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2017-Annual-Report.Pdf Celebrating Milestones AND PROGRESSING ON OUR TRANSFORMATION JOURNEY Dear Fellow Stakeholders: 2017 was a year of celebrating and achieving milestones while making solid progress in the first full year of our transformation Greg Creed, journey. Chief Executive Officer Yum! Brands Inc. First, we celebrated our 20th anniversary as an independent company following our spin-off from Pepsico in October 1997. Since the spin, Yum! has more than doubled its system sales, grown operating profit more than six times over and developed into a global powerhouse, going from 30% of restaurants outside the U.S. to nearly 60% of restaurants outside the U.S. Our exceptional results over the last 20 years are a testament to the unmatched power of our brands and the extraordinary talent which is the backbone of our organization. Next, October 31 marked the one-year anniversary of our spin-off of the China business into an independent company. China’s success over the past year reaffirmed our decision to separate this powerful business. Our collaboration with Yum! China is as strong as ever and we continue to be impressed with their ability to make Yum!’s brands distinctive, relevant, and easy. Our future together is bright and by working together we can fully exploit the power of our brands. Finally, 2017 represented the first full year of our transformation journey. We made significant progress on our path to becoming a company that is more focused, more franchised, and more efficient. In fact, we ended 2017 with 97% of our restaurants being franchised and are well on our way towards being at least 98% franchised by the end of 2018. Our four key growth capabilities are the foundation upon which our sustainable, long-term results are being built. These growth capabilities, outlined below, are the key drivers of same-store sales and net-new unit growth and serve as our guiding principles in all business decisions. 1. Distinctive, Relevant and Easy Brands. We will innovate and elevate iconic restaurant brands people trust and champion. 2. Unmatched Franchise Operating Capability. We will recruit and equip the best restaurant operators in the world to deliver great customer experiences. 3. Bold Restaurant Development. We will drive market and franchise unit expansion with strong economics and attractive returns. 4. Unrivaled Culture & Talent. We will leverage culture and people capability to fuel brand performance and franchisee success. I firmly believe our culture is a competitive n Pizza Hut is committed to ensuring every advantage for Yum! and am committed to customer has a Hot, Fast and Reliable ensuring this is the case not only today, but in experience around the world. In the U.S. the future. Leading and investing in our culture we are aligning the system through the is the best way to fuel better business results Transformation Agreement and building and I’m excited to see our people and our momentum in the business by enhancing franchisees energized as they grow our iconic our digital and delivery experiences, brands. With culture as the driving force behind investing in loyalty through our Hut Rewards our results, I’m pleased to share the following program and optimizing our asset base. highlights from 2017: Internationally, we continue to align our delivery-centric asset strategy to meet the n Worldwide system sales growth of 5%, growing global demand for fast casual pizza. excluding the impact of the 53rd week and foreign currency translation. This was led by n Taco Bell truly is a Category of One. 7% growth at Taco Bell, followed by 6% at The team delivered another solid year KFC and 2% at Pizza Hut. of operating results driven by innovative new products and unparalleled value. I am n Same-store sales growth of 2%, led by 4% particularly excited about the new products growth at Taco Bell and followed by 3% at and unique and compelling marketing KFC with Pizza Hut even for the year. calendar the team has planned for 2018. Internationally, Taco Bell continues to build n Net-new unit growth of 3%, including 2,632 momentum as we entered five new countries gross unit openings, which is more than 300 and ended the year with over 400 Taco Bell gross unit openings than in 2016. restaurants outside the U.S. n Reached a significant milestone in 2017 as In closing, we are confident we are making we ended the year with over 45,000 global the right changes to our business to build an restaurants in 139 countries and territories. enduring foundation for long-term growth that results in increased returns for our stakeholders. n Increased core operating profit 9%, In 2018 and beyond, I look forward to updating excluding the impact of the 53rd week. you on our brands’ bold moves in delivery, digital and new