<SEC-DOCUMENT>0001214659-21-004559.txt : 20210428
<SEC-HEADER>0001214659-21-004559.hdr.sgml : 20210428
<ACCEPTANCE-DATETIME>20210428114702
ACCESSION NUMBER:		0001214659-21-004559
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210428
DATE AS OF CHANGE:		20210428
EFFECTIVENESS DATE:		20210428

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:			1225

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		21862634

	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:			Shareholder Commons
		CENTRAL INDEX KEY:			0001858988
		IRS NUMBER:				843285119
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
		BUSINESS PHONE:		302-593-0917

	MAIL ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States Securities and Exchange Commission<BR>
Washington, D.C. 20549</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
Pursuant to Rule 14a-103</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</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">Washington, D.C. 20549</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE OF EXEMPT SOLICITATION</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">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">&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">Name of the Registrant: PepsiCo Inc.</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 persons relying on exemption: The Shareholder Commons, Inc.</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">Address of persons relying on exemption: PO Box 7545, Wilmington, Delaware
19803-7545</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>

<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. 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><B><U>SHAREHOLDER
REBUTTAL TO PEPSICO, INC.</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons urges you to vote <B>FOR</B> Item 6 on the
proxy, the shareholder proposal requesting the Board study the external public health costs of PepsiCo Inc.&rsquo;s (&ldquo;PepsiCo&rdquo;
or the &ldquo;Company&rdquo;) food and beverage business and the impact of those costs on the many PepsiCo shareholders who rely upon
overall market returns.</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 Shareholder Commons is a non-profit organization that seeks to
shift the paradigm of investor thinking away from a narrow and harmful focus on individual company value towards a systems-first approach
to investing that better serves investors and their beneficiaries.</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>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;<IMG SRC="tsc_logo.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Proposal</I></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">The Proposal requests the Board to report on the public health costs
that PepsiCo&rsquo;s food and beverage products impose on society, and how those costs affect the Company&rsquo;s diversified shareholders.
The unhealthy food and beverages that constitute 81% of PepsiCo&rsquo;s product portfolio<SUP>1</SUP> are among the top culprits in the
growing global obesity epidemic: &ldquo;Poor diets lead to chronic illnesses such as heart disease, type 2 diabetes, and obesity.&rdquo;<SUP>2</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">A growing body of research demonstrates that public health problems
such as obesity exact a costly toll on the global economy, to the tune of almost 3 percent of GDP per year.<SUP>3</SUP> An additional
body of research demonstrates that these public health costs, which companies like PepsiCo externalize, are ultimately borne by diversified
shareholders, a category into which the vast majority of PepsiCo&rsquo;s investors fall.<SUP>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">A healthy economy is a far greater value driver for diversified portfolios
than the profits of any one company within those portfolios. Indeed, a number of studies have shown that systematic factors explain 75-94
percent of average portfolio return.<SUP>5</SUP> Yet PepsiCo provides shareholders no information on the costs it externalizes or the
risks it creates for the global economy, leaving them without critical information about the risk it is imposing on their portfolios.</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"><B><I>The Company Believes its Primary Responsibility Is to Optimize
Long-Term Financial Return, Regardless of Public Health Costs</I></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">The PepsiCo Corporate Governance Guidelines make it clear that its
board of directors (the &ldquo;Board&rdquo;) is focused on profit, not health:</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 1in"><I>The following are the Bo<FONT STYLE="font-size: 10pt">ard&rsquo;s
primary responsibilities . . . : </FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 1in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></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: 1.25in"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="padding-right: 1in"><I>Represent the interests of the Corporation&rsquo;s shareholders in maintaining and enhancing the success
of the Corporation&rsquo;s business, including optimizing long-term returns to increase shareholder value.<SUP>6</SUP></I></TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></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"><I><SUP>1</SUP> Access to Nutrition Initiative </I>(&ldquo;ANTI&rdquo;)
