The presentation discusses PBG's strategic priorities to drive shareholder value through refreshing its global brand portfolio, rethinking its operating model to improve performance and efficiency, and redefining its geographic focus. It also outlines PBG's approach to managing challenges in the current economic environment through initiatives to enhance liquidity, productivity, and working capital management. Financial guidance for 2009 indicates currency-neutral growth despite US dollar declines and a continued focus on operating cash flow.

1. Eric Foss Al Drewes
Chairman & CEO SVP & CFO

2. Cautionary Statement
Statements made in this presentation that relate to future performance or
financial results of PBG are forward-looking statements, which inv olv e
uncertainties that could cause actual performance or results to materially
differ. We undertake no obligation to update any of these statements. Listeners
are cautioned not to place undue reliance on these forward-looking
statements. These statements should be taken in conjunction with the
additional information about risk and uncertainties set forth in PBG’s annual
report on Form 10-K for the year ended December 29, 2007.
We hav e disclosed certain non-GAAP measures within this presentation.
Our 2009 financial outlook also contains non-GAAP measures. “Non-GAAP”
measures include those designated as “Comparable” as well as Operating
Free Cash Flow (OFCF). Please see reconciliations to their respectiv e measures
prescribed by accounting principles generally accepted in the U.S. included
on our website at www.pbg.com under Inv estor Relations.

3. REFRESH RETHINK REDEFINE

4. AGENDA
SNAPSHOT
OF PBG
THE EVOLVING
LANDSCAPE
STRATEGIC
PRIORITIES
TO DRIVE
2009
SHAREHOLDER
VALUE PRIORITIES &
FINANCIAL
OUTLOOK

6. 67,000 2 MILLION 85 BILLION
SERVINGS
EMPLOYEES 1.5 MILLION PIECES OF
SOLD
3.5 MILLION
DELIVERIES COLD DRINK POINTS OF
EQUIPMENT
PER WEEK INTERRUPTION ANNUALLY

7. Snapshot of PBG
Successful Portfolio Repositioning… With Clear Opportunities
Geographies Brands
Operating Profit Shifts U.S. Category Shifts
10 15
30 27
90 40 85 >35
70 73
60 <65
2002 2008 2012F 2002 2008 2012F
U.S. International CSDs Non-Carbs
Operating profit is on a comparable basis

8. Snapshot of PBG
Great Portfolio of Brands… Strong #1 or #2
Colas
Flavors
Water
Non-Carbs
Invigoration & Energy

9. Snapshot of PBG
Capable, Motivated, Experienced Workforce
Capability Culture
• Financial Literacy • Results Oriented
• Metric Based Granular Focus • Continuity of Management
• Tools, Training & Technology • Appreciation & Recognition

10. Snapshot of PBG
Operational
Best-In-Class Execution Excellence
Service
Excellence
Selling
Excellence
Revenue / Margin
Management Excellence
Executional
Excellence
“We Sell Soda.”
1999 2009 & Beyond

11. Snapshot of PBG
Proven Financial Track Record
Topline Growth Operating Profit
(in billions) (in billions)
$13.8 $1.2
$11.7 $1.0
CAGR CAGR
+6% +6%
2005 2008 2005 2008
EPS Growth Cash Flow
(in dollars) (in millions)
$2.27 $526
$504
$1.68 Total Payout
CAGR
+11% +110%
2005 2008 2005 2008
All figures are on a comparable basis

13. The Evolving Landscape… Consumer
Relevance
• Craving Humanity, Optimism & Energy
• Embracing Modern, Simple & Iconic Designs
Variety
• Purchasing Broader Repertoire of Products
• Adopting New and Unique Brands & Flavors
Health & Wellness
• Searching for Better for You and Functional Products
• Continuing to Focus on Better Tasting Hydration
Value
• Shopping Across Channels in Search of Value
• Seeking Key Price Points

14. Evolving Landscape… Channel & Customer
Big Getting Bigger
Continued Channel Migration
Value Rules the Day
Escalating Labor Costs

