<SEC-DOCUMENT>0001206774-20-000856.txt : 20200320
<SEC-HEADER>0001206774-20-000856.hdr.sgml : 20200320
<ACCEPTANCE-DATETIME>20200320080044
ACCESSION NUMBER:		0001206774-20-000856
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20200320
DATE AS OF CHANGE:		20200320
EFFECTIVENESS DATE:		20200320

FILER:

	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:			1226

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		20730290

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>pep3615311-defa14a.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS
<TEXT>

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<P align=center><FONT face=Arial size=2>UNITED STATES<BR></FONT><FONT face=Arial size=2>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549 </FONT></P>
<P align=center><FONT face=Arial size=2>SCHEDULE 14A </FONT></P>
<P align=center><FONT face=Arial size=2>Proxy Statement Pursuant to Section
14(a) of the <BR>Securities Exchange Act of 1934 (Amendment No. ) </FONT></P>
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    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-right: 8pt">&#9745;</TD>
    <TD noWrap align=left width="87%"><FONT face=Arial size=2>Filed by the Registrant</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-right: 8pt">&#9744;</TD>
    <TD noWrap align=left width="10%"><B><FONT face=monospace size=2></FONT></B><FONT face=Arial size=2>Filed by a Party other
      than the Registrant</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 99%; padding-right: 4pt; padding-left: 4pt"><FONT face=Arial size=2>CHECK THE APPROPRIATE BOX:</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 97%; background-color: #f2f2f2; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Preliminary Proxy Statement</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 97%; background-color: #f2f2f2; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Confidential, For Use of the Commission Only
      (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 97%; background-color: #f2f2f2; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Definitive Proxy Statement</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&#9745;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 97%; background-color: #f2f2f2; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Definitive Additional Materials</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 1%; background-color: #f2f2f2; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; vertical-align: top; text-align: left; width: 97%; background-color: #f2f2f2; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Soliciting Material Under Rule
    14a-12</FONT></TD></TR></TABLE>
<P align=center><FONT face=Arial size=5><B>PepsiCo, Inc.</B></FONT></P>

<P align=center><FONT face=Arial size=1>(Name of Registrant as Specified In Its
Charter)<BR></FONT><FONT face=Arial size=1>(Name of Person(s) Filing Proxy
Statement, if Other Than the Registrant)</FONT><FONT face=Arial size=2>
</FONT></P>
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    <TD COLSPAN="4" STYLE="width: 99%; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"><FONT face=Arial size=2>PAYMENT OF FILING FEE (CHECK THE APPROPRIATE
      BOX):</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt">&#9745;</TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="width: 97%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>No fee
  required.</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD COLSPAN="2" STYLE="width: 97%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Fee computed on table below per Exchange Act Rules
      14a-6(i)(1) and 0-11.</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>1)
      Title of each class of securities to which transaction
  applies:</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>2)
      Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; line-height: normal; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>3)
      Per unit price or other underlying value of transaction computed
      pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
      filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>4)
      Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal; padding-bottom: 2pt;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>5) Total fee paid:</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD COLSPAN="2" STYLE="width: 97%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Fee paid previously with
      preliminary materials:</FONT></TD></TR>
  <TR  vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt">&#9744;</TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD COLSPAN="2" STYLE="width: 97%; background-color: #f2f2f2; line-height: normal; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=2>Check box if any part of the fee is
      offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing
      for which the offsetting fee was paid previously. Identify the previous
      filing by registration statement number, or the form or schedule and the
      date of its filing.</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>1)
      Amount previously paid:</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>2)
      Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>3)
      Filing Party:</FONT></TD></TR>
  <TR style="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; line-height: normal; padding-bottom: 2pt;" vAlign=bottom>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 1%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD STYLE="width: 96%; background-color: #f2f2f2; border-bottom: #000000 1pt solid; text-align: left; vertical-align: top; padding-right: 0in; padding-left: 0in"><FONT face=Arial size=1>4) Date
Filed:</FONT></TD></TR></TABLE><BR>

