiCo. These
agreements give us the exclusive right to market, distribute, and produce
beverage products of PepsiCo in authorized containers in specified territories.

    Set forth below is a description of the Pepsi beverage agreements and other
bottling agreements to which we are a party.

    Terms of the Master Bottling Agreement. The master bottling agreement under
which we manufacture, package, sell and distribute the cola beverages bearing
the PEPSI-COLA and PEPSI trademarks was entered into in March 1999. The master
bottling agreement gives us the exclusive and perpetual right to distribute cola
beverages for sale in specified territories in authorized containers of the
nature currently used by us. The master bottling agreement provides that we will
purchase our entire requirements of concentrates for the cola beverages from
PepsiCo at prices, and on terms and conditions, determined from time to time by
PepsiCo. PepsiCo may determine from time to time what types of containers to
authorize for use by us. PepsiCo has no rights under the master bottling
agreement with respect to the prices at which we sell our products.

    Under the master bottling agreement we are obligated to:

    (1) maintain such plant and equipment, staff, and distribution and vending
        facilities that are capable of manufacturing, packaging and distributing
        the cola beverages in sufficient quantities to fully meet the demand for
        these beverages in our territories;

    (2) undertake adequate quality control measures prescribed by PepsiCo;

    (3) push vigorously the sale of the cola beverages in our territories;

    (4) increase and fully meet the demand for the cola beverages in our
        territories;

    (5) use all approved means and spend such funds on advertising and other
        forms of marketing beverages as may be reasonably required to meet the
        objective; and

    (6) maintain such financial capacity as may be reasonably necessary to
        assure performance under the master bottling agreement by us.

    The master bottling agreement requires us to meet annually with PepsiCo to
discuss plans for the ensuing year and the following two years. At such
meetings, we are obligated to present plans that set out in reasonable detail
our marketing plan, our management plan and advertising plan with respect to the
cola beverages for the year. We must also present a financial plan showing that
we have the financial capacity to perform our duties and obligations under the
master bottling agreement for that year, as well as sales, marketing,
advertising and capital expenditure plans for the two years following such year.
PepsiCo has the right to approve such plans, which approval shall not be
unreasonably withheld. In 2000, PepsiCo approved our annual plan.


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    If we carry out our annual plan in all material respects, we will be deemed
to have satisfied our obligations to push vigorously the sale of the cola
beverages, increase and fully meet the demand for the cola beverages in our
territories and maintain the financial capacity required under the master
bottling agreement. Failure to present a plan or carry out approved plans in all
material respects would constitute an event of default that, if not cured within
120 days of notice of the failure, would give PepsiCo the right to terminate the
master bottling agreement.

    If we present a plan that PepsiCo does not approve, such failure shall
constitute a primary consideration for determining whether we have satisfied our
obligations to maintain our financial capacity, push vigorously the sale of the
cola beverages and increase and fully meet the demand for the cola beverages in
our territories.

    If we fail to carry out our annual plan in all material respects in any
segment of our territory, whether defined geographically or by type of market or
outlet, and if such failure is not cured within six months of notice of the
failure, PepsiCo may reduce the territory covered by the master bottling
agreement by eliminating the territory, market or outlet with respect to which
such failure has occurred.

    PepsiCo has no obligation to participate with us in advertising and
marketing spending, but it may contribute to such expenditures and undertake
independent advertising and marketing activities, as well as cooperative
advertising and sales promotion programs that would require our cooperation and
support. Although PepsiCo has advised us that it intends to continue to provide
cooperative advertising funds, it is not obligated to do so under the master
bottling agreement.

    The master bottling agreement provides that PepsiCo may in its sole
discretion reformulate any of the cola beverages or discontinue them, with some
limitations, so long as all cola beverages are not discontinued. PepsiCo may
also introduce new beverages under the PEPSI-COLA trademarks or any modification
thereof. If that occurs, we will be obligated to manufacture, package,
distribute and sell such new beverages with the same obligations as then exist
with respect to other cola beverages. We are prohibited from producing or
handling cola products, other than those of PepsiCo, or products or packages
that imitate, infringe or cause confusion with the products, containers or
trademarks of PepsiCo. The master bottling agreement also imposes requirements
with respect to the use of PepsiCo's trademarks, authorized containers,
packaging and labeling.

    If we acquire control, directly or indirectly, of any bottler of cola
beverages, we must cause the acquired bottler to amend its bottling appointments
for the cola beverages to conform to the terms of the master bottling agreement.

    Under the master bottling agreement, PepsiCo has agreed not to withhold
approval for any acquisition of rights to manufacture and sell PEPSI trademarked
cola beverages within a specific area--currently representing approximately
13.66% of PepsiCo's U.S. bottling system in terms of volume--if we have
successfully negotiated the acquisition and, in PepsiCo's reasonable judgment,
satisfactorily performed our obligations under the master bottling agreement. We
have agreed not to acquire or attempt to acquire any rights to manufacture and
sell PEPSI trademarked cola beverages outside of that specific area without
PepsiCo's prior written approval.

