<SEC-DOCUMENT>0001214659-24-006783.txt : 20240415
<SEC-HEADER>0001214659-24-006783.hdr.sgml : 20240415
<ACCEPTANCE-DATETIME>20240415060523
ACCESSION NUMBER:		0001214659-24-006783
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240415
DATE AS OF CHANGE:		20240415
EFFECTIVENESS DATE:		20240415

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		24843038

	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:			Seventh Generation Interfaith Inc.
		CENTRAL INDEX KEY:			0001773705
		ORGANIZATION NAME:           	
		IRS NUMBER:				475298655
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
		BUSINESS PHONE:		708-315-0571

	MAIL ADDRESS:	
		STREET 1:		1015 N. NINTH ST.
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>d412241px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notice of Exempt Solicitation</U></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 REGISTRANT: PepsiCo Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF PERSON RELYING ON EXEMPTION: Seventh Generation Interfaith,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADDRESS OF PERSON RELYING ON EXEMPTION: 1015 N. Ninth St., Milwaukee,
WI 53233</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.</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>Vote FOR Item 8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Third-Party Assessment on Non-Sugar Sweetener
Risks</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">April 12, 2024</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">Dear Fellow PepsiCo Shareholder:</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">Sisters of the Sorrowful Mother International Finance, Inc., along
with co-filers including the Sisters of Charity of the Blessed Virgin Mary, School Sisters of Notre Dame Central Pacific Province, Northwest
Women Religious Trust (Sisters of Saint Joseph of Peace), Congregation of the Sisters of the Holy Names of Jesus and Mary, Common Spirit
Health and Trinity Health (together, the &#8220;Proponents''), urge stockholders to <B>vote FOR Item 8, &#8220;Third-Party Assessment
on Non-Sugar Sweetener Risks&#8221; (the &#8220;Proposal&#8221;)</B>, at PepsiCo, Inc.&#8217;s (&#8220;PepsiCo&#8217;s&#8221; or the &#8220;Company&#8217;s&#8221;)
annual shareholder meeting on Wednesday, May 1, 2024 at 9.00 am E.T.</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 states:</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 0.5in">Shareholders of PepsiCo, Inc. (&#8220;PepsiCo&#8221;) request
the Board of Directors issue a third party assessment by November 1, 2024, at reasonable expense and excluding proprietary information,
on PepsiCo&#8217;s efforts to assess and mitigate potential health harms associated with the use of non-sugar sweeteners (&#8220;NSS&#8221;).</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 0.5in">The report should cover how PepsiCo evaluates potential health
impacts of NSS in its products, including the safety authorities relied upon for NSS guidance, and PepsiCo&#8217;s affiliation with and/or
financial support of researchers or research institutions, international agencies, or reporting/regulatory bodies studying or making health
or safety recommendations about NSS.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>We believe that the assessment of health harms associated with NSSs
requested by the Proposal would:</U></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">&#9679;</TD><TD>Assure shareholders that PepsiCo is taking adequate steps to monitor emerging science, including awareness of potential bias in studies
undertaken and/or funded by organizations with an interest in obtaining a particular research outcome;</TD></TR></TABLE>

<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">&#9679;</TD><TD>Mitigate risk associated with the use of products that increasingly are shown to have health harms and lack significant health benefits,
which might result in negative legal, financial and reputational consequences for PepsiCo;</TD></TR></TABLE>

<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">&#9679;</TD><TD>Bolster shareholder confidence regarding PepsiCo&#8217;s governance and risk management structures; and</TD></TR></TABLE>

<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">&#9679;</TD><TD>Demonstrate leadership in corporate accountability and oversight of potential health risks related to NSSs.</TD></TR></TABLE>