15. Evolving Landscape… Category
Big, Growing and Powerful Category
US Retail Retail Sales Household Purchase
LRB Sales Growth Penetration Frequency
$110B 4% 4% 98% 63
$98B 73%
14
2005 2008 LRB Top 10 LRB Top 10 LRB Top 10
• Top Retail Sales Category • 110 Million Households Buying
• Annual Growth of 4% • Top Destination Category
• Innovation Fueling Growth • Highest Grocery Purchase Frequency

17. Strategic Priorities to Drive Shareholder Value
REFRESH RETHINK REDEFINE
Reposition and Transform Capitalize on
Strengthen Global Performance Through Geographic Growth
Brand Portfolio Operating Excellence Opportunities

18. REFRESH Reposition and Strengthen Global Brand Portfolio
FILL PORTFOLIO
GAPS: GOAL PURSUE
#1 OR #2 SCALE
INVEST IN POSITION ENTER
CORE WHITE OPPORTUNITIES
BRANDS SPACE

19. REFRESH
Transformational
Re-Launch of Pepsi

21. REFRESH Invest in Core Brands

22. REFRESH
Aligns Portfolio Across
U.S. and Canada
Strengthens Flavor
CSD Brand Line-Up
Significant Volume Potential

23. REFRESH
Expand Energy Portfolio

24. REFRESH Muscle Milk
Expands PBG’s Portfolio into White Space
Leading Brand in High Growth Segment
Strong Platform for Health & Wellness

25. REFRESH Lebedyansky Acquisition
Largest Juice Producer; #1 Share Position
Growth Category within LRB
Juice Drinks Introduction in 2009
Scale Business with Attractive Margins
75/25 Joint Venture with PepsiCo
Integration Opportunities and Synergies

26. RETHINK Transform Performance Through Operating Excellence
Re-Conceptualize Consumer Step Change in
Value Architecture Cost Structure and Productivity

27. RETHINK Transform Performance Through Operating Excellence
Re-Conceptualize Consumer Value Architecture
Weeks in Value
• Well-Defined Value Architecture
• Best-in-Class Planning Tools
Price / Package Architecture
• Long-Range Value Migration Planning
• Delivers Value Volume & Margin Runway
Price Gap Management
• Deep Insights & Experience
• Understand Private Label Limitations
Innovation & Limited Time Offer Packages
• Pulse Value at Key Price Points
• Big Brands & Big Packs, In & Out

28. RETHINK Transform Performance Through Operating Excellence
Step Change in Cost Structure and Productivity
Optimize Transform Maximize
Manufacturing Warehouse Go-To-Market
Cost Capabilities Effectiveness
2009 Cost Savings of $250 Million

29. REDEFINE Capitalize on Geographic Growth Opportunities
Domestic
Organic Growth New/Emerging Segments Geographies
Independent
Bottlers
Other
Anchors
3 TO 5% RETAIL $1 BILLION OVER BOTTLERS
100
CATEGORY GROWTH IN RETAIL SALES INDEPENDENT
• Consumer Value • PepsiCo Partnership • Enhanced Speed
to Market
• Executional Excellence • Distribution Agreements
• Cost Rationalization
• Leverage Innovation • Learning Labs
• Financially Accretive

30. REDEFINE Capitalize on Geographic Growth Opportunities
International Markets… Positive Long-Term Potential
Russia Mexico
• Low LRB Per Capita Consumption • Large Population Base
• Strong Brand Portfolio • Capitalize on Channel Shifts
• Power of One with Frito • Strengthened Management Team
• Capability as a Competitive Advantage • Restructuring Plans Being Executed

32. Agenda
PBG’S APPROACH
TO CREATING
SHAREHOLDER
VALUE MANAGING
IN THE CURRENT
ENVIRONMENT
2009
FINANCIAL
OUTLOOK

33. PBG’s Approach to Creating Shareholder Value
• Sustainable Topline and Bottomline Growth
• Focused Cash Flow Priorities
– Investments Increase ROIC – WACC Spread
– Grow Operating Free Cash Flow
– Effectively Return Cash to Shareholders

