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THE ACCOUNT BALANCE PENSION PROGRAM

PepsiCo also sponsors an account-based pension plan, the Account Balance Pension Plan. The Account Balance Pension Plan is an account-based pension plan that provides you with a benefit that is easy to understand (since it's an account balance) and secure (since the Company bears the investment risk).

OVERVIEW
The Account Balance Pension Plan is paid entirely by PepsiCo and can provide you with valuable income during retirement. It combines the best features of a 401(k) and a traditional pension plan in that your account balance can never decrease and you won't outlive your retirement income if you take your benefit as a monthly annuity. You don't pay into the plan and there is no enrollment required – you will automatically participate when you become eligible.

PepsiCo will provide you with pay and interest credits, which will grow your account over time. Pay credits are based on years of service with the Company and will be credited to your account on a quarterly basis. Pay includes your base pay, commissions and overtime.

Years of Credited Service	Pay Credits
0 – 4	6%
5 – 9	7%
10+	8%

Your benefit will grow with interest credits based on your year-end account balance and the return of the 30-year Treasury Bond.

ELIGIBILITY
Generally, most hourly and commissioned employees who are eligible for standard flex benefits are eligible to participate in the Account Balance Pension Plan. Certain union employees may not be eligible. If you are a union employee, please refer to your applicable collective bargaining agreement to determine your eligibility.

For most eligible employees, you will automatically participate in the plan on January 1 or July 1 after your first work anniversary, assuming you are over 21 years old and worked at least 1,000 hours in your first year of employment.

VESTING
You are fully vested in your benefit after three years of service. Once vested, your benefit is portable, which means you can take it with you if you leave the Company or at retirement. You may choose to receive your benefit as a lump sum or you can elect an annuity option if you prefer a regular income stream in retirement.

This guide is intended to provide a summary of some of the features of the PepsiCo Savings Plan; however the official plan documents remain the final authority and, in the event of a conflict with this guide, will govern in all cases. While PepsiCo, Inc. (Company) currently intends to continue the Savings Plans and programs described herein, the Company reserves the right to amend, modify or terminate the Savings Plans or programs at any time. Nothing in this guide should be construed as a promise or guarantee of future benefits or any level or amount of benefits, or as a promise or guarantee of employment or future employment for any duration.

January 2023