at https://accesstonutrition.org/index/global-index-2018/scorecards/pepsico/ (last visited April 27, 2021). The Access to Nutrition Foundation
(ATNF), a respected independent non-profit organization based in the Netherlands, is funded by the Bill &amp; Melinda Gates Foundation,
the Dutch Ministry of Foreign Affairs, the Robert Wood Johnson Foundation and the U.K.&rsquo;s Department for International Development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>2</SUP></I> United States Center for Disease Control, https://www.cdc.gov/nutrition/healthy-food-environments/improving-access-to-healthier-food.html
(last visited April 27, 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>3</SUP> Foresight (April 2019) </I>https://www.schroders.com/en/sysglobalassets/digital/insights/2019/pdfs/sustainability/sustainex/sustainex-short.pdf,
(last visited April 27, 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>4</SUP> Universal Ownership: Why Environmental Externalities
Matter to Institutional Investors,</I> Appendix IV (demonstrating linear relationship between GDP and a diversified portfolio) available
at <FONT STYLE="color: #0563C1"><U>https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>5</SUP></I> <U>Moving Beyond Modern Portfolio Theory: Investing
that Matters</U> by Jon Lukomnik and James Hawley, scheduled for publication on May 3, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.pepsico.com/docs/album/corporate-governance/corporate-governance-guidelines.pdf?sfvrsn=e83d373_20
(last visited April 27, 2021). These guidelines do not provide for the Board to represent any other interests beyond those of the shareholders.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Of course, as PepsiCo makes clear in its sustainability reporting and
other materials, it is aware that many of its snack and beverage products contribute to public health problems such as obesity and diabetes.
Furthermore, it has taken certain steps to reduce that contribution, such as adding more healthful product lines to its portfolio, reformulating
existing products, and taking steps to limit advertising to young children.</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">At the same time, PepsiCo&rsquo;s reporting to the financial markets
demonstrates that, as its Corporate Governance Guidelines demand, its primary concern is profits, and that concern is untethered to any
health considerations. The CEO&rsquo;s remarks from the Company&rsquo;s final 2020 earnings call reflect this focus:</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><I>Addition of more healthful product lines does not mean reduction of sales of &ldquo;indulgent&rdquo; (i.e., unhealthful) lines.
</I>&ldquo;For example, if you think about the Frito portfolio, obviously, <B>we want to grow our Cheetos, Doritos, Tostitos, Lays, Ruffles</B>
at a very good base <I>[sic]</I>. And I think we&rsquo;re doing that. But at the same time, we need to build healthier portfolios, brands&hellip;&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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><I>Growth in the energy drink category. </I>The CEO also emphasized investments in growing the Rockstar (an energy drink) and Mountain
Dew lines, clearly not part of the healthful side of the business. &ldquo;And it will be the first move of Mountain Dew and there will
be future moves as well from Mountain Dew into the energy space.&rdquo; Along with concentrates, the sports and energy drink category
has been identified as the Company&rsquo;s least healthful product line.<SUP>7</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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><I>Encouraging more consumption of unhealthful products. </I>It is also part of the Company&rsquo;s strategy that its customers consume
its &ldquo;core&rdquo; products more frequently: &ldquo;As we&rsquo;re thinking about our growth, obviously, there is a lot of growth
in our core brands. Our large core brands have a lot of opportunities, both for more penetration <B>and for, obviously, much more frequency</B>.&rdquo;
An absolute goal of lowering the public health footprint of the business would be inconsistent with encouraging more consumption of Pepsi,
Mountain Dew, Cheetos, and Doritos.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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><I>Growth is the first principle.</I> &ldquo;At the same time, we don&rsquo;t want to keep our eyes off what are the <B>core brands
that drive the majority of the growth in absolute dollars of this Company</B> [in contrast to new, more healthful products like Sodastream
and Bare] and that have a massive runway for growth in the future. So that gives you a sense of how we are thinking about growth. <B>Growth
being our number one value creation</B>. Profitable growth, obviously.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The requested report will reveal whether PepsiCo <FONT STYLE="font-size: 10pt">is