    The master bottling agreement is perpetual, but may be terminated by PepsiCo
in the event of our default. Events of default include:

    (1) our insolvency, bankruptcy, dissolution, receivership or the like;

    (2) any disposition of any voting securities of one of our bottling
        subsidiaries or substantially all of our bottling assets without the
        consent of PepsiCo;


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    (3) our entry into any business other than the business of manufacturing,
        selling or distributing non-alcoholic beverages or any business which is
        directly related and incidental to such beverage business; and

    (4) any material breach under the contract that remains uncured for 120 days
        after notice by PepsiCo.

    An event of default will also occur if any person or affiliated group
acquires any contract, option, conversion privilege, or other right to acquire,
directly or indirectly, beneficial ownership of more than 15% of any class or
series of our voting securities without the consent of PepsiCo. As of February
21, 2001, no shareholder of PBG, other than PepsiCo, holds more than 7.1% of our
Common Stock.

    We are prohibited from assigning, transferring or pledging the master
bottling agreement, or any interest therein, whether voluntarily, or by
operation of law, including by merger or liquidation, without the prior consent
of PepsiCo.

    The master bottling agreement was entered into by us in the context of our
separation from PepsiCo and, therefore, its provisions were not the result of
arm's-length negotiations. Consequently, the agreement contains provisions that
are less favorable to us than the exclusive bottling appointments for cola
beverages currently in effect for independent bottlers in the United States.

    Terms of the Non-Cola Bottling Agreements. The beverage products covered by
the non-cola bottling agreements are beverages licensed to us by PepsiCo,
consisting of MOUNTAIN DEW, DIET MOUNTAIN DEW, SLICE, SIERRA MIST, FRUITWORKS,
MUG root beer and cream soda and ALL SPORT. The non-cola bottling agreements
contain provisions that are similar to those contained in the master bottling
agreement with respect to pricing, territorial restrictions, authorized
containers, planning, quality control, transfer restrictions, term, and related
matters. Our non-cola bottling agreements will terminate if PepsiCo terminates
our master bottling agreement. The exclusivity provisions contained in the
non-cola bottling agreements would prevent us from manufacturing, selling or
distributing beverage products which imitate, infringe upon, or cause confusion
with, the beverage products covered by the non-cola bottling agreements. PepsiCo
may also elect to discontinue the manufacture, sale or distribution of a
non-cola beverage and terminate the applicable non-cola bottling agreement upon
six months notice to us.

    We also have an agreement with PepsiCo granting us the exclusive right to
distribute AQUAFINA in our territories. We have the right to manufacture
AQUAFINA in certain locations depending on the availability of appropriate
equipment. The distribution agreement contains provisions generally similar to
those in the master bottling agreement as to use of trademarks, trade names,
approved containers and labels and causes for termination. However, the
distribution agreement does not prevent us from distributing other bottled
waters. The distribution agreement is for a limited term. Prior to the
expiration of this term, PepsiCo and PBG will negotiate a renewal agreement.

    Terms of the Master Syrup Agreement. The master syrup agreement grants us
the exclusive right to manufacture, sell and distribute fountain syrup to local
customers in our territories. The master syrup agreement also grants us the
right to act as a manufacturing and delivery agent for national accounts within
our territories that specifically request direct delivery without using a
middleman. In addition, PepsiCo may appoint us to manufacture and deliver
fountain syrup to national accounts that elect delivery through independent
distributors. Under the master syrup agreement, we will have the exclusive right
to service fountain equipment for all of the national account customers within
our territories. The master syrup agreement provides that the determination of
whether an account is local or national is at the sole discretion of PepsiCo.


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    The master syrup agreement contains provisions that are similar to those
contained in the master bottling agreement with respect to pricing, territorial
restrictions with respect to local customers and national customers electing
direct-to-store delivery only, planning, quality control, transfer restrictions
and related matters. The master syrup agreement has an initial term of five
years and is automatically renewable for additional five-year periods unless
PepsiCo terminates it for cause. PepsiCo has the right to terminate the master
syrup agreement without cause at the conclusion of the initial five-year period
or at any time during a renewal term upon twenty-four months notice. In the
event PepsiCo terminates the master syrup agreement without cause, PepsiCo is
required to pay us the fair market value of our rights under such agreement.

    Our master syrup agreement will terminate if PepsiCo terminates our master
bottling agreement.

    Terms of Other U.S. Bottling Agreements. The bottling agreements between us
and other licensors of beverage products, including Cadbury Schweppes plc-- for
DR PEPPER, 7UP, SCHWEPPES and CANADA DRY, the Pepsi/Lipton Tea Partnership-- for
LIPTON BRISK and LIPTON'S ICED TEA and the North American Coffee
Partnership--for STARBUCKS FRAPPUCCINO, contain provisions generally similar to
those in the master bottling agreement as to use of trademarks, trade names,
approved containers and labels, sales of imitations, and causes for termination.
Some of these beverage agreements have limited terms and, in most instances,
prohibit us from dealing in similar beverage products.

