<SEC-DOCUMENT>0001214659-25-005633.txt : 20250409
<SEC-HEADER>0001214659-25-005633.hdr.sgml : 20250409
<ACCEPTANCE-DATETIME>20250409131434
ACCESSION NUMBER:		0001214659-25-005633
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250409
DATE AS OF CHANGE:		20250409
EFFECTIVENESS DATE:		20250409

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:		25824613

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

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

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>11461 San Pablo Avenue, Suite 400&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
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                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PepsiCo Inc (PEP)<BR>
Vote Yes: Item #7 &ndash; Sustainable Packaging Policies for Flexible Plastics</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual Meeting:
May 7, 2025</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders request that the Board issue a report, at reasonable expense
and excluding proprietary information, describing how PepsiCo could address flexible plastic packaging in alignment with the findings
of the Pew Report, or other authoritative sources, to reduce its contribution to plastic pollution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The report should, at Board discretion:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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>Assess the reputational, financial, and operational risks associated with continuing to use non-recyclable plastic packaging while
plastic pollution grows;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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>Evaluate actions to achieve fully recyclable packaging including elimination and accelerated research into innovative reusable substitution;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt 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>Describe opportunities to pre-competitively work with peers to research and develop reusable packaging as an alternative to single-use
packaging.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Without immediate and sustained new commitments throughout the plastics
value chain, annual flows of plastics into oceans could nearly triple by 2040.<SUP>1</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The growing plastic pollution crisis poses increasing risks to PepsiCo.
Corporations face an annual financial risk of approximately $100 billion should governments require them to cover the waste management
costs of the packaging they utilize.<SUP>2</SUP> Governments around the world are increasingly enacting such policies, including five
new U. S. state laws that impose fees on corporations for single-use plastic (SUP) packaging.<SUP>3</SUP> The European Union has banned
ten SUP pollutants and taxed some non-recycled plastic packaging.<SUP>4</SUP> A French law requires 10% of packaging be reusable by 2027
and Portugal requires 30% reusable packaging by 2030.<SUP>5</SUP> Additionally, consumer demand for sustainable packaging is increasing.<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.4</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.9</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.packworld.com/sustainable-packaging/recycling/article/22922253/ameripen-shares-key-lessons-from-early-epr-adopters</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://environment.ec.europa.eu/topics/plastics/single-use-plastics_en</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.greenpeace.org/international/story/51843/plastics-reuse-and-refill-laws</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.shorr.com/resources/blog/the-2022-sustainable-packaging-consumer-report/</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">PepsiCo Inc | Sustainable Packaging Policies for Flexible Plastics</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Pew Charitable Trusts&rsquo; groundbreaking study, <I>Breaking the
Plastic Wave</I> (the &ldquo;Pew Report&rdquo;), concluded that improved recycling alone is insufficient to address plastic pollution&mdash;instead,
recycling must be coupled with reductions in use, materials redesign, and substitution.<SUP>7</SUP> The Pew Report finds that the greatest
opportunity to reduce or eliminate plastic lies with flexible plastic packaging, often used for chips, sweets, and condiments among other
uses, which is virtually unrecyclable in America. With innovation, redesign, and substitution, 26 million metric tons of flexibles can
be avoided globally.<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Pew Report finds that reducing plastic use is the most viable solution
from environmental, economic, and social perspectives, yet broad corporate and stakeholder alignment on flexible packaging solutions is
lacking.<SUP>9</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite its stated commitments to sustainable packaging, approximately
