Yum China and Taco Bell announce the opening of two new Taco Bell restaurants in Shanghai, China

Yum China opens a new Taco Bell restaurant in Wu Jiao Chang, Shanghai in Dec 2017

Debuts exclusive dinner menu and table service Unique East meets West design integrates restaurants in local communities

Shanghai, China, 2018-Jan-03 — /EPR Retail News/ — Yum China Holdings, Inc. (“Yum China”) (NYSE: YUMC), and Taco Bell Corp., the world’s largest Mexican-inspired restaurant chain, today announced the opening of two new restaurants in Shanghai, China. Following the successful opening of the first Taco Bell restaurant in China earlier this year in Shanghai’s Lujiazui area, Yum China has opened a new Taco Bell restaurant in a premium shopping mall in Wu Jiao Chang, close to some of Shanghai’s top universities, and expects to open a restaurant in Feng Sheng Li, a popular shopping precinct before the end of 2017.

“The response to our first Taco Bell store in Shanghai has been fantastic, and we are very excited to introduce two more unique restaurants to the city,” said Micky Pant, Chief Executive Officer of Yum China. “The new restaurants integrate Taco Bell’s signature brand and spirit into the local community, and bring both classic menu items and original recipes to cater to Chinese customers. We are excited to welcome more customers to experience Taco Bell in Shanghai and look forward to bringing this vibrant, global brand to other parts of China in 2018.”

In keeping with the “Live Mas” spirit of exploration and innovation, the Taco Bell restaurants will introduce a new dinner menu, exclusive to China, as well as a range of freshly grilled menu items to entice curious diners. Taco Bell’s chefs spent countless hours to come up with their new craveable lineup, including the Ribeye Steak & Mushroom Taco, Taco Salad Bowl (available with either Ribeye Steak or Grilled Chicken), Beef Kebab Nachos, and XL-Wing Nachos. To complement the freshly prepared dishes, the Wu Jiao Chang and Feng Sheng Li restaurants will unveil an array of alcoholic beverages, including the all new “Shanghai Cosmopolitan”, a refreshing and beautifully crafted cocktail inspired by mixologists.

The two new Taco Bell restaurants in Shanghai will also introduce a new service model, with orders delivered directly to designated tables, which will enable customers to relax and enjoy the company of their friends and fellow students without having to get back up to pick up their food.

“Bringing the Taco Bell experience to more customers globally in locally relevant ways is key to our continued growth,” said Brian Niccol, Chief Executive Officer of Taco Bell Corp. “These new restaurants have truly blended the Taco Bell brand within their communities through locally designed restaurants and customized food and service options. We are delighted to see the reception to Taco Bell in China and look forward to bringing the ‘Live Mas’ spirit to more consumers across the country.”

Taco Bell Wu Jiao Chang – A Creative Platform 

Taco Bell’s new restaurant in Wu Jiao Chang has its own distinct and vibrant DNA in terms of both architecture and design. Located in a prime shopping mall close to a number of Shanghai’s top universities, this newly upgraded commercial destination will serve to please the appetites of people living in the community as well as the thousands of students close by.

Inspired by the energetic and youthful vibe in this area, Taco Bell’s locally based design team has sought to combine its California roots with Chinese style and culture. The restaurant will feature one-of-a-kind artwork that encompasses the spirit of “Live Mas” by combining old with new, unique shapes, and vibrant colors.

Communal tables encourage students and urban professionals to congregate, study, socialize, and of course eat. Taco Bell has also gone one step further to offer a platform to inspire customers and their passion for the arts, music and other interests. Customers will be invited to display their artwork, poetry, designs, and other creative expressions on “Live Mas” walls, allowing them to express their individuality to other restaurant visitors. The restaurant will also provide a creative outlet for the community by hosting events to showcase talents.

Taco Bell Feng Sheng Li – East Meets West Fusion

Located in a historic residential area close to a popular Shanghai shopping precinct, the Feng Sheng Li restaurant is designed in the architectural style known as “Shikumen”, or literally “stone gate” buildings. A striking example of East meets West fusion, the Shanghai-style townhouse incorporates elements of Taco Bell’s signature look and feel while integrating with the local environment. Art featured in the restaurant combines images that represent both California and Shanghai – including the Shanghai Oriental Pearl Tower and Shanghai’s art deco buildings sitting comfortably among California palm trees and skateboards.

The neighboring alleyway, historically a place for residents to congregate, features customized street art that serves as a backdrop to the outdoor dining area. The alley space is also separated into clusters to cater to different group sizes and dining habits, and a canopy ensures that customers can enjoy Taco Bell rain or shine.

Currently, Taco Bell has more than 7,000 restaurants in the world with almost 400 in 26 countries outside of the United States. Taco Bell’s restaurants in China are part of the brand’s global growth strategy of reaching 1,000 restaurants internationally by 2022.

Photos of the new Taco Bell restaurants in Shanghai can be downloaded at the following link:http://www.yumchina.com/uploadfile/NewTacoBellRestaurants.rar

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “will,” “should,” “forecast,” “outlook”, “look forward to” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings, Inc.  

Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China’s leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, which opened its first restaurant in China at the end of 2016. Yum China also owns the Little Sheep and East Dawning concepts outright. Yum China is well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It has a strong capital position, no external debt and expects to continue growing its system sales and profit by adding new restaurants and through growing same-store sales. Yum China had more than 7,700 restaurants and more than 420,000 employees in over 1,100 cities at the end of August 2017. A new generation of younger consumers who are digitally sophisticated and brand driven are fueling growth in consumption in China. The ongoing growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

ABOUT TACO BELL® CORPORATION

Taco Bell Corp., a subsidiary of Yum! Brands, Inc. (NYSE: YUM), is the nation’s leading Mexican-inspired quick service restaurant (QSR) brand. From breakfast to late night, Taco Bell serves made-to-order and customizable tacos and burritos, among other craveable choices, and is the first QSR restaurant to offer American Vegetarian Association (AVA)-certified menu items. Taco Bell and its more than 350 franchise organizations proudly serve over 42 million customers each week through 7,000 restaurants across the nation, as well as through its mobile, desktop and delivery ordering services. Overseas, Taco Bell has over 250 restaurants, with plans to add 2,000 more restaurants internationally within the next decade. The brand encourages its fans to “Live Mas” and connects with them through sports, gaming and new music via its Feed The Beat® music program. Taco Bell also provides education opportunities and serves the community through its nonprofit organization, the Taco Bell® Foundation™, and connects fans with their passions through programs such as the Live Mas Scholarshipprogram. In 2016, Taco Bell was named as one of Fast Company’s Top 10 Most Innovative Companies in the World.

Like: Facebook.com/tacobell
Follow: @TacoBell (Twitter) and tacobell (Instagram)
Subscribe: YouTube.com/tacobell

SOURCE: TACO BELL® CORPORATION

MEDIA RELATIONS
Public relations inquiries please call 949-863-3915 or e-mail at media@tacobell.com

Yum China Holdings, Inc. and Taco Bell Corp. open the first Taco Bell restaurant in China

Yum China Holdings, Inc. and Taco Bell Corp. open the first Taco Bell restaurant in China

 

Shanghai, China, 2017-Jan-11 — /EPR Retail News/ — Yum China Holdings, Inc. (“Yum China”, NYSE: YUMC ), and Taco Bell Corp., the world’s largest Mexican-inspired restaurant chain, today (January 9, 2017) announced that they have opened the first Taco Bell restaurant in the second largest economy in the world: China. The inaugural restaurant is located near Shanghai’s landmark Oriental Pearl Tower in the Lujiazui area, the city’s central business district, and is Taco Bell’s latest international market entry as it grows the brand globally.

“We are thrilled to bring Taco Bell to China with the official opening of the first restaurant at a spectacular location in Shanghai,” said Micky Pant, Chief Executive Officer of Yum China. “Consumers in China today want the best the world has to offer, and Taco Bell is one of the most exciting brands anywhere. Leveraging our deep insights into Chinese consumer preferences, developed from close to 30 years operating in this market, we thoroughly researched and fine-tuned the Taco Bell menu for China and the initial response from customers is very encouraging.”

The menu features the brand’s favorites that have been adapted to local tastes. High quality ingredients coupled with newly developed sauces create items such as the Shrimp and Avocado Burrito unique to Taco Bell restaurants in China. The Crunchy Taco Supreme is now loaded with Taco Bell’s signature Nacho Cheese Sauce and the Volcano Chicken Burrito features spicy Sriracha sauce.

Customers can also order shared plates featuring seasoned nacho chips, spicy fried chicken, and Mexican fries. These menu items pair perfectly with a variety of alcoholic beverages including ice-cold beer on draft and specialty cocktails like the Margarita and the Mojito. The Mexican inspired classics are made-to-order in a transparent, open kitchen where fans can see their food being handmade. Self-order kiosks allow consumers to study the menu and beat the rush at peak hours. The unique menu and ambience combine to create a totally unique and fun experience for Chinese consumers.

The official launch of the restaurant follows the soft opening during which Taco Bell fans have been sharing their love for the brand through social media posts, blogs, and videos. Over 1,000 fans participated in a selfie soft opening promotion and continue to voice their excitement for the brand’s arrival in China.

Mr. Pant continued, “Taco Bell is an innovative brand with a strong heritage that we believe will resonate well with Chinese millennials. Built around the concept of ‘Live Mas’ – literally meaning ‘Live More’ – Taco Bell encourages its customers to try things they’ve never tried before. I look forward to creating experiences that surprise and delight people as we expand the Taco Bell brand in China.”

The Shanghai restaurant showcases Taco Bell’s classic California inspired look and design, perfect for enjoying meals worth sharing with friends and groups. The restaurant features guitars, graffiti art and surfboards hanging from the ceiling, while also integrating advanced technology throughout, including free Wi-Fi, digital ordering kiosks, digital menu boards and a range of payment options, providing customers with a fully immersive and convenient in-restaurant experience.

“Building restaurants in new international markets is a key component to the overall growth and evolution of Taco Bell and we’ve just scratched the surface of our global unit expansion potential,” said Brian Niccol, Chief Executive Officer of Taco Bell Corp. “The opening of this Taco Bell restaurant in China is an exciting milestone for the brand as this market holds tremendous growth potential. We look forward to supporting Yum China as it builds Taco Bell’s presence in the country.”

Currently, Taco Bell has more than 7,000 restaurants in the world with over 300 in 26 countries outside of the United States. Taco Bell’s first restaurant in China is part of the brand’s global growth strategy of reaching 1,000 restaurants internationally by 2022.