<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 third party assessment will provide PepsiCo with an unbiased perspective
on the adequacy of its efforts to monitor emerging science that can better prepare the Company to pivot, if necessary, to safer alternatives.
Further, the third party assessment can provide a level of transparency that could enhance PepsiCo&#8217;s reputation within the food
and beverage sector as well as among consumers and the Company&#8217;s 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"><B>It Is Unclear How PepsiCo Analyzes Studies on NSSs, Including Studies
Funded by Industry, Which Take on Additional Importance Given the Laxity of Regulation</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 integrity of research on nutrition and food safety is of paramount
importance to the long-term success of a food and beverage company like PepsiCo. With respect to NSSs, evidence is lacking to support
recommendations for certain populations, such as people who are pregnant or breastfeeding. A 2023 article in the British Medical Journal
called the absence of such evidence &#8220;concerning because recent evidence in humans shows that non-sugar sweeteners are transferred
through amniotic fluid and breast milk to fetuses and infants.&#8221; The author urged that &#8220;this represents an important area for
future research, especially given the potential for lasting impacts on taste preferences, dietary patterns, and metabolic risk factors.&#8221;<SUP>1</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"><B>Conflicts of Interest </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">PepsiCo emphasizes the importance of scientific research on its website,
reporting that &#8220;[i]n addition to complying with all applicable laws and regulations, our internal standards require nutrition and
health claims to be based on scientific evidence, and to represent the product accurately and honestly.<SUP>2</SUP>
PepsiCo acknowledges the stakes involved, stating that its research &#8220;covers topics that impact both the company and people around
the world, such as human health and environmental sustainability [and] therefore should follow ethical and scientific principles including
transparency, freedom from outside interest and peer review, so decisions made based on such research are both sound and ethical.&#8221;<SUP>3</SUP>&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"><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">https://www.bmj.com/content/bmj/383/bmj-2023-075293.full.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">https://www.pepsico.com/docs/default-source/policies/health-and-wellness-approach-and-engagement.pdf?sfvrsn=ebe0ce27_6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; ">https://www.pepsico.com/our-impact/esg-topics-a-z/responsible-research</FONT></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">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in PepsiCo&#8217;s proxy
materials.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">Aspartame was first approved in 1974. The FDA withdrew its approval
due to safety concerns, but due to industry pressure, the FDA approved the chemical again in 1981, and expanded uses of aspartame in 1996.
The last meaningful review of aspartame was in 2014, when the FDA rejected citizen petitions to revoke uses of the chemical.&#8221;<SUP>4</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its Statement in Opposition, PepsiCo claims that the FDA and EFSA
in 1981 &#8220;independently reviewed and affirmed the safety of Aspartame in multiple reviews&#8221;<SUP>5</SUP>.
This review was based on 112 studies<SUP>6</SUP> conducted
from 1972-1980, and each and every one of these 112 studies was submitted by the same entity, which developed the NSS Nutrasweet, one
of the commercial brand names for Aspartame. In 1996, the FDA confirmed the safety of Aspartame, based on studies submitted, yet again
by the same entity that developed Nutrasweet.<SUP>7</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To accept the studies of <B><U>one </U></B>manufacturer of Aspartame,
as the basis of concluding that Aspartame is safe for human consumption, despite the obvious conflicts of interest and sidestepping citizen
petitions, demonstrates the influence of the food and beverage industry over regulatory bodies.</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 suggests that the impact of the risk of diet related chronic disease
related to the ingestion of NSSs is not being studied or regulated in a manner sufficient to protect public health and wellbeing. The
industry&#8217;s influence over regulatory bodies, which allows PepsiCo to pursue profits, even though the risks of NSSs have not been
methodically confirmed, ultimately threatens to pass the additional social costs, including the burden of managing chronic disease, to
PepsiCo&#8217;s consumers, taxpayers, and other economic participants. These costs are ultimately borne by the systems that support the
economy, and thus the diversified investors who rely upon a healthy economy for long term returns.<SUP>8</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, all 112 studies that the FDA and EFSA relied on from that
single source, were based on experiments using rats, mice, dogs, monkeys and rabbits. One reason that the WHO and IARC could only conditionally
conclude that Aspartame is &#8220;<B><I>possibly </I></B>carcinogenic to humans&#8221; was due to lack of scientific data on the effects
of Aspartame on humans.<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">The use of NSSs as a food additive for humans is so pervasive and has
sharply accelerated over the last four decades<SUP>10</SUP>,
