<SEC-DOCUMENT>0001214659-25-005169.txt : 20250401
<SEC-HEADER>0001214659-25-005169.hdr.sgml : 20250401
<ACCEPTANCE-DATETIME>20250401153236
ACCESSION NUMBER:		0001214659-25-005169
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250401
DATE AS OF CHANGE:		20250401
EFFECTIVENESS DATE:		20250401

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01183
		FILM NUMBER:		25799241

	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:			GREEN CENTURY FUNDS
		CENTRAL INDEX KEY:			0000877232
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET
		STREET 2:		SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		C/O UMB FUND SERVICES
		STREET 2:		803 WEST MICHIGAN STREET SUITE A
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53233
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>w41253px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> PepsiCo, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Equity Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</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; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under
the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal #6 on PepsiCo, Inc. 2025
Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT ON RISKS RELATED TO BIODIVERSITY AND
NATURE LOSS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Equity Fund</P>

</DIV>

<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">Green Century Capital Management, Inc. is the investment advisor to
the Green Century Equity Fund and seeks your support for the biodiversity reporting proposal filed at <B>PepsiCo, Inc. (</B>hereby referred
to as <B>&ldquo;</B>PepsiCo&rdquo; or &ldquo;the Company&rdquo;) in its 2025 proxy statement asking the Company to report on its nature-related
dependencies, risks, impacts, and opportunities. While PepsiCo discloses several metrics for environmental issues, it is not performing
a systematic assessment and disclosure of the risks posed to its business by the disruption of natural systems and biodiversity loss.
The Proponent believes that such a systematic assessment would serve the short- and long-term interests of the Company by mitigating operational,
regulatory, and reputational risks and meeting investor expectations.</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>Resolved:</B> Shareholders request that PepsiCo prepare a public
report, at reasonable expense and excluding proprietary information, assessing the extent to which the company&rsquo;s supply chains and
operations impact biodiversity and are vulnerable to biodiversity loss.</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"><B>Supporting Statement</B>: In completing this assessment and report,
proponents defer to management&rsquo;s discretion but recommend considering the guidance of standard-setting bodies such as the Taskforce
on Nature-related Financial Disclosures.</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"><B>RATIONALE FOR A &ldquo;YES&rdquo; VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</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: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD><B>Operational risk</B> &ndash; The Company is highly dependent on natural inputs for its products, including water and agricultural
commodities sourced globally. The accelerating instability of natural systems puts these inputs at risk.<SUP>1</SUP></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">2.</TD><TD><B>Regulatory risk</B> &ndash; Regulations increasingly target impacts on nature, including agricultural-driven deforestation<SUP>2</SUP>
and plastic pollution.<SUP>3</SUP> Failure to comprehensively monitor nature impacts could result in regulatory shortfalls and resulting
penalties.</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">3.</TD><TD><B>Investor expectations</B> &ndash; Investors have increased scrutiny of corporate impacts and dependencies on nature and raised
expectations for company performance and disclosure.<SUP>4</SUP></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">4.</TD><TD><B>Reputational risk</B> &ndash; Any actual or perceived failure to comprehensively address nature impacts exposes a company to reputational
risks. As a company highly dependent on brand value, reputational damage could have a substantial financial impact on PepsiCo.</TD></TR></TABLE>

