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You’ll see it’s been a good year commercially. I believe that is in part because we have moved our purpose agenda forward.

In a networked global marketplace, companies must embrace the reality of rapid change and interconnectedness — and corporate strategy must holistically consider the complex factors shaping the landscape. That was why, last year, we said we would commit ourselves to deliver performance — but it would be performance with purpose.

You see, our performance and our purpose are not two separate things. They are not even two sides of the same coin. They are merging. For example, portfolio transformation — offering consumers healthier choices — is equally about human sustainability and top-line growth.

With great pride, I turn now to PepsiCo’s 2007 achievements in each of the three elements that together form our purpose agenda: human, environment and talent sustainability.

"Nothing would be more tiresome than eating and drinking if God had not made them a pleasure as well as a necessity." — Voltaire

The goal of human sustainability is to nourish consumers with a range of products, from treats to healthy eats. We are proud to give consumers choices across the spectrum. Our products deliver joy as well as nutrition — and always, great taste. In 2007 we made great progress toward human sustainability:

  • Reformulating some of our existing products to improve their nutritional profile.
  • Launching new products that reflect consumer demand for healthier, nutritious snacks and beverages.
  • Partnering with governments, health officials and non-governmental organizations to help address obesity concerns.
  • Continuing to grow our portfolio of Smart Spot eligible products.
  • Providing consumers with many great new treat choices and innovations.

You will find many examples of these efforts in the pages that follow.

Select Portfolio Transformation Milestones

  • Pepsi-Cola introduces Diet Pepsi.
  • Frito-Lay begins "Light" line of low-fat snacks.
  • Frito-Lay launches "1/3 Less Oil" line of snacks.
  • Frito-Lay launches SunChips, its first multigrain snack.
  • Pepsi-Cola launches Lipton Iced Teas in the United States.
  • Baked Lay’s arrives as a major low-fat snack.
  • PepsiCo acquires Tropicana.
  • PepsiCo merges with Quaker Oats, including Gatorade.
  • Frito-Lay announces removal of trans fats from Doritos, Tostitos and Cheetos snacks.
  • PepsiCo introduces Smart Spot symbol.
  • Walkers introduces Baked Walkers Crisps with 70% less fat.
  • Frito-Lay completes the conversion to sunflower oil across all potato chip brands in the United States, eliminating over 50% of the saturated fat in those brands.

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