Keith Siegner

VP of Investor Relations & Corporate Strategy, Yum! Brands

 Cautionary Language Regarding Forward-Looking Statements
Forward-Looking Statements. This presentation and any related presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as
expect, expectation, believe, anticipate, may, could, intend, belief, plan, estimate, target, predict, likely, will, should, forecast, outlook or similar terminology.
These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future
developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will
prove to be correct. Forward-looking statements reflect our current expectations, estimates or projections concerning future results or events, including, without limitation, statements
regarding the intended capital return to shareholders, the planned separation of the Yum! Brands and Yum China businesses, the timing of any such separation, the future earnings and
performance as well as capital structure of Yum! Brands, Inc. or any of its businesses, including the Yum! Brands and Yum China businesses on a standalone basis if the separation is
completed and the intended future plans and expectations for Yum! Brands following the separation of the China businesses. Forward-looking statements are not guarantees of
performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from
those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. The forward-looking statements included in this
presentation are only made as of the date of this presentation and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or
circumstances. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without
limitation: whether we are able to return capital to shareholders at the times and in the amounts currently anticipated, if at all; whether the separation of the Yum! Brands and Yum China
businesses is completed, as expected or at all, and the timing of any such separation; whether the operational and strategic benefits of the separation can be achieved; whether the costs
and expenses of the separation can be controlled within expectations, including potential tax costs; as well as other risks. In addition, other risks and uncertainties not presently known to
us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the
understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions Risk
Factors and Forward-Looking Statements in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results.

Trademarks and Brands. We use Yum! Brands and the Yum! logo as our trademarks. Product names and services appearing in this presentation are trademarks of Yum! Brands, Inc. or
its subsidiaries. This presentation also may refer to brand names, trademarks, service marks and trade names of other companies and organizations, and these brand names, trademarks,
service marks and trade names are the property of their respective owners.

Market and Industry Data. Unless we indicate otherwise, we base the information concerning our industry contained in this presentation on our general knowledge of and expectations
concerning the industry. Our market position and market share is based on our estimates using data from various industry sources and assumptions that we believe to be reasonable
based on our knowledge of the industry. We have not independently verified the data obtained from these sources and cannot assure you of the datas accuracy or completeness.

Non-GAAP Measures. This presentation includes certain non-GAAP financial measures. Reconciliation of these non-GAAP financial measures to the most directly comparable GAAP
measures are included on our website at http://www.yum.com/investors. Investors are urged to consider carefully the comparable GAAP measures and reconciliations.
 New Yum! Brands, Inc.

Global Leader In Global Leader In Global Leader In

Chicken Pizza Mexican-Style
Category Category Category

Undisputed Category-Leading Global Brands

43,000+ Restaurants in almost 140 Countries; ~$45BN System Sales
Note: Data based on 2016F
 Compelling Unit Growth Opportunity:
New Growing Three Iconic Brands Globally
Unit Count
Today Future State
Chicken is worlds most popular protein
Emerging market powerhouse 20K+ 60K
China accelerates growth

Pizza suitable for global palate

Development focused on intl & emerging markets, including China 16K+ 48K
New growth opportunities from Delco units

Differentiated concept in US QSR industry

Focus on Millennials highly relevant today 6K+ 18K
Just getting started internationally

3x Unit Growth Potential; Franchise-led Unit Growth Driven By Attractive Unit Economics 4
 Two Unique, Best-In-Class Companies
New
2016PF Operating Profit
Current 2016F Operating Profit

New 32%

48%

China 28% 20%

36%

12%

~20%
24%
China
~80%

Note: 2016PF
Note: is Forma
2016 Pro defined as NewasYum!
is defined with Yum
New Yum! Chinacontributing
with China contributing 12 months
12 months as licensee;
as licensee; Yumfee
3% license China Pizza Hut
on 2016PF Chinaexcludes HomeHutService
KFC and Pizza system sales is included in KFC and Pizza Hut divisions, respectively
 Todays Objectives

New Yum! Yum China

Revolutionizing our The Defining Investment
Mindset & Performance Opportunity in China
 Compares Favorably to Highly Franchised Peers
New