	<HR align=center width="100%" noshade SIZE=2>
<DIV STYLE="page-break-before: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=5 face=Arial>*** Exercise Your </FONT></B><B><I><FONT size=5 face=Arial>Right </FONT></I></B><B><FONT size=5 face=Arial>to Vote ***<BR></FONT></B><B><FONT size=3 face=Arial>Important Notice Regarding the Availability of Proxy Materials for the<BR>Shareholder Meeting to Be Held on May 6, 2020.
</FONT></B></P>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" rowSpan=6 width="3%" noWrap align=center><B><FONT size=3 face=Arial></FONT></B>

   <BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR><BR>
   <IMG border=0 src="pep3615311-defa14ax1x2.jpg"><BR></TD>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><B><FONT size=3 face=Arial>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>

   <TD vAlign=top rowSpan=6 width="96%" noWrap align=center>

   <B><FONT size=3 face=Arial>PEPSICO, INC.</FONT></B><BR>

   <P style="TEXT-ALIGN: left"><BR><BR><B><FONT size=3 face=Arial></FONT></B><BR><B><FONT size=3 face=Arial></FONT></B><BR><I><FONT size=1 face=Arial>
   <IMG border=0 src="pep3615311-defa14ax1x1.jpg"></FONT></I><BR><I><FONT size=1 face=Arial>&nbsp;<BR>700 ANDERSON HILL ROAD<BR>PURCHASE, NY 10577-1444</FONT></I></P></TD></TR>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><B><FONT size=3 face=Arial></FONT></B></TD></TR>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><B><FONT size=3 face=Arial></FONT></B></TD></TR>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center>

   <P>&nbsp;</P></TD></TR>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD></TR></TABLE></DIV>

<DIV style="WIDTH: 48%; FLOAT: right">

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   <TD COLSPAN="2" NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; border-left: #000000 1pt solid; padding: 4pt; width: 100%; text-align: center"><B><FONT size=2 face=Arial></FONT></B><B><U><FONT size=3 face=Arial>Meeting Information</FONT></U></B></TD></TR>

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   <TD NOWRAP STYLE="border-left: #000000 1pt solid; vertical-align: top; width: 3%; text-align: left; padding-left: 4pt"><B><FONT size=2 face=Arial>Meeting Type:</FONT></B></TD>

   <TD STYLE="border-right: #000000 1pt solid; vertical-align: top; width: 97%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>Annual Meeting</FONT></TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="border-left: #000000 1pt solid; vertical-align: top; width: 3%; text-align: left; padding-left: 4pt"><B><FONT size=2 face=Arial>For holders as of:</FONT></B></TD>

   <TD STYLE="border-right: #000000 1pt solid; vertical-align: top; width: 97%; text-align: left; padding-right: 4pt"><FONT size=2 face=Arial>March 2, 2020</FONT></TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="border-left: #000000 1pt solid; vertical-align: top; width: 3%; text-align: left; padding-left: 4pt"><B><FONT size=2 face=Arial>Date: </FONT></B><FONT size=2 face=Arial>May 6, 2020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="border-right: #000000 1pt solid; vertical-align: top; width: 97%; text-align: left; padding-right: 4pt"><B><FONT size=2 face=Arial>Time: </FONT></B><FONT size=2 face=Arial>9:00 a.m. Eastern Daylight Time</FONT></TD></TR></TABLE>


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   <TD NOWRAP STYLE="border-left: #000000 1pt solid; width: 2%; text-align: left; padding-left: 4pt; vertical-align: top"><B><FONT size=2 face=Arial>Location:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>

   <TD STYLE="border-right: #000000 1pt solid; width: 98%; text-align: left; padding-right: 4pt; vertical-align: top"><B><FONT size=2 face=Arial>North Carolina History Center at Tryon Palace</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD NOWRAP STYLE="border-left: #000000 1pt solid; width: 2%; text-align: left; padding-left: 4pt; vertical-align: top">&nbsp;</TD>

