Geared for Growth CAGNY February 21, Hugh Johnston Chief Financial Officer

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1 Geared for Growth CAGNY February 21, 2013 Hugh Johnston Chief Financial Officer

2 Safe Harbor Statement of Terms & Non-GAAP Information Safe Harbor Statement Statements in this communication that are "forward-looking statements, including our 2013 guidance, are based on currently available information, operating plans and projections about future events and trends. Terminology such as believe, expect, intend, estimate, project, anticipate, 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 and tastes or otherwise; changes in the legal and regulatory environment; 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 countries where PepsiCo operates; 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 our productivity plan 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; 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 of our credit ratings; 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 foreign exchange rates; climate change, or legal, regulatory or market measures to address climate change; failure to successfully renew collective bargaining agreements or strikes or work stoppages; any infringement of or challenge to PepsiCo s intellectual property rights; and potential liabilities and costs from litigation or legal proceedings. 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 SEC, 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 under the heading Investor Presentations to find disclosure and a reconciliation of any non-gaap financial measures contained herein. Glossary Beginning in the second quarter of 2012, organic results exclude the impact of foreign exchange translation. In addition, 2012 fourth quarter and full year organic results exclude the extra reporting week in Please refer to the Glossary and attachments to our February 14, 2013 earnings release, available at under the heading Investor Presentations, for the definitions of core, constant currency, organic and certain other terms used herein. 2

3 PepsiCo Today Revenue Organic Revenue Growth Operating Margin Net ROIC Dividend Yield $65B 5% 15% 15% 3% Certain of the above items are reflected on a core basis and represent Non-GAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and Non-GAAP Information attachment posted on February 21, 2013 under the "Investors - Investor Presentations section on PepsiCo s website at to find disclosure and a reconciliation of the above non-gaap financial measures. 3

4 Positioned in Attractive Categories Projected 5% category growth for snacks and beverages Snacks 51% Beverages 49% Global Nutrition Highly complementary PepsiCo #1 globally in salty snacks PepsiCo strong #2 globally in beverages with leadership in many important markets Note: Snacks/Beverage/Nutrition data is based on 2012 net revenue 4

5 With a Broad Product Portfolio Products Have Broad Appeal DAYPARTS COHORTS NEEDSTATES OCCASIONS 5

6 Powerful Brands 22 $1Bn Brands 6

7 Powerful Brands Over 40 $250M-$1Bn Brands 7

8 PepsiCo Has 9 of the Top 40 Trademarks at Retail Weeks Ending Dec 30, 2012, SymphonyIRI Group - Total Store Advantage, Total US MultiOutletC 8

9 Balanced Geographic Footprint Products / Territories We Have Products in More than 200 Countries and Territories Emerging & Developing Markets Significant Developing and Emerging Markets Exposure Emerging & Developing 35% Developed 65% Both Snacks Only Beverages Only No Presence Note: Developed and Emerging & Developing data is based on 2012 net revenue 9

10 Per Capita Consumption Consumption Highly Correlated to GDP/Capita Emerging Developed Source: Euromonitor 10K GDP / Capita 20K 10

11 Lots of Growth Runway Salty Snack Per Capita Consumption (Index to Mexico) Mexico 100 Brazil 39 Russia 28 China 11 India 6 Source: Euromonitor 11

12 Recent Actions Have Strengthened Our Business Increased Brand Investment Stepped Up Innovation Strengthened Execution Productivity to Fund Margin Expansion & Future Investment Cash Flow Productivity & Returns 12

13 Increased Brand Investment: Focus on Mega Brands 2012 A&M Up 50bps to 5.7% of Sales 13

14 Crash the Superbowl HUGE CONSUMER ENGAGEMENT 22,000 ADS SUBMITTED OVER 7 YEAR HISTORY 2 OF TOP 10 SUPERBOWL SPOTS 14

15 Do Us a Flavor 19 MILLION SUBMISSIONS GLOBALLY LIFT & SHIFT FROM THE UK TO 17 MARKETS INCLUDING POLAND, EGYPT & INDIA 15

