1、TRANSFORMING THE BUSINESS MODELEmergingMarketsStrongerGrowthHighReturnTim Jerzyk, SVP Investor RelationsJanuary 2019Forward Looking StatementsThis presentation will include forward-looking statementsthat reflect managements expectations based on currentlyavailable data. However, actual results are s

2、ubject tofuture events and uncertainties. The information in thepresentation related to projections or other forward-lookingstatements which may cause actual results to differmaterially are subject to the safe harbor statement postedon our Web site2Powerful Global Portfolio of Brands3Yum! Strategies

3、4Build Leading Brandsin China in EverySignificant CategoryDrive AggressiveInternational Expansionand Build StrongBrands EverywhereDramatically ImproveU.S. Brand Positions,Consistency and ReturnsDrive Industry-Leading,Long-Term Shareholderand Franchisee Value5U.S.35%2019FINTL65%U.S.78%Yum!: Truly Glo

4、balINTL22%2019Operating Profit SourceNote: Numbers are Approximate613%0213%0315%0413%0514%0615%0714%0813%0914%10 FNote: Prior to special items and the initial impact of expensing stock options in 2019.Reconciliation of Non-GAAP measurements to GAAP results found on yum.Consistent Financial Performan

5、ceEPS Growth01020304050607080918.5%18.4%18.0%17.7%18.3%18.6%Consistently Strong ROIC; Among Industry Leaders20.5%19.9%18.9%7Yum! Has Generated Superior Shareholder Returns5 Year Average Total Shareholder Return16%1%Source: BloombergNote: Total Shareholder Return includes the split adjusted stock pri

6、ce appreciation plus dividends reinvested for the 5 year periodending September 30, 2019Yum! BrandsS&P 5008$0.10$0.05$0.00$0.30$0.25$0.20$0.159Note: Split-adjusted (May 2019 2-for-1 stock split) quarterly dividend.InitiatedDoubled6th Annual Increase!Consistent Dividend GrowthOn September 14th 20

7、1919% increaseChinaOtherYRIFranchise20002019Note: 2019 Units as of third quarter, excludes license units. Other includes U.S. Company and Franchise and YRI Company units.Model Evolution to High Return BusinessesNumber of World-wide Restaurants6404,0473,20035,14127,25410+7%+3%+1% $5,000.2020Emerging

8、Markets Will Add Over 1 Billion Potential CustomersConsuming Class Population2019 to 20202.7 Billion+1.1 Billion1.6 Billion25201920212019F$1.3 Bn$1.6 BnEquity and Franchise Growth Driving Profits in Emerging MarketsTotal Yum! Operating Profit$3 BnNumbers are Approximate.30%46%60%EmergingMarketsDevelopedMarkets26Source: World Monitor 2019, 2019F Yum! Traditional unitsU.S.ChinaIndiaRest of Top 10Emerging Markets on the Ground Floor of GrowthYum! Units Per Million People602.70.21.70.3 Bn.1+ Bn.1+ Bn.1+ Bn.PeopleImpressive Portfolio of Global Bran