Exhibit (c)(8)

Project Baseball

Discussion Materials

3 August 2009

Morgan Stanley

Project Baseball

Table of Contents

Section 1 Summary of Offer

Section 2 Overview of PBG Valuation

Section 3 PepsiCo Overview

Section 4 Pro Forma Impact

Appendix A Supplemental Materials

Morgan Stanley 2

Project Baseball

Section 1

Summary of Offer

Morgan Stanley 3

Project Baseball

On April 20, PepsiCo announced its proposal to acquire all outstanding shares it does not already own in PBG and PAS

– Initial offer per PBG share of

$29.50

• It made its final offer of $36.50 per share on July 31

SUMMARY OF OFFER

Summary of PepsiCo’s Offer for PBG

Key Offer Terms and Conditions

Revised Offer (As of 31 July 2009) Original Offer (Announced on 20 April 2009) Offer Price / $36.50 per share $29.50 per share

(1)

Premium Premium to unaffected price (4/17): 44.8% Premium to unaffected price (4/17): 17.1% Offer 50/50 cash / stock mix: 50/50 cash / stock mix: Consideration $18.25 of cash $14.75 of cash

0.3216 PepsiCo shares 0.283 PepsiCo shares

Transaction Equity value: $5.7Bn (shares not owned by Equity value: $4.3Bn (shares not owned by (2)(3) PepsiCo) PepsiCo)

Metrics

Net debt: $5.3Bn (100%) Net debt: $5.2Bn (100%)

(4) (4)

LTM (Q2’09) AV/EBITDA : 8.3x LTM (Dec. ‘08) AV/EBITDA : 7.0x PepsiCo Current 33% economic / 40% voting in PBG 33% economic / 40% voting in PBG

Ownership

Inter- Offer for PBG not conditioned on consummation Offer for each of PBG and PAS is conditioned on Conditionality of transaction with PAS negotiation of definitive documentation and ultimate consummation of the other transaction Other No financing contingency “Limited and confirmatory” due diligence to be conducted on PBG and PAS by PepsiCo

“Appropriate limited” due diligence to be conducted on PepsiCo by PBG and PAS

Draft merger agreement to be provided by PepsiCo

No financing contingency

PepsiCo states it will not sell its shares in PBG or PAS and will not vote in favor of another transaction

Notes

1. Offer price under revised offer and original offer calculated based on PEP share price of $56.75 and $52.13 as of close on 7/31/09 and 4/17/09 respectively.

PBG unaffected share price at 4/17/09 was $25.20

2. For original 4/17/09 offer, assumes PBG FDSO of 217.9MM, net debt of $5.2Bn and minority interest of $1.1Bn as of end of fiscal year 2008

3. For revised 7/31/09 offer, assumes PBG FDSO of 226.5MM, net debt of $5.3Bn and minority interest of $1.2Bn as of end of Q2’09

4. Multiples calculated using whole company metrics 4

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SUMMARY OF OFFER

Trading Statistics Since Unaffected Date

Select Trading Statistics Since Unaffected Date (1)

PBG Q1’09 PBG Investor PBG Q2’09

Unaffected Date Ann’t Date Earnings Ann’t Update Earnings Ann’t Current

17-Apr-09 20-Apr-09 22-Apr-09 02-Jun-09 08-Jul-09 31-Jul-09

PBG

Stock Price $25.20 $30.73 $30.32 $34.17 $33.53 $33.95

% Change since Unaffected Date NA 21.9% 20.3% 35.6% 33.1% 34.7%

‘09 P/Ex 11.5x 14.0x 13.8x 15.2x 14.3x 14.1x

(2)

Original Implied Offer Price $29.50 $28.86 $28.33 $30.42 $30.27 $30.81

(3)

