Pepsi: Climate changeor measures to addressclimate changecan negatively affect our business or damage our reputation.

Climate changemay have a negative effect on agricultural productivity which may result in decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as potatoes, sugar cane, corn, wheat, rice, oats, oranges and other fruits (and fruit-derived oils). In addition,climate changemay also increase the frequency or severity of natural disasters and other extreme weather conditions, which could impair our production capabilities, disrupt our supply chain or impact demand for our products. Also, concern overclimate changemay result in new or increased legal and regulatory requirements to reduce or mitigate the effects ofclimate change, which could result in significant increased costs and require additional investments in facilities and equipment. As a result, the effects ofclimate changecan negatively affect our business and operations. In addition, any failure to achieve our goals with respect to reducing our impact on the environment or perception of a failure to act responsibly with respect to the environment or to effectively respond to regulatory requirements concerningclimate changecan lead to adverse publicity, resulting in an adverse effect on our business or damage to our reputation.

Vulcan: Climate changeandclimate changelegislation or regulations may adversely impact our business A number of governmental bodies have introduced or are contemplating legislative and regulatory change in response to the potential impacts ofclimate change. Such legislation or regulation, if enacted, potentially could include provisions for a "cap and trade" system of allowances and credits or a carbon tax, among other provisions.

Other potential impacts ofclimate changeinclude physical impacts, such as disruption in production and product distribution due to impacts from major storm events, shifts in regional weather patterns and intensities, and potential impacts from sea level changes. There is also a potential forclimate changelegislation and regulation to adversely impact the cost of purchased energy and electricity.

The impacts ofclimate changeon our operations and the company overall are highly uncertain and difficult to estimate. However,climate changelegislation and regulation concerning greenhouse gases could have a material adverse effect on our future financial position, results of operations or cash flows.

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