PepsiCo North America Barclays Back-to-School Consumer Conference

September 3, 2014

2

Our Presenters Represent Experiences Across Snacks and Beverages

Tom Greco

Current President,

Frito-Lay North America

2009 – 2011 Chief Commercial Officer,

PepsiCo Americas Beverages

2006 – 2009 President, PepsiCo Sales

2002 – 2006 SVP Sales,

Frito-Lay North America

1999 – 2001 President, Frito-Lay Canada

1996 – 1999 RVP, Midwest,

Frito-Lay North America

Al Carey

Current CEO,

PepsiCo Americas Beverages

2006 – 2011 President & CEO,

Frito-Lay North America

2004 – 2006 President, PepsiCo Sales

2002 – 2004 Chief Operating Officer,

PepsiCo Beverages and Foods

1998 – 2001 SVP, Sales, Pepsi-Cola North

America

1994 – 1998 Chief Operating Officer,

Frito-Lay

28 years at PepsiCo 33 years at PepsiCo

3

Safe Harbor Statement of Terms & Non-GAAP Information

Note: This presentation should be viewed in conjunction with PepsiCo’s webcast presentation at the Barclays Back-to-School Consumer

Conference on September 3, 2014 and PepsiCo’s Form 8-K filed with the Securities and Exchange Commission on September 2, 2014.

Safe Harbor Statement

• Statements in this communication that are "forward-looking statements” are based on currently available information, operating plans and

projections about future events and trends. Terminology such as “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “expressed confidence,”

“forecast,” “future,” “goals,” “guidance,” “intend,” “may,” “objectives,” “outlook,” “plan,” “position,” “potential,” “project,” “seek,” “should,” “strategy,”

“target,” “will” or similar statements or variations of such terms are intended to identify forward-looking statements, although not all forward-looking

statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ

materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in demand

for PepsiCo’s products, as a result of changes in consumer preferences or otherwise; changes in the legal and regulatory environment; imposition

of new taxes, disagreements with tax authorities or additional tax liabilities; PepsiCo’s ability to compete effectively; PepsiCo’s ability to grow its

business in developing and emerging markets or unstable political conditions, civil unrest or other developments and risks in the markets where

PepsiCo’s products are sold; unfavorable economic conditions in the countries in which PepsiCo operates; increased costs, disruption of supply or

shortages of raw materials and other supplies; failure to realize anticipated benefits from PepsiCo’s productivity initiatives or global operating model;

disruption of PepsiCo’s supply chain; damage to PepsiCo’s reputation; failure to successfully complete or integrate acquisitions and joint ventures

into PepsiCo’s existing operations or to complete or manage divestitures or refranchisings; PepsiCo’s ability to hire or retain key employees or a

highly skilled and diverse workforce; trade consolidation or the loss of any key customer; any downgrade or potential downgrade of PepsiCo’s credit

ratings; PepsiCo’s ability to protect its information systems against a cybersecurity incident; PepsiCo’s ability to build and sustain proper information

technology infrastructure, successfully implement its ongoing business transformation initiative or share services for certain functions effectively;

fluctuations or other changes in foreign exchange rates; climate change, or legal, regulatory or market measures to address climate change; failure

to successfully negotiate collective bargaining agreements or strikes or work stoppages; any infringement of or challenge to PepsiCo’s intellectual

property rights; potential liabilities and costs from litigation or legal proceedings; and other factors that may adversely affect the price of PepsiCo’s

common stock and financial performance.

• For additional information on these and other factors that could cause PepsiCo’s actual results to materially differ from those set forth herein, please

see PepsiCo’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports

on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the

date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future

events or otherwise.

Non-GAAP Information

• Please refer to the “Investors” section of PepsiCo’s web site at www.pepsico.com under the heading “Investor Presentations” to find disclosure and

a reconciliation of any non-GAAP financial measures contained herein.

Glossary

• Please refer to the Glossary and attachments to PepsiCo’s Form 8-K filed with the Securities and Exchange Commission on September 2, 2014

available at www.pepsico.com for the definitions of core, constant currency, organic and certain other terms used herein.