34. PBG’s Approach to Creating Shareholder Value
Sustainable Topline and Bottomline Growth
Revenue Operating Profit EPS
(in billions) (in billions) (in dollars)
$2.27
$13.8 ~$1.2 $2.20
$13.6 ~$1.1
$.9
$10.3 +2% +2% $1.41 +3%
CAGR CAGR CAGR
+7% +5% +12%
2003 2007 2008 2003 2007 2008 2003 2007 2008
Operating profit and EPS are on a comparable basis

35. PBG’s Approach to Creating Shareholder Value
Focused Cash Flow Priorities
1999-2002 2003-2008
Reinvest in the Business $2.3 Billion $4.4 Billion
Acquisitions $1.3 Billion $1.1 Billion
Share Buybacks & Dividends $700 Million $3.5 Billion

36. PBG’s Approach to Creating Shareholder Value
Focused Cash Flow Priorities
OFCF ROIC
$526 7.8%
$440 7.0%
WACC
CAGR
+4%
2003 2008 2003 2008
Non-GAAP

37. Managing in the Current Environment
Environment Priorities
• Global GDP Pressure = • Ensure Strong Liquidity
LRB Category Pressure
• Enhance Risk
• Double-Digit Foreign Management Capability
Currency Devaluation
• Accelerate Productivity
• Tight Credit Markets
• Strengthen Cash Flow
• Commodity Costs Improving and Working Capital
Goal:
Solid Near-Term Results… an Even Stronger PBG Post-Recession

38. Managing in the Current Environment
Liquidity Bond Maturity Ladder
(in billions)
• Reaffirmed A/A2 Credit Rating $1.3
$1.0 $1.0
• Guarantee Liquidity
$0.8
$0.75
– $1.1B Committed Bank
Lines Through 2012
$0.4
– $1.3B 5 Year Offering in Oct. 2008
$0.25
– $750 10 Year Offering in Jan. 2009
$0
’09 -’11 ’12 ’13 ’14 ’15 ’16 ’19 ’29

39. Managing in the Current Environment
Risk Management
• Balanced Maturity ladder
Liquidity / Refinancing
• Committed Bank Lines in Place… $1.1 Billion Through 2012
• Rigorous Cash Conversion Cycle Management
Working Capital
• Global Receivable & Inventory Controls
• Minimum Criteria for Financial Institutions & Global Suppliers
Counter Party • Quarterly Review of Exposure
• Rigorous Assessment of Suppliers
• Smooth Volatility and Manage Risks
Hedging • Hedges Matched to Future Needs… No Speculation
• Rolling Average Hedge Positions & Centralized Control

40. Managing in the Current Environment
New Approach to Planning
• Real-Time Decision Making
• Multiple Scenario Plans
• Heightened Focus on Productivity
• New Working Capital / Capital Spending Approach
• Local Currency Profit Targets
Balancing the Near-Term Pressures
with the Long-Term Attractiveness of PBG

41. Managing in the Current Environment
Productivity Initiatives Productivity Savings
(in millions)
• Structured to Succeed
$250
• Self M anufacturing and $170
Light Weighting
$100
• Transform Warehouse
Operations
2007 2008 2009F
• Optimize Route-To-M arket

42. Managing in the Current Environment
Capital Spending Working Capital
(in millions)
$869
• Accounts Receivable and
$693
Credit M onitoring Enhanced
$550 - $600
• Cash Conversion
Scorecards and
Targets by Country
2007 2008 2009F
• US Best Practices to
6.4% 5.0% 4.0%
International M arkets
Capex as % of Revenues

43. 2009 Guidance
Currency Neutral U.S. Dollar
Down Low
Top-Line Growth + Low-Single Digits
to Mid-Single Digits
Down Low
Operating Profit Growth* + Low-Single Digits
to Mid-Single Digits
~ $(0.18)
Earnings Per Share* $2.15 to $2.25
ForEx Impact
Operating Free Cash Flow ~ $450 Million
*Comparable

44. Financial Outlook Summary
Strong Track Record of Results
Clear Priorities for 2009
Financial Flexibility due to Strong Balance Sheet
Bright Future as Macros Rebound

45. Summary
STRENGTHENING
BEST-IN-CLASS STRATEGIC
BRAND OPERATING
CAPABILITY
REPOSITIONING
OF GEOGRAPHIC
PORTFOLIO PORTFOLIO