We have audited the accompanying Consolidated Balance Sheets of PepsiCo, Inc. and Subsidiaries
(“PepsiCo, Inc.” or “the Company”) as of December 26, 2015 and December 27, 2014, and the related
Consolidated Statements of Income, Comprehensive Income, Cash Flows and Equity for each of the
fiscal years in the three-year period ended December 26, 2015. We also have audited PepsiCo, Inc.’s
internal control over financial reporting as of December 26, 2015, based on criteria established in
Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (“COSO”). PepsiCo, Inc.’s management is responsible for these
consolidated financial statements, for maintaining effective internal control over financial reporting,
and for its assessment of the effectiveness of internal control over financial reporting, included in
the accompanying Management’s Report on Internal Control over Financial Reporting under Item 9A.
Our responsibility is to express an opinion on these consolidated financial statements and an opinion
on the Company’s internal control over financial reporting based on our audits.