that there is no impediment to conducting studies using human subjects, to verify the safety of NSSs.</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"><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>https://www.ewg.org/news-insights/news/2023/07/hard-swallow-aspartame-risk-highlights-fda-chemical-review-loopholes</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.pepsico.com/docs/default-source/annual-reports/2024-pepsico-proxy-statement.pdf?sfvrsn=861bcf55_2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.efsa.europa.eu/en/consultations/call/110531</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.fda.gov/food/food-additives-petitions/timeline-selected-fda-activities-and-significant-events-addressing-aspartame</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>See generally Jon Lukomnik &amp; James P. Hawley, Moving
beyond Modern Portfolio Theory: Investing that Matters (April 30 2021)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://jamanetwork.com/journals/jamapediatrics/article-abstract/2814105?guestAccessKey=742960cc-dcbf-4dc8-aba8-632f728e5cf9&amp;utm_source=For_The_Media&amp;utm_medium=referral&amp;utm_campaign=ftm_links&amp;utm_content=tfl&amp;utm_term=012224</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.ewg.org/news-insights/news/2023/11/use-sweeteners-exploding-despite-regulatory-vacuum?auHash=NbeIqcDWytbX_vYHjXizCeJygwOusJWPdl6ZgAIhkBw</FONT></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">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in PepsiCo&#8217;s proxy
materials.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"><B>Funding the Research</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 Company also describes its process for staying current on research
relevant to its products: &#8220;PepsiCo&#8217;s Life Sciences Team plays an active role in monitoring and evaluating new science in the
area of nutrition, diet and health to ensure our reformulation and innovation is evidence-based. In addition, we consult with a number
of international experts to ensure that both our internal criteria and our deployment of science is consistent with the totality of the
research evidence.&#8221;<SUP>11</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">One key variable in evaluating nutritional research is the source of
funding. Research suggests that industry funding may shape research agendas. A 2018 study published in the American Journal of Public
Health concluded that corporate funding &#8220;can drive research agendas away from questions that are the most relevant for public health.&#8221;<SUP>12</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 study published in the journal PLOS One recently reported on the
involvement of the food industry in peer-reviewed articles, examining potential bias in research outcomes associated with the industry&#8217;s
support. It concluded:</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 0.5in">Reviews sponsored by the artificial sweetener industry were
more likely to report results and conclusions that favored artificially sweetened beverages than non-industry sponsored reviews. We also
found that reviews performed by authors with a conflict of interest with the food industry were more likely to have results and conclusions
that favored artificially sweetened beverages than reviews performed by authors without financial conflicts of interest. Reviews performed
by authors with financial conflicts of interest also were more likely to report unclear results and to lack concordance between results
and conclusions. The lack of concordance was primarily due to the reviews having favorable conclusions when the results were unclear or
not favorable. Thus, authors with financial conflicts of interest with the food industry were more likely to put a positive &#8220;spin&#8221;
on the conclusions of their reviews.<SUP>13</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"><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.pepsico.com/docs/default-source/policies/nutrition-governance.pdf?sfvrsn=493343a8_3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6187765/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0243144</FONT></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">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in PepsiCo&#8217;s proxy
materials.</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">Studies such as this give reason for investors to be concerned not
only with industry bias in shaping research questions, but also with results. There is good reason for investors to seek assurances that
research around the use of NSSs is comprehensive and incorporates findings from studies that are not funded or sponsored by industry.</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>Need for Unbiased Third Party Assessment</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">PepsiCo&#8217; own monitoring of the safety of NSSs is particularly
important given the laxity of regulators. In its Statement in Opposition to the Proposal, PepsiCo argues that &#8220;issuing a third-party
assessment on PepsiCo&#8217;s efforts to assess and mitigate potential health harms associated with the use of non-sugar sweeteners is
not in the best interests of PepsiCo or our shareholders, as it would be unnecessary and inefficient, particularly in view of the comprehensive
safety assessments carried out by regulatory food safety bodies for these ingredients.&#8221;&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">But regulators have not assessed all NSSs, and those that have been
conducted are out of date, which is alarming given that &#8220;the number of food and beverage products containing non-sugar sweeteners
increased three- to five-fold between 2013 and 2022.&#8221;<SUP>14</SUP>
The U.S. Food and Drug Administration (FDA), for example, last reviewed the safety of Aspartame in 1996.<SUP>15</SUP>
The European Food Safety Authority&#8217;s most recent review of Aspartame was in 2013,<SUP>16</SUP>
and Health Canada appears to have last reviewed Aspartame in 1981, subsequently relying on other global or country specific regulatory
bodies to determine safety.<SUP>17</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">Regulatory bodies often lag in identifying and reacting to emerging
