November 17, 2011

Ms Indra Nooyi
Chairperson & Chief Executive Officer
PepsiCo, Inc
700 Anderson Hill Road
Purchase, NY 10577

Dear Ms Nooyi:

In light of the recent drama surrounding your company’s stock, we would like you to know why many of our clients own PepsiCo.

• In a world offering investors negative returns for the safety of short-term U.S. Treasury obligations, and less than 2.0 percent for a ten-year hold of the same, the current yield of your dividend—approximately 3.3 percent—is most refreshing.
• Speaking of the dividend and looking back, evidence reveals your company’s culture of rewarding shareholders

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