   <TD STYLE="border-right: #000000 1pt solid; width: 98%; text-align: left; padding-right: 4pt; vertical-align: top"><FONT size=2 face=Arial>529 South Front Street<BR>New Bern, North Carolina 28562</FONT></TD></TR>                                                                                                                                                                                                                                    <TR STYLE="vertical-align: bottom">
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; padding-left: 4pt">&nbsp;</TD>
   <TD STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; padding-right: 4pt">&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>You are receiving this communication because you hold shares in the company named above.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </FONT><I><FONT size=2 face=Arial>www.proxyvote.com</FONT></I><FONT size=2 face=Arial>, scan the QR Barcode on the reverse side, or easily request a paper copy (see reverse side).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face=Arial>We encourage you to access and review all of the important information contained in the proxy materials before voting.</FONT></P>

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   <TD STYLE="background-color: #000000; width: 100%; text-align: left; padding: 2pt"><B><FONT style="COLOR: #ffffff" size=2 face=Arial>See the reverse side of this notice to obtain proxy materials and voting instructions.</FONT></B></TD></TR></TABLE></DIV><BR clear=all><BR>

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<DIV align=left style="padding-bottom:2pt"><B><FONT size=5 face=Arial>Before You Vote<BR></FONT></B><I><FONT face=Arial>&nbsp;&nbsp; How to Access the Proxy Materials</FONT></I></DIV>



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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>Proxy Materials Available to VIEW or RECEIVE:</FONT></B></P></TD></TR>

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   <TD STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; width: 100%; text-align: justify; padding-top: 2pt; padding-left: 4pt; padding-right: 4pt">

   <P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>NOTICE AND PROXY STATEMENT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>How to View Online:</FONT></B></P></TD></TR>

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   <TD STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; width: 100%; padding-bottom: 4pt; text-align: justify; padding-left: 4pt; padding-right: 4pt">

   <P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>Have the information that is printed in the box marked by the arrow <FONT size=3 face="Times New Roman">&#10132;</FONT>&nbsp;</FONT><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=1 face=Arial>&nbsp;XXXX XXXX XXXX XXXX&nbsp;</FONT><FONT size=1 face=Arial> (located on the following page)</FONT><B><FONT size=1 face=Arial> </FONT></B><FONT size=1 face=Arial>and visit: </FONT><I><FONT size=1 face=Arial>www.proxyvote.com, </FONT></I><FONT size=1 face=Arial>or scan the QR Barcode below.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>How to Request and Receive a PAPER or E-MAIL Copy:</FONT></B></P></TD></TR>

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   <TD STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; width: 100%; vertical-align: middle; text-align: justify; padding-left: 4pt; padding-right: 4pt">

   <P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>If you want to receive a paper or e-mail copy of these documents or proxy materials for future shareholder meetings, you must request them. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</FONT></P></TD></TR></TABLE>

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   <TD style="BORDER-LEFT: #000000 1pt solid" vAlign=top width="10%">&nbsp;</TD>

   <TD vAlign=top width="1%"><FONT size=1 face=Arial>1) </FONT></TD>

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   <P align=left><I><FONT size=1 face=Arial>&nbsp;BY INTERNET</FONT></I><FONT size=1 face=Arial>: </FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1pt solid" vAlign=top width="75%">

   <P align=left><FONT size=1 face=Arial>www.proxyvote.com</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1pt solid" vAlign=top width="10%">&nbsp;</TD>

   <TD vAlign=top width="1%"><FONT size=1 face=Arial>2)</FONT></TD>

   <TD style="WIDTH: 14%; VERTICAL-ALIGN: top" noWrap>

   <P align=left><I><FONT size=1 face=Arial>&nbsp;BY TELEPHONE</FONT></I><FONT size=1 face=Arial>:</FONT><I><FONT size=1 face=Arial> &nbsp;&nbsp;&nbsp;</FONT></I></P></TD>

   <TD style="BORDER-RIGHT: #000000 1pt solid" vAlign=top width="75%">

   <P align=left><FONT size=1 face=Arial>1-800-579-1639</FONT></P></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1pt solid" vAlign=top width="10%">&nbsp;</TD>

