Frito-Lay Invests $500,000 in Scholarship Program with the United Negro College Fund to Provide College Education for Black and Hispanic Students

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Program will Help Reduce Financial Barriers and Benefit Students Across 10 U.S. Cities

PLANO, Texas, Aug. 12, 2022 /PRNewswire/ -- Frito-Lay today announced a partnership with the United Negro College Fund (UNCF) that will further enable Black and Hispanic students across 10 U.S. cities to attend college. The snack leader is investing $500,000 in need-based scholarships to help reduce the financial barriers of attending and graduating college. Students are encouraged to apply beginning now and until submissions close September 29.

The scholarship will be accessible to students in Atlanta, Chicago, Dallas, Detroit, Houston, Los Angeles, Orlando, Phoenix, San Francisco and Washington, D.C. Each scholarship will provide assistance of up to $5,000 each to 100 Black and Hispanic students.

"Investing in these students means investing in tomorrow's success. It's a privilege to play a role in their futures," said Steven Williams, CEO PepsiCo Foods North America. "At Frito-Lay, we're proud to celebrate diversity at every level of our organization and remain committed to supporting future generations through resources that enable them to continue their education journey and achieve long-term success."

This is one of the largest scholarships in Frito-Lay history and an extension of Frito-Lay's commitment to the PepsiCo Racial Equality Journey initiative, which will contribute $570 million to address issues of inequality over the next five years. This also represents the first partnership between Frito-Lay and UNCF, which has a 75-year legacy of helping to provide equal access to education for all Americans.

"We're thrilled to partner with Frito-Lay to support underrepresented groups in the communities that we call home," said Maurice E. Jenkins, Jr., executive vice president and chief development officer, UNCF. "This partnership helps us to further act on our vision of a nation where all Americans have equal access to a college education that prepares them for rich intellectual lives, competitive and fulfilling careers and engaged citizenship."

The eligibility for scholarship selection requires that a student be Black or Hispanic and be enrolled full-time at an accredited four-year college. To view the full list of criteria and to apply, click here.

About Frito-Lay North America

Frito-Lay North America is the $19 billion convenient foods division of PepsiCo, Inc. (NASDAQ: PEP), which is headquartered in Purchase, NY. Frito-Lay snacks include Lay's and Ruffles potato chips, Doritos tortilla chips, Cheetos snacks, Tostitos tortilla chips and branded dips, SunChips multigrain snacks and Fritos corn chips. The company operates 30+ manufacturing facilities across the U.S. and Canada, more than 200 distribution centers and services 315,000 retail customers per week through its direct-store-delivery model. Learn more about Frito-Lay at the corporate website, www.fritolay.com, on Twitter (@fritolay), on Instagram (@fritolay) and on Facebook (Frito-Lay).

About UNCF

UNCF (United Negro College Fund) is the nation's largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students' education and development through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. While totaling only 3% of all colleges and universities, UNCF institutions and other historically Black colleges and universities are highly effective, awarding 13% of bachelor's degrees, 5% of master's degrees, 10% of doctoral degrees and 24% of all STEM degrees earned by Black students in higher education. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 60,000 students at over 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste."^® Learn more at UNCF.org or for continuous updates and news, follow UNCF on Twitter at @UNCF.

SOURCE Frito-Lay North America