New
Unit Growth Profile -
Emerging Market Growth Profile -
Diversification of Multiple Brands - -
Geographic Breadth -
Advantaged Tax Rate - - -
Strong Return of Capital Profile

Refranchising Opportunity - - -

New Yum! is Only Just Beginning

 The Transformation of Yum!
New

Reduces Accelerates Increases

Volatility FCF Growth Capital Return

China Separation Higher SSSG Refranchising Proceeds

Increasing Franchise Mix Higher New-Unit Growth Dividends
to 98% G&A Reduction Share Repurchases
Capex Reduction

>$3.75 of EPS and ~100% FCF Conversion by 2019

~$6.5BN to ~$7.0BN of Capital Returned from 2017-2019
Note: Free Cash Flow defined as EBITDA less Interest, Tax, Refranchising loss (gain), Non-cash FX Gains and Capex
 New Structure Yields Lower Risk
New

Today New
Operating Risk Moderate Low

Free Cash Flow Volatility Moderate Low

Capital Investment Needs High Low

Lease Obligations High Low

Higher Margin, More Predictable Cash Flow = Higher Multiple

New
Agenda
Keith Siegner VP of Investor Relations & Corporate Strategy, Yum! Brands
Greg Creed CEO, Yum! Brands
David Gibbs President & CFO, Yum! Brands
Break
Roger Eaton CEO, KFC
Artie Starrs / Milind Pant President, Pizza Hut US / President, Pizza Hut International
Brian Niccol CEO, Taco Bell
Q&A
Break
Micky Pant CEO, Yum China
Joey Wat CEO, KFC China
Ted Stedem CFO, Yum China
Q&A
 Version: 10/7@ 9:15pm(EDT)

Greg Creed
CEO, Yum! Brands
 At Yum!, We Have Built a Defining Global Company

As of Q3 2016 20K+ units 16K+ units 6K+ units

What Got You Here Doesnt Always Get You There

1997-2007 2008-2016
Grow our brands; Drive aggressive international
Strategy enter new markets; growth in developed and
massive China expansion emerging markets

Mix of equity and franchise Focused equity in high-growth

Structure businesses emerging markets alongside
franchise businesses

PEOPLE-FIRST AND RECOGNITION CULTURE THAT FUELS RESULTS

The China Separation Is the First Step of Our Transformation

Current China New

 Key Elements of Our Growth Transformation

1 2 3

Building Brands as Focused Strategy Championing

World-Class Franchisor and Leaner Structure Customer Experience
Like Never Before
There Is Extraordinary POWER and Growth Opportunity
in New Yum!
Imagine if
Yum!
Aspiration
Global Footprint

Brand Strength
 Growth Transformation Mindset

FROM TO
Mindset Own to Earn Own to Learn

Business Model Equity Franchisor

% Franchised 77% At least 98%

Focus Globally Diverse 4 Global Priorities

WE WILL DELIVER RESULTS THROUGH REPEATABLE BUSINESS MODELS

Note: Franchise excludes China joint-venture units
 Were Taking Bold Action to Transform Yum!
and Position Our Brands for Stronger Growth

More Focused & Efficient

World-Class
Consistent Returns
Franchisor
Reduced Risk

77% 93% 98%

Note: Years represent end of year data, 77% as of Q3 2016 before China separation, 93% is 2016 post China separation, 98% is 2018 year end; Franchise excludes China joint-venture units
 Op9on 2

We are Building a Stronger Growth Machine

7O%WTH
Total

+ =
Net-New
SSSG Unit System
Growth Sales

GR
We Will Leverage the Collective Power of Our Brands to Grow
Through Franchising and Win Across the Globe

Bring customers back one more time Partnering for growth

with our franchisees
Drive global scale to 60,000 restaurants
Repeating our successes
consistently in more markets
Make it easier to get a better pizza
Digital leadership, 20,000 restaurants by 2020 Delivering long-term
sustainable results
in every market
US brand going global Cross-brand collaboration
Become on-demand brand, win in all dayparts to develop capabilities
Today We Do a Lot of Things
Marketing & Franchisee Selection &
Culture & Values Brand Positioning
Merchandise Calendar Engagement

