1. Global Growth Company & Cash Machine
Sanford Bernstein
Strategic Decisions Conference
May 29, 2008
David Novak
Yum! Brands Chairman & CEO

2. Power of Yum!
GLOBAL PORTFOLIO
GLOBAL GROWTH
GLOBAL CASH GENERATION

3. Not Your Ordinary Restaurant Company
% of Total Operating Profit
2017 F
2007
30%
U.S.
24%
China
40%
China China
46%
U.S. U.S.
30%
30%
YRI
YRI
Note: Excludes corporate allocation

4. Consistent Double-Digit EPS Growth
+15% +15%
+14%
+13% +13% +13%
+11%
Target
Target
at least
at least
10%
10%
’02 ’03 ’04 ’05 ’06 ’07 ’08 F
Note: Prior to special items. 2005 growth rate is also prior to the impact of expensing stock options.

5. Significant Share Buybacks
Share Buybacks Average Diluted Shares
($ million) (million)
12%
611
1,410
597 reduction
1,056
983
564
569 541
’04 ’05 ’06 ’07 ’04 ’05 ’06 ’07
Avg $34
$20 $25 $25
Price*
*Rounded and split adjusted

6. Commitment to Dividends
~4x
On May 6th, initial
$0.25
27% increase, dividend
from $0.15 to
$0.20
$0.19 per share Doubled
$0.15
$0.10 30%
Increase
15%
Increase
Initiated
$0.05
$0.00
4
5
5
6
6
7
7
8
'0
'0
'0
'0
'0
'0
'0
'0
3
1
3
1
3
1
3
1
Q
Q
Q
Q
Q
Q
Q
Q
Note: split-adjusted (May 2007 2-for-1 stock split) quarterly dividend

7. 4 Key Strategies to Drive Growth
Drive
Drive
Build Leading Brands
Build Leading Brands Aggressive International
Aggressive International
in China in Every
in China in Every Expansion and Build
Expansion and Build
Significant Category
Significant Category Strong Brands
Strong Brands
Everywhere
Everywhere
Drive
Drive
Dramatically Improve
Dramatically Improve
Industry-Leading, Long-Term
Industry-Leading, Long-Term
U.S. Brand Positions,
U.S. Brand Positions,
Shareholder and Franchisee
Shareholder and Franchisee
Consistency and Returns
Consistency and Returns
Value
Value

8. Build Leading Brands in China
Bigger Brands New Growth Brands
• New Proteins
• Breakfast
Expansion
• Delivery
• Drive-thru
• New Cities
• Tea Time
East Dawning
• New Menu

9. . . . with World-Class Infrastructure and
Long-Term Competitive Advantage
“Sysco-like” Unparalleled
“Sysco-like” Unparalleled
Talent &
Distribution
Distribution Talent &
Business Experience
Business Experience
Unmatched
Unmatched Targeted
Targeted
National Development
National Development Manufacturing
Manufacturing
Capability
Capability
National Scale — 500 Cities

10. Drive Aggressive YRI Expansion
Yum! Restaurants International
New Brands
•India
•Russia
Emerging/New Markets •Western Europe
•Africa
•Non-Fried •Enhanced
•Beverages Dine-In
Leverage Existing Brands •New Proteins •Dedicated
Delivery
•Breakfast

11. Huge YRI Growth Opportunity
5+
5+
billion
billion
18,000 1.3
1.3
Restaurants billion
billion
12,000
Restaurants
300
300
million
million 2,600
Restaurants
U.S. Mainland China YRI
Restaurants Per
60 2 3
Million People
Note: Traditional units only (2007)

12. Dramatically Improve U.S. Brands
Permanent Sales Layers
Permanent Sales Layers
+
Refranchising and Restructuring
Refranchising and Restructuring
+
Investments in Brand Repositioning
Investments in Brand Repositioning
Business Transformation
Business Transformation

13. Asset Leverage Opportunity
2007 Average Unit Volume
($ million)
2.0
2.0 1.9
1.5
1.1 1.0
0.8
Top 10% System Top 10% System Top 10% System System
Company Company
Company

14. Vision for Sales Layers
• More Balanced Options
• New Dayparts
• Everyday Value
• Contemporary Beverages & Destination Desserts
• New Proteins
• Contemporary Assets
Leveraging 35,000 Restaurant Assets

15. Transforming Our U.S. Business
FROM TO
HMR
Pizza
Pizza
Pasta
Chicken
Mexican-Inspired
Mexican Food
Powerhouse
Fried, Grilled,
Fried Chicken Portable and More

16. 4th Key Strategy: Drive Value
Drive
Drive
Build Leading Brands
Build Leading Brands Aggressive International
Aggressive International
in China in Every
in China in Every Expansion and Build
Expansion and Build
Significant Category
Significant Category Strong Brands
Strong Brands
Everywhere
Everywhere
Drive
Drive
Dramatically Improve
Dramatically Improve
Industry-Leading, Long-Term
Industry-Leading, Long-Term
U.S. Brand Positions,
U.S. Brand Positions,
Shareholder and Franchisee
Shareholder and Franchisee
Consistency and Returns
Consistency and Returns
Value
Value

17. Drive High ROIC
Focus investments on high-return opportunities
Mainland China brands
Franchise development at YRI
Maintain strong discipline with “earn the right to own”
own”
principle
Reduce company ownership in U.S.

18. A Global Leader in Returns
2007 ROIC
36%
27%
25%
22%
19%
18%
11%
11%
Source: Thomson Financial Data; ROIC = EBIT (1 – Effective Tax Rate) / (Total Equity + Total Debt)

19. Global Leader in Shareholder Payout
3-Year Annual Average
2005 – 2007
8.8%
7.7%
7.3%
5.9%
5.2%
5.2%
4.6%
4.3%
Source: Thomson Financial Data Payout = (Dividends + Repurchase) / Average Market Capitalization

20. Not Your Ordinary Restaurant Company
China U.S.
YRI
China U.S.
YRI
Growth Growth Value
“First Inning” “Greatest Potential” “Asset Leverage”
Opportunity to Invest in
Overseas and Emerging Markets

21. Commitment to Shareholders
AT LEAST 10% EPS GROWTH
AT LEAST 10% EPS GROWTH
Leader in International Development
Build Significant, Sustainable Sales Layers
Leader in Free Cash Flow and Returns
Leader in Shareholder Payouts

22. Yum!: A Defining Global Company
People Focused Culture: Where everyone
makes a difference
Breakthrough Results with Breakthrough
Innovation
Giving to Others: World Food Program
22