Revised Implied Offer Price $35.02 $34.28 $33.68 $36.06 $35.89 $36.50

PAS

Stock Price $19.88 $25.04 $24.30 $26.92 $26.42 $26.78

% Change since Unaffected Date NA 26.0% 22.2% 35.4% 32.9% 34.7%

‘09 P/Ex 11.0x 13.9x 13.5x 14.2x 13.9x 13.9x

CCE

Stock Price $14.89 $15.27 $15.20 $17.62 $16.87 $18.79

% Change since Unaffected Date NA 2.6% 2.1% 18.3% 13.3% 26.2%

‘09 P/Ex 12.4x 12.7x 12.7x 13.6x 12.9x 12.5x

PEP

Stock Price $52.13 $49.86 $47.98 $55.37 $54.85 $56.75

% Change since Unaffected Date NA (4.4%) (8.0%) 6.2% 5.2% 8.9%

‘09 P/Ex 14.2x 13.6x 13.1x 15.1x 14.9x 15.4x

KO

Stock Price $45.02 $44.33 $42.93 $49.66 $48.51 $49.84

% Change since Unaffected Date NA (1.5%) (4.6%) 10.3% 7.8% 10.7%

‘09 P/Ex 14.4x 14.2x 13.7x 16.2x 15.9x 16.4x

S&P 500

Index 869.60 832.39 843.55 944.74 879.56 987.48

% Change since Unaffected Date NA (4.3%) (3.0%) 8.6% 1.1% 13.6%

‘09 P/Ex 13.2x 12.6x 12.8x 14.3x 13.3x 15.7x

Notes

1. P/E multiple statistics based on IBES median consensus EPS data

2. Original implied offer price calculated based on an exchange ratio of 0.283 PEP shares per PBG share and a cash component per PBG share of $14.75

3. Revised implied offer price calculated based on an exchange ratio of 0.3216 PEP shares per PBG share and a cash component per PBG share of $18.25 5

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Project Baseball

SUMMARY OF OFFER

Relative Historical Trading Valuation

Last Seven Years (as of 4/17/09, Except Where Noted)

NTM Price / Earnings

Averages

Revised Offer Original Offer Unaffected Since LEH Last 7-Year Last 7-Year (1) Multiple (2) NTM (2) 3-NTM Multiple NTM Multiple Bankruptcy Year 7-Year High Low

PBG 14.5x 13.5x 11.5x 9.3x 14.2x 14.6x 20.9x 7.1x PAS 11.0x 9.3x 14.0x 14.5x 19.3x 7.4x CCE 12.4x 9.5x 14.4x 15.3x 24.9x 6.3x PepsiCo 14.2x 14.0x 18.0x 19.1x 24.7x 12.2x KO 14.1x 13.7x 17.8x 19.9x 30.3x 11.9x

NTM Aggregate Value / EBITDA

Averages

Revised Offer Original Offer Unaffected Since LEH Last 7-Year Last 7-Year NTM Multiple (1) (2) (2) Bankruptcy 3-Year 7- NTM Multiple NTM Multiple Year High Low

PBG 8.0x 7.4x 6.8x 6.2x 7.1x 7.2x 9.2x 5.6x PAS 7.1x 6.4x 7.6x 7.4x 10.0x 5.5x CCE 6.5x 5.9x 7.4x 7.7x 9.3x 5.0x PepsiCo 8.9x 9.1x 11.4x 11.6x 14.0x 7.9x KO 10.4x 10.1x 13.0x 14.1x 21.2x 8.8x Source FactSet (based on I/B/E/S Street consensus median NTM estimates)

Notes

1. Based on Street consensus estimates as of 7/31/09 and balance sheet data as of Q2’09

2. Based on Street consensus estimates as of 4/17/09 and balance sheet data as of 2008 10K 6

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Section 2

Overview of PBG Valuation

Morgan Stanley 7

Project Baseball

Management Base Case Management Upside Case Street Consensus Case

OVERVIEW OF PBG VALUATION

PBG Key Financial Assumptions

Management Base Case and Upside Case vs. Street Consensus Case (1)

CAGR Summary CAGR Summary

Revenue Mgmt. Base (08-13): 2.7% EBITDA (2) Mgmt. Base (08-13): 3.6% $Bn Mgmt. Upside (08-13): 4.1% Mgmt. Upside (08-13): 6.0% Street (08-11): 1.4% $Bn Street (08-11): 1.9%