restaurant development as they n Returned $2.4 billion of capital to make our brands ‘Easy’ to order, ‘Easy’ to afford shareholders through share repurchases and ‘Easy’ to access. Most importantly, our three and dividends and remain committed to global iconic brands, bold growth agenda and returning between $6.5 and $7.0 billion world-class culture will continue to serve as our from 2017 to 2019 through both share guiding light in our journey towards sustained repurchases and dividends. momentum in our business now and in the future. Together we are building a world with Our three iconic brands continue to focus on more Yum! our four key growth capabilities which are the catalysts behind our successful results. n KFC is “Southern Inspired”. With innovative new products such as the Dirty Louisiana burger and the Chizza, a unique marriage of chicken and pizza, KFC continues to demonstrate success with our “Always Original” brand positioning. The team remains dedicated to addressing unmet consumer occasions through enhanced asset Greg Creed, CEO formats and elevated consumer experiences by leveraging the brand’s strengths and delivering sustained momentum globally. YUM! Brands, Inc. 1441 Gardiner Lane Louisville, Kentucky 40213 April 6, 2018 Dear Fellow Shareholders: On behalf of your Board of Directors, we are pleased to invite you to attend the 2018 Annual Meeting of Shareholders of YUM! Brands, Inc. The Annual Meeting will be held Thursday, May 17, 2018, at 9:00 a.m., local time, in the YUM! Brands Center of Restaurant Excellence at 7100 Corporate Drive in Plano, Texas. Once again, we encourage you to take advantage of the Securities and Exchange Commission rule allowing companies to furnish proxy materials to their shareholders over the Internet. We believe that this e-proxy process expedites shareholders’ receipt of proxy materials, lowers the costs of delivery and helps reduce the Company’s environmental impact. Proxy Statement Your vote is important. We encourage you to vote promptly whether or not you plan to attend the meeting. You may vote your shares via a toll-free telephone number or over the Internet. If you received a paper copy of the proxy card by mail, you may sign, date and mail the proxy card in the envelope provided. Instructions regarding the three methods of voting are contained on the notice or proxy card. If you plan to attend the meeting, please bring your notice, admission ticket from your proxy card or proof of your ownership of YUM common stock as of March 19, 2018 as well as a valid picture identification. Whether or not you attend the meeting, we encourage you to consider the matters presented in the proxy statement and vote as soon as possible. Sincerely, Greg Creed Chief Executive Officer Important Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting to Be Held on May 17, 2018— this notice and the proxy statement are available at www.yum.com/investors/corporate-governance/proxy-statement.The Annual Report on Form 10-K is available at www.yum.com/annualreport. YUM! Brands, Inc. 1441 Gardiner Lane Louisville, Kentucky 40213 Notice of Annual Meeting of Shareholders Thursday, May 17, 2018 9:00 a.m. YUM! Brands Center of Restaurant Excellence, 7100 Corporate Drive, Plano, Texas 75024 ITEMS OF BUSINESS: (1) To elect eleven (11) directors to serve until the 2019 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified. (2) To ratify the selection of KPMG LLP as our independent auditors for the fiscal year ending December 31, 2018. (3) To consider and hold an advisory vote on executive compensation. (4) To transact such other business as may properly come before the meeting. WHO CAN VOTE: You can vote if you were a shareholder of record as of the close of business on March 19, 2018. ANNUAL REPORT: Proxy Statement A copy of our 2017 Annual Report on Form 10-K is included with this proxy statement. WEBSITE: You may also read the Company’s Annual Report and this Notice and proxy statement on our website at www.yum.com/annualreport. DATE OF MAILING: This Notice, the proxy statement and the form of proxy are first being mailed to shareholders on or about April 6, 2018. By Order of the Board of Directors Marc L. Kesselman General Counsel, Corporate Secretary and Chief Government Affairs Officer YOUR VOTE IS IMPORTANT Under securities exchange rules, brokers cannot vote on your behalf for the election of directors or on executive compensation related matters without your instructions. Whether or not you plan to attend the Annual Meeting, please provide your proxy by following the instructions on your Notice or proxy card. On or about April 6, 2018, we mailed to our shareholders a Notice containing instructions on how to access the proxy statement and our Annual Report and vote online.
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