Standard Products & Relentlessly Relevant Portfolio Management

Talent Management
Procedures Brands (M&A + Cap. Allocation)

Consumer Facing Market & Asset

Consumer Insights IT Systems
Technology Development

Training & Field/Logistics Financing/ Supply

Scale & Efficiency
Support Real Estate Chain & Procurement

But We Need to FOCUS

 We Will WIN Consistently by Focusing on
Being the Best in the World at FOUR Growth Capabilities

Distinctive, Unmatched Franchise Bold Restaurant Unrivaled

Relevant Brands Operating Capability Development Culture & Talent

THE KEY DRIVERS OF SAME-STORE SALES GROWTH AND NET-NEW UNIT GROWTH 24
Distinctive, Relevant Brands
Distinctive, Relevant Brands
Distinctive, Relevant Brands
Unmatched Franchise Operating Capability
Unmatched Franchise Operating Capability
Unmatched Franchise Operating Capability

New KFC Concept

Bold Restaurant Development
Bold Restaurant Development

New Pizza Hut US Dine-In Concept

Bold Restaurant Development

New Taco Bell Cantina Concept

Unrivaled Culture & Talent

34
Unrivaled Culture & Talent
The New Yum! Brands Is a Transformed Yum! Where
We Deliver Long-term Sustainable Results in Every Market We Operate by Being

MORE MORE MORE MORE

FOCUSED FRANCHISED EFFICIENT GROWTH-
ORIENTED
MORE
COLLABORATIVE
ACROSS BRANDS AND FRANCHISEES
 David Gibbs
President & Chief Financial Officer, Yum! Brands
 Agenda

2016 Update
New Yum! Brands New Yum! Brands
Transformation Outlook
 2016F Pro Forma Snapshot
New New Yum! Only

2016F Pro Forma Operating Profit By Division1 2016F Financial Accomplishments

Completed $6.9BN of debt financing transactions

90% of debt fixed; Average of ~4.75% on total debt
Plan to return the remainder of our previously
committed $6.2BN of capital before year end
32%
Worldwide SSSG of 2%
48%
Total gross new builds of ~2,200 units, ~3% net
unit growth2
20%
On track to complete separation of Yum China on
October 31, 2016
3
2016F Pro Forma Core Operating Profit Estimated to Grow by ~10%
Note: 1 2016F Pro Forma is defined as New Yum! with Yum China contributing 12 months as licensee; 2 Excludes Little Sheep and East Dawning; 3 2016 Pro Forma Operating Profit includes a ~1.7% benefit from the 53rd week,
2016F Pro Forma Core Operating Profit of ~10% is based off of a 2015 Pro Forma Core Operating Profit baseline
 Agenda

New Yum! Brands

2016 Update Transformation New Yum! Brands
Outlook
 1 2 3 4 6

New
Financial Transformation Well Underway

Alignment and Ownership from Brand Leadership

G&A Roadmap Complete

Refranchise Markets and Stores Identified

Four Growth Capabilities Identified

Investing in Key Strategic Priorities

 New
Enhancing Financial Value

Increasing Franchise Expected Cumulative G&A Reducing Required Maintaining Optimized

Ownership to at Least Reductions of ~$300MM Annual Capital Capital Structure of
98% by FYE 2018 by FYE 2019 Expenditures from ~5.0x EBITDA Leverage
~$500MM to ~$100MM
by FYE 2019

Note: G&A reductions based off of 2015 Pro Forma base with Yum China contributing 12 months as licensee; Free Cash Flow defined as EBITDA less Interest, Tax, Refranchising Loss (gain), Non-cash FX Gains and Capex
 For a Transformed Yum!
New

1 2 3
REDUCE INCREASE INCREASE
VOLATILITY FREE CASH CAPITAL
FLOW RETURN
At least 98% franchise Higher SSSG ~$6.1BN of capital to be
returned in 2016
Less volatility from China Higher New Unit Growth
~$6.5BN to ~$7.0BN of
~$300MM G&A Reduction
capital to be returned
Capex reduced from ~ from 2017-2019
$500MM to ~$100MM