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Agenda

• PepsiCo North America

• Frito-Lay North America

• North America Beverages

5

Significant Scale Advantage (Retail Sales Indexed to PepsiCo)

100

51

50

47

38

37

27

25

21

20

PepsiCo

Company A

Company B

Company C

Company D

Company E

Company F

Company G

Company H

Company I

NAB and FLNA are Critical Drivers of PepsiCo Revenue with Scale Advantage

NAB/FLNA Contribution to

PepsiCo Net Revenues

Rest of

PEP

48%

NAB/FLNA

52%

Source: IRI MULOC US 2013; Food and Beverage Peers Based on PEP 2013 Net Revenue; North America includes United

States and Canada

6

PepsiCo’s Portfolio Includes Nine of the Top 50 Packaged Goods Trademarks

Source: IRI Total Store Advantage ILD – Point of Sale Data for 52 Weeks Ending December 31, 2013 for Total US – MULOC; Excludes tobacco trademarks; Lipton is RTD only

Note: Sales calculated as sum of major brands within each trademark as defined by IRI.

7

Multiple Benefits of One Globally Integrated Portfolio

Ben

efi

ts

$1 billion of ongoing cost synergies globally

• Shared structures within markets

• Single corporate functions

• Long-term R&D

• Procurement scale

• Financing and tax benefits

Joint promotions and merchandising

Emerging markets… snacks benefit from beverages

Consumer and shopping insights

Increased relevance with retailers

Talent attraction and development

Cost

Revenue

Strategic

8

Complementary Portfolio

21%

43%

54%

Jelly Peanut Butter

Milk Cereals

LRB Salty Snacks

Incidence of co-purchase1

1. 54% of consumers who buy salty snacks buy LRB in the same basket

Source: IRI, multi-Outlet, 52 weeks ending December 31, 2013; United States

9

Deep Category Insights

Winning Formula for Success

Beloved Brands

Exciting Innovation Outstanding Execution

10

PepsiCo is #1 F&B Contributor to US Retail Sales Growth

Source: Year to date July 13, 2014; IRI Total Store Advantage ILD; IRI Custom Database; IRI MULOC - Contribution to sales growth for top 30 F&B companies excluding tobacco companies

2014 YTD Contributors to Growth ($ millions)

423

221

162

123

105

103

-113

-128

-139

-157

-216

-263

Company B

Company C

Company D

Company E

Company F

Company U

Company V

Company W

Company X

Company Y

Company Z

....

11

Scale

PepsiCo…a Balance of Focus and Scale

Focus

+

12

Our Brands Work Well Together Across Consumer Demand Spaces

13

Doritos and Dew…Millennial Focus

14

Fully Leverage NFL Partnership at Retail

World Class NFL Partnership

15

Volume Lift by Display Type Inventory on Display by Display Type

Regular Display Joint Display

Source: IRI Custom Study 44 weeks ending November 3, 2013

Regular Display Joint Display

145

Index

To Pepsi CSD

390

Index

145

Index

To Frito-Lay Salty

To Pepsi CSD

Regular Display Joint Display

Regular Display Joint Display

+53%

+28%

To Frito-Lay Salty

Joint Displays Drive Inventory and Volume Lift

16

NFL Partnership in Food Service

Heinz Field MetLife Stadium

Levi’s Stadium AT&T Stadium

17

Messi Video

18

Priorities Cut Across Various Initiatives

Seasonal Customers

Local Multicultural

19

Agenda

• PepsiCo North America

• Frito-Lay North America

• North America Beverages

20

Consistent Performance

Note: Core is a non-GAAP financial measure that adjusts for certain items. Please refer to the “Reconciliation of GAAP and non-GAAP information” attachment posted

on September 3, 2014 under the “Investors-Events and Presentations” section at www.pepsico.com to find disclosure and reconciliation of the above non-GAAP

financial measures.

FLNA Core Operating Profit FLNA Net Revenue

2008 2013 2008 2013

+3.8% 5 Yr CAGR

+6.0% 5 Yr CAGR

+2.7pts

core margin expansion

21

Sustainable Growth Model

22

Building Lay's Equity

23

DUAF Video

24

Macro Snacks

Innovation Across Snacks

Mainstream Salty

25

World Class Execution

Change

image?

