1.) Let’s start with slide #7, the bottom part where it has pie charts of sales and profits.  This is from PepsiCo’s legal filing with the SEC.  PepsiCo has two lines of businesses – beverages and snack foods (Frito Lay).  As an investor (either current or potential) in PepsiCo, I want to how the company’s portfolio of businesses performed. Using the 2012 sales and profits pie chart, tell me how the two businesses did. 2.) Let’s look at slide #14.  This slides captures the main thesis of what Trian is trying to do and therefore it is important for us to examine the arguments carefully. Trian argues that the two businesses are fundamentally different.  Do you agree? 3.) In PepsiCo, is Frito Lay subsidizing beverages?  The cost of running the corporate office of PepsiCo is around $1 billion each year. If you are the head of Frito Lay, your profits are reduced by your share of the $1 billion corporate office overhead.  Would you be happy about it? So, is PepsiCo a conglomerate or a related diversified firm?  Did you change your mind from when you did the deliverable? https://s3.amazonaws.com/blackboard.learn.xythos.prod/584b12a1a0ed8/4197213?response-cache-control=private%2C%20max-age%3D21600&response-content-disposition=inline%3B%20filename%2A%3DUTF-8%27%27TRIAN-WHITE-PAPER-PepsiCo.pdf&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20200914T150000Z&X-Amz-SignedHeaders=host&X-Amz-Expires=21600&X-Amz-Credential=AKIAYDKQORRYTKBSBE4S%2F20200914%2Fus-east-1%2Fs3%2Faws4_request&X-Amz-Signature=e0e8f040670f4e58b5eba110b7987d1f5806dcf45e045411e6874af6d14779c6