>$3.75 of EPS and ~100% FCF Conversion by 2019

Note: Capital Return values include dividends and share repurchases
 New
New Yum! = More of a Franchise Pure-Play

Driving Higher Franchise Ownership Refranchising Framework

At least 98% franchised; to be completed

98%
93% by FYE 2018
77% Making New Yum! amongst the highest
franchise mix in the sector
Refranchising net proceeds (post-tax) of $2BN+
>70% decrease in unit ownership from 2016F
to 2018F

2015 2016F 2018F

Note: Years represent end of year data; 2015 franchise % excludes China joint venture units
 Yum! Will be Amongst the
New Most Franchised Companies in the Sector
QSR DNKN
New Yum! 100% 100%
DPZ
97% 98%
WEN
95%
SONC
90%

MCD
85%

JACK
74%
New Yum! Refranchising
to be Completed by
PNRA
55%
FYE 2018
CMG
0%

Note: Percentages based off of FYE 2016F; New Yum! percentage based off of FYE 2018F
Source: Company filings and consensus research
 Geographically Diversified Portfolio of
New Recurring, Capital-Light Franchise Fees

EUROPE
13% of Franchise Fees
US
44% of Franchise Fees
ASIA
24% of Franchise Fees

MENA / AFRICA
CANADA & LATIN AMERICA 7% of Franchise Fees AUSTRALIA
8% of Franchise Fees
4% of Franchise Fees

Note: As of 2016F Pro Forma; 2016F Pro Forma is post China separation with Yum China contributing 12 months of a 3% license fee to New Yum!

$2+ BN in Franchise Fees

 New
Brand Exposure Is Diversified

Sensitivity to 10% Change in Sensitivity to One Point Change in

China SSS on New Yum! Operating Profit ($MM) Global SSS on New Yum! Operating Profit ($MM)

~$350
KFC PH TB

~$25 ~$30-35

Before China Separation After China Separation After Transformation

Note: After Transformation defined as 2019F

 INCREASE
New Yum! Transformation Will FCF

New
Drive Higher System Sales Growth

Net-New Unit
SSSG
Growth
 INCREASE
New Yum! Transformation Will FCF

New
Drive Higher System Sales Growth

FOCUS
Net-New Unit
SSSG
Growth
 INCREASE
~$300MM of Cumulative G&A Reductions, FCF

New Bringing Efficiency In-line with Peers

G&A as % of System Sales

3.4%

~2.7% ~2.8%
2.5%
~2.2%

~1.7%
~1.3%

YUM (2015) YUM (2015PF) YUM (2019F) QSR (2015) DNKN (2015) DPZ (2015) MCD (2015)
% Franchised: 77% 93% 98% 100% 100% 97% 82%
Note: 2015 franchise % excludes China joint venture units; 2015PF is post China separation
Source: Morgan Stanley Research, company estimates
 INCREASE
FCF

New
Reducing Required Annual Capital Expenditures

Expected Annual Run-rate Capital Expenditures ($MM) Key Takeaways

$973 ~$100MM represents maintenance capex,

replacements, corporate & other
Consider investments for attractive growth
discretely: each must pass ROIC hurdles
~$500

~$100

2015 2015PF 2019F

Note: 2015PF is post China separation

 New
New Yum!: Optimized Capital Structure
($ in Millions) Balance Cumulative
Average Credit Average
as of Multiple of
Maturity Rating Cost
Actively managing ~5.0x EBITDA 9/3/16 EBITDA
` ` `

leverage capital structure via Cash & Cash Equivalents $2,885

capital markets $1.0BN Revolving Credit Facility $0 0.0x 5 Years Ba1 / BBB- L+225bps

Term Loan A 500 0.3x 5 Years Ba1 / BBB- L+225bps

Post EBITDA growth and Term Loan B 2,000 1.3x 7 Years Ba1 / BBB- L+275bps
required amortization Existing I.G. Notes 2,200 2.5x ~10 Years B2 / B+ ~5.0%

payments Taco Bell Securitized Notes 2,300 3.7x ~7 Years NR / BBB ~4.5%

High Yield Notes 2,100 4.8x 9 Years B1 / BB 5.125%

90% of debt fixed; Average of Existing Capital Leases and Other 163 4.8x Varies N/A Varies
~4.75% on total debt Total Debt $9,263 4.8x ~8 Years ~4.75%