About Yum China Holdings
Yum China Holdings, Inc., with executive offices in Shanghai, China, is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, which opened in China at the end of 2016. Yum China also owns the Little Sheep and East Dawning concepts outright. Yum China is well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It has a strong capital position, no external debt and expects to continue growing its system sales and profit by adding new restaurants and through growing same-store sales. Yum China has more than 7,300 restaurants and more than 400,000 employees in over 1,100 cities, and generated over $8 billion in system sales in 2015. A new generation of younger consumers who are digitally sophisticated and brand driven are fueling growth in consumption in China. The ongoing growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in 135 countries and territories and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on current estimates and assumptions made by Yum China or Taco Bell in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future business plans and earnings and performance of Yum China and Taco Bell, and anticipated effects of population and macroeconomic trends. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of the expectations, estimates or assumptions expressed herein will be achieved. The forward-looking statements are only made as of the date indicated on the relevant materials, and Yum China, Yum! Brands and Taco Bell disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause actual results to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether Yum China or Taco Bell is able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of marketing campaigns and product innovation, the ability to maintain food safety and quality control systems, the ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China and elsewhere. In addition, other risks and uncertainties not presently known or that are currently believed to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult Yum China’s and Yum! Brands’ filings with the Securities and Exchange Commission for additional detail about factors that could affect financial and other results.

ABOUT TACO BELL® CORPORATION

Taco Bell Corp., a subsidiary of Yum! Brands, Inc. (NYSE: YUM), is the nation’s leading Mexican-inspired quick service restaurant (QSR) brand. From breakfast to late night, Taco Bell serves made-to-order and customizable tacos and burritos, among other craveable choices, and is the first QSR restaurant to offer American Vegetarian Association (AVA)-certified menu items. Taco Bell and its more than 350 franchise organizations proudly serve over 42 million customers each week through 7,000 restaurants across the nation, as well as through its mobile, desktop and delivery ordering services. Overseas, Taco Bell has over 250 restaurants, with plans to add 2,000 more restaurants internationally within the next decade. The brand encourages its fans to “Live Mas” and connects with them through sports, gaming and new music via its Feed The Beat® music program. Taco Bell also provides education opportunities and serves the community through its nonprofit organization, the Taco Bell® Foundation™, and connects fans with their passions through programs such as the Live Mas Scholarship program. In 2016, Taco Bell was named as one of Fast Company’s Top 10 Most Innovative Companies in the World.

Like: Facebook.com/tacobell
Follow: @TacoBell (Twitter) and tacobell (Instagram)
Subscribe: YouTube.com/tacobell

Contact:

Tel:  949-863-3915
e-mail: media@tacobell.com

Source: Taco Bell Corp.

###

Yum China Holdings, Inc. announced its vision for the company as an independent business

Shanghai, China, 2016-Oct-15 — /EPR Retail News/ — Yum China Holdings, Inc. (“Yum China”) will outline its vision for the company as an independent business today (October 11, 2016) at Yum! Brands, Inc.’s (NYSE: YUM) annual investor conference in New York, NY. Yum China expects to begin trading as an independent company beginning November 1, 2016, on the New York Stock Exchange under the ticker symbol “YUMC.”

“Yum China is a powerhouse business that will be one of China’s largest publicly traded retail companies. We employ over 400,000 people and serve over 2 billion customers annually. With our unique market position and a rapidly growing middle class and urban population, we believe that we offer an unrivalled opportunity for sustained long-term growth in China,” said Micky Pant, Chief Executive Officer of Yum China. “At separation, we will be operating a highly cash-generative business, with no external debt and ample cash on hand. This will enable us to invest in new restaurants, digital engagement and our delivery network, providing job opportunities to thousands more people across the country and contributing to economic growth.”

Mr. Pant concluded, “With leading brands and supported by U.S. governance, Yum China is a unique investment opportunity. We are committed to generating value for our customers, our employees and our shareholders for decades to come.”

Yum China Highlights – Post-separation

  • Largest independent restaurant company in China, with exclusive rights to the KFC, Pizza Hut and Taco Bell brands in China, and ownership of China’s Little Sheep and East Dawning brands
  • No debt and expect over $900 million cash on hand at separation, and significant free cash flow generation, enabling shareholder cash returns and investment in new growth engines
  • Industry-leading development capability, marketing scale and coverage, supply chain infrastructure and brand strength in the world’s fastest-growing major economy
  • Potential to triple units over the long term
  • Substantial runway for same-store sales growth
  • Strong and experienced management team, led by Micky Pant and a highly qualified Board of Directors, led by Dr. Fred Hu

About Yum China
Yum China Holdings, Inc. will become a licensee of Yum! Brands in mainland China. It will have exclusive rights to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, which is expanding globally but is not yet in China. Yum China will also own the Little Sheep and East Dawning concepts outright. The new company will be well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It will have a strong capital position, no external debt and expects to continue growing its system sales and profit by adding new restaurants and through growing same-store sales. Yum China has more than 7,300 restaurants and more than 400,000 employees in over 1,100 cities, and generated over $8 billion in system sales in 2015. A new generation of younger consumers who are digitally sophisticated and brand driven are fueling growth in consumption in China. The ongoing growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

The separation is currently expected to occur after the close of business on October 31, 2016. Yum China expects to begin trading “regular way” as an independent company beginning November 1, 2016, on the New York Stock Exchange (NYSE) under the ticker symbol “YUMC.” Yum! Brands expects “when-issued” trading for both Yum! Brands and Yum China to begin on the NYSE on October 17, 2016, under the symbol “YUM WI” for Yum! Brands and “YUMC WI” for Yum China.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has more than 43,000 restaurants in almost 140 countries and territories. Yum! Brands is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America.  The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories.  Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

Additional Information
Definitions of terms are available online at www.yum.com under “Investors” and ir.yumchina.com.

Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future business plans and earnings and performance of Yum China including all targets and factors related to Yum China’s ongoing EPS growth model, statements regarding any intended capital return to shareholders, and statements regarding the capital structure of Yum China or any of its businesses. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included on our website are only made as of the date indicated on the relevant materials, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause our actual results to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the Information Statement included in our Registration Statement on Form 10) for additional detail about factors that could affect our financial and other results.

Media Contacts:
Forest Liu
+86 21 2407 7505
Director
Financial Media
Yum China Holdings, Inc.

Naomi Tudhope
+86 21 6039 6388
Brunswick Group

Source: Yum! Brands, Inc.

Yum! Brands Board of Directors approve separation of its China business, now owned by Yum China Holdings, Inc.

LOUISVILLE, KY, 2016-Sep-30 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) today (September 26, 2016) announced that its Board of Directors has approved the previously announced separation of its China business, now owned by Yum China Holdings, Inc. (Yum China), from Yum! Brands, which is currently expected to occur after the close of business on October 31, 2016. Yum China expects to begin trading “regular way” as an independent company beginning November 1, 2016, on the New York Stock Exchange (NYSE) under the ticker symbol “YUMC.” Yum! Brands expects “when-issued” trading for both Yum! Brands and Yum China to begin on the NYSE on October 17, 2016, under the symbol “YUM WI” for Yum! Brands and “YUMC WI” for Yum China.

Yum! Brands also announced an increase in the Company’s dividend.

“We are moving full steam ahead with the separation of Yum China, establishing two powerful, independent and focused growth companies dedicated to building on our brand strengths and unlocking the full value of each business for our shareholders,” said Greg Creed, Chief Executive Officer of Yum! Brands. “As one of the world’s largest restaurant companies, Yum! Brands will continue to focus on expanding the presence and performance of KFC, Pizza Hut and Taco Bell as a primarily-franchised business to deliver enhanced value to shareholders.”

“This is an exciting time for Yum China as we approach our launch as a new, independent public company,” said Micky Pant, Chief Executive Officer of Yum China. “Yum China has a leading position in the Chinese market, and we see tremendous opportunities to leverage our well-recognized brands and decades of experience to drive growth. We are all energized to achieve Yum China’s full potential and create sustained value for shareholders.”

Returning Capital to Shareholders

The Yum! Brands Board also declared an increased dividend of $0.51 per share, payable on November 4, 2016, to shareholders of record as of the close of business on October 19, 2016. This dividend represents an 11% increase from the Company’s previous quarterly dividend of $0.46 per share. Since initiating a dividend in 2004, Yum! Brands is one of a select group of S&P 500 companies to annually increase its dividend at a double-digit percentage rate.

Since Yum! Brands announced its intention to separate Yum China, the Company has repurchased approximately $5.1 billion in shares at an average price of approximately $80, reducing its share count by approximately 15% as of September 23, 2016. Yum! Brands expects to repurchase an additional $1.1 billion in shares before the end of 2016 to achieve its previously announced plan to return $6.2 billion of capital to shareholders (excluding dividends) in connection with the separation of its China business.

Additional Details on Approval of Yum China Separation

The Yum! Brands Board has approved a distribution of one share of Yum China common stock for each share of Yum! Brands common stock held at the close of business on October 19, 2016, the record date for the distribution. No fractional shares of Yum China common stock will be issued. Instead, the distribution agent will aggregate fractional shares of Yum China common stock and sell the whole shares in the open market. The aggregate net cash proceeds of the sales will be ratably distributed to those shareholders who would otherwise have received fractional shares of Yum China common stock.

Yum! Brands shareholders are not required to take any action to receive the shares of Yum China common stock in the distribution, and they will not be required to surrender or exchange their Yum! Brands shares. Importantly, the number of Yum! Brands shares owned by each shareholder will not change as a result of the distribution.

Yum! Brands intends for the distribution of Yum China common stock to be tax-free for its shareholders, except with respect to any cash received in lieu of fractional shares, and expects to complete the distribution after the close of business on October 31, 2016. The separation and distribution remain subject to the satisfaction or waiver of certain conditions and remains subject to the sole discretion of the Yum! Brands Board.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! Brands is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

About Yum China Holdings, Inc.
Yum China Holdings, Inc. will become a licensee of Yum! Brands in Mainland China. It will have exclusive rights in Mainland China to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China. It will also own the Little Sheep and East Dawning concepts outright. The new company will be well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It will have a strong capital position and no external debt and expects to continue growing its system sales and profits by adding new restaurants and through growing same-store sales. Yum China has more than 7,200 restaurants in over 1,100 cities in China and generated over $8 billion in system sales in 2015. The growth of consumption in China is being fueled by a new generation of younger consumers who are digitally sophisticated and brand driven. The additional growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements.” Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology. Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned separation of the Yum! Brands and Yum China businesses, the timing of such separation, the future earnings and performance as well as capital structure of Yum! Brands or any of its businesses, including the Yum! Brands and Yum China businesses on a stand-alone basis if the separation is completed. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are included in reports filed with the SEC by Yum! Brands from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q, as well as in the Form 10 filed with the SEC by Yum China. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

Contacts:
Yum! Brands, Inc.
Investor Relations:
Keith Siegner
888-298-6986
Vice President, Investor Relations and Corporate Strategy

Elizabeth Grenfell
888-298-6986
Director Investor Relations

Media Relations:
Virginia Ferguson
502-874-8200
Director Public Relations

Source: Yum! Brands, Inc.