<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; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Equity Fund is not able to vote your proxies, nor
does this communication contemplate such an event. Green Century Equity Fund urges shareholders to vote for Proposal No. 6 following the
instruction provided on the management&rsquo;s proxy mailing.</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"><SUP>1</SUP> https://www.oxfordeconomics.com/resource/the-urgent-need-to-address-nature-loss-implications-for-agriculture-and-beyond/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://environment.ec.europa.eu/topics/forests/deforestation/regulation-deforestation-free-products_en</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="background-color: white">https://epr.sustainablepackaging.org/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.financeforbiodiversity.org/about-the-pledge/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #006600">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #006600">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #006600"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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; border-bottom: #D9D9D9 0.5pt solid">2 <B>| </B><FONT STYLE="color: #7F7F7F">Page</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BACKGROUND</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"><FONT STYLE="background-color: white"><B>Economic activity relies on
the stability of natural systems.</B> More than half of global GDP ($58 trillion) is moderately or highly dependent on nature and is exposed
to material risk due to the declining reliability of natural ecosystems.<SUP>5</SUP> The World Bank estimates that Global GDP could fall
by $2.7 trillion in 2030 relative to baseline under a partial ecosystem collapse.<SUP>6</SUP> The potential loss of natural systems presents
global systemic risk.</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"><B>Nature is impacted by climate change.</B> The reduced stability
of natural systems threatens the stability of financial markets.<SUP>7</SUP> Rising temperatures, increased drought, and changing precipitation
patterns resulting from climate change<SUP>8</SUP> pose material financial risks to businesses all along the agricultural supply chain
in the form of lower crop yields, reduced agricultural productivity,<SUP>9</SUP> and increased costs for irrigation and transportation.<SUP>10</SUP>
Companies reliant on agricultural products are exposed to variability of supply as well as price volatility.<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"><FONT STYLE="background-color: white"><B>Nature and biodiversity loss
present significant financial risk.</B></FONT> Nature underlies the majority of economic value creation, and nature-related issues can
have significant financial impacts on individual companies. A report issued by Bloomberg NEF documents impacts on ten companies totaling
$83 billion linked to failures to properly manage their nature-related risks.<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"><B>GROWING GLOBAL CONCERN</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">With global actors and financial markets increasingly focused on biodiversity
and nature loss, expectations for corporate assessment, disclosure, and action are growing:</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In 2020, the World Economic Forum</B> published <I>Nature
at Risk: Why the Crisis Engulfing Nature Matters for Business and the Economy</I>.<SUP>13</SUP> This report brought the potential financial
impact from the destabilization of natural systems to the attention of global financial leaders.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In 2022, the Kunming-Montreal Biodiversity Framework</B>
was signed by 196 countries, setting specific benchmarks for global actors including corporations to stem and reverse nature loss.<SUP>14</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>In 2023, the Taskforce on Nature-related Financial Disclosures</B>
(TNFD) published its initial assessment and reporting guidance, in alignment with the widely used TCFD.<SUP>15</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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; font-size: 10pt"><B>Widely used voluntary and mandatory reporting frameworks
</B>will soon integrate or expand biodiversity reporting, including GRI, CDP, and the CSRD under ESRS 4.<SUP>16,17,18</SUP></FONT></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">&nbsp;</P>


<P STYLE="font: 10pt Symbol; margin: 0pt 0"><SUP>_____________________________</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.pwc.com/gx/en/news-room/press-releases/2023/pwcboosts-global-nature-and-biodiversity-capabilities.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://openknowledge.worldbank.org/entities/publication/fcc11682-c752-51c4-a59f-0ab5cd40dc6f</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.theregreview.org/2020/11/04/ramani-climate-change-systemic-financial-risk/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://climate.nasa.gov/effects/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.ucsusa.org/resources/climate-change-and-agriculture</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://19january2017snapshot.epa.gov/climate-impacts/climate-impacts-transportation_.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.economicshelp.org/blog/4977/economics/problems-of-agriculture-market-failure/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://assets.bbhub.io/professional/sites/24/BNEF_Nature-Risk.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www3.weforum.org/docs/WEF_New_Nature_Economy_Report_2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.unep.org/resources/kunming-montreal-global-biodiversity-framework</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.globalreporting.org/standards/standards-development/topic-standard-for-biodiversity/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.cdp.net/en/insights/biodiversity-targets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.efrag.org/sites/default/files/sites/webpublishing/SiteAssets/11%20Draft%20ESRS%20E4%20Biodiversity%20and%20ecosystems%20November%202022.pdf;
https://www.natural-solutions.world/blog/esrs-e4-and-csrd-strenghtening-companies-environmental-responsability</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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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; border-bottom: #D9D9D9 0.5pt solid">3 <B>| </B><FONT STYLE="color: #7F7F7F">Page</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"><B>OPERATIONAL RISK</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 depends on an uninterrupted supply of agricultural inputs and
fresh water for its products. The reliability of these ecosystem services is under threat due to negative impacts on the natural world.
An assessment of PepsiCo&rsquo;s biodiversity impacts and dependencies would highlight business segments that may be financially sensitive
to the decline and disruption of nature, helping to prepare for future changes.</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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Agricultural commodities.</B> The US suffered nearly $22 billion in crop
losses due to extreme weather events in 2023. 28 weather disasters had a total economic impact (agricultural and non-agricultural) of
over $1 billion.<SUP>19</SUP> The global loss of pollinators &ndash; caused by habitat loss, land use management, and pesticide use &ndash;
has led to crop yield instability across two thirds of the planet.<SUP>20</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fresh water.</B> Record breaking heatwaves across the globe have contributed
to megadroughts,<SUP>21</SUP> impacting both agriculture and the availability of drinking water.<SUP>22</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transportation.</B> Disruptions to transportation networks have increased
alongside with the increase in extreme weather events and related natural disasters. Wildfires, hurricanes, and floods shut down key shipping
systems in 2024 from Canada to Mexico, China and Malaysia.<SUP>23</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Multiple intersecting nature-related risks.</B> A comprehensive assessment
of company interactions with natural systems will decrease the likelihood of loss from multiple intersecting nature-related risks. </FONT></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"><B>REGULATORY RISK</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">Global regulation to protect and restore biodiversity and natural systems
is increasing. These regulations have the potential to impact PepsiCo&rsquo;s short- and long-term value. A comprehensive biodiversity
impact assessment would facilitate compliance with emerging global biodiversity and nature frameworks and regulations.</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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Nature Loss Regulation.</B> Governments have planned additional policy
action to halt and reverse global biodiversity loss.<SUP>24</SUP> National policies to halt nature loss across the world's biggest economies
doubled between 2023 and 2024.<SUP>25</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Forest Protection Regulation. </B>The European Union Deforestation Regulation
(EUDR) will soon require products containing agricultural or forest inputs to be traceable back to the field-level and certified deforestation-free.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Plastics Regulation.</B> California and three other US States have passed
regulations that hold companies responsible for the waste they create, including plastic waste.<SUP>26</SUP> New European regulations
ban single-use plastic bottles from restaurants, mandate increased recycled content, and require improved recyclability.<SUP>27</SUP></FONT></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"><B>INVESTOR EXPECTATIONS</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">Institutional investors increasingly expect portfolio companies to
provide comprehensive disclosure on material ESG risks. Biodiversity risk assessments help companies save time and cost by focusing further
assessment and mitigation efforts on the parts of the business where nature- and biodiversity-related risks are greatest.</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 Symbol; margin: 0pt 0"></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0">_____________________________</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.fb.org/market-intel/major-disasters-and-severe-weather-caused-over-21-billion-in-crop-losses-in-2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.cam.ac.uk/stories/pollinatorsriskindex</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.anu.edu.au/news/all-news/record-heat-in-2023-worsened-global-droughts-floods-and-wildfires</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.globalwater.online/globalwater/report.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://e360.yale.edu/features/how-climate-change-is-disrupting-the-global-supply-chain,
https://octopart.com/pulse/p/extreme-weather-becomes-new-supply-chain-challenge; https://www.freightwaves.com/news/weathers-wrath-supply-chains-reel-from-2024s-extreme-events</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.unpri.org/inevitable-policy-response/ipr-forecast-policy-scenario--nature/10966.article</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.reuters.com/sustainability/policies-tackling-deforestation-pose-investor-risk-report-says-2024-03-14/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://epr.sustainablepackaging.org/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://environment.ec.europa.eu/topics/plastics/single-use-plastics_en</P>