18 2.4 2.4

16.9

17 2.3

2.2 2.2

16 15.9 15.8

2.1

2.1

15.0

14.9 2.0

15 2.0 1.9 1.9

14.3 14.4

1.9 1.9

13.8 14.1 13.9 1.8

14 13.6 13.7 1.8 1.8 1.8 1.8

13.6

13.2 13.2 1.8 13

12 1.6

‘07a ‘08a ‘09e ‘10e ‘11e ‘12e ‘13e ‘07a ‘08a ‘09e ‘10e ‘11e ‘12e ‘13e

Growth Margin

Mgmt. Base 1.5% (4.1%) 3.3% 4.7% 5.0% 5.1% Mgmt. Base 13.2% 13.4% 13.7% 13.8% 13.8% 13.8% Mgmt. Upside (4.1%) 6.3% 6.1% 6.4% 6.4% Mgmt. Upside 13.4% 13.7% 14.0% 14.3% 14.4% Street (1.5%) 2.6% 3.1% Street 13.3% 13.4% 13.4%

CAGR Summary CAGR Summary

EBITDA Less Capex (2) Mgmt. Base (08-13): 4.3% Earnings per Share (2) Mgmt. Base (08-13): 9.4% Mgmt. Upside (08-13): 8.6% Mgmt. Upside (08-13): 13.1% $Bn Street (08-11): 0.1% $ / Share Street (08-11): 7.6% Street Long Term Growth: 6.5%

1.6 1.6 5

$4.21

1.5

1.4

1.3

1.3 4 $3.67 $3.57

1.2 1.2 1.2 1.2 1.2 1.3 $3.26

1.2 $3.16

1.2

1.1 $2.94 $2.83

1.1 1.0 3 $2.72 $2.61

$2.64

$2.38

1.0 0.9 $2.38 $2.40

$2.25 $2.27

0.8 2

0.6 1

‘07a ‘08a ‘09e ‘10e ‘11e ‘12e ‘13e Growth ‘07a ‘08a ‘09e ‘10e ‘11e ‘12e ‘13e Mgmt. Base 1.1% 4.8% 10.7% 11.7% 10.5% 9.5% Mgmt. Upside 4.8% 14.2% 16.2% 16.1% 14.7% Street 5.8% 8.7% 8.3%

Notes

1. As of 7/31/09

2. Historical values adjusted for non-recurring items 8

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Project Baseball

• Research price targets for PBG (including deal spec) range from $34.00 to $39.00 per share

– Equates to a median research price target of

$36.50 per share

Market Data

Street Consensus Case

Management Case

OVERVIEW OF PBG VALUATION

PBG Valuation Overview

Excludes Synergies

Unaffected Initial Offer Revised Offer

Valuation Summary (1) Price Price Price

$ / Share (4/17/09) (4/20/09) (7/31/09)

$25.20 $29.50 $36.50

Basis: Unaffected Trading Range: $MM

16 35

52-Week High (04/23/08) / Low (11/20/08)

(2)

Comparable Companies Trading Analysis:

6.8x 2009e AV / EBITDA (CCE Multiple) 1,811 26

6.6x 2010e AV / EBITDA (CCE Multiple) 1,870

12.5x Price / 2009e EPS (CCE Multiple) $2.40 30

11.3x Price / 2010e EPS (CCE Multiple) $2.61

(3)

Discounted Future Equity Value:

PV of 13.0x—15.0x 2011e EPS $2.83 32 37

(2)(4)

Precedent Transactions Analysis:

34 50

8.0x—10.0x LTM EBITDA 1,788

(1) Premium to Unaffected Price:

100% Cash Transactions: 40%—150% $25.20 35 63

100% Stock Transactions: 30%—40% $25.20 33 35

All Transactions: 60% 40

$25.20

Affiliated Transactions: 15%—35% (5) $25.20 29 34

(6)

