Winning in North America

Brian Cornell Chief Executive Officer, PepsiCo Americas Foods

February 20, 2014

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• Statements in this communication that are “forward-looking statements,” including our 2014 guidance, are based on currently available information, operating plans and projections about future events and trends. Terminology such “aim,” “anticipate,” “believe,” “drive,” “estimate,” “expect,” “expressed confidence,” “forecast,” “future,” “goals,” “guidance,” “intend,” “may,” “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 emerging and developing 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 outsource certain functions effectively; fluctuations in 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 “Events & Presentations” to find disclosure and a reconciliation

of any non-GAAP financial measures contained herein.

Glossary• Please refer to the glossary and attachments to our February 13, 2014 earnings release for the definitions of core, constant currency, organic, and certain other

terms used herein.

Safe Harbor Statement of Terms & Non-GAAP Information

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Our presenters represent experiencesacross snacks and beverages

Tom Greco

Current President,Frito-Lay North America

2009 – 2011 Chief Commercial Officer, PepsiCo Americas Beverages

2006 – 2009 President Global Sales, PepsiCo

2002 – 2006 SVP Sales,Frito-Lay North America

1999 – 2001 President, Frito-Lay Canada

Current CEO, PepsiCo Americas Foods

2009 – 2012 CEO, Sam’s Club

2007 – 2009 CEO, Michaels

2004 – 2007 EVP, Merchandising& Marketing, Safeway

2003 – 2004 President,PepsiCo Foodservices

2001-2003 President,PepsiCo Beverages Europe

1999-2001 President, Tropicana International

Brian Cornell

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North America is a critical driver of PepsiCo revenue,with significant scale advantage

US Contribution toPepsiCo Net Revenues

Significant Scale Advantage(Retail Sales Indexed to PepsiCo)

Rest ofWorld49%

U.S.51%

100

51

50

47

38

37

27

25

21

20

PepsiCo

Kraft Foods

Nestle

Coca Cola

Anheuser Busch Inbev

General Mills

Kellogg

ConAgra Foods

Mars

Dr Pepper SnappleSource: IRI MULOC US 2013Based on PEP 2013 Net Revenue

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Consumers Customers

The industry is seeing significant changes in the consumer and retail landscape

• Changing demographics • Shifting needs

• Shifting channels• Growing new formats

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Our playbook in this environment balances focus with scale

+

Focus

Go deep on key category priorities

Scale Leverage

Procurement IT / Back Office

Customer Teams R&D

Drive growth and margins from scale

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Playbook anchored on 4 key priorities

Innovation

ExecutionProductivity

Brand Building

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19 $1 Billion Dollar Global Brands Sold in the US

Retailers value PepsiCo’s outstanding brand portfolioacross snacks and beverages

*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

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Total US Snacks, Breakfast & Beverages Retail Sales

Demand spaces insights highlights significant brand interactions between snacks and beverages

35%

65%

Different Needs

Common / Complementary

Needs

Source: Company research

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Common & Adjacent Demand Spaces

Common demand space insights highlight opportunities across our portfolio

ConnectFun Times Together

Reform

Young & Hungry

Perform Office / School

Break

Prepare

Jump Start

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Example: Successful insights-driven gaming promotion

Mountain Dew Game Fuel• Electrifying Berry• Citrus Cherry

Doritos Gamer Pack• Limited Edition

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Nine PepsiCo F&B innovationsin top 50

Recent food & beveragewin in foodservice

Insights driving innovation across snacks and beverages

Source: IRI US MULOC based on estimated launch year sales for innovations launched through June 2013

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At the customer’s

headquarters

In each and every

store

We execute both at the customer’s headquarters and in each and every store

Join

t Cus

tom

er T

eam

s

14

VIDEOWalmart Game Time

15

Our strong brand activation was highly visibleat the Super Bowl

From Insights to Media to Shelf

Ad Week January 26, 2014

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Global Transportation Management System

Common ToolsCommon Engines

We leverage common engines, tools and a global transportation system to deliver productivity

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We’ve rewired the company to gain global scale leverage

Procurement Information Systems

Customer Teams

R&D Innovation

Talent Management

Global Procurement

Function

Integrated Systems and Handhelds

Collaborative Account

Management Approach

GlobalInnovation Approach

Cross-Sector Experiences and

Capabilities

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In sum, our focus going forward is executing this playbook

Innovation

ExecutionProductivity

Brand Building

Winning in North America

Tom GrecoPresident, Frito-Lay North America

February 20, 2014

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2013 FLNA % Growth

FLNA delivering balanced growth

3 4

6

Volume Net Revenue Profit

Held Value Share and

Grew Volume Share

21

Our long term growth model

Innovation

ExecutionProductivity

Brand Building

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Frito-Lay has significant headroom for growth

Source: TNS Itrac, FY Ending 2013

Monthly Snack Occasions

67 Total Snack OccasionsPer Month

21Unpackaged

Snacks

46Macro

Snacks

46Macro

Snacks

8FL

Snacks

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We’ve defined a consumer framework focusedon demand spaces

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Lay’s “Do Us a Flavor”

25

VIDEOLay’s Yummy

26

Doritos Crash the Super Bowl

#2Cowboy Kid

#4Time Machine

Source: USA Today Ad Meter

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VIDEODoritos Time Machine

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VIDEODoritos Cowboy Kid

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2013 Innovation

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Building on Foodservice partnershipsthrough innovation

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We won’t stop innovating

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Lay’s execution

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Winning with Hispanic consumers

Fiestas Patrias

Día DeLos Muertos

LasPosadas

Juntos Disfrutamos Mas

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GES driving benefits where launched

• Lower Inventory

• Faster Growth

• Lower Costs

• More SKUs

• Improved Freshness

Perry GA Topeka KS

Rosenberg TXDenver CO

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Sustainable growth

Innovation

ExecutionProductivity

Brand Building • Attractive Category

• Runway to Grow

• Competitive Advantage

• Strength of PepsiCo