acting contrary to the interests of its own diversified shareholders.</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">&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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> ANTI, <I>supra </I>n.1 at https://accesstonutrition.org/index/global-index-2018/scorecards/pepsico/
(last visited April 27, 2021).</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>&nbsp;<IMG SRC="tsc_logo.jpg" ALT=""></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo&rsquo;s Corporate Governance Guidelines, along with the statements
from its recent earnings call, demonstrate that the Company prioritizes financial return over public health. Thus, any measures to address
public health concerns, such as altering the mix or formulation of its products, are constrained by a perceived mandate to optimize long-term
financial returns to shareholders. A report that addresses the full public health costs of the business will illuminate the gap between
what PepsiCo is currently doing to address public health, and what it would do if it were optimizing for public health outcomes rather
than profits.</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 is a critical question for shareholders. When a company or industry
focuses on growth and financial return, the long-run effect may be to lower global economic productivity. In the case of the food and
beverage industry, for example, obesity and diabetes significantly impair human capital, which in turn undermines the economy. A growing
body of research quantifies such costs. For example, a 2018 Milken Institute study shows that &ldquo;the impact of obesity and overweight
on the U.S. economy has eclipsed $1.7 trillion, an amount equivalent to 9.3 percent of the nation&rsquo;s gross domestic product.&rdquo;<SUP>8</SUP>
And a 2014 McKinsey Global Initiative report calculated the global economic impact from obesity at roughly $2 trillion, or 2.8 percent
of global GDP.<SUP>9</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">This long-term, macro effect hurts diversified shareholders, because
their returns are dependent on overall market performance, rather than outperformance achieved by any single company or industry. Thus,
when companies limit public health measures to those that optimize their profits, they may be acting against the interests of their own
long-term, diversified shareholders.</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">A United Nations study demonstrates how diversified shareholders and
beneficial owners suffer when corporations impose costs on the economy that lower GDP, reducing overall equity value.<SUP>10</SUP> This
tension between prioritizing financial return and the actual needs of diversified investors is further demonstrated by a recent study,
which determined that publicly listed companies impose social and environmental costs on the economy equal to more than half of their
profits. Those costs&mdash;$2.2 trillion annually&mdash;equal more than 2.5% of global GDP.<SUP>11</SUP> From the point of view of a diversified
shareholder, these companies are only half as valuable as their income statements would indicate.</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"><B><U>The PepsiCo opposition stateme<FONT STYLE="font-size: 10pt">nt
misses the point</FONT></U></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"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>8</SUP></I> Milken Institute. &ldquo;Economic impact of excess
weight now exceeds $1.7 trillion: Costs include $1.24 trillion in lost productivity, according to study documenting role of obesity and
overweight in chronic diseases.&rdquo; ScienceDaily. ScienceDaily, 30 October 2018. Available at www.sciencedaily.com/releases/2018/10/181030163458.htm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>9</SUP></I> Richard Dobbs et al., <I>Overcoming obesity: An
initial economic analysis,</I> McKinsey Global Institute (November 2014), available at https://www.mckinsey.com/~/media/mckinsey/business%20functions/economic%20studies%20temp/our%20insights/how%20the%20world%20could%20better%20fight%20obesity/</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>10</SUP></I> Richard Mattison et el., <I>Universal Ownership:
Why environmental externalities matter to institutional investors,</I> UNEP Finance Initiative and PRI (2011), available at https://www.unepfi.org/fileadmin/documents/universal_ownership_full.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><SUP>11</SUP></I> <FONT STYLE="font-size: 10pt">Andrew Howard, <I>SustainEx:
Examining the social value of corporate activities, </I>Schroders (April 2019), available at https://www.schroders.com/en/sysglobalassets/digital/insights/2019/pdfs/sustainability/sustainex/sustainex-short.pdf.</FONT></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 0.25in 0pt 0"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>PepsiCo claims that it cannot &ldquo;extrapolate&rdquo; its own
impact on public health because of the number of conflating factors.</I></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">The Proposal does not request any particular level of specificity,
and the level of precision would be determined by those preparing the report. Moreover, the Company itself cites the ANTI report<SUP>12</SUP>
as an example of a credible third-party resource. The report included a detailed analysis of certain areas where PepsiCo is failing to