   <TD vAlign=top width="1%"><FONT size=1 face=Arial>3)</FONT></TD>

   <TD vAlign=top width="14%">

   <P align=left><I><FONT size=1 face=Arial>&nbsp;BY E-MAIL*:</FONT></I><FONT size=1 face=Arial> </FONT></P></TD>

   <TD style="BORDER-RIGHT: #000000 1pt solid" vAlign=top width="75%">

   <P align=left><FONT size=1 face=Arial>sendmaterial@proxyvote.com</FONT></P></TD></TR></TABLE>

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   <TD STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt 2.5pt; width: 100%; vertical-align: middle; text-align: justify">

   <P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>* If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow<FONT size=3 face="Times New Roman">&#10132;</FONT>&nbsp;</FONT><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=1 face=Arial>&nbsp;XXXX XXXX XXXX XXXX&nbsp;</FONT><FONT size=1 face=Arial> (located on the following page) in the subject line.</FONT></P></TD></TR>

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	<TD STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; width: 100%; vertical-align: middle; text-align: justify; padding-left: 4pt; padding-right: 4pt; padding-bottom: 2pt">
	<FONT size=1 face=Arial>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor.
Please make the request as instructed above on or before April 22, 2020 to facilitate timely delivery.
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   <TD STYLE="width: 77%; text-align: left; padding-right: 15pt"><FONT size=5 face=Arial><STRONG>How To Vote<BR></STRONG><I><FONT size=3 face=Arial><I><FONT size=3 face=Arial>&nbsp;&nbsp;&nbsp;Please Choose One of the Following Voting Methods</FONT></I></FONT></I></FONT></TD>

   <TD STYLE="vertical-align: middle; width: 1%; text-align: left">
   <IMG border=0 src="pep3615311-defa14ax2x2.jpg"></TD>

   <TD STYLE="white-space: nowrap; vertical-align: middle; width: 2%; text-align: center; padding-right: 3pt; padding-left: 3pt"><B><FONT size=4 face=Arial>SCAN TO<BR><B><FONT size=1 face=Arial>VIEW MATERIALS &amp; VOTE</FONT></B></FONT></B></TD>

   <TD STYLE="vertical-align: middle; width: 20%; text-align: left">
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   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; WIDTH: 100%; PADDING-BOTTOM: 4pt; TEXT-ALIGN: justify; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt">

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>Vote In Person: </FONT></B><FONT size=1 face=Arial>Many shareholder meetings have attendance requirements including, but not limited to, the possession of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares. </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>Vote By Internet: </FONT></B><FONT size=1 face=Arial>Go to </FONT><I><FONT size=1 face=Arial>www.proxyvote.com </FONT></I><FONT size=1 face=Arial>or from a smartphone, scan the QR Barcode above</FONT><I><FONT size=1 face=Arial>. </FONT></I><FONT size=1 face=Arial>Have the information that is printed in the box marked by the arrow&#10132;&nbsp;</FONT><FONT style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid" size=1 face=Arial>&nbsp;XXXX XXXX XXXX XXXX&nbsp;</FONT><FONT size=1 face=Arial> (located on the following page) available and follow the instructions.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>Vote By Mail: </FONT></B><FONT size=1 face=Arial>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: #000000 1pt solid; WIDTH: 100%; PADDING-BOTTOM: 4pt; TEXT-ALIGN: justify; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: #000000 1pt solid; PADDING-RIGHT: 4pt">

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>Shareholder Meeting Registration: </FONT></B><FONT size=1 face=Arial>To attend the meeting, go to the "Register for Meeting" link at <U>www.proxyvote.com</U>. An admission ticket and </FONT><FONT size=1 face=Arial>valid government-issued photo identification, such as a driver&#8217;s license or passport, will be required to enter the meeting. </FONT><B><FONT size=1 face=Arial>Please bring the admission ticket to the meeting.</FONT></B></P></TD></TR>