LTM Pro Forma Adj. EBITDA $1,912

$1 of EBITDA Growth = $5 of Incremental Capital for Return to Shareholders

Note: Total Debt excludes certain adjustments required by debt compliance purposes
 New
Significant Capital Return Through 2019

Free Cash Flow1

Cash from Maintaining Q4 2015 Actual2 2016 Target3 2017-2019 Target4

~5x Leverage
~$1.0BN ~$6.1BN ~$6.5BN to ~$7.0BN

Cash from Refranchising

Targeting over $13.5BN of capital return
during Q4 2015-2019 Transformation

Note: 1 Free Cash Flow defined as EBITDA less Interest, Tax, Refranchising Loss (gain), Non-cash FX Gains and Capex 2 Q4 2015 Actual includes initial share repurchases post $6.2BN capital return announcement plus dividends paid
in the quarter; 3 2016 includes portions of the previously announced $6.2BN in capital returns as well as dividends for the year; 4 2017-2019 Target includes expected dividends and share repurchases
 Financial Discipline
New
Underlying Capital Allocation Strategy

Pay a Competitive
Ensure Ample Targeted Capital Dividend Consistent with
Liquidity and Low Investments Current Payout Ratio of
Refinancing Risk
45% - 50%

Committed to Returning Excess Cash Flow to Shareholders

 New
The Impact of Our Transformation
2015 Pro Forma vs 98% Franchised 2015 Pro Forma

EBITDA

Operating Profit

Operating Profit Margin

EPS

Free Cash Flow Absolute Dollars

Free Cash Flow Conversion

Free Cash Flow Growth Rate

Note: 2015 Pro Forma is post China separation; Free Cash Flow defined as EBITDA less Interest, Tax, Refranchising Loss (gain), Non-cash FX Gains and Capex
 >70%+ Increase to EPS by 2019 with
New Improved FCF Conversion
EPS FCF Conversion

>$3.75
~100%
$3.75
100%

$3.25 95%

$2.75 90%

~$2.20 85%
$2.25 85%

$1.75 80%
2015PF 2019F 2015PF 2019F

Note: 2015PF excludes Yum Chinas 2015 Operating Profit and includes a 3% license fee of Chinas 2015 System Sales; Free Cash Flow defined as EBITDA less Interest, Tax, Refranchising Loss (gain), Non-cash FX Gains and Capex
 1 2 3 4 6

New
Elements of EPS Growth
Only ~30% of EPS increase attributable to SSSG
>$3.75
The remainder is primarily attributable to:
New Unit Growth, G&A Reductions,
~70%
Refranchising Efforts, Share Repurchases
and Other Financial Strategies
Reduces execution risk
>70%+ increase to 2015PF EPS by 2019
~30%
~$2.20
Improved Free Cash Flow Conversion of
~100% by 2019

2015PF SSSG Other 2019F Target

EPS EPS

Note: 2015PF is defined as New Yum! with Yum China contributing 12 months as licensee
 Agenda

New Yum! Brands

2016 Update New Yum! Brands Outlook
Transformation
New
New Yum! Post Refranchising Goal 2019+

System Sales Mid-to High-Single-Digit Growth

EBITDA High-Single-Digit Growth

Operating Profit High-Single-Digit Growth

Shareholder Return Mid-Teens

Leverage Ratio ~5.0x

Capex ~$0.1BN
 1 2 3 4 6

New
Financial Transformation Well Underway

Alignment and Ownership from Brand Leadership

G&A Roadmap Complete

Refranchise Markets and Stores Identified

Four Growth Capabilities Identified

Investing in Key Strategic Priorities

Yum! Brands
Annual Investor
Conference
Roger Eaton KFC CEO
October 11, 2016
 KFC benefits from New Yum!s Transformation

