<SEC-DOCUMENT>0001214659-19-002591.txt : 20190408
<SEC-HEADER>0001214659-19-002591.hdr.sgml : 20190408
<ACCEPTANCE-DATETIME>20190405175510
ACCESSION NUMBER:		0001214659-19-002591
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190408
DATE AS OF CHANGE:		20190405
EFFECTIVENESS DATE:		20190408

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1229

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		19736092

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1611 TELEGRAPH AVE.
		STREET 2:		SUITE 1450
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		1611 TELEGRAPH AVE.
		STREET 2:		SUITE 1450
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>l43190px14a6g.htm
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<div style="FONT-FAMILY: Calibri, sans-serif; COLOR: #00813d; FONT-SIZE: 8pt">1611 Telegraph Ave, Suite 1450&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #00813d; FONT-SIZE: 8pt">Oakland, CA 94612</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: Calibri, sans-serif; COLOR: #73c167; FONT-SIZE: 7.5pt">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</div>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: PepsiCo, Inc.<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: 1611 Telegraph Ave., Suite 1450, Oakland, CA 94612</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PepsiCo, Inc.<BR>
Vote Yes: Item #6 - Report on Supply Chain Pesticide Use</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 1, 2019</B> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Christy Spees | cspees@asyousow.org</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers are increasingly seeking out food products that they
trust are healthy, natural, sustainably made, and safe to eat.<SUP>1</SUP> As a result of this shift, concerns about synthetic
pesticides used in the production of food have risen.<SUP>2</SUP> Many consumers who trust PepsiCo&rsquo;s Quaker Oats brand were
alarmed to learn that their breakfast food, marketed as healthy for their families, contained residues of Glyphosate (a probable
human carcinogen).<SUP>3,4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal and regulatory institutions are also increasingly recognizing
the problem of synthetic pesticide use. Jurisdictions all over the world have adopted policies to ban or restrict harmful pesticides
that are still allowed in the U.S., including glyphosate.<SUP>5</SUP> Last year, a jury verdict found that glyphosate-based Roundup
caused one man&rsquo;s terminal cancer, which has led to thousands of additional lawsuits against its manufacturer and processed
food companies.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although PepsiCo states that it seeks &ldquo;continuous improvement
in agricultural practices to minimize chemical use and its potential impacts,&rdquo;<SUP>7</SUP> the company does not collect or
report meaningful data to demonstrate the scope of its supply chain pesticide use or whether suppliers are making progress toward
reducing use of pesticides. <B>PepsiCo&rsquo;s failure to adequately measure and reduce the use of pesticides in the company&rsquo;s
supply chains leaves the company vu<FONT STYLE="font-size: 10pt">lnerable to reputational damage as well as legal and regulatory
risks.</FONT></B>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://foodinsight.org/2018-food-and-health-survey/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.consumerreports.org/cro/health/natural-health/pesticides/index.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://oehha.ca.gov/proposition-65/crnr/glyphosate-listed-effective-july-7-2017-known-state-california-cause-cancer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.nytimes.com/2018/08/15/health/herbicide-glyphosate-cereal-oatmeal-children.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.baumhedlundlaw.com/toxic-tort-law/monsanto-roundup-lawsuit/where-is-glyphosate-banned/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.npr.org/2018/08/10/637722786/jury-awards-terminally-ill-man-289-million-in-lawsuit-against-monsanto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.pepsico.com/sustainability/pesticides</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESOLVED
CLAUSE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders request that PepsiCo disclose, at reasonable expense
and omitting proprietary information, quantitative metrics demonstrating measurable progress toward the reduction of synthetic
chemical pesticide use in the Company&rsquo;s supply chain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUPPORTING
STATEMENT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We recommend the report include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>An assessment of the operational and reputational risks posed to the company by the current use of pesticides in its supply
chain.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Metrics tracking the portion of supply chain crops treated with synthetic chemical pesticides.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Metrics demonstrating success in increasing the portion of supply chain crops grown with integrated pest management practices</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE
FOR A YES VOTE&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"><B></B></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><B>1)</B></P></TD><TD><B>PepsiCo&rsquo;s failure to implement key supply chain pesticide management practices exposes the company to growing risk.