Yum! Brands, Inc. announces nine new directors of Yum China Holdings, Inc.

LOUISVILLE, KY and SHANGHAI, 2016-Sep-16 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) today ( September 15, 2016) announced the expected composition of the Board of Directors of Yum China Holdings, Inc. (“Yum China”).

The nine new directors announced today, seven of whom are independent, are expected to serve on the Yum China Board of Directors following the completion of Yum China’s spin-off from Yum! Brands, which is expected to occur after the close of business on October 31, 2016.

As previously announced, Dr. Fred Hu, chairman and founder of Primavera Capital Group, a China-based global investment firm that will make a strategic investment in Yum China, will serve as non-executive chairman of the Yum China Board once the distribution and the Primavera investment are complete. In addition to Dr. Hu, the Board will include:

  • Micky Pant, chief executive officer of Yum China.
  • Peter A. Bassi, former chairman and president of Yum! Restaurants International and current lead director for BJ’s Restaurant and Potbelly Sandwich Works.
  • Christian L. Campbell, owner of Christian L. Campbell Consulting LLC and former senior vice president, general counsel, secretary and chief franchise policy officer of Yum! Brands.
  • Ed Chan Yiu-Cheong, vice chairman of Charoen Pokphand Group Company Limited.
  • Edouard Ettedgui, non-executive chairman of Alliance Française, Hong Kong and non-executive director of Mandarin Oriental International Limited.
  • Louis T. Hsieh, director and senior advisor to the chief executive officer, and former chief financial officer and president of New Oriental Education & Technology Group.
  • Jonathan S. Linen, director for Yum! Brands and Modern Bank N.A., former adviser to the chairman of American Express Company and former vice chairman of American Express Company.
  • Zili Shao, co-chairman of King & Wood Mallesons – China.

Yum China also expects to name one additional independent board member in connection with the spin-off.

“I am honored to lead the Yum China Board alongside such experienced and talented individuals,” said Dr. Hu. “My fellow directors bring proven track records of success in the food, service, finance, legal and other industries in China. We all also understand this market well, and I look forward to working collaboratively to build a strong business and create sustained value for Yum China shareholders.”

Mr. Pant said, “I am confident that this Board has the right mix of experience and knowledge of our industry and the evolving consumer trends in China to drive future success for Yum China. I am excited to have the opportunity to work with my highly-qualified colleagues on the Board as we execute on our strategic plans to drive growth across our brands.”

Greg Creed, chief executive officer of Yum! Brands, said, “We’re pleased to have announced the composition of the Yum China Board of Directors as we near the completion of the separation. We are confident that these business leaders will offer the market insights and strategic vision required to enable Yum China to reach its full potential.”

About the Yum China Board of Directors

Peter A. Bassi served as chairman of Yum! Restaurants International from 2003 to 2005 and its president from 1997 to 2003. Prior to that position, Mr. Bassi spent 25 years in a wide range of financial and general management positions at PepsiCo, Inc., Pepsi-Cola International, Pizza Hut (U.S. and International), Frito-Lay and Taco Bell. Mr. Bassi currently serves as lead director and chair of the nominating and governance committee for each of BJ’s Restaurant and Potbelly Sandwich Works. He has been a member of each board of directors since 2004 and 2009, respectively. In addition, Mr. Bassi serves on the Value Optimization Board for the private equity firm Mekong Capital, based in Vietnam. Mr. Bassi served on the board of The Pep Boys – Manny, Moe & Jack from 2002 to 2009, and served on the board of Amrest Holdings (Poland) from 2012 to 2015.

Christian L. Campbell is currently owner of Christian L. Campbell Consulting LLC, specializing in global corporate governance and compliance. Mr. Campbell previously served as senior vice president, general counsel and secretary of Yum! Brands from its formation in 1997 until his retirement in February 2016. In 2001, Mr. Campbell’s role was expanded to include chief franchise policy officer. In these positions, Mr. Campbell oversaw all legal matters at Yum! Brands and was responsible for the oversight of Yum! Brands purchasing as a director of YUM’s purchasing cooperative with its franchisees. Prior to joining Yum! Brands, Mr. Campbell was a senior vice president and general counsel at Owens Corning, a leading global producer of fiberglass insulation and composite building materials. Prior to Owens Corning, he was vice president and general counsel for Nalco Chemical Company. In addition, Mr. Campbell was a founding director of Restaurant Supply Chain Solutions, Inc. (“RSCS”), a purchasing cooperative for Yum! Brands’ U.S. franchising partners, and he served on RSCS’s Board of Directors from its formation in 2001 until 2015.