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

<P STYLE="font: 10pt Symbol; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: #D9D9D9 0.5pt solid">4 <B>| </B><FONT STYLE="color: #7F7F7F">Page</FONT></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Symbol; 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"></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"><B>Finance Sector Deforestation Action </B>brought together 30 investors
with approximately $9 trillion in assets committed to eliminating commodity-driven deforestation from their portfolios.<SUP>28</SUP></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Finance for Biodiversity </B>now counts 194 participants representing
&euro;23 trillion in assets pledged to prioritize the consideration and protection of nature in their activities.<SUP>29</SUP></FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BlackRock, the world's largest asset manager,</B> reiterated its concern
over natural capital in January 2025, stating: &ldquo;The management of nature-related factors is increasingly a component of some companies&rsquo;
ability to generate durable, long-term financial returns for shareholders, particularly where a company&rsquo;s strategy is heavily reliant
on the availability of natural capital... We look for such companies to disclose how they manage any reliance and impact on, as well as
use of, natural capital... We will evaluate these disclosures to inform our view of how a company is managing material nature-related
risks and opportunities.&rdquo;<SUP>30</SUP></FONT></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">While disclosures on isolated nature-related topics have been occurring
for some time, it is important for companies to begin undertaking assessments that are comprehensive and comparable to each other.<SUP>31</SUP>
The adoption of standard, comprehensive reporting systems will improve the completeness and comparability of nature and biodiversity disclosures.</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>REPUTATIONAL 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">As a consumer food and beverage company, PepsiCo is highly dependent
on goodwill towards its brand. Independent analysts value PepsiCo&rsquo;s brand at $21,000,000,000,<SUP>32</SUP> approximately 10% of
its market capitalization. Growing concern about sustainability and nature-related issues has the potential to damage the Company&rsquo;s
brand and hurt sales.</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">Nature-related brand damage can have an immediate impact on a company's
valuation. In 2023 Swedish firm AAK experienced a 5.5% drop in share price in two days following reports that it had knowingly sourced
palm oil from suppliers engaging in illegal deforestation in Indonesia. It took four months for the stock to recover.<SUP>33</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"></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">Research from Harvard Business School indicates that consumers&rsquo; demands
for sustainability and trustworthiness are increasing, especially among the Millennial and Gen Z customers that are important to PepsiCo.<SUP>34</SUP></FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A 2023 study by McKinsey and NielsonIQ <FONT STYLE="color: #333333">confirmed
that sustainability impacts consumer spending as well as consumer sentiment.<SUP>35</SUP></FONT></FONT></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>Major media outlets including <I>The New York Times,<SUP>36</SUP> The Washington Post<SUP>37</SUP></I> and <I>Bloomberg<SUP>38</SUP></I>
are increasingly covering damage to nature, exposing laggard companies to reputational risk.</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>A 2023 survey of leading global companies identified reputation as a top three risk for 26% of companies and a top five risk for 55%,
marking a significant increase from 2021.<SUP>39</SUP></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">&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"><SUP>28</SUP> https://www.iigcc.org/hubfs/FSDA-Progress-Report-June-2024.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://www.financeforbiodiversity.org/about-the-pledge/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.blackrock.com/corporate/literature/fact-sheet/blk-responsible-investment-guidelines-us.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.blackrock.com/corporate/literature/publication/blk-commentary-engagement-on-natural-capital.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://interbrand.com/best-global-brands/pepsi/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://assets.bbhub.io/professional/sites/24/BNEF_Nature-Risk.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://hbr.org/2023/09/research-consumers-sustainability-demands-are-rising</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/consumers-care-about-sustainability-and-back-it-up-with-their-wallets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.nytimes.com/2023/01/04/magazine/amazon-tipping-point.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.washingtonpost.com/climate-environment/2023/01/18/jbs-food-giant-brazil-bonds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.bloomberg.com/news/articles/2023-12-09/uk-pushes-to-delink-supermarket-supply-chains-from-deforestation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.wtwco.com/en-us/insights/2023/10/counting-the-true-cost-of-reputation-and-esg-risk</P>

