In our opinion, the consolidated financial statements referred to above present fairly, in all material
respects, the financial position of PepsiCo, Inc. as of December 26, 2015 and December 27, 2014, and
the results of its operations and its cash flows for each of the fiscal years in the three-year period
ended December 26, 2015, in conformity with U.S. generally accepted accounting principles. Also in
our opinion, PepsiCo, Inc. maintained, in all material respects, effective internal control over financial
reporting as of December 26, 2015, based on criteria established in Internal Control ? Integrated
Framework (2013) issued by COSO