What does it mean to be a truly sustainable company? At PepsiCo, we recognize that the futures of our company, communities, and planet are all inextricably linked. That reality has been driven home again and again in recent years, first by the COVID-19 pandemic, then the deadly conflict in Ukraine. Through it all, climate change has continued to increase its impact on our fragile ecosystems, leading to extreme weather, crop failures, and changes in the range and abundance of certain plants and animals. All of these issues have resulted in a collision of food shortages, supply chain bottlenecks, and a refugee crisis unlike anything Europe has seen since World War II. In this context, we have been thinking hard about what it means to be a truly sustainable company, one that creates growth and value for all of our stakeholders. We know that to be successful five years, 10 years, 20 years from now, we need to create more resilience in our business. And that means we need to change what we do and how we do it. In September 2021 we launched a strategic, end-to-end transformation of our business. We put sustainability and human capital at the center of how we will create growth and value, by operating within planetary boundaries and inspiring positive change for the planet and people. We call this approach PepsiCo Positive (pep+), reflecting a new reality where consumers, customers, our associates, investors, regulators, and many other stakeholders are becoming more interested in the future of the planet and society. From sourcing ingredients to making and selling our products more sustainably, pep+ connects the future of our business with the future of our planet. The launch of pep+ is a turning point for PepsiCo. We have an opportunity to use our scale — with operations in more than 200 countries and territories, more than 25 crops sourced from approximately 7 million acres in more than 30 different countries, and more than one billion interactions with consumers each day — to help build a more sustainable food system. By advancing our pep+ goals, we believe we will be a consistent top market performer and a force for good by doing what’s right for people and the planet. By becoming better ourselves, we not only meet the needs of our stakeholders but position ourselves for long-term growth. We can help define for the world what it means to be a truly sustainable company, and build a stronger, more resilient future for us all. “PepsiCo remains committed to taking a leadership role in the creation of a more sustainable food system that preserves the planet and positively impacts people and communities across the world. With the ongoing volatility around the globe, our pep+ agenda continues to be the right path for our planet and our business.“ Jim Andrew Chief Sustainability Officer CSO MESSAGE “The investments we have made in pep+ aim to ensure the sustainability of our business and the hundreds of thousands of jobs we support across our global supply chains — creating growth and value within planetary boundaries while inspiring positive change for people and the planet.” Hugh Johnston Vice Chairman and Chief Financial Officer CFO MESSAGE RAMON LAGUARTA, PepsiCo Chairman of the Board of Directors and Chief Executive Officer Message From Our CEO Read the full letter and the PepsiCo 2021 ESG Summary here >> 1 PepsiCo 2021 ESG Summary Overview