</B>In order to mitigate reputational, legal, and regulatory risks, PepsiCo must investigate the extent to which glyphosate and
other harmful pesticides are present in its supply chain; then, it must provide data that assures investors that pesticides and
the resulting harms are being reduced.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD><B>PepsiCo does not provide shareholders with sufficient analysis and disclosure on managing its growing risk. </B>The company
has not assessed and/or disclosed the operational and reputational risks posed to the company by the current use of pesticides
in its supply chain, nor has it established meaningful targets to measurably address this problem.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3)</B></TD><TD><B>PepsiCo compares poorly to peers on sustainable agriculture management and reporting. Other food companies are beginning
to address the issue of pesticide use.</B> Kellogg&rsquo;s conducts a Grower Survey<SUP>8</SUP> that measures pesticide use, and
other major food brands are phasing out use of the most concerning pesticides in their supply chains.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>1)</B></FONT></TD><TD><B>PepsiCo&rsquo;s
                                         failure to implement key pesticide management practices exposes the company to growing
                                         risk. PepsiCo&rsquo;s failure to measure and reduce synthetic pesticide use in its agricultural
                                         supply chains raises growing reputational, legal, and regulatory risk.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Reputational:</I> Scientists, media, and public
interest groups have drawn significant attention in recent years to the myriad negative health and environmental impacts of the
pervasive use of glyphosate and other pesticides.<SUP>9,10,11</SUP> PepsiCo has suffered reputational damage when one of its most
trusted brands &ndash; Quaker Oats, a brand marketed as a healthy choice for families and children &ndash; was identified publicly
for containing residual glyphosate.<SUP>12</SUP> News stories, blogs, and other social media ran with the news, while consumers&rsquo;
trust in Quaker Oats and PepsiCo was diminished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> http://crreport.kelloggcompany.com/ppm2#nurturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.nytimes.com/2018/08/15/health/herbicide-glyphosate-cereal-oatmeal-children.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.newsweek.com/antibiotic-resistance-occurs-100000-faster-herbicides-1168034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.nrdc.org/sites/default/files/bees.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.ewg.org/childrenshealth/glyphosateincereal/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Legal:</I> Since August of 2018, when a court
verdict found RoundUp (the most popular glyphosate-based weed-killer) responsible for one man&rsquo;s terminal cancer, class action
lawsuits have begun to target processed food companies (e.g. competitors General Mills and Kellogg) for failure to disclose that
products may contain low levels of this chemical.<SUP>13 </SUP>Bayer now faces more than 9,000 lawsuits. PepsiCo is at risk of
becoming a target of lawsuits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Regulatory:</I> Jurisdictions in 25 countries
have adopted policies to ban or restrict glyphosate use or are considering such action, including local jurisdictions within the
U.S.<SUP>14</SUP> A group of predominant U.S. non-governmental organizations and food companies petitioned the Environmental Protection
Agency to sharply reduce the federal allowable amount of residual glyphosate on oats and to explicitly prohibit the use of glyphosate
as a pre-harvest drying agent.<SUP>15</SUP> Scientists recently released another report on organophosphates, an entire class of
commonly used agricultural pesticides, which found such strong evidence for harm they called for the chemicals to be outright banned.<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2)</B></TD><TD><B>PepsiCo does not provide shareholders with sufficient analysis and disclosure on managing its growing pesticide risk.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">While PepsiCo addresses some elements of supplier
agricultural practices in its Sustainable Farming Program, it does not currently provide any data regarding the use of synthetic
pesticides in its crop supply chains. Furthermore, the company does not have any disclosed goals to assess or reduce synthetic
pesticides by its suppliers or residual levels of pesticides in its products. PepsiCo does not appear to survey and does not report
whether suppliers of oats for its Quaker brand products use glyphosate as a pre-harvest drying agent, a practice that tends to
increase the presence of glyphosate in oats and thus would directly affect Quaker Oats products. Perhaps most alarmingly, PepsiCo
has not taken the first step of disclosing a risk assessment to shareholders regarding the use of synthetic pesticides in its agricultural
supply chains. This lack of data makes it difficult for shareholders to assess if and how well the company is managing the growing
risks of pesticide use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3)</B></TD><TD><B>PepsiCo compares poorly to peers on pesticide risk management and reporting.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Other large processed food companies have taken
steps to assess the extent to which their supply chains rely on synthetic pesticides; others have gone further to reduce the use
of pesticides.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP>
