Cumulative Total Shareholder Return Since 1965

Return on PepsiCo stock investment and the S&P 500, assuming the reinvestment of all dividends paid and adjusted for stock splits, calculated through December 31, 2014.

A $100 investment in PepsiCo stock at the end of 1965 was worth nearly $43,000 at the end of 2014, a 13.2% annualized return, compared to a $100 investment in the S&P 500 over the same time period, which was worth nearly $10,000 at the end of 2014, a 9.8% annualized return.

On October 6, 1997, PepsiCo spun off its restaurant business to its shareholders, who received one share of common stock of Yum! Brands, Inc. (formerly known as TRICON Global Restaurants, Inc.) (Yum!) for every 10 shares of PepsiCo capital stock owned by them (Spin-Off). This return on PepsiCo stock assumes that shareholders immediately sold the Yum! shares received from the Spin-Off and concurrently reinvested the proceeds in additional shares of PepsiCo common stock.

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$45,000
$40,000
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$100

In 1986, a $100 investment made in 1965 would be worth more than: $1,000

In 1997, a $100 investment made in 1965 would be worth more than: $10,000

In 2005, a $100 investment made in 1965 would be worth more than: $20,000

In 2013, a $100 investment made in 1965 would be worth more than: $30,000

In 2014, a $100 investment made in 1965 would be worth nearly: $43,000

1965

1975

1985

1995

2005

2014

PepsiCo, Inc. Total Shareholder

Return from December 31, 1965 to December 31, 2014

S&P 500 Total Shareholder

Return from December 31, 1965 to December 31, 2014

PEP Net Revenue*

$510M

$2.3B

$8.1B

$30.4B

$32.6B

$66.7B

End-of-Year Split Share Price**

$0.75

$1.30

$4.04

$27.94

$59.08

$94.56

End-of-Year Actual Closing Price

$81.50

$70.50

$72.75

$55.88

$59.08

$94.56

*Represents net revenue as initially reported for each of the years presented and does not reflect subsequent reclassifications or changes in presentation.

**Closing prices have been restated to reflect PepsiCo stock splits.

PEP Net Revenue

End of Year Split Share Price*

End of Year Actual Closing Price*

1965

$510M

1975

$2.3B

1985

$8.1B

1995

$30.4B

2005

$32.6B

2014

$66.7B

$0.75

$1.30

$4.04

$27.94

$59.08

$94.56

$81.50

$70.50

$72.75

$55.88

$59.08

$94.56

The Growth of PepsiCo’s Portfolio of Billion Dollar Brands

PepsiCo's product portfolio
includes 22 brands that
generate more than $1 billion
each in estimated annual
retail sales.

1965

1975

1985

1995

2005

2014

2014 Financial Highlights

Net Revenues

PepsiCo Americas Beverages 32% Frito-Lay North America 22% PepsiCo Europe 20% Latin America Foods 12% PepsiCo AMEA 10% Quaker Foods North America 4%
PepsiCo Americas Beverages 32% Frito-Lay North America 22% PepsiCo Europe 20% Latin America Foods 12% PepsiCo AMEA 10% Quaker Foods North America 4%
32% 22% 20% 12% 10% 4%

Division Operating Profit

Frito-Lay North America 36% PepsiCo Americas Beverages 26% PepsiCo Europe 12% Latin America Foods 11% PepsiCo AMEA 9% Quaker Foods North America 6%
Frito-Lay North America 36% PepsiCo Americas Beverages 26% PepsiCo Europe 12% Latin America Foods 11% PepsiCo AMEA 9% Quakers Foods North America 6%
36% 26% 12% 11% 9% 6%

Mix of Net Revenue

Beverage 47% Food 53%
Beverage 47% Food 53%
47% 53%
Outside U.S. 49% U.S. 51%
Outside U.S. 49% U.S. 51%
49% 51%

1. Organic, core and constant currency results, as well as free cash flow excluding certain items, are non-GAAP financial measures. Please refer to “Reconciliation of GAAP and Non-GAAP Information” beginning on page 141 of this Annual Report for more information about these results, including a reconciliation to the most directly comparable financial measures in accordance with GAAP.

PepsiCo, Inc. and Subsidiaries

(in millions except per share data; all per share amounts assume dilution)
Summary of Operations 2014 2013 % Chg(a)
Net revenue $66,683 $66,415 –%
Core total operating profit  (b) $10,313 $10,061 2.5%
Core earnings per share attributable to PepsiCo  (c) $4.63 $4.37 6%
Free cash flow, excluding certain items  (d) $8,259 $8,162 1%
Capital spending $2,859 $2,795 2%
Common share repurchases $5,012 $3,001 67%
Dividends paid $3,730 $3,434 9%