18% of PepsiCo&rsquo;s plastic packaging remains in flexibles.<SUP>10</SUP> Our Company is behind in its 2025 goals for reusable packaging,
recyclable plastic packaging in practice and at scale, and plastic reduction; in fact, it has increased its plastic use by more than 5%
since 2020.<SUP>11</SUP> In the absence of immediate action to eliminate flexibles by robustly engaging in research and expansion of reusable
packaging, PepsiCo is on track for failing to meet its 2025 packaging goals.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">Our Company could avoid regulatory, environmental,
and competitive risks by adopting a comprehensive approach to addressing flexible plastic packaging use at scale</FONT><FONT STYLE="font-size: 9pt">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Flexible plastic packaging pollution is a growing risk to PepsiCo. <FONT STYLE="font-size: 9pt"><BR>
<BR>
</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>2.</B></TD><TD><B>PepsiCo has failed to align its packaging targets with key research, including the Pew Report.<BR>
<BR>
</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>3.</B></TD><TD><B>PepsiCo is on track to fail multiple sustainable packaging commitments, exposing the Company to financial, regulatory, and reputational
risk. </B><BR>
</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.9</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.51; https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf, p.51</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.pewtrusts.org/-/media/assets/2020/10/breakingtheplasticwave_mainreport.pdf,
p.10; https://emf.thirdlight.com/link/pqm3hmtgpwtn-dwj3yc, p.22</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://gc-data.emf.org/2024/detail?cid=pepsico</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://gc-data.emf.org/2024/detail?cid=pepsico</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">PepsiCo Inc | Sustainable Packaging Policies for Flexible Plastics</FONT></P>
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</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>1.</B></TD><TD><B>Flexible plastic packaging pollution is a growing risk to PepsiCo. </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Consumers and governments across the globe are increasingly holding producers accountable for plastic packaging pollution and its wide
range of negative effects on human and environmental health.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt"><BR>
</FONT>Global leaders from 193 U.N. Member States are in the process of negotiating a global treaty to end plastic pollution. Mandates
are being considered for legally binding plastic use reductions, recyclability, and transitions away from disposable packaging and towards
reusables.<SUP>12</SUP> PepsiCo has acknowledged plastic pollution as a severe threat to business&rsquo; social license to operate, joining
an array of businesses and investors in supporting the adoption of a new global treaty.<SUP>13</SUP> Thirteen national and regional global
Plastics Pacts have formed in the last few years to uphold and accelerate corporate responsibility and a circular economy for plastics.<SUP>14</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Flexible plastic packaging is especially susceptible to becoming plastic
pollution as it is made with multiple materials layered together, making it virtually impossible to process in conventional recycling
systems. The largest corporate collaboration on plastic pollution, the Ellen MacArthur Foundation New Plastics Economy, defines recyclable
packaging as including only those plastics that have a 30% recycling rate across multiple regions which collectively represent at least
400 million inhabitants. With just 2% of households in the United States able to effectively recycle flexible packaging, the material
type falls far below the standard for recyclability and is widely regarded as non-recyclable.<SUP>15</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Extended Producer Responsibility (&ldquo;EPR&rdquo;) is a system designed
to manage unrecyclable and recyclable packaging alike, in which consumer goods producers are held responsible for all or most of the costs
of managing the disposable packaging associated with their products at its end-of-life. Nearly 70 EPR laws for packaging have been enacted
in countries and jurisdictions around the world.<SUP>16</SUP> Corporations could face an annual collective financial risk of approximately
$100 billion should governments continue, as expected, to require them to cover the waste management costs of the packaging they produce.<SUP>17</SUP>
In just the last few years, five new laws to this effect were passed in Maine, Oregon, California, Colorado, and Minnesota.<SUP>18</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">EPR laws for packaging have a specific emphasis on financially discouraging
the use of difficult-to-recycle materials by imposing higher producer fees, known as dues, on these materials, a process known as eco-modulation.