science. As an example, trans fats were officially banned in the U.S. by the FDA in 2015.<SUP>18</SUP>
However, enough scientific evidence had emerged a decade or so earlier, in the early 2000s, that consumers were beginning to self monitor
their intake of trans fats. It is not unreasonable to think that a similar scenario may play out with NSSs.</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">Furthermore, the ever increasing risk of diet related chronic diseases
and the growing social burden of managing these diseases, represents an overarching risk to shareholders with diversified portfolios.
PepsiCo's claim that an unbiased assessment aimed to mitigate these risks is &#8220;not in the best interests of the PepsiCo shareholder&#8221;
is a false narrative. Aspartame and NSSs represent a significant health risk to all of PepsiCo&#8217;s diet soda consumers. PepsiCo&#8217;s
stance to trivialize this Shareholder Proposal seeking more transparency and accountability for the true cost of these health risks, threatens
value creation across the economy, which long-term diversified investors depend on.</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"><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.washington.edu/news/2024/01/22/qa-uw-expert-on-the-rise-and-risks-of-artificial-sweeteners/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.ewg.org/news-insights/news/2023/11/use-sweeteners-exploding-despite-regulatory-vacuum?auHash=NbeIqcDWytbX_vYHjXizCeJygwOusJWPdl6ZgAIhkBw</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.efsa.europa.eu/en/topics/topic/aspartame</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.canada.ca/en/health-canada/services/food-nutrition/food-safety/food-additives/sugar-substitutes/aspartame-artificial-sweeteners.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.hsph.harvard.edu/news/hsph-in-the-news/us-bans-artificial-trans-fats/</FONT></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">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in PepsiCo&#8217;s proxy
materials.</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">PepsiCo boasts that Aspartame and other NSSs are &#8220;key ingredients
in many zero and low-calorie beverages and they play an important role in PepsiCo&#8217;s sugar-reduction journey&#8221;.<SUP>19</SUP>
PepsiCo&#8217;s strategy to accelerate its &#8220;sugar reduction journey,&#8221; is foundational to the Pep+ campaign, therefore, it
stands to reason that this Shareholder Proposal requesting that PepsiCo secure a third party assessment of PepsiCo&#8217;s efforts to
assess and mitigate potential health harms associated with the use of non-sugar sweeteners (&#8220;NSS&#8221;), is reasonable, prudent
and imperative.</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>Summary Statement</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">Though global regulatory bodies, including the Joint FAO/WHO Expert
Committee on Food Additives (JECFA) have recently &#8220;reaffirmed the existing acceptable daily intake (ADI) level for aspartame of
0-40 mg/kg body weight,<SUP>20</SUP> providing a measure
of protection for PepsiCo in the use of NSSs, there is a need for an unbiased third party assessment of the research, without the involvement
of the trade associations, manufacturers of NSSs, food and beverage manufacturers and other parties with significant conflicts of interest.</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">In its Statement in Opposition, PepsiCo has elaborated on the various
committees of toxicologists, nutritionists, and compliance professionals embedded in PepsiCo&#8217;s behemoth enterprise, yet despite
the Company&#8217;s stellar revenue growth over the years, it uses its lobbying influence via trade associations and joint committees
to &#8220;muddy&#8221; the transparency that consumers seek in order to make educated food and beverage choices for themselves and their
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"><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.pepsico.com/docs/default-source/annual-reports/2024-pepsico-proxy-statement.pdf?sfvrsn=861bcf55_2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.fao.org/fao-who-codexalimentarius/news-and-events/news-details/en/c/1644807/</FONT></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">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in PepsiCo&#8217;s proxy
materials.</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">PepsiCo&#8217;s Pep+ Pillars is &#8220;Positive Choices&#8221;, which
claims:</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 0.5in">&#8220;People come first, which is why we strive to address
our consumers&#8217; needs and empower them with information that can help them make better choices. We are also committed to transparency.&#8221;<SUP>21</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">PepsiCo must demonstrate its alignment with their Pep+ Pillars, and
a failure to do so exposes PepsiCo to reputational, financial, and operational risk. Shareholder confidence and value is boosted when
their company delivers on its stated goals, values and mission. PepsiCo has the opportunity to position itself as a leader in the development
of safer, healthier products for their consumers, and be &#8220;committed to transparency&#8221;. Only through this third-party, unbiased
analysis can PepsiCo truly assess the extent to which <FONT STYLE="color: #2B2B2B">its strategy is </FONT>grounded in sound science that
best serves consumers.</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>Proponents urge your support for this proposal.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://www.pepsico.com/our-impact/sustainability/esg-summary/pepsico-positive-pillars/positive-choices</FONT></P>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in PepsiCo&#8217;s proxy
materials.</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: right">7</P>

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

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