5-Yr DCF: 7.0—8.0% Discount Rate / 1.5% Perpetual Growth:

Management Base Case 33 42

39 50 Management Upside Case

Notes 10 20 30 40 50 60 70

1. All market data as of 7/31/09

2. Metrics assume net debt of $5.3Bn, minority interest of $1.2Bn and 226MM FDSO, as of end of Q2’09

3. Applies a “normalized” NTM P/E multiple range to 2011 EPS, and discounts this back to 7/31/09 at a 10% cost of equity

4. LTM as of Q2’09

5. Affiliated transactions include both minority and majority buy-outs

6. DCF value as of 7/31/09 9

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OVERVIEW OF PBG VALUATION

PBG Valuation Matrix

PBG Valuation Matrix (1)

$Bn (Except Per Share Figures)

Offer Price Premium to Equity Value Aggregate Value Price / EPS AV / EBITDA Per Share (2) (100%) (100%) (3) Q2’09 LTM

Unaffected Price FY’09

Statistic: $25.20 $2.40 $1,788

$25.20 0.0% $5.5 $12.1 10.5x 6.7x Unaffected (4/17/09)

$29.50 17.1% $6.5 $13.1 12.3x 7.3x Initial Offer (4/20/09)

$33.95 34.7% $7.6 $14.2 14.1x 7.9x Current Price (7/31/09)

$34.50 36.9% $7.8 $14.3 14.3x 8.0x

$35.50 40.9% $8.0 $14.6 14.8x 8.1x

$36.50 44.8% $8.3 $14.8 15.2x 8.3x Revised Offer (7/31/09)

$37.75 49.8% $8.6 $15.1 15.7x 8.5x

$39.75 57.7% $9.1 $15.6 16.5x 8.7x

$40.00 58.7% $9.1 $15.7 16.6x 8.8x

PepsiCo: (4)

$52.13 (2) $81.7 $88.1 14.1x 9.0x Unaffected

$56.75 (5) $89.4 $95.8 15.4x 9.8x Current

Notes

1. Based on balance sheet data as of Q2’09, where applicable

2. Unaffected share price as of 4/17/09

3. EPS based on current median Street consensus estimates as of 7/31/09

4. PEP AV/EBITDA multiples include adjustment for equity in affiliates 10

5. Current price as of 7/31/09

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Section 3

PepsiCo Overview

Morgan Stanley 11

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PEPSICO OVERVIEW

PepsiCo Relative Share Price Performance

Beginning of 2008 through 31 July 2009

PEP vs. KO & S&P 500 Rebased to PEP Share Price (1)

Price ($ / Share)

Current Price: $56.75

100.0

52-Week High: $73.23

7-May-08 28-Aug-08

Increases annual dividend PBG and PepsiCo announce 52-Week Low: $45.81 from $1.50 to $1.70 per they have completed a joint 2-Jun-09

90.0 share acquisition of 75.5% stake in

Russian juice company JSC Issues statement reiterating Lebedyansky management’s expectation of $200MM of transaction-related synergies

80.0 20-Nov-08

Announces PepsiCo business and brands will 22-Jul-09 invest up to $3Bn in Mexico

70.0 over the next several years Announces Q2 earnings to enable sustained growth 11-May-09 slightly ahead of consensus Files suit against PBG and reaffirms guidance its Board

60.0

-25.2%

50.0

16-Oct-08 -39.3% Announces productivity program with 3,300 positions

40.0 eliminated and a 10% decline in net income for -49.7% 3Q’08

30.0

29-Oct-08

Announces acquisition of

20.0 Spitz International, the leading maker of sunflower 20-Apr-09 and pumpkin seeds in 13-Feb-09 Makes unsolicited offers for Canada its two anchor bottlers, PAS

Cuts 3,500 employees and PBG; announces solid

10.0 closes 6 plants

Q1 results and reaffirms guidance

0.0

1-Jan-08 26-Feb-08 22-Apr-08 17-Jun-08 12-Aug-08 7-Oct-08 2-Dec-08 27-Jan-09 24-Mar-09 19-May-09 31-Jul-09 PEP KO S&P 500