The operating plans in each of the five U.S. states with EPR laws are actively being written, but early drafts propose that flexible packaging
should have one of the highest ranges of fees, or dues, on producers per pound.<SUP>19</SUP> With 18% of its plastic packaging in flexibles,
growing EPR laws pose a significant financial risk to PepsiCo.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.unep.org/news-and-stories/speech/closing-end-plastic-pollution</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://www.plasticpollutiontreaty.org/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://ellenmacarthurfoundation.org/the-plastics-pact-network</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://recyclingpartnership.org/film-and-flexibles/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.oecd-ilibrary.org/environment/extended-producer-responsibility-epr-and-the-impact-of-online-sales_cde28569-en,
p. 10</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.pewtrusts.org/-/media/assets/2020/07/breakingtheplasticwave_report.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.swca.com/news/2025/01/unpacking-epr-series-the-basics-of-extended-producer-responsibility-epr-packaging-laws</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://cdphe.colorado.gov/hm/epr-program</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">PepsiCo Inc | Sustainable Packaging Policies for Flexible Plastics</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Companies that do not move swiftly to reduce their use of single use
plastic for packaging also risk reputational damage and lost customers. As recent polls indicate, consumers want companies to take action
on plastics. Eighty percent of respondents in one recent poll favored requiring companies to reduce plastic packaging, increase the use
of reusable packaging, and take responsibility for their plastic waste.<SUP>20</SUP>&nbsp;In an April 2024 poll, 90% of those polled were
in favor of finding alternatives to single use plastics and 88% called for elimination of unnecessary and avoidable plastic.<SUP>21</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>PepsiCo has failed to align its packaging targets with key research, including the Pew Report. </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In 2020, the Pew Report concluded that reduction of plastic waste is
the most viable solution from environmental, economic, and social perspectives. Without immediate and sustained new commitments across
the plastics value chain, annual flows of plastics into oceans could nearly triple by 2040.<SUP>22</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The watershed Pew Report states that existing corporate commitments
are insufficient to tackle ocean plastic pollution and that corporations must reduce their virgin plastic use by one-third through a variety
of strategies, including designing packaging to be recyclable in-practice and at scale and eliminating or replacing single-use packaging
with reusables. The Pew Report finds that the greatest opportunity to reduce or eliminate plastic lies with addressing flexible plastic
packaging. With innovation, redesign, and substitution, 26 million metric tons of flexibles can be avoided globally.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Though PepsiCo has multiple sustainable packaging goals, discussed
below, none identify opportunities to specifically address flexible plastic packaging through reduction or elimination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>PepsiCo is on track to fail multiple sustainable packaging
commitments, exposing the Company to financial, regulatory, and reputational risk.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As a result of the company&rsquo;s failure to address flexible plastic
packaging, PepsiCo is drastically off track to meet several of its packaging goals, as outlined in the chart below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://usa.oceana.org/press-releases/americans-are-sick-of-single-use-plastic-pollution-poll-finds/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.nrdc.org/bio/daniel-rosenberg/poll-people-want-action-plastics-health-and-wildlife</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.systemiq.earth/wp-content/uploads/2020/07/BreakingThePlasticWave_MainReport.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">PepsiCo Inc | Sustainable Packaging Policies for Flexible Plastics</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Topic</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Goal</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2022 Status<SUP>23,24</SUP></B></FONT></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2023 Status<SUP>25,26</SUP></B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-size: 9pt"><B>Assessment</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                                            <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Plastic Reduction</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">20% reduction by 2030 of absolute tonnage of virgin plastic derived from non-renewable sources.</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">11%
<I>increase</I></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">6% <I>increase</I></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>&nbsp;</B></FONT></P>
                                                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>REGRESSING</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Plastic Recyclability</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">100%
recyclable plastic packaging by 2025.</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">75.7% recyclable</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">77.2% recyclable</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>&nbsp;</B></FONT></P>
                                                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>OFF TRACK</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Plastic Reduction</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">50% reduction by 2030 of non-renewable virgin plastic per serving across beverage and convenient food portfolios.</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">2% <I>increase</I></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">1% reduction</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>
                                                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>REGRESSING</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Reusable Packaging</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">20% of beverage servings in reusables by 2030.</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">10% reusables</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">10% reusables</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>&nbsp;</B></FONT></P>
