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TRANSFORMINGTHEBUSINESSMODELEmerging MarketsStronger Growth
High ReturnTimJerzyk,SVPInvestorRelations
January2011ForwardLookingStatementsThispresentationwillincludeforward-lookingstatementsthatreflectmanagement’sexpectationsbasedoncurrentlyavailabledata.However,actualresultsaresubjecttofutureeventsanduncertainties.Theinformationinthepresentationrelatedtoprojectionsorotherforward-lookingstatementswhichmaycauseactualresultstodiffermateriallyaresubjecttothesafeharborstatementpostedonourWebsite2PowerfulGlobalPortfolioofBrands35
U.S.35%2010FINT’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-GAAPmeasurementstoGAAPresultsfoundon.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%7$0.10$0.05$0.00$0.30$0.25$0.20$0.159Note:Split-adjusted(May20072-for-1stocksplit)quarterlydividend.InitiatedDoubled6thAnnualIncrease!ConsistentDividendGrowth
OnSeptember14th201019%increaseChinaOtherYRIFranchise20002010Note:2010Unitsasofthirdquarter,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-Driven1113Yum!China:SignificantLeadoverWesternQSR
NumberofRestaurants 3,900 1,800Numbersareapproximate14
AndGrowingFaster…Forecasted2011NewUnits 475 400NumbersareapproximateSources:WallStreetJournalandcompanycommunicationsKFCDevelopmentReachesDeepintoChina
%ofTotalNewBuildsbyTier
Tier1
Tier2Tier3-62010
1533%52%15%50to60NewCitiesEachYear!
China450Million650Million2020FEmergingMarketsontheGroundFloorofGrowth
ConsumingClassPopulation
YRI EMERGING 2.0Billion
YRI EMERGING 1.1Billion
China
2010Source:Euromonitor201017
EmergingMarkets 40%
DevelopedMarkets 60%Note:2010FOperatingProfitsforYRI,doesnotincludecorporateandunallocatedexpense.AlmostHalfofYRIProfitsfromEmergingMarkets
2010FYRIOperatingProfits
TopEMProfitContributors
•Asia•SouthAfrica•MiddleEast/NorthAfrica•Caribbean/LatinAmerica
18InvestinginFutureGrowth&ReturnsinEmergingMarkets
Equity&Franchise
IndiaRussia
AfricaFranchise SoutheastAsia
19ReachingCriticalMassinRussia•AcquisitionofKFCRostikscomplete…150stores•Strongunit-leveleconomics•Strongsalesmomentum•BuildingtheteamSignificantLong-termMarketPotential21
PioneeringAfrica
Over1BillionPeopleC-O-BProteinofChoiceSouthAfricaMarketShare
2244%IndonesiaMalaysiaVietnam23Units800780102PhenomenalSalesGrowthinSoutheastAsia
5-yrSystemSalesCAGR2005-2010
54% 21% 13%25200620092015F$1.3Bn$1.6BnEquityandFranchiseGrowthDrivingProfitsinEmergingMarkets
TotalYum!OperatingProfit ~$3BnNumbersareApproximate.30%46%60%
Emerging MarketsDeveloped Markets26Source:WorldMonitor2
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