PepsiCo : Conference Presentation

Safe Harbor Statement & Non-GAAP Information

This presentation should be viewed in conjunction with PepsiCo's webcast presentation at the Consumer Analyst Group of New York Conference on February 20, 2019.

Safe Harbor Statement

Statements in this communication that are"forward-lookingstatements,"including our 2019 guidance and long-term goals, 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," "goal," "guidance," "intend," "may," "objective," "outlook," "plan," "position," "potential," "project," "seek," "should," "strategy," "target," "will"or similar statements or variations of such words and other similar expressions 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 lookingstatements. Such risks and uncertainties include, but are not limited to: changes in demand forPepsiCo'sproducts, as a result of changes in consumer preferences or otherwise;changes in laws related to the use or disposal of plastics or other packaging ofPepsiCo'sproducts; changes in, or failure to comply with, applicable laws and regulations; imposition or proposed imposition of new or increased taxes aimed atPepsiCo'sproducts; imposition of labeling or warning requirements onPepsiCo'sproducts;PepsiCo'sability to compete effectively; failure to realize anticipated benefits fromPepsiCo'sproductivity initiatives or operating model; political conditions, civil unrest or other developmentsand risks in the markets wherePepsiCo'sproducts are made, manufactured, distributed or sold;PepsiCo'sability to grow its business in developing and emerging markets;uncertain or unfavorable economic conditions in the countries in which PepsiCo operates; the ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption; increased costs, disruption of supply or shortages of raw materials and other supplies; business disruptions; product contamination or tampering or issues or concerns with respect to product quality, safety and integrity; damage toPepsiCo'sreputation or brand image; failure to successfully complete, integrateor manage acquisitions and joint ventures intoPepsiCo'sexisting operations or to complete or manage divestitures or refranchisings; changes in estimates and underlyingassumptions regarding future performance that could result in an impairment charge; increase in income tax rates, changes in income tax laws or disagreements with tax authorities;PepsiCo'sability to recruit, hire or retain key employees or a highly skilled and diverse workforce; loss of, or a significant reduction in sales to, any key customer; disruption to the retail landscape, including rapid growth in hard discounters and the e-commerce channel; any downgrade or potential downgrade ofPepsiCo'scredit ratings;PepsiCo'sability to implement shared services or utilize information technology systems and networks effectively; fluctuations or other changes in exchange rates; climate change or water scarcity, or legal, regulatory or market measures to address climate change or water scarcity; failure to successfully negotiate collective bargaining agreements, or strikes or work stoppages; infringement of intellectual property rights; potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries or investigations; and other factors that may adversely affect the price ofPepsiCo'spublicly traded securities and financial performance.

For additional information on these and other factors that could causePepsiCo'sactual results to materially differ from those set forth herein, please seePepsiCo'sfilings 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 ofPepsiCo'sweb site atwww.pepsico.comunder the heading"EventsandPresentations"to find a reconciliation of any non-GAAP financial measures and definitions of non-GAAP financial measures.

Long-Term Goals

+4-6%

Organic revenue growth

+20-30 bps

Core operatingmargin expansion

HSD

Core constant currency

EPS growth

Increasing

Core net ROIC

PepsiCo provides guidance on a non-GAAP basis as the Company cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange and commodity mark-to-market adjustments. Organic revenue, core operating margin, core constant currency EPS and core net ROIC are non-GAAP financial measures. Please refer to the "Investors" section of PepsiCo's website atwww.pepsico.comunder the heading "Events and Presentations" to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.

Strong Foundation

Compete inattractivecategoriesLeadingbrandsand broadproductportfolio

Well-developedgeographicfootprintStrong, relevantcapabilitiesLargescalethat enables efficientoperationsHighly engagedassociatesand a winningculture

Strong Financial Performance

Since 2012…

3.8% avg.	+160 bps	9% avg.
Organic revenue growth	Core operating margin	Core constant currency
expansion	EPS growth
+9.5 pps.
	9% CAGR	$45B
to 24.8%
	Dividends per	Cumulative cash returned
share	to shareholders
		Core net ROIC

Six-year average reported net revenue growth was flat. Six-year reported operating margin increased 130 bps. Six-year average reported EPS growth was 25%. Organic revenue, core operating margin, core constant currency EPS and core net ROIC are non-GAAP financialmeasures. Please refer to the "Investors" section of PepsiCo's website atwww.pepsico.comunder the heading "Events and Presentations" to find the reconciliation of GAAP and non-GAAP information and definitions of non-GAAP financial measures.