    Terms of the Country Specific Bottling Agreements. The country specific
bottling agreements contain provisions similar to those contained in the master
bottling agreement and the non-cola bottling agreements and, in Canada, the
master syrup agreement with respect to authorized containers, planning, quality
control, transfer restrictions, causes for termination and related matters.
These bottling agreements differ from the master bottling agreement because,
except for Canada, they include both fountain syrup and non-fountain beverages.
These bottling agreements also differ from the master bottling agreement with
respect to term and contain certain provisions that have been modified to
reflect the laws and regulations of the applicable country. For example, the
bottling agreements in Spain do not contain a restriction on the sale and
shipment of Pepsi-Cola beverages into our territory by others in response to
unsolicited orders.


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SEASONALITY

    Our peak season is the warm summer months beginning with Memorial Day and
ending with Labor Day. Approximately 80% of our operating income is typically
earned during the second and third quarters. Over 70% of cash flow from
operations is typically generated in the third and fourth quarters.

COMPETITION

    The carbonated soft drink market and the non-carbonated beverage market are
highly competitive. Our competitors in these markets include bottlers and
distributors of nationally advertised and marketed products, bottlers and
distributors of regionally advertised and marketed products, as well as bottlers
of private label soft drinks sold in chain stores. We compete primarily on the
basis of advertising and marketing programs to create brand awareness, price and
promotions, retail space management, customer service, consumer points of
access, new products, packaging innovations and distribution methods. We believe
that brand recognition, availability and consumer and customer goodwill are
primary factors affecting our competitive position.

GOVERNMENTAL REGULATION APPLICABLE TO PBG

    Our operations and properties are subject to regulation by various federal,
state and local governmental entities and agencies as well as foreign government
entities. As a producer of food products, we are subject to production,
packaging, quality, labeling and distribution standards in each of the countries
where we have operations, including, in the United States, those of the federal
Food, Drug and Cosmetic Act. The operations of our production and distribution
facilities are subject to the laws and regulations of, among other agencies, the
Department of Transportation, and various federal, state and local occupational
and environmental laws. These laws and regulations include, in the United
States, the Occupational Safety and Health Act, the Clean Air Act, the Clean
Water Act and laws relating to the operation, maintenance of and financial
responsibility for, fuel storage tanks. We believe that our current legal,
operational and environmental compliance programs adequately address such
concerns and that we are in substantial compliance with applicable laws and
regulations. We do not anticipate making any material expenditures in connection
with environmental remediation and compliance. However, compliance with, or any
violation of, current and future laws or regulations could require material
expenditures by us or otherwise have a material adverse effect on our business,
financial condition and results of operations.

    Bottle and Can Legislation

    In all but a few of our United States and Canadian markets, we offer our
bottle and can beverage products in non-refillable containers. Legislation has
been enacted in certain states and Canadian provinces where we operate that
generally prohibits the sale of certain beverages unless a deposit or levy is
charged for the container. These include Connecticut, Delaware, Maine,
Massachusetts, Michigan, New York, Oregon, California, British Columbia,
Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia and Quebec.

    Maine, Massachusetts and Michigan have statutes that require us to pay all
or a portion of unclaimed container deposits to the state and California imposes
a levy on beverage containers to fund a waste recovery system.

    In addition to the Canadian deposit legislation described above, Ontario,
Canada currently has a regulation requiring that 30% of all soft drinks sold in
Ontario be bottled in refillable containers. This regulation is currently being
reviewed by the Ministry of the Environment.


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    The European Commission issued a packaging and packing waste directive that
was incorporated into the national legislation of most member states. This has
resulted in targets being set for the recovery and recycling of household,
commercial and industrial packaging waste and imposes substantial
responsibilities upon bottlers and retailers for implementation.

    We are not aware of similar material legislation being proposed or enacted
in any other areas served by us. We are unable to predict, however, whether such
legislation will be enacted or what impact its enactment would have on our
business, financial condition or results of operations.

    Soft Drink Excise Tax Legislation

    Specific soft drink excise taxes have been in place in certain states for
several years. The states in which we operate that currently impose such a tax
are West Virginia, Arkansas, South Carolina, Tennessee and, with respect to
fountain syrup only, Washington. Although soft drink excise tax is currently in
effect in South Carolina, new legislation has been enacted that phases out such
taxes by the end of July 2002.

    Value-added taxes on soft drinks vary in our territories located in Canada,
Spain, Greece and Russia, but are consistent with the value-added tax rate for
other consumer products.

    We are not aware of any material soft drink taxes that have been enacted in
any other market served by us. We are unable to predict, however, whether such
legislation will be enacted or what impact its enactment would have on our
business, financial condition or results of operations.

    Trade Regulation

    As a manufacturer, seller and distributor of bottled and canned soft drink
products of PepsiCo and other soft drink manufacturers in exclusive territories
in the United States and internationally, we are subject to antitrust laws.
Under the Soft Drink Interbrand Competition Act, soft drink bottlers operating
in the United States, such as us, may have an exclusive right to manufacture,
distribute and sell a soft drink product in a geographic territory if the soft
drink product is in substantial and effective competition with other products of
the same class in the same market or markets. We believe that there is such
substantial and effective competition in each of the exclusive geographic
territories in which we operate.