Repeatable Model for Insight-Led Innovation

SSSG Leverage China Digital Know How

Net-New Varied Asset Options That Provide <4-Year Payback

For Franchisees
Unit Development Agreements That Secure Long-Term
Growth Commitments From Franchisees
 A powerhouse brand that has never been stronger

12 quarters in a row
9 countries +500 net units
of positive SSSG 9% profit CAGR
entered past 2 international
15 quarters in a row for 2nd year in a row over past 4 years1
years
of profit growth1

1. On Ex F/X basis
Note: All values exclude China & India
Leveraging the full global power of KFC

2014 2017
US 2016 China
India
 Accelerating the turnaround in key markets
KFC US KFC India
+7% +6%
2 yr stacked SSSG SSSG

+5 ppt +5 ppt
2 yr stacked Op. Profit Margin
Op. Profit Margin Improvement
Improvement
(Ex. Acceleration Agreement)

Note: All values on a Q3 YTD basis

Providing optimal environment for repeatable models
Australia Since 2012 India Since 2016
Providing optimal environment for repeatable models
Australia Since 2000s China Since 2016
Sharpening our focus to excel at all four Yum! capabilities
One More Time 60,000 Units Add Hope

Dis?nc?ve, Unmatched Franchise Bold Restaurant Unrivaled

Relevant Brands Opera?ng Capability Development Culture & Talent
 Enhancing our consumer insight toolkit

Rich Insights Powerful Innovation Instant Global Sharing

 Always Original has brought us together

OUR PURPOSE
KFC celebrates originality

OUR PROMISE
Irresistible tastes and
memorable experiences
Canada Hockey Spot
SOPAC Construction Spot
 On the ground floor of global growth
KFC current penetra?on
(units per MM popula9on)

27

13

4
1

Australia US China Top 12 Emerging

Countries
Popula9on: 24MM 321MM 1.4BN ~3BN
Note: Population values from 2015 World Bank
 Flexible footprints to meet new occasions

Paris
Harnessing the full potential of digital
Expanding delivery around the world

81
A huge runway of opportunity ahead

60K Restaurants

$60+ BN System Sales

$3+ BN EBITDA
 October 11, 2016

YUM! BRANDS
Annual Investor
Conference
Greg Creed
CEO, Yum! Brands
ep information Keep informatio
above this mark above this mark
when possible when possible
 $12+ BN 16,000 103
SYSTEM SALES UNITS COUNTRIES

ep information Keep informatio

above this mark above this mark
when possible when possible

Proprietary and Confidential to Pizza Hut, Inc.

Note: Data based on 2016F. System Sales in constant currency. Countries includes countries + territories.
 MAKING IT EASIER TO
GET A BETTER PIZZA
ep information Keep informatio
above this mark above this mark
when possible when possible
 NOT SURE DEFINING EXECUTING
WHAT TO DO A PLAN THE PLAN

ep information Keep informatio

above this mark above this mark
when possible when possible
 October 11, 2016

YUM! BRANDS
Annual Investor
Conference
Artie Starrs
President, Pizza Hut US
&
ep information
above this mark
when possible
Milind Pant Keep informatio
above this mark
when possible

President, Pizza Hut International

 ep information
above this mark
when possible
PIZZA HUT US Keep informatio
above this mark
when possible
 BETTER
Food
& EASY
Value
Culture Experience
ep information
above this mark
when possible
Restaurants Technology Keep informatio
above this mark
when possible
 CORE VALUE & EXPERIENCE DRIVING COMPANY GROWTH
2016 YTD System Company Stores

SSTG
~1% ~6%
ep information
above this mark
when possible
SSSG
~1% ~3%
Note: Performance Through 3Q16
Keep informatio
above this mark
when possible
 CONSISTENT VALUE REINFORCING BETTER & EASY

Any ideas for the other half of this slide? I

know they talked about generosity but
think that should be more of a voiceover

ep information Keep informatio

above this mark above this mark
when possible when possible
 DISTINCTIVE ADVERTISING MEETS CORE INNOVATION

