Trian White Paper - Pepsi

PepsiCo, Inc.

July 2013

© 2013 Trian Fund Management, L.P. All rights reserved

Disclosure Statement and Disclaimers

General Considerations

This presentation is for general informational purposes only, is not complete and does not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the terms shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. The views expressed in this presentation represent the opinions of Trian Fund Management, L.P. (“Trian”) and the funds and accounts it manages (collectively Trian, and such funds and accounts, “Trian Partners”), and are based on publicly available information with respect to PepsiCo, Inc. (the "Issuer“ or “PepsiCo”) and the other companies referred to herein. Trian Partners recognizes that there may be confidential information in the possession of the companies discussed in this presentation that could lead such companies to disagree with Trian Partners’ conclusions. Certain financial information and data used herein have been derived or obtained from filings made with the Securities and Exchange Commission ("SEC") or other regulatory authorities and from other third party reports. Funds managed by Trian currently beneficially own and/or have an economic interest in shares of the Issuer and Mondelēz International, Inc. (“Mondelez”).

Trian Partners has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. Trian Partners does not endorse third-party estimates or research which are used in this presentation solely for illustrative purposes. No warranty is made...