    California Carcinogen and Reproductive Toxin Legislation

    A California law requires that any person who exposes another to a
carcinogen or a reproductive toxin must provide a warning to that effect.
Because the law does not define quantitative thresholds below which a warning is
not required, virtually all manufacturers of food products are confronted with
the possibility of having to provide warnings due to the presence of trace
amounts of defined substances. Regulations implementing the law exempt
manufacturers from providing the required warning if it can be demonstrated that
the defined substances occur naturally in the product or are present in
municipal water used to manufacture the product. We have assessed the impact of
the law and its implementing regulations on our beverage products and have
concluded that none of our products currently require a warning under the law.
We cannot predict whether or to what extent food industry efforts to minimize
the law's impact on food products will succeed. We also cannot predict what
impact, either in terms of direct costs or diminished sales, imposition of the
law may have.

EMPLOYEES

    As of December 30, 2000, we employed approximately 35,700 full-time workers,
of whom approximately 29,000 were employed in the United States. Approximately
8,500 of our full-time workers in the United States are union members. We
consider relations with our employees to be


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good and have not experienced significant interruptions of operations due to
labor disagreements with the exception of a labor dispute at our facility
located in Burnsville, Minnesota, which was successfully resolved on August 28,
2000.

FINANCIAL INFORMATION ON INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS

    For financial information on industry segments and operations in geographic
areas, see Note 15 to PBG's Consolidated Financial Statements, found on page 50
of our Annual Report to Shareholders for the year ended December 30, 2000, which
is incorporated herein by reference and is included as Exhibit 13 hereto.

ITEM 2. PROPERTIES

    We operate 67 soft drink production facilities worldwide, of which 60 are
owned and 7 are leased. Of PBG's 320 distribution facilities, 258 are owned and
62 are leased. We believe that our bottling, canning and syrup filling lines and
our distribution facilities are sufficient to meet present needs.

    We also own or lease and operate approximately 20,000 vehicles, including
delivery trucks, delivery and transport tractors and trailers and other trucks
and vans used in the sale and distribution of our soft drink products. We also
own more than 1.1 million soft drink dispensing and vending machines.

    With a few exceptions, leases of plants in the United States and Canada are
on a long-term basis, expiring at various times, with options to renew for
additional periods. Most international plants are leased for varying and usually
shorter periods, with or without renewal options. We believe that our properties
are in good operating condition and are adequate to serve our current
operational needs.

ITEM 3. LEGAL PROCEEDINGS

    From time to time we are a party to various litigation matters incidental to
the conduct of our business. There is no pending or, to PBG's best knowledge,
threatened legal proceeding to which we are a party that, in the opinion of
management, is likely to have a material adverse effect on our future financial
results.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SHAREHOLDERS

        None.


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EXECUTIVE OFFICERS OF THE REGISTRANT

        Set forth below is information pertaining to the executive officers of
PBG as of February 21, 2001:

CRAIG E. WEATHERUP, 55, is currently the Chairman of our Board and our Chief
Executive Officer. Mr. Weatherup served on the Board of Directors of PepsiCo
from 1996 until March 1999. Prior to becoming our Chairman and Chief Executive
Officer, he served as Chairman and Chief Executive Officer of the Pepsi-Cola
Company since July 1996. He was appointed President of the Pepsi-Cola Company in
1988, President and Chief Executive Officer of Pepsi-Cola North America in 1991,
and served as PepsiCo's President in 1996. Mr. Weatherup is also a director of
Federated Department Stores, Inc. and Starbucks Corporation. We expect that
later in 2001, Mr. Cahill will be elected as PBG's new Chief Executive Officer,
while Mr. Weatherup will continue to serve as our Chairman.

JOHN T. CAHILL, 43, is currently our President and Chief Operating Officer and
has been designated to succeed Mr. Weatherup as Chief Executive Officer in late
2001. Mr. Cahill has been a member of our Board of Directors since January 1999
and served as our Executive Vice President and Chief Financial Officer prior to
becoming President and Chief Operating Officer in August 2000. He was Executive
Vice President and Chief Financial Officer of the Pepsi-Cola Company from April
1998 until November 1998. Prior to that, Mr. Cahill was Senior Vice President
and Treasurer of PepsiCo, having been appointed to that position in April 1997.
In 1996, he became Senior Vice President and Chief Financial Officer of
Pepsi-Cola North America. Mr. Cahill joined PepsiCo in 1989 where he held
several other senior financial positions through 1996.

ERIC J. FOSS, 42, is currently our Executive Vice President and General Manager,
PBG North America. From October 1999 until August 2000, he served as our Senior
Vice President, U.S. Sales and Field Operations, and prior to that, he was our
Senior Vice President, Sales and Field Marketing, since March 1999. Mr. Foss
joined Pepsi-Cola in 1982 and has held a variety of other field and
headquarters-based sales, marketing and general management positions. From 1994
to 1996, Mr. Foss was General Manager of Pepsi-Cola North America's Great West
Business Unit. In 1996, Mr. Foss was named General Manager for the Central
Europe Region for Pepsi-Cola International, a position he held until joining PBG
in March 1999.