Ed Chan Yiu-Cheong is currently a vice chairman of Charoen Pokphand Group Company Limited and has been an executive director and vice chairman of CP Lotus Corporation since April 2012. Mr. Chan was regional director of North Asia of the Dairy Farm Group and a director of Dairy Farm Management Services Limited from November 2001 to November 2006. Mr. Chan was the president and chief executive officer of Walmart China from November 2006 to October 2011. Mr. Chan is also a non-executive director of Treasury Wine Estates Limited, a company listed on the Australian Securities Exchange and an independent non-executive director of Link Real Estate Investment Trust, which is listed on the Stock Exchange of Hong Kong Limited.

Edouard Ettedgui currently serves as the non-executive chairman of Alliance Française, Hong Kong. Mr. Ettedgui also currently serves as a non-executive director of Mandarin Oriental International Limited, the company for which he was the group chief executive from 1998 to 2016. Prior to his time at Mandarin Oriental International, Mr. Ettedgui was the chief financial officer for Dairy Farm International Holdings, and he served in various roles for British American Tobacco, including business development director, group finance controller and group head of finance. Mr. Ettedgui has also held senior finance positions in seven countries at Philips International.

Louis T. Hsieh currently serves as a senior adviser to the chief executive officer and as a director of New Oriental Education & Technology Group. Prior to his current role, Mr. Hsieh served as that company’s chief financial officer from 2005 to 2015 and president from 2008 to 2016. In addition, Mr. Hsieh serves as an independent director, member of the corporate governance committee and chairman of the audit committee for JD.com, Inc., and independent director and chairman of the audit committee for Nord Anglia Education, Inc. Previously, Mr. Hsieh also served as an independent director, member of the corporate governance committee and chairman of the audit committee for Perfect World Co., Ltd. and China Digital TV Holding Co., Ltd.

Fred Hu is chairman and founder of Primavera Capital Group, a China-based global investment firm (“Primavera”). Dr. Hu has served as chairman of Primavera since its inception in 2010. Prior to Primavera, Dr. Hu served in various roles at Goldman Sachs from 1997 to 2010, including serving as chairman of Greater China at Goldman Sachs Group, Inc. From 1991 to 1996, Dr. Hu served as an economist at the International Monetary Fund (IMF) in Washington D.C., where he engaged in macroeconomic research, policy consultations and technical assistance for member country governments including China. Dr. Hu also served as director of the National Center for Economic Research and professor at Tsinghua University. He is the author of several books and of numerous other publications in the areas of economics and finance and on China and Asian economies. Dr. Hu has advised the Chinese government on financial and pension reform, state-owned enterprise (SOE) restructuring, and macroeconomic policies. Dr. Hu is a trustee of China Medical Board and the co-chair of the Nature Conservatory’s Asia Pacific Council.

Jonathan S. Linen is a member of the board of directors of Yum! Brands, a position he has held since 2005, and of Modern Bank, N.A. Mr. Linen served as advisor to the chairman of American Express Company from January 2006 to August 2016. Prior to his role as advisor to the chairman, Mr. Linen served as the vice chairman of American Express Company since August 1993. Mr. Linen served on the board of directors of The Intercontinental Hotels Group from 2005 to 2015. In addition, Mr. Linen is a former director of Bausch & Lomb.

Micky Pant is expected to serve as the chief executive officer of Yum China. Mr. Pant has served as chief executive officer of Yum! Restaurants China since August 2015. Over the past decade, Mr. Pant has held a number of leadership positions at Yum! Brands, including chief executive officer of the KFC Division, chief executive officer of Yum! Restaurants International and president of Global Branding for Yum! Brands and president of Taco Bell International. Before joining Yum! Brands, Mr. Pant built a foundation in marketing and international business with Unilever and worked at PepsiCo, Inc. and Reebok International Ltd. Since December 2014, Mr. Pant has served as an independent director on the board of Pinnacle Foods, Inc., where he also serves on the audit committee.

Zili Shao has served as co-chairman of King & Wood Mallesons – China since April 2015. From 2009 to 2015, Mr. Shao held various positions with JPMorgan Chase & Co., including chairman and chief executive officer of JPMorgan China, vice chairman of JPMorgan Asia Pacific and chairman of JPMorgan Chase Bank (China) Company Limited. Prior to JPMorgan, he was a partner with Linklaters LLP, a global premium law firm. He held positions as Greater China managing partner and managing partner of Asia Pacific.

About Yum China Holdings
Yum China Holdings will become a licensee of Yum! Brands in Mainland China. It will have exclusive rights to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China. It will also own the Little Sheep and East Dawning concepts outright. The new company will be well positioned for growth thanks to its strong competitive position, integration of its brands into Chinese popular culture and consumers’ daily lives, expanding geographic footprint in China and existing operational expertise. It will have a strong capital position, no debt and expects to continue growing its system sales and profit by adding new restaurants and through growing same-store sales. Yum China has more than 7,200 restaurants in over 1,100 cities in China and generated over $8 billion in system sales in 2015. The growth of consumption in China is being fueled by a new generation of younger consumers who are digitally sophisticated and brand driven. The additional growth of the middle class and urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China poised to be the market leader.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! Brands is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this communication contain “forward-looking statements.” Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology. Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned separation of the Yum and Yum China businesses, the timing of such separation, the completion of the anticipated investments by Primavera Capital and Ant Financial in connection with the Yum China separation, the future composition of the Yum China board of directors, the future earnings and performance as well as capital structure of Yum or any of its businesses, including the Yum and Yum China businesses on a standalone basis if the separation is completed. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved. Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are included in reports filed with the SEC by Yum from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q, as well as in the Form 10 filed with the SEC by Yum China. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

For Yum! Media Inquiries, please call: 502-874-8200

Source: Yum! Brands, Inc.

