Brian Cornell and Tom Greco presented on PepsiCo's strategy to win in North America. Key priorities included innovation focused on insights, execution both at headquarters and stores, leveraging scale for productivity, and building brands. Frito-Lay delivered balanced growth in 2013 through innovation, execution of its playbook focused on demand spaces, and brand building including successful campaigns for Lay's and Doritos. GES initiatives were also driving benefits. The presentation highlighted opportunities for continued growth in snacks through this strategy.

1. Winning in North America
Brian Cornell
Chief Executive Officer, PepsiCo Americas Foods
February 20, 2014

2. 2
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3. 3
Our presenters represent experiences
across snacks and beverages
Tom Greco
Current
President,
Frito-Lay North America
2009 – 2011
Chief Commercial Officer,
PepsiCo Americas Beverages
2006 – 2009 President Global Sales, PepsiCo
2002 – 2006
SVP Sales,
Frito-Lay North America
1999 – 2001 President, Frito-Lay Canada
Current CEO, PepsiCo Americas Foods
2009 – 2012 CEO, Sam’s Club
2007 – 2009 CEO, Michaels
2004 – 2007
EVP, Merchandising
& Marketing, Safeway
2003 – 2004
President,
PepsiCo Foodservices
2001-2003
President,
PepsiCo Beverages Europe
1999-2001 President, Tropicana International
Brian Cornell

4. 4
North America is a critical driver of PepsiCo revenue,
with significant scale advantage
US Contribution to
PepsiCo Net Revenues
Significant Scale Advantage
(Retail Sales Indexed to PepsiCo)
Rest of
World
49%
U.S.
51%
100
51
50
47
38
37
27
25
21
20
PepsiCo
Kraft Foods
Nestle
Coca Cola
Anheuser Busch Inbev
General Mills
Kellogg
ConAgra Foods
Mars
Dr Pepper Snapple
Source: IRI MULOC US 2013Based on PEP 2013 Net Revenue

5. 5
Consumers Customers
The industry is seeing significant changes in the consumer
and retail landscape
• Changing demographics
• Shifting needs
• Shifting channels
• Growing new formats

6. 6
Our playbook in this environment balances focus with scale
+
Focus
Go deep on key category priorities
Scale Leverage
Procurement IT / Back Office
Customer Teams R&D
Drive growth and margins from scale

7. 7
Playbook anchored on 4 key priorities
Innovation
ExecutionProductivity
Brand Building

8. 8
19 $1 Billion Dollar Global Brands Sold in the US
Retailers value PepsiCo’s outstanding brand portfolio
across snacks and beverages
*PepsiCo’s 22 billion dollar brands globally include Walker’s, Mirinda and 7-UP outside the U.S. Lipton and Starbucks are sold through partnerships with Unilever and Starbucks respectively

9. 9
Total US Snacks, Breakfast & Beverages Retail Sales
Demand spaces insights highlights significant brand
interactions between snacks and beverages
35%
65%
Different
Needs
Common /
Complementary
Needs
Source: Company research

10. 10
Common & Adjacent Demand Spaces
Common demand space insights highlight
opportunities across our portfolio
Connect
Fun Times
Together
Reform
Young & Hungry
Perform
Office / School
Break
Prepare
Jump Start

11. 11
Example: Successful insights-driven gaming promotion
Mountain Dew Game Fuel
• Electrifying Berry
• Citrus Cherry
Doritos Gamer Pack
• Limited Edition

12. 12
Nine PepsiCo F&B innovations
in top 50
Recent food & beverage
win in foodservice
Insights driving innovation across snacks and beverages
Source: IRI US MULOC based on estimated launch year sales for innovations launched through June 2013

13. 13
At the
customer’s
headquarters
In each
and every
store
We execute both at the customer’s headquarters and
in each and every store
JointCustomerTeams

14. 14
VIDEO
Walmart Game Time

15. 15
Our strong brand activation was highly visible
at the Super Bowl
From Insights to Media to Shelf
Ad Week January 26, 2014

16. 16
Global Transportation Management System
Common ToolsCommon Engines
We leverage common engines, tools and a global
transportation system to deliver productivity

17. 17
We’ve rewired the company to gain global scale leverage
Procurement Information
Systems
Customer
Teams
R&D
Innovation
Talent
Management
Global
Procurement
Function
Integrated
Systems and
Handhelds
Collaborative
Account
Management
Approach
Global
Innovation
Approach
Cross-Sector
Experiences and
Capabilities

18. 18
In sum, our focus going forward is executing this playbook
Innovation
ExecutionProductivity
Brand Building

19. Winning in North America
Tom Greco
President, Frito-Lay North America
February 20, 2014

20. 20
2013 FLNA % Growth
FLNA delivering balanced growth
3
4
6
Volume Net Revenue Profit
Held Value
Share and
Grew Volume
Share

21. 21
Our long term growth model
Innovation
ExecutionProductivity
Brand Building

22. 22
Frito-Lay has significant headroom for growth
Source: TNS Itrac, FY Ending 2013
Monthly Snack Occasions
67
Total Snack
Occasions
Per Month
21
Unpackaged
Snacks
46
Macro
Snacks
46
Macro
Snacks
8
FL
Snacks

23. 23
We’ve defined a consumer framework focused
on demand spaces

24. 24
Lay’s “Do Us a Flavor”

25. 25
VIDEO
Lay’s Yummy

26. 26
Doritos Crash the Super Bowl
#2
Cowboy Kid
#4
Time Machine
Source: USA Today Ad Meter

27. 27
VIDEO
Doritos Time Machine

28. 28
VIDEO
Doritos Cowboy Kid

29. 29
2013 Innovation

30. 30
Building on Foodservice partnerships
through innovation

31. 31
We won’t stop innovating

32. 32
Lay’s execution

33. 33
Winning with Hispanic consumers
Fiestas
Patrias
Día De
Los Muertos
Las
Posadas
Juntos Disfrutamos Mas

34. 34
GES driving benefits where launched
• Lower Inventory
• Faster Growth
• Lower Costs
• More SKUs
• Improved Freshness
Perry GA Topeka KS
Rosenberg TXDenver CO

35. 35
Sustainable growth
Innovation
ExecutionProductivity
Brand Building • Attractive Category
• Runway to Grow
• Competitive Advantage
• Strength of PepsiCo