PAMELA C. MCGUIRE, 53, has been our Senior Vice President, General Counsel and
Secretary since November 1998. Ms. McGuire joined PepsiCo in 1977 and served as
Vice President and Division Counsel of Pepsi-Cola from 1989 to March 1998, when
she was named Vice President and Associate General Counsel of the Pepsi-Cola
Company.

LIONEL L. NOWELL, III, 45, has been our Executive Vice President and Chief
Financial Officer since August 2000. Mr. Nowell joined PBG from PepsiCo, where
he served as Senior Vice President and Controller since 1999. Prior to joining
PepsiCo, Mr. Nowell held senior finance, control and strategy positions at
several major consumer products companies. At RJR Nabisco, he served as Senior
Vice President, Strategy and Business Development. From 1991 to 1998, Mr. Nowell
held a variety of senior financial positions at the Pillsbury division of Diageo
PLC, including Chief Financial Officer of its Pillsbury North America, Pillsbury
Foodservice and Haagen-Dazs units. In addition, Mr. Nowell held several finance
positions at Pizza Hut, a former subsidiary of PepsiCo, from 1983 through 1991.


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<PAGE>   11

                                     PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED SHAREHOLDER MATTERS

        Stock Trading Symbol - PBG.

        Stock Exchange Listings - PBG's Common Stock is listed on the New York
Stock Exchange. Our Class B common stock is not publicly traded.

        Shareholders - As of March 7, 2001, there were approximately 37,000
registered and beneficial shareholders of Common Stock. PepsiCo is the holder of
all of the outstanding shares of Class B common stock.

        Dividend Policy - Quarterly cash dividends are usually declared in
January, March, July and November and paid at the end of March, June, September
and at the beginning of January. The dividend record dates for 2001 are expected
to be March 9, June 8, September 7 and December 7.

        Cash Dividends Declared Per Share on Capital Stock:

<TABLE>
<CAPTION>
Quarter       2000         1999
-------       ----         ----
<S>           <C>          <C>
1             $.02         N/A
2             $.02         $.02
3             $.02         $.02
4             $.02         $.02
              ----         ----
Total         $.08         $.06
</TABLE>

        Stock Prices - The high, low and closing prices for a share of PBG
Common Stock on the New York Stock Exchange, as reported by Bloomberg Service,
for each fiscal quarter of 2000 and 1999 were as follows (in dollars):

<TABLE>
<CAPTION>
 2000                    High               Low           Close
 ----                    ----               ---           -----
<S>                      <C>                <C>           <C>
 First Quarter           22 15/16           16 1/4        20 1/4
 Second Quarter          27 1/4             18 1/16       27 1/16
 Third Quarter           33 3/16            26 1/2        31 7/16
 Fourth Quarter          42 1/4             28 5/16       39 13/16
</TABLE>

<TABLE>
<CAPTION>
 1999                    High               Low           Close
 ----                    ----               ---           -----
<S>                      <C>                <C>           <C>
 First Quarter           NA                 NA            NA
 Second Quarter          24 1/8             20            22
 Third Quarter           24 1/2             18 15/16      19 7/8
 Fourth Quarter          19 3/16            15 13/16      16 1/8
</TABLE>


                                       11
<PAGE>   12

ITEM 6. SELECTED FINANCIAL DATA

"Selected Financial and Operating Data" for the years 1995 through 2000, on page
54 of our Annual Report to Shareholders for the year ended December 30, 2000 is
incorporated into this report by reference and is included as Exhibit 13 hereto.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

"Management's Financial Review" on pages 25 through 37 of PBG's Annual Report to
Shareholders for the year ended December 30, 2000 is incorporated into this
report by reference and is included as Exhibit 13 hereto.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

"Management's Financial Review -- Market Risks and Cautionary Statements" on
pages 36 and 37 of our Annual Report to Shareholders for the year ended December
30, 2000 is incorporated herein by reference and is included as Exhibit 13
hereto.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The following consolidated financial statements of PBG and its subsidiaries are
incorporated herein by reference to our Annual Report to Shareholders for the
year ended December 30, 2000, included as Exhibit 13 hereto, at the pages
indicated:

Consolidated Statements of Operations - Fiscal years ended December 30, 2000,
December 25, 1999 and December 26, 1998 (page 29).

Consolidated Statements of Cash Flows - Fiscal years ended December 30, 2000,
December 25, 1999 and December 26, 1998(page 33).

Consolidated Balance Sheets - December 30, 2000 and December 25, 1999 (page 34).

Consolidated Statements of Changes in Shareholders' Equity - Fiscal years ended
December 30, 2000, December 25, 1999 and December 26, 1998 (page 38).

Notes to Consolidated Financial Statements (pages 39-51).

Report of Independent Auditors (page 53).


