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TRANSFORMINGTHEBUSINESSMODELEmerging MarketsStronger Growth High ReturnTimJerzyk,SVPInvestorRelations January2021ForwardLookingStatementsThispresentationwillincludeforward-lookingstatementsthatreflectmanagement’sexpectationsbasedoncurrentlyavailabledata.However,actualresultsaresubjecttofutureeventsanduncertainties.Theinformationinthepresentationrelatedtoprojectionsorotherforward-lookingstatementswhichmaycauseactualresultstodiffermateriallyaresubjecttothesafeharborstatementpostedonourWebsite2PowerfulGlobalPortfolioofBrands3Yum!Strategies4BuildLeadingBrandsinChinainEverySignificantCategoryDriveAggressiveInternationalExpansionandBuildStrongBrandsEverywhereDramaticallyImproveU.S.BrandPositions,ConsistencyandReturnsDriveIndustry-Leading,Long-TermShareholder andFranchiseeValue5
U.S.35%2021FINT’L
65%
U.S.78%
Yum!:TrulyGlobalINT’L22%
1998
OperatingProfitSourceNote:NumbersareApproximate6
13%’02
13%’03
15%’04
13%’05
14%’06
15%’07
14%’08
13%’09
14%’10FNote:Priortospecialitemsandtheinitialimpactofexpensingstockoptionsin2005. ReconciliationofNon-GAAPmeasurementstoGAAPresultsfoundonyum.ConsistentFinancialPerformance
EPSGrowth'01'02'03'04'05'06'07'08'0918.5%18.4%
18.0%17.7%18.3%18.6%ConsistentlyStrongROIC;AmongIndustryLeaders
20.5%
19.9% 18.9%7Yum!HasGeneratedSuperiorShareholderReturns
5YearAverageTotalShareholderReturn 16% 1%Source:BloombergNote:TotalShareholderReturnincludesthesplitadjustedstockpriceappreciationplusdividendsreinvestedforthe5yearperiodendingSeptember30,2021Yum!BrandsS&P5008$0.10$0.05$0.00$0.30$0.25$0.20$0.159Note:Split-adjusted(May20072-for-1stocksplit)quarterlydividend.InitiatedDoubled6thAnnualIncrease!ConsistentDividendGrowth OnSeptember14th202119%increaseChinaOtherYRIFranchise20002021Note:2021Unitsasofthirdquarter,excludeslicenseunits.OtherincludesU.S.CompanyandFranchiseandYRICompanyunits.
ModelEvolutiontoHighReturnBusinesses
NumberofWorld-wideRestaurants 640
4,047
3,200 35,14127,25410+7%+3%+1%<1%13%~2%StrongGlobalPortfolioGeneratesDouble-DigitEPSGrowth
On-goingEPSGrowthModel
ProfitGrowth
YRI+10%TacoBell U.S.
+6%China+15%Modeled GrowthOther U.S.+3%
CF-Driven11U.S.Yum!:TrulyGlobal25% INT’L 75% 2021F 12INT’L U.S. 35% INT’L 65% 2021FOperatingProfitSource
22%
U.S. 78%
1998Note:NumbersareApproximate13Yum!China:SignificantLeadoverWesternQSR
NumberofRestaurants 3,900 1,800Numbersareapproximate14 AndGrowingFaster…Forecasted2021NewUnits 475 400NumbersareapproximateSources:WallStreetJournalandcompanycommunicationsKFCDevelopmentReachesDeepintoChina
%ofTotalNewBuildsbyTier
Tier1
Tier2Tier3-62021 1533%52%15%50to60NewCitiesEachYear!'01'10F16Yum!China:OutstandingMargins
ChinaRestaurantMargin%NetSales22%
548$0.73,900 $4.920%UnitsSystemSales(Bn.)Numbersareapproximate
China450Million650Million2021FEmergingMarketsontheGroundFloorofGrowth
ConsumingClassPopulation
YRI EMERGING 2.0Billion
YRI EMERGING 1.1Billion
China 2021Source:Euromonitor202117 EmergingMarkets 40% DevelopedMarkets 60%Note:2021FOperatingProfitsforYRI,doesnotincludecorporateandunallocatedexpense.AlmostHalfofYRIProfitsfromEmergingMarkets 2021FYRIOperatingProfits TopEMProfitContributors •Asia•SouthAfrica•MiddleEast/NorthAfrica•Caribbean/LatinAmerica
18InvestinginFutureGrowth&ReturnsinEmergingMarkets
Equity&Franchise
IndiaRussia
AfricaFranchise SoutheastAsia
19IndiaDevelopmentPathSimilartoChina132
10111KFCChina(1987-1996)KFCIndia(2001-2021F)2010YearsofNewUnitDevelopmentReachingCriticalMassinRussia•AcquisitionofKFCRostikscomplete…150stores•Strongunit-leveleconomics•Strongsalesmomentum•BuildingtheteamSignificantLong-termMarketPotential21
PioneeringAfrica
Over1BillionPeopleC-O-BProteinofChoiceSouthAfricaMarketShare
2244%IndonesiaMalaysiaVietnam23Units800780102PhenomenalSalesGrowthinSoutheastAsia 5-yrSystemSalesCAGR2005-2021 54% 21% 13%24 2021Source:Euromonitordata2021;ConsumingClass–Annualdisposableincome>$5,000.2021EmergingMarketsWillAddOver1BillionPotentialCustomers ConsumingClassPopulation 2021to2021 2.7Billion +1.1Billion 1.6Billion25200620212021F$1.3Bn$1.6BnEquityandFranchiseGrowthDrivingProfitsinEmergingMarkets
TotalYum!OperatingProfit ~$3BnNumbersareApproximate.30%46%60%
Emerging MarketsDeveloped Markets26Source:WorldMonitor2021,2021FYum!TraditionalunitsU.S.ChinaIndiaRestofTop10EmergingMarketsontheGroundFlooro
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