GRILLED
CHEESE
STUFFED CRUST
Insights-Based
Innovation With Core
Pizza Hut Equities
ep information Keep informatio
above this mark above this mark
when possible when possible
 EASIER EXPERIENCES ON ~$2+ BN PIZZA STORE
Access To Popular Pizzas Social Ordering Visible Promise Time

ep information Keep informatio

above this mark above this mark
when possible when possible
 ASSET TRANSFORMATION PROGRAM IN FULL SWING

~600 Avg. Actions Per Year

Over 10 Years

ep information Keep informatio

above this mark above this mark
when possible when possible
 BY FYE 2018, NEARLY HALF OF SYSTEM ENHANCED

NEW REMODELS / M&A TO NEW

ep information
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when possible
BUILDS RELOCATION OWNERS Keep informatio
above this mark
when possible
 MODEL MARKETS: GROWTH ROOTED IN THE CORE
A HOLISTIC APPROACH
BRAND: OPERATIONS: ASSETS: PEOPLE:
Making it easier to get a Simple & efficient Consistent, contemporary, Life unboxed exemplified
better pizza look of leader

ep information Dis$nc$ve, Unmatched Franchise Bold Restaurant Unrivaled Keep informatio

above this mark
when possible Relevant Brands Opera$ng Capability Development Culture & Talent above this mark
when possible
 PIZZA HUT BENEFITS FROM NEW YUM!S TRANSFORMATION
Leverage Current Equity and Other Learnings from
Yum! Turnarounds
SSSG Re-purpose Capital and Continue to Accelerate
Investment in Technology

Net-New Delivery-based Restaurant Store Design

Unit Aggressive Franchisee Recruiting
ep information
above this mark
Growth Keep informatio
above this mark
when possible when possible
 ep information
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PIZZA HUT INTERNATIONAL Keep informatio
above this mark
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 OUR REPEATABLE GROWTH MODEL:

BETTER
Food Value
& EASY
Experience
ep information Keep informatio
above this mark above this mark
when possible when possible
 ROLLING OUT THAILANDS PROVEN GROWTH MODEL
THAILAND SSSG
20% Australia
15%
South Korea
10%
Russia
5%

India
Canada
0%
ep information Keep informatio
above this mark above this mark
when possible -5% when possible

2015 1Q16 2Q16 3Q16

 BIG TECHNOLOGY INVESTMENTS
GLOBAL RESTAURANT TECHNOLOGY SOLUTION

Cloud-Based & Mobile

Intuitive, Self-Training
Roll-Out Starting 2017
ep information Keep informatio
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 BIG TECHNOLOGY INVESTMENTS
pizzahut
DIGITAL CENTER OF EXCELLENCE

Proprietary E-Commerce
Platform
Major Market Launch in
2017
ep information Keep informatio
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 ACCELERATING UNIT GROWTH
INTERNATIONAL NET-NEW UNITS
3.5X
In 6 Years

300
252 235
179 183
84

ep information
above this mark
2011 2012 2013 2014 2015 2016F Keep informatio
above this mark
when possible when possible

Note: International Figures Prior to 2016 exclude India Business Unit. International Figures Prior To 2015 exclude Mauritius. Excludes Transfer of Hawaii, Guam and Saipan to U.S. Business Unit. Excludes US and China.
 GROWING WITH COMPELLING NEW ASSETS

EXPRESS FAST CASUAL DELCO

ep information
above this mark
Quick, On-The-Go Occasions Delco BOH, Fast Casual FOH Keep informatio
above this mark
when possible
Reduced Investment Significant Lift in Sales vs. Traditional Delco when possible

~30% Of Builds in 2016 Improved Customer Metrics

 SUCCESSFUL NEW MARKET ENTRIES IN AFRICA

2016F

ep information
above this mark
when possible
60
RESTAURANTS
TANZANIA
Keep informatio
above this mark
when possible

Note: Excludes North Africa

 SUCCESSFUL NEW MARKET ENTRIES IN AFRICA

2016F

ep information
above this mark
when possible
70
RESTAURANTS
TANZANIA
Keep informatio
above this mark
when possible