Sources FactSet, Company Press Releases

Note

1. Based on daily closing prices 12

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PEPSICO OVERVIEW

Exchange Ratio Analysis

Exchange Ratio Analysis

Assumes 50/50 Cash/Stock Consideration

As of 31 July 2009

PEP Prem. to PEP Prem. / Disc’t to Implied Exchange Ratio @

(1) (2)

Date Share Price Unaffected Price PEP Current $29.50 $34.50 $35.50 $36.50

Impl. Prem. to 4/17 Price ($25.20): 17% 37% 41% 45%

Spot Price

1 Day Jul 31 $56.75 8.9% 0.0% 0.2599 0.3040 0.3128 0.3216

5 Day Jul 27 $56.34 8.1% (0.7%) 0.2618 0.3062 0.3151 0.3239

10 Day Jul 20 $56.08 7.6% (1.2%) 0.2630 0.3076 0.3165 0.3254

20 Day Jul 6 $57.13 9.6% 0.7% 0.2582 0.3019 0.3107 0.3194

30 Day Jun 19 $53.91 3.4% (5.0%) 0.2736 0.3200 0.3293 0.3385

60 Day May 7 $49.49 (5.1%) (12.8%) 0.2980 0.3486 0.3587 0.3688

Avg. Price

5 Day $56.40 8.2% (0.6%) 0.2615 0.3059 0.3147 0.3236

10 Day $56.33 8.1% (0.7%) 0.2619 0.3062 0.3151 0.3240

20 Day $56.18 7.8% (1.0%) 0.2625 0.3070 0.3159 0.3248

30 Day $55.61 6.7% (2.0%) 0.2652 0.3102 0.3192 0.3282

60 Day $53.87 3.3% (5.1%) 0.2738 0.3202 0.3295 0.3388

VWAP

5 Day $56.39 8.2% (0.6%) 0.2616 0.3059 0.3148 0.3236

10 Day $56.32 8.0% (0.8%) 0.2619 0.3063 0.3152 0.3241

20 Day $56.13 7.7% (1.1%) 0.2628 0.3073 0.3162 0.3251

30 Day $55.63 6.7% (2.0%) 0.2652 0.3101 0.3191 0.3281

60 Day $53.70 3.0% (5.4%) 0.2747 0.3213 0.3306 0.3399

Notes

1. PEP unaffected price was $52.13 as of 4/17/09

2. PEP current price of $56.75 as of 7/31/09 13

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Broker Recommendations

As of 31 July 2009

Hold 20%

Buy 80%

PEPSICO OVERVIEW

Street Research Perspectives

PEP Analyst Target Price Summary (1) Select Analyst Commentary

Target % Prem. to

(2) We appreciate that management does not need to buy

Broker Date Rec. Price Current

the bottlers to fix Gatorade, but we stick to our view

Deutsche Bank 23-Jul Buy $62.00 9.3% that if indeed PEP intends to excel at becoming an effective innovator of brands, it has to bring in the Credit Suisse 23-Jul Buy $60.00 5.7% ownership of the bottlers under one roof.” (Credit Suisse 7/23/09)

JMS 23-Jul Buy $64.00 12.8% ”We remain attracted to PEP’s execution track record, innovation and market positioning, and find Davenport & Co 23-Jul Buy $70.00 23.3% the near term EPS accretion under the proposed deal appealing (with upside to synergies)…

Gabelli & Co 23-Jul Hold NA NA

Nonetheless, its current valuations have already dropped to near other key staples / food (and even

Edward Jones 22-Jul Hold NA NA

bottlers) which keeps us at a Buy.” (BAS ML 4/21/09)

JPMorgan 22-Jul Buy $62.00 9.3% • “The long term benefits from a leaner, faster and advantaged vs. Coke system outweigh the near term

HSBC 22-Jul Buy $60.00 5.7% return dilution in our view. PEP will permanently eliminate the risks to system health imposed by bottler Stifel Nicolaus 22-Jul Buy $64.00 12.8% profit decisions that consider purely their own economics.” (Deutsche Bank 5/31/09)