26

Automation Supply Chain

Productivity for Growth

• More SKUs

• Fewer Facilities

• Lower Inventory

• Enables Growth

• Packaging

• Picking Cases

• Forklift Transport

27

Agenda

• PepsiCo North America

• Frito-Lay North America

• North America Beverages

28

Progress Being Made

Serving Customers

Execution

PepsiCo Focus:

Retail &

Foodservice

2 Consumer Focus

Innovation

Brand Health

Share Stabilized

1

Improving Returns

Productivity

Revenue Management / Price Realization

Leaner, Simpler Operating Model

3

29

PepsiCo is #1 F&B Contributor to US Retail Sales Growth

Source: Year to date July 13, 2014; IRI Total Store Advantage ILD; IRI Custom Database; IRI MULOC - Contribution to sales growth for top 30 F&B companies excluding tobacco companies

2014 YTD Contributors to Growth ($ millions)

423

221

162

123

105

103

-113

-128

-139

-157

-216

-263

Company B

Company C

Company D

Company E

Company F

Company U

Company V

Company W

Company X

Company Y

Company Z

....

NAB #3 In Dollar Growth

30

NAB Has 6 of Top 12 Beverage Growth Brands

Source: IRI MULOC through June 15, 2014; Lipton is RTD only

1

#2

#5

#11

#4

#9

#12

31

Glass Mtn Dew Kickstart

Pepsi Wild Cherry Real Sugar 7.5oz Mini-Cans

CSDs Showing Some Improvement

Source: IRI MULOC through August 17, 2014

1

32

RTD Coffee Premium Juices Water

Advantaged Portfolio with Significant Product News

1

Flavored CSDs Sports RTD Tea #1

Brand #1

Sports Drinks

#1

#1

#1

Source: IRI MULOC 2013; IRI; Rankings for FY 2013 MULOC value share

33

Packaging and Equipment Focus Sustainable Innovation

Source: Represents IRI value and volume data through May 18, 2014

Double-Digit Growth in Year Two

1 Innovation on Product, Packaging and Equipment

34

Progress: Brand Health Improving 1

DIE

T D

EW

DALE CALL ROCKETS

KIC

KS

TA

RT

LIG

HT

NIN

G

BO

LT

HA

RD

WO

RK

Note: Pepsi, Mountain Dew and Pure Leaf - gains in brand preference and distinction in all CSD/RTD tea drinks; Gatorade - gains in key brand health/equity drives in male competitive athletes

Source: Millward Brown Rolling 52 Weeks through Q2 2014

35

Joint Displays Pure Plays

Solid Progress on Execution

100,000 Units Placed

2

Game Time

36

Developing Foodservice Together 2

Taco Bell 7-Eleven Buffalo Wild Wings

37

Equipment Innovation: A New Look and Focus at Fountain

2

Spire Equipment

Innovation

Fountain Variety to Match

Customer Needs

38

Restructuring Network Automation

Restructuring GTM Productivity

24% of plants closed since 2010 Forklift Transport began this spring

Other tests

underway

Significant

productivity in

2014 contributing

to $1B PEP

productivity target

3 Significant Productivity

39

3

Industry Promoted CSD Packs

as % LRB Value

Industry Promoted CSD Packs

as % CSD Value

Old Industry Paradigm of Growth Through CSD Pack Promotion No Longer Holds

CAGR

2010

Rest

of LRB

Promoted

Packs

2013

+4.2%

(3.0%)

+2.5%

Rest of

Portfolio

Promoted

Packs

2010 2013

CAGR

(3.0%)

Source: IRI MULOC FY 2010 and FY 2013; reflects IRI definition of promoted vs. non-promoted price

40

Takeaways

Focus

Brand Health

Innovation

Execution

FLNA Consistency

NAB Strengthening

Scale

Billion Dollar Brands

F&B Supplier at Retail

Driver of Growth

Macrosnacks

LRB in Retail

19

#1

#1

Source: IRI MULOC through August 17, 2014

Note: PepsiCo’s 22 billion dollar brands globally include Walker’s, Mirinda, and 7-Up outside the U.S. Lipton and Starbucks are sold through partnerships with Unilever

and Starbucks, respectively.