Yum! Brands: Primavera Capital Group and Ant Financial Services Group to invest $460 million in Yum China

LOUISVILLE, KY and SHANGHAI, 2016-Sep-07 — /EPR Retail News/ — Yum! Brands, Inc. (NYSE: YUM) today (September 2, 2016) announced that it has entered into agreements with Primavera Capital Group, a China-based global private equity firm, and Ant Financial Services Group, one of the world’s leading online and mobile financial services providers that operates the widely used Alipay mobile payments platform, to invest a total of $460 million in Yum China, concurrent with the completion of Yum China’s spinoff from Yum! Brands.

The spinoff and concurrent completion of the Primavera and Ant Financial investments are expected to occur on October 31, 2016, with Yum China to commence trading on the New York Stock Exchange as an independent company on November 1, 2016, under the ticker symbol “YUMC.”

Under the terms of the agreements, Primavera and Ant Financial will invest $410 million and $50 million, respectively, in Yum China. The final number of shares issued to Primavera and Ant Financial will be subject to a post closing adjustment such that the effective price will be equal to an 8% discount to the volume-weighted average trading price of Yum China’s equity value during the period commencing 31 days and ending 60 days following completion of the spinoff (subject to a collar mechanism limiting the minimum and maximum shares to be issued). Primavera and Ant Financial will also receive two tranches of warrants to acquire shares of Yum China common stock reflecting approximately 2% equity ownership interest (in the aggregate) in each tranche to be exercisable in the five-year period following the issuance of those warrants, with strike prices correlating to equity values of $12 billion and $15 billion.

The Company also announced that founder of Primavera Dr. Fred Hu, former Chairman of Greater China at Goldman Sachs, will become Non-Executive Chairman of the Board of Yum China.

“We have long admired the Yum China business and are looking forward to collaborating with the Board and management to realize the company’s full potential,” said Dr. Hu of Primavera. “Yum China is an established leader in the retail and restaurant industry which we believe is poised for continued strong growth and unit expansion as cities across China invest in new transportation hubs, shopping malls and other physical and electronic infrastructure that will support consumption. I look forward to leading the Board of Directors of Yum China in its new and exciting chapter as an independent company.”

“Through this collaboration, we aim to help Yum China provide world-class mobile payment services for tens of millions of customers across its brands. These services include hassle-free Alipay for customers to help shorten queues at the cashier as well as membership solutions for Yum China designed to help manage their customer relations and promotions,” said Eric Jing, President of Ant Financial Services Group. “Leveraging our Big Data capabilities, KFC and Pizza Hut witnessed promising marketing results through their promotion on multiple Ant Financial platforms. We look forward to further collaborating with Yum China in the future.”

“Primavera and Ant Financial both have deep insights into the rapid urbanization and digital transformation which is driving the evolution of China’s economy, and we are excited about their investment into Yum China,” said Micky Pant, Chief Executive Officer of Yum China. “The investment is a clear endorsement of our business strategy and growth potential, and their diverse experience and relationships will be extremely beneficial. Dr. Hu’s extensive market insights and experience scaling businesses in China will be invaluable as we move to expand the footprint of our brands. In addition, Yum China is already the leading restaurant company for cashless payment systems in China, and we expect Ant Financial can provide further unique insights to help us better connect with consumers through mobile technology.”

“The investments from Primavera and Ant Financial in Yum China mark another important milestone in our plans to separate the China business and create a solid foundation for Yum China as it prepares to become an independent restaurant powerhouse,” said Greg Creed, Chief Executive Officer of Yum! Brands. “We look forward to partnering with Primavera and Ant Financial to drive long-term growth at Yum China and welcome Dr. Hu as Non-Executive Chairman of Yum China. I’m pleased that the spinoff remains on track for completion on October 31 and look forward to sharing additional details on the transformative initiatives we are undertaking as we become a more heavily franchised company at our New York investor conference on Tuesday, October 11.”

Primavera has an established track record of supporting successful, high-growth companies in China whose business models benefit from rising consumption and the adoption of urban lifestyles. Its investments include Alibaba Group Holding Ltd. (NYSE: BABA) and Ant Financial, among many others. Ant Financial is an online and mobile financial services firm and digital payments network provider in China.

The closing of the investments are subject to completion of the spinoff and other customary closing conditions.

Goldman, Sachs & Co. is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Yum! Brands and Yum China. PJT Partners is serving as an independent financial advisor to Yum! Brands’ Board of Directors. Simpson Thacher & Bartlett LLP and Fangda Partners are serving as legal advisors to Primavera and Ant Financial.

About Yum China Holdings
Yum China Holdings will become a licensee of Yum! Brands in Mainland China. It will have exclusive rights to KFC, China’s leading quick-service restaurant concept, Pizza Hut, the leading casual dining brand, and Taco Bell, which is expanding globally but is not yet in China.