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   <TD STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; width: 100%; text-align: justify; padding-left: 4pt; padding-right: 4pt; padding-bottom: 2pt">

   <P style="TEXT-ALIGN: justify"><FONT size=1 face=Arial>If voting over the Internet, by phone or mail, your vote must be received by 11:59 p.m. Eastern Daylight Time on May 5, 2020.
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   <P align=center><B><FONT size=1 face=Arial>Voting Items</FONT></B></P></TD>

   <TD style="TEXT-ALIGN: center" width="50%">&nbsp;&nbsp;</TD></TR></TABLE>

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   <P align=left><B><FONT size=1 face=Arial>Company Proposals</FONT></B></P></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%; vertical-align: top; padding-top: 6pt">

   <P align=left><B><FONT size=1 face=Arial>THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR"<BR>EACH OF THE NOMINEES LISTED IN ITEM NO. 1.
</FONT></B></P></TD></TR>

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   <TD style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 100%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" colSpan=2><FONT size=1 face=Arial><FONT size=1 face=Arial>Election of Directors</FONT></FONT></TD></TR>

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   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" colSpan=2><B><FONT size=1 face=Arial>Nominees:</FONT></B></TD></TR>

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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Shona L. Brown</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1b. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Cesar Conde</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1c. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Ian Cook</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1d. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Dina Dublon</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1e. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Richard W. Fisher</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1f. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Michelle Gass</FONT></TD></TR>



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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1g. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Ramon L. Laguarta</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1h. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>David C. Page</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1i. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Robert C. Pohlad</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1j. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Daniel Vasella</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1k. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Darren Walker</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap></TD>

   <TD style="PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt" noWrap><FONT size=1 face=Arial>1l. </FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Alberto Weisser</FONT></TD></TR></TABLE></DIV>

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   <P align=left><B><FONT size=1 face=Arial>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; ITEMS
NO. 2 AND 3.</FONT></B></P></TD></TR>

<TR>

   <TD style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; PADDING-LEFT: 15pt" noWrap><FONT size=1 face=Arial>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Ratification of the appointment of KPMG LLP as the Company&rsquo;s
independent registered public accounting firm for fiscal year 2020.
</FONT></TD></TR>

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   <TD style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; PADDING-LEFT: 15pt" noWrap><FONT size=1 face=Arial>3.</FONT></TD>

   <TD style="WIDTH: 100%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Advisory approval of the Company&#8217;s executive compensation.</FONT></TD></TR>



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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; PADDING-LEFT: 15pt" colSpan=2>

   <P style="TEXT-ALIGN: justify"><B><FONT size=1 face=Arial>Shareholder Proposals</FONT></B></P></TD></TR>

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   <TD style="WIDTH: 100%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify; PADDING-TOP: 6pt; PADDING-LEFT: 15pt" colSpan=2>

   <P align=left><B><FONT size=1 face=Arial>THE BOARD OF DIRECTORS RECOMMENDS A VOTE "AGAINST"
ITEMS NO. 4 AND 5.</FONT></B></P></TD></TR>

<TR>

   <TD style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; PADDING-LEFT: 15pt" noWrap><FONT size=1 face=Arial>4.</FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Shareholder Proposal &ndash; Reduce Ownership Threshold to Call Special
Shareholder Meetings.</FONT></TD></TR>

<TR>

   <TD style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 6pt; PADDING-TOP: 6pt; PADDING-LEFT: 15pt" noWrap><FONT size=1 face=Arial>5.</FONT></TD>

   <TD style="WIDTH: 100%; PADDING-BOTTOM: 6pt; TEXT-ALIGN: justify; PADDING-TOP: 6pt"><FONT size=1 face=Arial>Shareholder Proposal &ndash; Report on Sugar and Public Health.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 15pt"><B><FONT size=1 face=Arial>NOTE:</FONT></B><FONT size=1 face=Arial> Also includes authorization to vote upon such other business as may properly come before the meeting or any adjournment or postponement thereof.</FONT></P>

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