16 PepsiCo Sports Properties Leagues Pro Teams Colleges 16

17 Stepped Up Innovation Innovation Across the Portfolio 17

18 Doritos Locos Tacos 325 MILLION UNITS SOLD MOST SUCCESSFUL NEW PRODUCT IN TACO BELL HISTORY 18

19 Quaker Real Medleys DELICIOUS PREMIUM 2012 BREAKFAST OATMEAL PRODUCT WITH REAL FRUIT AND NUTS OF THE YEAR 19

20 Pepsi Next 60% LESS CALORIES REAL COLA TASTE $150 MILLION AT RETAIL 20

21 Starbucks Refreshers 60 CALORIE SPARKLING BEVERAGE DELICIOUS BOOST OF ENERGY FROM GREEN COFFEE EXTRACT 21

22 Trop 50 50% LESS CALORIES LAUNCHED IN THE UK FOLLOWING SUCCESS IN US & CANADA 22

23 Gatorade Energy Chews CARB ENERGY TO FUEL ATHLETES PERFORMANCE 23

24 Strengthened Execution Frito Share of Salty Purchases with a CSD pts 60% 62% 59% +4pts 63% PEP CSD Share of CSD Purchases with Salty pts +3pts 32% 34% 32% 35% When CSD is: Other PEP Other PEP When Salty is: Other PEP Other PEP Source: IRI Household panel, 2012 is rolling 12 months ending December 16,

25 Delivered Productivity of $1B in 2012 Procurement Sustainability Fleet Portfolio Automation & Technology GTM Strategy 25

26 Cash Returns Strong 2012 Performance Delivered $7.4 billion Management Operating Cash Flow (MOCF) ex-items Cash conversion cycle improved by 9 days Cap ex managed to 4% of net revenue Returned $6.5 billion to shareholders MOCF Ex-Items per Share 5 Year CAGR of 11% $30 Billion Cash Returned to Shareholders in Last Five Years Note - Certain of the above items represent Non GAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and Non GAAP Information attachment posted on February 21, 2013 under the "Investors Investor Presentations section on PepsiCo s website at to find disclosure and a reconciliation of the above non GAAP financial measures. 26

27 Balanced Profile Products Geographies Significant Emerging and Developing Markets Exposure Snacks 51% Beverages 49% Global Nutrition Emerging & Developing 35% Developed 65% Note: Data is based on 2012 net revenue 27

28 Portfolio Delivers Balanced Growth, ROIC and Margins Emerging Developing Developed Growth Driver Penetration Frequency Expansion Role in Portfolio Growth Absolute Margin/ROIC Margin Improvement ROIC Improvement Key Markets China, India Russia, Mexico, Brazil U.S., U.K., Canada 28

29 How Revenue Growth Model Works Category Geography Growth Rate % of Revenue % of Growth Growth Rate % of Revenue % of Growth LSD-MSD 49% ~1/3 LSD-MSD 65% ~1/3 MSD Beverages Snacks 51% ~2/3 HSD-LDD Developed Emerging & Developing 35% ~2/3 Mid-Single Digit Revenue Growth Assumes: 3-5 year timeframe, currency neutral, no structural change 29

30 Long-Term Goals Top Tier TSR Revenue Growth MSD, mostly Organic Balanced offerings between FFY, BFY, GFY Increased Emerging & Developing Market Footprint EPS HSD Operating Margin bps / year ROIC 50+ bps / year Core MOCF growth = Net Income growth Strong returns to shareholders (dividends and share repurchases) Supporting Fundamentals: World-Class Brand Building and Innovation Excellence in Execution Optimal Cost Structure and Capital Allocation Best Place to Work Note - Certain of the above items represent Non GAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and Non GAAP Information attachment posted on February 21, 2013 under the "Investors Investor Presentations section on PepsiCo s website at to find disclosure and a reconciliation of the above non GAAP financial measures. 30

31 2013: Outlook Core Constant Currency EPS Growth Organic Revenue Growth 2013 Productivity Savings Commodity Inflation A&M Core Tax Rate MOCF (excluding certain items) Net Capital Expenditures Share Repurchases +7% 1 +Mid-Single Digits ~$900M +Low-Single Digits At Least 5.7% of Net Revenue ~27% More than $7B ~$3B (<5% of Net Revenue) ~$3.0B Dividends ~$3.4B (+5.6% Increase in Div/Share) 1. From PepsiCo s fiscal 2012 core EPS of $4.10 Note Certain of the above items represent Non-GAAP financial measures that exclude certain items. Please refer to the Reconciliation of GAAP and Non GAAP Information attachment posted on February 21, 2013 under the "Investors Investor Presentations section on PepsiCo s website at to find disclosure and a reconciliation of the above non GAAP financial measures. 31

32 PEP Virtuous Circle Mid-Single-Digit Revenue Growth, Mostly Organic Scale Leverage Aggressive Productivity Program Brand Building Innovation Go-to-Market Capability 32

33

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