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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; border-bottom: #D9D9D9 0.5pt solid">5 <B>| </B><FONT STYLE="color: #7F7F7F">Page</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"><B>RESPONSE TO OPPOSITION STATEMENT</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"><FONT STYLE="background-color: white">The Company&rsquo;s opposition
to this Proposal rests on commendable but incomplete sustainability initiatives and disclosures. These disparate initiatives are not a
substitute for <B>comprehensive and comparable </B>nature and biodiversity reporting as requested by this Proposal. Indeed, recent independent
benchmarking of the Company's nature-related policies and disclosures concluded that PepsiCo met full expectations for only one of six
benchmarking areas. It met partial expectations in four and met no benchmarking expectations in the final assessment area.<SUP>40</SUP></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"><FONT STYLE="background-color: white">PepsiCo is well positioned to
undertake a systematic assessment and disclosure. The Food &amp; Beverage sector is among the industries most dependent on natural capital,
relying on nature for $1.4 trillion dollars of annual value generation</FONT>.<SUP>41</SUP> As one of the largest companies in this sector,
PepsiCo has much at stake.</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">As of this writing, over 500 organizations globally have committed
to assessment and disclosure through the Taskforce on Nature-related Financial Disclosures.<SUP>42</SUP> PepsiCo has an opportunity to
position itself at the forefront of corporate efforts to address and mitigate nature-related risks and impacts by similarly assessing
how its supply chains and operations impact biodiversity and are vulnerable to biodiversity loss.</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></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONCLUSION</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">As a food and beverage company, PepsiCo is highly dependent on natural
systems. Companies like PepsiCo can no longer take for granted that the natural world of tomorrow will behave the same way as it has in
the past. The services provided by nature cannot be taken for granted. They must be accounted for. Companies must monitor their reliance
on nature, their impacts on nature, and the risks created by the loss of biodiversity and other changes to the natural environment. PepsiCo&rsquo;s
existing initiatives are no substitute for systematic assessment and reporting on nature and biodiversity through a standardized framework.
PepsiCo is positioned for leadership in this area, and at risk of brand damage and loss of investor confidence if it falls behind.</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"><B>Shareholders are urged to vote FOR Proxy Item Number 6: Report
on Risks Related to Biodiversity and </B>Nature Loss.</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"><I>For questions regarding this proposal, please contact Andrew Shalit,
Green Century Capital Management, ashalit@greencentury.com.</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: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Capital Management is not able to vote your proxies,
nor does this communication contemplate such an event. Green Century Capital Management urges shareholders to vote for Proposal No. 6
following the instruction provided on the management&rsquo;s proxy mailing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #006600"></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>_____________________________</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://natureaction100.benchmarkingframework.com/companyassessments2024/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://www3.weforum.org/docs/WEF_New_Nature_Economy_Report_2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://tnfd.global/engage/tnfd-adopters-list/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #006600"></P>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