Barclays Capital 22-Jul Buy $63.00 11.0%

• “We think the deal makes sense from the standpoint of fixing the growing gap between what the bottlers

High $70.00 23.3%

produce (lower growth / declining cold-fill products) and what PEP produces mainly through third

Low $60.00 5.7% parties (higher growth, higher profit finished goods products – Gatorade, teas, juices).” (JPMorgan

Median $62.50 10.1% 5/20/09)

Notes

1. Only includes price targets since PEP Q2 earnings on 7/22

2. As of 7/31/09 14

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PEPSICO OVERVIEW

PepsiCo Key Financial Assumptions

Based on Street Consensus (1)

Revenue EBITDA (1)

$MM ‘08-11 CAGR 3.7% $MM ‘08-11 CAGR 5.3%

50 48.2 12

10.9

45.6

10.3

45 43.3 43.4

10 9.6

9.4

39.5 8.7 40

8 35

30 6

‘07a ‘08a ‘09e ‘10e ‘11e ‘07a ‘08a ‘09e ‘10e ‘11e

Growth NA 9.6% 0.4% 4.9% 5.8% Growth NA 7.7% 2.5% 7.0% 6.5%

Margin 22.0% 21.7% 22.1% 22.5% 22.7%

EBITDA Less Capex (1) Earnings per Share $MM $ / Share

‘08-11 CAGR 6.8% ‘08-11 CAGR 6.7% Street LTG: 9.6%

10 6

9 8.4 5 $4.47

7.9 $3.68 $3.69 $4.04

8 7.4 4 $3.45

6.9

7 6.3 3

6 2

5 1

4 0

‘07a ‘08a ‘09e ‘10e ‘11e ‘07a ‘08a ‘09e ‘10e ‘11e

Growth NA 6.5% 0.4% 9.6% 10.5%

Note

1. EBITDA and EBIT as shown for historical years exclude one-time charges 15

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PEPSICO OVERVIEW

PepsiCo Valuation Overview

As of 31 July 2009

Unaffected Current

Valuation Summary (1)

Price (4/17) Price (7/31)

$52.13 $56.75

$ / Share

Basis: Unaffected Trading Range: $MM

52-Week High (09/18/08) / Low (03/09/09) 46 73

Analyst Price Targets: (2)

PV of High / Low Price Targets

56 65

(3) Comparable Companies Trading Analysis:

(4)

9.0x—10.5x 2009e AV / EBITDA 9,602 53 63

(4) 54 64

8.5x—10.0x 2010e AV / EBITDA 10,269

14.0x—17.0x Price / 2009e EPS $3.69 52 63

13.0x—15.0x Price / 2010e EPS $4.04 52 61

(5) Discounted Future Equity Value:

PV of 16.0x—18.0x 2011e EPS $4.47 65 73

5-Yr DCF: 6.5—7.5% Discount Rate / 1.5% Perpetual Growth: (6)

Street Consensus Case

68 81

40 50 60 70 80 90

Notes

1. Unaffected price refers to closing price on 4/17/09 prior to PEP approach announcement

2. Analyst target price range of $60 to $70 discounted back 12 months at a 7% cost of equity

3. Estimates based on Street median consensus

4. Aggregate value assumes net debt of $6.4Bn, investments in equity affiliates of $4.1Bn and 1,558MM FDSO as of PEP Q2’09 10Q filing

5. Applies a “normalized” P/E multiple range to 2011 EPS, and discounts this back to 7/31/09 at a 7% cost of equity

6. DCF value as of 7/31/09

16

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Section 4

Pro Forma Impact

Morgan Stanley 17

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• Every incremental $100MM of pre-tax synergies would equate to:

– +$0.04 per share of incremental accretion to PepsiCo

– +$2.99 per PBG share, assuming 100% of the present value of synergies are attributable to PBG (3)