                                                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"><B>OFF TRACK</B></FONT></P></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite its stated commitments to reduce plastic usage, PepsiCo instead
<I>increased</I> its absolute plastic tonnage and use of plastic per serving, demonstrating drastic goal regression. Further, PepsiCo
has made no reportable progress on its goals to transition to reusable packaging and make all plastic packaging recyclable. What is more,
with 12% of the company&rsquo;s plastic packaging in unrecyclable multi material flexible packaging and another nearly 6% in difficult-to-recycle
mono-material flexibles, the company is preventing itself from ever achieving success.<SUP>27</SUP> These discrepancies between PepsiCo&rsquo;s
self-imposed goals and lack of commensurate action raise concerns about the effectiveness of the company&rsquo;s existing sustainability
initiatives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.pepsico.com/docs/default-source/sustainability-and-esg-topics/2023-esg-summary/2023-esg-performance-metrics.pdf,
p. 7,8</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://gc-data.emf.org/2024/detail?cid=pepsico</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.pepsico.com/docs/default-source/sustainability-and-esg-topics/2023-esg-summary/2023-esg-performance-metrics.pdf,
p. 7,8</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://gc-data.emf.org/2024/detail?cid=pepsico</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://gc-data.emf.org/2024/detail?cid=pepsico</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">PepsiCo Inc | Sustainable Packaging Policies for Flexible Plastics</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To remedy the company&rsquo;s stagnation and regression on its packaging
goals, PepsiCo must conduct a holistic evaluation of opportunities to reduce or eliminate unrecyclable flexible plastic packaging, make
all packaging recyclable, and transition into reusable alternatives. Without the actions requested in this proposal, PepsiCo&rsquo;s continued
use of flexible plastic packaging will prevent the company from achieving its goals for sustainable packaging and expose the company to
reputational, regulatory, and competitive risks associated with greenwashing and a lack of corporate accountability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo has recently faced accusations of a significant role in plastic
pollution, alongside a failure to be transparent with consumers about the associated risks and the company&rsquo;s actions, as underscored
in current lawsuits filed by the City of Baltimore, New York State, and Los Angeles County.<SUP>28</SUP> By adopting the actions outlined
in this proposal PepsiCo can thoroughly evaluate opportunities to reduce its use of non-recyclable flexible plastics to address these
challenges and growing public and policymaker concern.
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO PEPSICO
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In the company&rsquo;s opposition statement, PepsiCo asserts that the
company has a comprehensive packaging strategy despite the absence of targeted action on unrecyclable flexible plastic packaging and the
unique threats posed by non-achievement of several of the company&rsquo;s packaging goals. As addressed above, the company does not sufficiently
address the risks associated with flexible plastic packaging, nor does the company align with leading research, such as the Pew Report,
highlighting the urgent need to reduce plastic use through, in part, a transition away from flexibles.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo&rsquo;s statement notes the responsibility of recyclers, governments,
and consumers to address flexible plastics, deflecting its own corporate responsibility to ensure a sustainable end-of-life for its packaging.
Producer companies that are positioned at the forefront of the consumer supply chain, such as PepsiCo, must take the lead in packaging
sustainability. By reducing what is introduced to the market and ensuring that packaging is recyclable in practice and at scale, producer
companies can set the standard for the broader industry.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Unfortunately, our company dismisses action on flexibles as insignificant,
arguing that only 5% of its packaging of all materials by weight is in this format. This argument diminishes the prevalence of flexible
packaging by failing to report on <I>plastic</I> packaging specifically, of which flexibles make up approximately 18% of plastic packaging,
as discussed above. Further, reliance on weight alone as a metric to gauge significant contributions to plastic pollution is misleading.
Flexible plastic packaging is used precisely for its lightweight nature, allowing less material to be used per serving. Yet, each product
with flexible packaging has the same propensity to result in plastic pollution. As such, a more meaningful metric would involve the number
of individual packaging units produced in flexible packaging, especially as the lightweight nature of flexible packaging increases its
likelihood of escaping end-of-life capture, contributing to the growing issue of plastic pollution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">PepsiCo&rsquo;s current response falls short of what is required to
genuinely tackle the pressing issue of plastic pollution. This proposal requests that the company consider adopting a clear strategy for
addressing the unrecyclable flexible plastic in its portfolio and make more meaningful progress on several of its sustainable packaging
goals as a result.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.reuters.com/legal/los-angeles-county-sues-pepsico-coca-cola-over-plastic-pollution-2024-10-31</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">PepsiCo Inc | Sustainable Packaging Policies for Flexible Plastics</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal asking PepsiCo
to Report on Opportunities for Sustainable Flexible Plastic Packaging. </B>PepsiCo is regressing on commitments to use less plastic packaging;
it has stagnated on progress towards its goal to make all its packaging recyclable; and is behind on its goal to transition some packaging
to reusables. Unrecyclable flexible plastic packaging is a key contributor to PepsiCo&rsquo;s role in plastic pollution. By producing
a report that assesses new opportunities to reduce flexible plastic use and pollution, PepsiCo can reduce the financial, regulatory, and
reputational risk associated with failing to meet its packaging goals and contributing to plastic pollution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Kelly McBee, As You Sow, kmcbee@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt 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="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8</P>

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

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