Note: Excludes North Africa

 PIZZA HUT BENEFITS FROM NEW YUM!S TRANSFORMATION

Globally Roll Out Repeatable Growth Models For Value

SSSG Focus Investment in Digital-Technology for an Easy
Experience

Net-New Fuel Growth with Fast Casual Delco, Express

Unit Accelerate Growth with New Development Agreements
ep information
above this mark
Growth Keep informatio
above this mark
when possible when possible
 TODAY
OPENING

~2 RESTAURANTS/DAY
ep information Keep informatio
above this mark above this mark
when possible when possible

Note: Represents target restaurant openings for Pizza Hut Global, including U.S. & China Note: Represents target restaurant count for Pizza Hut Global, including U.S. & China
 TODAY 2020
OPENING OPENING

~2 ~3
RESTAURANTS/DAY RESTAURANTS/DAY
ep information Keep informatio
above this mark above this mark
when possible when possible

Note: Represents
Note: Represents target restaurant target
openings for Pizza restaurant
Hut Global, includingcount
U.S. &for Pizza Hut Global, including U.S. & China
China
 ep information Keep informatio
above this mark above this mark
when possible when possible
Yum! brands
Annual Investor Conference
Brian Niccol
Ceo, taco bell
October 11, 2016
 Taco Bell Benefits From New Yum!s Transformation
N B

Distinctive Insights
SSSG Hi-Lo Approach Across Dayparts and Platforms

Net-New Refranchising to Drive Growth with Long-Term and

New Franchise Partners
Unit Reducing Costs to Strengthen Returns and Unlock
Growth Growth with New Formats (US) and Supply Chain (Intl)
 Our Strategy is Delivering
2011 Today

System Sales $7BN $9+ BN

Win in
All Dayparts $1.2MM $1.5MM

Development 6,750 7,275

Margins 15% >20%

All While Driving World Class Operations

Note: Restaurant counts are rounded to nearest 25 and include multi-brand, license and international restaurants.
 Simple Growth Story
Innovation & World Class Global Culture as a
Value Driving Franchise System Development Competitive
Same-Store Sales & Capability Advantage
Brand is Strong and Distinctively Positioned
Current Creative Cause
Winning with Industry Leading Value & Innovation
Price Value Bundle Value Innovation
VIDEO
:30 $1 All Day
 Our Innovation Pipeline is Strong
Naked Chicken Chalupa Crispy Chicken Chips Queso Beef Burrito

Loaded Taco Burrito Double Stacked Tacos Quesalupa 2.0

Volcano

Bacon Club
Leading in Digital Communication & Access
Designing Our Business to Be Flexible & Relevant
Freestanding Inline Walk-Up
 For Franchisees & Customers
Expecting ~250 New
Domestic Restaurants
in 2016
700+ Openings in
US 2014-2016F
15% Return on
Investment

Note: Return shown is the IRR of new restaurants opened by Taco Bell as of Q3 2016.
Represents the IRR from 20-year projected cash flows based on new units over the past 24 months as of Q3 2016
 Going from US to Global Powerhouse Franchisor
Today 2022E

US 6,975 8,000+
International 300 Units in 22 Countries 1,000+ Units in 40 Countries

7,275 9,000+
Note: Restaurant counts are rounded to nearest 25 and include multi-brand and license restaurants.
Spain

Madrid, Spain (February 2016)

14 Stores Opened in 2015-2016
75+ Stores Expected by 2020
 South Korea

Seoul, South Korea (April 2016)

9 Stores Opened in Past 2 Years
50+ Stores Expected by 2020
 India

Delhi, India (August 2016)

QSR+ in Design, Menu & Experience
50+ Stores Expected by 2020
Brazil

So Paulo, Brazil (September 2016)

1st Location
25+ Stores Expected by 2019
Our HUNGRY Culture is a Global Advantage
 VIDEO
1:30 TB Recruiting Sizzle Reel
 World Class Brand with Significant Growth Ahead
2011 Today

System Sales $7BN $9+ BN

Win in
All Dayparts $1.2MM $1.5MM

Development 6,750 7,275

Margins 15% >20%

All While Driving World Class Operations

Note: Restaurant counts are rounded to nearest 25 and include multi-brand, license and international restaurants.