                                       12
<PAGE>   13

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
       FINANCIAL DISCLOSURE

Not applicable.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF PBG

        The name, age and background of each of the PBG's directors nominated
for election are contained under the caption "Election of Directors" in PBG's
Proxy Statement for its 2001 Annual Meeting of Shareholders and are incorporated
herein by reference. Pursuant to Item 401(b) of Regulation S-K, the executive
officers of PBG are reported in Part I of this Report.

        Executive officers are elected by PBG's Board of Directors, and their
terms of office continue until the next annual meeting of the Board or until
their successors are elected and have qualified. There are no family
relationships among our executive officers.

ITEM 11. EXECUTIVE COMPENSATION

        Information on compensation of PBG's directors and executive officers is
contained in PBG's Proxy Statement for its 2001 Annual Meeting of Shareholders
under the captions "Directors' Compensation" and "Executive Compensation,"
respectively, and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

        Information on the number of shares of PBG Common Stock beneficially
owned by each director and by all directors and officers as a group is contained
under the captions "Ownership of Common Stock by Directors and Executive
Officers" and "Stock Ownership of Certain Beneficial Owners" in PBG's Proxy
Statement for its 2001 Annual Meeting of Shareholders and is incorporated herein
by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        Information relating to certain transactions between PBG, PepsiCo and
their affiliates and certain other persons is set forth under the caption
"Certain Relationships and Related Transactions" in PBG's 2001 Proxy Statement
and is incorporated herein by reference.


                                       13
<PAGE>   14

                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULE AND REPORTS ON FORM 8-K

        (a)    1.     Financial Statements. The following consolidated financial
statements of PBG and its subsidiaries, included in our Annual Report to
Shareholders for the year ended December 30, 2000, are incorporated by reference
into Part II, Item 8 of this report:

        Consolidated Statements of Operations - Fiscal years ended December 30,
        2000, December 25, 1999 and December 26, 1998.

        Consolidated Statements of Cash Flows - Fiscal years ended December 30,
        2000, December 25, 1999 and December 26, 1998.

        Consolidated Balance Sheets - December 30, 2000 and December 25, 1999.

        Consolidated Statements of Changes in Shareholders' Equity - Fiscal
        years ended December 30, 2000, December 25, 1999 and December 26, 1998.

        Notes to Consolidated Financial Statements.

        Report of Independent Auditors.

               2.     Financial Statement Schedule. The following financial
statement schedule of PBG and its subsidiaries is included in this report on the
page indicated:

<TABLE>
<CAPTION>
                                                                               Page
                                                                               ----
<S>                                                                            <C>
Independent Auditors' Report on Schedule and Consent...........................F-2

Schedule II - Valuation and Qualifying Accounts for the fiscal years ended
              December 30, 2000, December 25, 1999 and December 26, 1998 ......F-3
</TABLE>

               3.     Exhibits

                               See Index to Exhibits on pages E-1 - E-3.

        (b)    Reports on Form 8-K

                      None.


                                       14
<PAGE>   15

                                   SIGNATURES

        Pursuant to the requirements of Section 13 of the Securities Exchange
Act of 1934, The Pepsi Bottling Group, Inc. has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Dated:  March 22, 2001
                                         The Pepsi Bottling Group, Inc.


                                  By:    /s/ Craig E. Weatherup
                                         ----------------------
                                         Craig E. Weatherup
                                         Chairman of the Board and Chief
                                           Executive Officer

        Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of The
Pepsi Bottling Group, Inc. and in the capacities and on the date indicated.

<TABLE>
<CAPTION>
SIGNATURE                                 TITLE                           DATE

<S>                                       <C>                             <C>
/s/ Craig E. Weatherup                    Chairman of the Board and       March 22, 2001
----------------------                    Chief Executive Officer
Craig E. Weatherup

/s/ John T. Cahill                        President, Chief Operating      March 22, 2001
------------------                        Officer and Director
John T. Cahill

/s/ Lionel L. Nowell, III                 Executive Vice President and    March 22, 2001
-------------------------                 Chief Financial Officer
Lionel L. Nowell, III                     (Principal Financial Officer)

/s/ Andrea L. Forster                     Vice President and Controller   March 22, 2001
---------------------                     (Principal Accounting Officer)
Andrea L. Forster

/s/ Linda G. Alvarado                     Director                        March 22, 2001
---------------------
Linda G. Alvarado

/s/ Barry H. Beracha                      Director                        March 22, 2001
--------------------
Barry H. Beracha

/s/ Thomas W. Jones                       Director                        March 22, 2001
-------------------
Thomas W. Jones

/s/ Thomas H. Kean                        Director                        March 22, 2001
------------------
Thomas H. Kean

/s/ Susan D. Kronick                      Director                        March 22, 2001
--------------------
Susan D. Kronick

/s/ Margaret D. Moore                     Director                        March 22, 2001
---------------------
Margaret D. Moore

/s/ Robert F. Sharpe, Jr.                 Director                        March 22, 2001
-------------------------
Robert F. Sharpe, Jr.
</TABLE>