The new company will be well positioned for growth thanks to its strong financial position, established brand identity, extensive and expanding footprint and operational expertise. It will have a strong capital position, no debt and significant sales and profit potential from its existing restaurants. KFC and Pizza Hut have more than 7,200 restaurants in over 1,000 cities in China and generated over $8 billion in system sales and approximately $1 billion in EBITDA in 2015. The growth of consumption in China is being fueled by a new generation of younger consumers who are digitally sophisticated and brand driven. The additional growth of the urban population in China is expected to create the world’s largest market for restaurant brands, with Yum China as the clear leader.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in almost 140 countries and territories. Yum! is ranked #218 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

Certain statements in this communication contain “forward-looking statements.”  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  These statements often include words such as “may,” “will,” “estimate,” “intend,” “seek,” “expect,” “project,” “anticipate,” “believe,” “plan,” “could,” “target,” “predict,” “likely,” “should,” “forecast,” “outlook,” “model,” “ongoing” or other similar terminology.  Forward-looking statements are based on our current expectations, estimates, assumptions or projections concerning future results or events, including, without limitation, the planned Separation of the Yum and Yum China businesses, the timing of any such Separation, the Investment, the closing of the Investment, or the future earnings and performance as well as capital structure of Yum or any of its businesses, including the Yum and Yum China businesses on a standalone basis if the Separation is completed.  Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements.  We cannot assure you that any of our expectations, estimates or projections will be achieved.  Factors that could cause actual results and events to differ materially from our expectations and forward-looking statements are included in reports filed with the SEC by Yum from time to time, including those discussed under the heading “Risk Factors” in our most recently filed reports on Form 10-K and 10-Q.  You should not place undue reliance on forward-looking statements, which speak only as of the date hereof.  We are not undertaking to update any of these statements.

RELEASE NOTICE

The releases contained on this page may contain dated information. Readers are cautioned that the releases on this page are maintained here solely for the purposes of providing historical background about Yum! Brands, its business and product offerings. As the releases may contain dated information, they should not be relied upon as providing accurate or current information. Yum! Brands disclaims any intention or obligation to update or revise any of the information contained in any of the releases on this page, whether as a result of new information, future events or otherwise.

Media Inquiries: please call 502-874-8200

Source: Yum! Brands, Inc.

Yum! Brands, Inc. announces the appointment of Micky Pant as Chief Executive Officer of Yum! Restaurants China

Joey Wat Named CEO of KFC China; Peter Kao Named CEO of Pizza Hut China

Louisville, KY, 2015-8-21— /EPR Retail News/ — Yum! Brands, Inc. (NYSE:YUM) today announced that long–time YUM veteran, Micky Pant, 60, has been appointed Chief Executive Officer of Yum! Restaurants China, succeeding Sam Su, 63, who announced his plans to retire as Chairman and CEO of the China Division. Su will serve as an Executive Advisor through February 2016 and also remain on the Yum! Brands, Inc. Board of Directors to ensure a smooth and seamless transition. The Company also announced that Joey Wat, 44, President of KFC China, and Peter Kao, 58, Senior Vice President and Brand General Manager of Pizza Hut China, have each been promoted to the position of Chief Executive Officer of KFC and Pizza Hut, respectively, reporting to Pant.

Greg Creed, Chief Executive Officer, Yum! Brands, Inc. said: “Sam Su is a restaurant industry pioneer in China, having established KFC and Pizza Hut as global powerhouses in the world’s fastest growing economy. While we respect and support his decision to retire after a long and successful career with YUM, we are grateful he has built a strong leadership team to carry on and leverage the unprecedented growth opportunity that China presents. I’m especially pleased this leadership transition comes at a time that same-store sales have turned significantly positive, demonstrating continued recovery in the business. We thank Sam for his many significant contributions to YUM, and for ensuring a seamless transition of management to Micky Pant, who I am extraordinarily pleased will become Chief Executive Officer of Yum! Restaurants China. Micky has been one of our most effective and visionary leaders at YUM for the past decade. He is one of the finest brand builders in the business with an unparalleled ability to understand consumer insights and to pursue strategies that build trust and loyalty. At the same time, he is a culture champion and world-class business executive, who knows how to run and grow profitable businesses and attract world-class talent. His strong leadership skills are evident in the tremendous success he has delivered at Yum! Restaurants International (YRI) as President of KFC and Pizza Hut, and then as CEO of KFC globally. Micky is the perfect person to next lead the China Division, given his vast knowledge of KFC and Pizza Hut best practices from around the globe. He will be supported by two tremendous leaders, Joey Wat, President of KFC and Peter Kao, SVP and Brand GM of Pizza Hut, who are promoted to Chief Executive Officer of their respective brands, reporting to Micky. Angela Loh, who has served as Chief Concept Officer, and Mark Chu, who has served as President, Chief Operating Officer, will serve as Senior Advisors to Micky, continuing to share their extensive years of expertise. We believe this seasoned executive team is well-positioned to ensure a seamless management transition and continue our growth trajectory in China for many years to come.

“As Micky becomes the CEO of the China business, I’m pleased that Roger Eaton, 55, will become Chief Executive Officer of the KFC Division outside of China and India, reporting to me. As the YUM Chief Operations Officer, Roger strengthened our operations capability, food quality and safety, and sustainability. He is a restaurant industry veteran who definitely has KFC shortening in his veins, having held many senior management roles with the brand in the U.S. and internationally. Roger is a tremendous leader and I’m confident he and his team will take the KFC brand to new heights globally, building on Micky’s success.”

Yum! Brands, Inc., based in Louisville, Kentucky, has over 41,000 restaurants in more than 125 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2014 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opens over five new restaurants per day on average, making it a leader in international retail development.

This announcement may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. Our forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from those projected. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. We are not undertaking to update any of these statements.

SOURCE: Yum! Brands RSC