https://www.foodnavigator-usa.com/Article/2018/08/21/And-now-the-food-lawsuits-General-Mills-sued-over-glyphosate-residue-post-Monsanto-289m-verdict#</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.baumhedlundlaw.com/toxic-tort-law/monsanto-roundup-lawsuit/where-is-glyphosate-banned/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://cdn3.ewg.org/sites/default/files/Glyphosate%20Petition%20Final%20.pdf?_ga=2.149341110.1808919085.1539882425-1374321464.1536083250</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.theguardian.com/environment/2018/oct/24/entire-pesticide-class-should-be-banned-for-effect-on-childrens-health</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="asyousowlogo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Kellogg&rsquo;s surveys its suppliers regarding synthetic pesticide use through its Grower Survey tool.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Unilever phased out WHO Class 1 pesticides for tea production and intends to phase out Class 2 pesticides by 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>Sysco&rsquo;s Integrated Pest Management Program reports on the quantity of pesticides avoided.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Ben and Jerry&rsquo;s ice cream brand has committed to prohibit pre-harvest glyphosate use in its entire supply chain by 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>General Mills recently announced a project to promote regenerative agricultural practices which improve soil and can markedly
decrease use of pesticides.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE
TO PEPSICO&rsquo;s BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo&rsquo;s Board of Directors (&ldquo;the Board&rdquo;)
recommends a vote against the shareholder proposal on the basis that the company has disclosed adequate reporting about the use
of pesticides in its supply chain. However, the company does not currently provide any quantitative reporting regarding pesticide
use to investors or the public; rather, the company shares general statements and goals. This does not address the purpose of the
proposal, which is a request for meaningful data showing that the company has thoroughly assessed the risks of pesticide use and
is taking appropriate action to reduce such risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company suggests that its reporting on the percentage of
direct crop suppliers who currently participate in its Integrated Pesticide Management (IPM) program demonstrates a reduction of
synthetic pesticides used in the company&rsquo;s supply chains. However, this is not a true equivalency. IPM is a general term<SUP>17</SUP>
used to describe agricultural programs that weigh the economic, social, and environmental impacts of a variety of pest management
methods. These programs vary widely in detail and practice, and do not necessarily result in pesticide reduction. While it is possible
that an increase in IPM adoption results in reduced pesticide use, it not an outcome that can be assumed as inherent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company also argues that, in particular, there is no real
need for the company to assess risks related to the use of glyphosate in its supply chains, noting that its safety has been extensively
studied. However, while PepsiCo directly refers to the World Health Organization as one regulatory body which has &ldquo;affirmed&rdquo;
the safety of glyphosate, in fact, the WHO&rsquo;s International Agency for Research on Cancer has classified glyphosate as &ldquo;probably
carcinogenic to humans.&rdquo; Likewise, the state of California has classified glyphosate as a known carcinogen.<SUP>18</SUP>
Recently, a scientific review found that exposure to glyphosate increases risk of some types of cancer by more than 40%.<SUP>19</SUP>
Clearly, the science regarding glyphosate is very controversial and its safety is unclear. Disregarding the potential toxicity
of this chemical is a failure of the comp<FONT STYLE="font-size: 10pt">any to fully evaluate and address the risks related to its
use.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This proposal asks the Company to begin providing quantitative
metrics demonstrating progress toward reducing synthetic chemical pesticide use in the Company&rsquo;s supply chain. Consumers
are increasingly aware of the harms of pesticide use and increasingly prefer brands that offer sustainability, transparency, and
safety in their product ingredients. PepsiCo has an opportunity to take leadership among its peers by providing greater transparency,
and by taking greater precautions to protect public health and the environment. Proponents urge shareholders to vote &ldquo;Yes&rdquo;
on this resolution, as it will bring forth crucial information about how PepsiCo is managing and mitigating risk from the use of
synthetic pesticides in its agricultural supply chains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www2.ipm.ucanr.edu/What-is-IPM/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://oehha.ca.gov/proposition-65/crnr/glyphosate-listed-effective-july-7-2017-known-state-california-cause-cancer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.washington.edu/news/2019/02/13/uw-study-exposure-to-chemical-in-roundup-increases-risk-for-cancer/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="asyousowlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--<BR>
THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL
MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF
DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL
NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS
ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