                                      S-1
<PAGE>   16

                      INDEX TO FINANCIAL STATEMENT SCHEDULE

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
Independent Auditors' Report on Schedule and Consent.........................F-2
Schedule II - Valuation and Qualifying Accounts for the
  fiscal years ended December 30, 2000, December 25, 1999 and
  December 26, 1998 .........................................................F-3
</TABLE>


                                       F-1
<PAGE>   17

                    INDEPENDENT AUDITORS' REPORT AND CONSENT



The Board of Directors and Shareholders
The Pepsi Bottling Group, Inc.:

Under date of January 30, 2001, we reported on the Consolidated Balance Sheets
of The Pepsi Bottling Group, Inc., (the "Company") as of December 30, 2000 and
December 25, 1999, and the related Consolidated Statements of Operations, Cash
Flows and Changes in Shareholders' Equity for each of the fiscal years in the
three-year period ended December 30, 2000, which are incorporated by reference
in this Form 10-K. In connection with our audits of the aforementioned
Consolidated Financial Statements, we also audited the related consolidated
financial statement schedule included in this Form 10-K. This consolidated
financial statement schedule is the responsibility of the Company's management.
Our responsibility is to express an opinion on this consolidated financial
statement schedule based on our audits.

In our opinion, such consolidated financial statement schedule, when considered
in relation to the basic Consolidated Financial Statements taken as a whole,
presents fairly, in all material respects, the information set forth therein.

We consent to the use of reports included herein or incorporated herein by
reference in the registration statements (Nos. 333-79357, 333-79369, 333-79375,
333-79365, 333-80647) on Form S-8 of The Pepsi Bottling Group, Inc.


/s/ KPMG LLP

New York, New York
March 28, 2001


                                      F-2
<PAGE>   18


                 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
                         THE PEPSI BOTTLING GROUP, INC.
                                   IN MILLIONS


<TABLE>
<CAPTION>

                                                        ADDITIONS
                                               ----------------------------
                                  Balance At    Charged To     Charged To
                                  Beginning      Cost And         Other                          Balance At
    DESCRIPTION                   Of Period      Expenses      Accounts (a)   Deductions (b)   End Of Period
    -----------                   ---------      --------      ------------   --------------   -------------
<S>                               <C>           <C>            <C>            <C>              <C>
FISCAL YEAR ENDED

DECEMBER 30, 2000
   Allowance for losses
        on trade accounts
        receivable ......            $48            $ 2            $--            $ 8            $42

DECEMBER 25, 1999
   Allowance for losses
        on trade accounts
        receivable ......            $46            $ 6            $ 3            $ 7            $48

DECEMBER 26, 1998
   Allowance for losses
        on trade accounts
        receivable ......            $45            $13            $--            $12            $46
</TABLE>

------------------------
(a)     Represents recoveries of amounts previously written off.
(b)     Charge off of uncollectable accounts.


                                      F-3
<PAGE>   19

                                INDEX TO EXHIBITS
                                  ITEM 14(a)(3)

<TABLE>
<CAPTION>
EXHIBIT
<S>     <C>
3.1     Articles of Incorporation of The Pepsi Bottling Group, Inc. ("PBG"),
        which are incorporated herein by reference to Exhibit 3.1 to PBG's
        Registration Statement on Form S-1 (Registration No. 333-70291).

3.2     By-Laws of PBG, which are incorporated herein by reference to Exhibit
        3.2 to PBG's Registration Statement on Form S-1 (Registration No.
        333-70291).

3.3     Amendment to Articles of Incorporation of PBG, which is incorporated
        herein by reference to Exhibit 3.3 to PBG's Registration Statement on
        Form S-1 (Registration No. 333-70291).

4.1     Form of common stock certificate, which is incorporated herein by
        reference to Exhibit 4 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

4.2     Indenture dated as of February 8, 1999 among Pepsi Bottling Holdings,
        Inc., PepsiCo, Inc. and The Chase Manhattan Bank, as trustee, relating
        to $1,000,000,000 5 3/8% Senior Notes due 2004 and $1,300,000,000 5 5/8%
        Senior Notes due 2009, which is incorporated herein by reference to
        Exhibit 10.9 to PBG's Registration Statement on Form S-1 (Registration
        No. 333-70291).

4.3     First Supplemental Indenture dated as of February 8, 1999 among Pepsi
        Bottling Holdings, Inc., Bottling Group, LLC, PepsiCo, Inc. and The
        Chase Manhattan Bank, as trustee, supplementing the Indenture dated as
        of February 8, 1999 among Pepsi Bottling Holdings, Inc., PepsiCo, Inc.
        and The Chase Manhattan Bank, as trustee which is incorporated herein by
        reference to Exhibit 10.10 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

4.4     Indenture, dated as of March 8, 1999, by and among PBG, as obligor,
        Bottling Group, LLC, as guarantor, and The Chase Manhattan Bank, as
        trustee, relating to $1,000,000,000 7% Series B Senior Notes due 2029,
        which is incorporated herein by reference to Exhibit 10.14 to PBG's
        Registration Statement on Form S-1 (Registration No. 333-70291).