optimize its business to address public health concerns. In addition, the <I>Foresight<SUP>13</SUP></I> report demonstrates the availability
of techniques for approximating the costs of such public health issues. In any event, the inability to construct a perfect report is no
reason for shareholders to receive no information whatsoever with respect to this important issue.</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"><B><I>PepsiCo claims that it has already taken steps to address public
health concerns and that it partners with others to do so.</I></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">These arguments entirely miss the point. While PepsiCo has taken some
measures to address public health concerns, those measures are constrained by the Company&rsquo;s own stated mandate to prioritize shareholder
return above all other concerns. The fact that it is taking <I>some</I> measures simply does not answer the question of whether it is
taking <I>sufficient</I> measures. A few facts make clear that it is not:</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>As noted above, 81% of PepsiCo&rsquo;s portfolio is unhealthful.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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>Its own &ldquo;Everyday Nutrition&rdquo; products do not even meet its own definition of &ldquo;healthy&rdquo; <I>[sic]</I>.<SUP>14</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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>Its &ldquo;product reformulation targets remain limited as they do not cover all relevant products and nutrients globally.&rdquo;<SUP>15</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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>It has not made commitments that &ldquo;prohibit any advertising near primary schools, and in or near secondary schools or other places
popular with children,&rdquo; as recommended by the World Health Organization.&rdquo;<SUP>16</SUP>&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company &ldquo;contributed approximately 42% of sugary drink and energy
drink ads viewed by Black children and preschoolers.&rdquo;<SUP>17</SUP></FONT></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">The Company has failed to make any argument that is responsive to the
request for a report that would help illustrate the gap between the Company&rsquo;s current, limited efforts to address public health
concerns, and what it could do if it were authentically focused on optimizing public health and, by extension, the economic health that
is the single greatest value driver of its diversified shareholders&rsquo; portfolios.</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"><B><U>Conclus<FONT STYLE="font-size: 10pt">ion</FONT></U></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"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> ANTI, <I>supra </I>n.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> <I>Supra, </I>n.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> ANTI, <I>supra</I> n.1 at https://accesstonutrition.org/index/global-index-2018/scorecards/pepsico/
(last visited April 27, 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Id.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> ANTI, <I>supra</I> n.1 at https://accesstonutrition.org/index/global-index-2018/scorecards/pepsico/
(last visited April 27, 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>Sugary Drink Facts 2020 </I>at 39, available at https://media.ruddcenter.uconn.edu/PDFs/Sugary_Drink_FACTS_Full%20Report.pdf.</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 0.25in 0pt 0"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Please vote FOR Item 6</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">By voting FOR Item 6, shareholders can urge PepsiCo to account directly
for its effect on public health, upon which a thriving economy depends. Such a report can aid the Board and management in authentically
serving the needs of its customers and in preventing the dangerous implications&mdash;to diversified shareholders and others&mdash;of
a narrow focus on financial return.</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 Shareholder Commons urges you to vote <B>FOR</B> Item 6 on the
proxy, the Shareholder Proposal requesting a report on external public health costs at the PepsiCo Inc. Annual Meeting on May 5, 2021.<B>&nbsp;</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; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding United Parcel Service Inc., Proposal 6 &ndash;
submitted by Myra K. Young, please contact Sara E. Murphy, <FONT STYLE="font-size: 10pt">The Shareholder Commons at +1.202.578.0261 or
via email at sara@theshareholdercommons.com. </FONT></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; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>PROXY CARDS WILL NOT BE ACCEPTED BY FILER
NOR BY THE SHAREHOLDER COMMONS.<BR>
TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</B></P>

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

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

<P STYLE="text-align: right; margin: 0">6</P>

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

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