PRO FORMA IMPACT

PepsiCo Pro Forma Transaction Impact

PEP Acquires PBG Only at Offer Price of $36.50; Assumes 50% Cash / 50% Stock Consideration Mix; Excludes Synergies

PEP Transaction Impact (1)

Statistic PEP Standalone Pro Forma

(2)

2010 Pro Forma EPS Impact

2010e EPS ($) $4.04 $4.08 2010e EPS Accretion / (Dilution) ($) +$0.04 2010e EPS Accretion / (Dilution) (%) +1.0%

(2)

2011 Pro Forma EPS Impact

2011e EPS ($) $4.47 $4.55

2011e EPS Accretion / (Dilution) ($) +$0.09

2011e EPS Accretion / (Dilution) (%) +1.9%

Selected Credit Statistics

Total Debt (Year-End ‘09) $9.2Bn $18.4Bn

Total Debt / 2009e EBITDA 0.9x 1.6x

Offer Statistics (2)

($Bn)

Equity Value being Acquired $5.7Bn of which: Cash Consideration $2.9Bn Net Debt (100%) $5.3Bn

Notes

1. Underlying estimates based on Street consensus as of 7/31/09; assumes transaction closes at 12/31/09; pro forma impact shown pre-synergies

2. Statistics as of Q2’09; cash consideration excludes transaction-related costs (M&A and legal advisory, financing and other costs) totaling c. $313MM

3. Includes costs to achieve 18

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Appendix A

Supplemental Materials

Morgan Stanley 19

Project Baseball

• $100MM of pre-tax synergies would equate to:

– +$0.04 per share of incremental accretion to PepsiCo

– +$2.99 per PBG share, assuming 100% of the present value of synergies are attributable to PBG (3)

SUPPLEMENTAL MATERIALS

Illustrative PepsiCo Pro Forma Transaction Impact

PEP Acquires PBG and PAS at Offer Prices of $36.50 and $28.50, Respectively Assumes 50% Cash / 50% Stock Consideration Mix; Excludes Synergies

PEP Transaction Impact (1)

Statistic PEP Standalone Pro Forma

(2)

2010 Pro Forma EPS Impact

2010e EPS ($) $4.04 $4.07

2010e EPS Accretion / (Dilution) ($) +$0.04

2010e EPS Accretion / (Dilution) (%) +0.9%

(2)

2011 Pro Forma EPS Impact

2011e EPS ($) $4.47 $4.56 2011e EPS Accretion / (Dilution) ($) +$0.09 2011e EPS Accretion / (Dilution) (%) +2.0%

Selected Credit Statistics

Total Debt (Year-End ‘09) $9.2Bn $21.9Bn

Total Debt / 2009e EBITDA 0.9x 1.8x

Offer Statistics (2)

($Bn)

Equity Value being Acquired $7.8Bn of which: Cash Consideration $3.9Bn Net Debt (100%) $7.6Bn

Notes

1. Underlying estimates based on Street consensus as of 7/31/09; assumes prices paid of $36.50 for PBG and $28.50 for PAS, respectively; assumes transaction closes at 12/31/09; pro forma impact shown pre-synergies

2. Statistics as of Q2’09; cash consideration excludes transaction-related costs (M&A and legal advisory, financing and other costs) totaling c. $386MM

20

3. Includes costs to achieve

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SUPPLEMENTAL MATERIALS

Synergies Value

Based on PBG All Shares

Synergies Value per PBG Share

Assumes Synergies Split 50% Between PBG and PAS

% Share

Impact of Synergies of Synergies

300 550 800 Run-Rate ($MM) PBG All Shares (1)

2.0 3.7 5.4 (2) Present Value ($Bn)

25% $2.24 $4.11 $5.97 Per Share Value of Synergies 50% $4.48 $8.21 $11.95 75% $6.72 $12.32 $17.92 100% $8.96 $16.43 $23.89

Notes

1. PBG All Shares includes shares currently owned by PEP; assumes 226.5MM FDSO

2. Represents present value of synergies less costs to achieve; assumes a 7.5% WACC and 0% perpetuity growth 21

Morgan Stanley