4.5     U.S. $250,000,000 364 Day Credit Agreement, dated as of April 22, 1999
        among PBG, Bottling Group, LLC, The Chase Manhattan Bank, Bank of
        America National Trust and Savings Association, Citibank, N.A., Credit
        Suisse First Boston, UBS AG, Lehman Commercial Paper Inc., Royal Bank of
        Canada, Banco Bilbao Vizcaya, Deutsche Bank AG New York Branch and/or
        Cayman Islands Branch, Fleet National Bank, Hong Kong & Shanghai Banking
        Corp., The Bank of New York, The Northern Trust Company, The Chase
        Manhattan Bank, as Agent, Chase Securities Inc. as Arranger and
        Nationsbanc Montgomery Securities LLC and Solomon Smith Barney Inc. as
        Co-Syndication Agents which is incorporated herein by reference to
        Exhibit 4.5 to PBG's Annual Report on Form 10-K for the year ended
        December 25, 1999.
</TABLE>


                                      E-1
<PAGE>   20

<TABLE>
<S>     <C>
4.6     U.S. $250,000,000 5 Year Credit Agreement, dated as of April 22, 1999
        among PBG, Bottling Group, LLC, The Chase Manhattan Bank, Bank of
        America National Trust and Savings Association, Citibank, N.A., Credit
        Suisse First Boston, UBS AG, Lehman Commercial Paper Inc., Royal Bank of
        Canada, Banco Bilbao Vizcaya, Deutsche Bank AG New York Branch and/or
        Cayman Islands Branch, Fleet National Bank, Hong Kong & Shanghai Banking
        Corp., The Bank of New York, The Northern Trust Company, The Chase
        Manhattan Bank, as Agent, Chase Securities Inc. as Arranger and
        Nationsbanc Montgomery Securities LLC and Solomon Smith Barney Inc. as
        Co-Syndication Agents, which is incorporated herein by reference to
        Exhibit 4.6 to PBG's Annual Report on Form 10-K for the year ended
        December 25, 1999.

4.7     U.S. $250,000,000 364 Day Credit Agreement, dated as of May 3, 2000
        among PBG, Bottling Group, LLC, The Chase Manhattan Bank, Bank of
        America, N.A., Citibank, N.A., Credit Suisse First Boston, UBS AG,
        Lehman Commercial Paper Inc., The Northern Trust Company, Deutsche Bank
        AG New York Branch and/or Cayman Islands Branch, Royal Bank of Canada,
        Banco Bilbao Vizcaya, Fleet National Bank, The Bank of New York, The
        Chase Manhattan Bank, as Agent, Salomon Smith Barney Inc and Banc of
        America Securities LLC as Co-Lead Arrangers and Book Managers and
        Citibank, N.A. and Bank of America, N.A., as Co-Syndication Agents.

10.1    Form of Master Bottling Agreement, which is incorporated herein by
        reference to Exhibit 10.1 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.2    Form of Master Syrup Agreement, which is incorporated herein by
        reference to Exhibit 10.2 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.3    Form of Non-Cola Bottling Agreement, which is incorporated herein by
        reference to Exhibit 10.3 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.4    Form of Separation Agreement, which is incorporated herein by reference
        to Exhibit 10.4 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.5    Form of Shared Services Agreement, which is incorporated herein by
        reference to Exhibit 10.5 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.6    Form of Tax Separation Agreement, which is incorporated herein by
        reference to Exhibit 10.6 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.7    Form of Employee Programs Agreement, which is incorporated herein by
        reference to Exhibit 10.7 to PBG's Registration Statement on Form S-1
        (Registration No. 333-70291).

10.8    PBG Executive Income Deferral Plan, which is incorporated herein by
        reference to Exhibit 10.8 to PBG's Annual Report on Form 10-K for the
        year ended December 25, 1999.

10.9    PBG 1999 Long-Term Incentive Plan, which is incorporated herein by
        reference to Exhibit 10.9 to PBG's Annual Report on Form 10-K for the
        year ended December 25, 1999.

10.10   PBG Directors' Stock Plan, which is incorporated herein by reference to
        Exhibit 10.10 to PBG's Annual Report on Form 10-K for the year ended
        December 25, 1999.

10.11   PBG Stock Incentive Plan, which is incorporated herein by reference to
        Exhibit 10.11 to PBG's Annual Report on Form 10-K for the year ended
        December 25, 1999.
</TABLE>


                                      E-2
<PAGE>   21

<TABLE>
<S>     <C>
10.12   Amended PBG Executive Income Deferral Program.

10.13   PBG Long Term Incentive Plan.

12      Statement re Computation of Ratios.

13      PBG 2000 Annual Report to Shareholders. (Pages 25 through 54)

21      Subsidiaries of PBG.

24      Copy of Power of Attorney.

27.1    Financial Data Schedule for PBG for the fiscal year ended December 30,
        2000.

27.2    Restated Financial Data Schedule for PBG for the fiscal year ended
        December 25, 1999.
</TABLE>



                                      E-3