2. Information herein is as of 4/22/08
This presentation will include forward-looking
statements that reflect management’s
expectations based on currently available data.
However, actual results are subject to future
events and uncertainties. The information in the
presentation related to projections or other
forward-looking statements may be relied on
subject to the safe harbor statement posted on
our Web site: www.yum.com.

3. Today’s Agenda
Welcome . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tim Jerzyk
Opening Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . David Novak
Driving Sustained Global Growth . . . . . . . . . . . . . Rick Carucci
YRI Growth Strategy . . . . . . . . . . . . . . . . . . . . . . . . Graham Allan
BREAK
Taco Bell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Greg Creed
Pizza Hut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Scott Bergren
KFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gregg Dedrick
LUNCH : KFC, Pizza Hut & Taco Bell Food Innovation

4. Today’s Agenda
U.S. Brands Breakout Sessions/Q&A #1 . . . . . Leadership Team
BREAK: Move to 2nd Breakout Session
U.S. Brands Breakout Sessions/Q&A #2 . . . . . Leadership Team
BREAK: Beverage/Dessert Innovation
Q&A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . David Novak
Rick Carucci
Closing Remarks . . . . . . . . . . . . . . . . . . . . . . . . . David Novak
Restaurant Tours at KFC and Taco Bell

5. Driving Shareholder Value thru
Significant Share Buybacks
$ (million)
$981
Q1 '04 Q1 '05 Q1 '06 Q1 '07 Q1' 08
$1.0 Bn $1.4 Bn
$0.6 Bn $1.1 Bn

7. Not Your Ordinary Restaurant Company
Build Leading Brands
Build Leading Brands
in China
in China
in Every
in Every
Significant Category
Significant Category
Drive
Drive
Aggressive International
Aggressive International
Expansion and Build
Expansion and Build
Strong Brands
Strong Brands
Everywhere
Everywhere
Dramatically Improve
Dramatically Improve
U.S. Brand Positions,
U.S. Brand Positions,
Consistency and Returns
Consistency and Returns
Drive
Drive
Industry-Leading, Long-Term
Industry-Leading, Long-Term
Shareholder and Franchisee
Shareholder and Franchisee
Value
Value

8. Not Your Ordinary Restaurant Company
Build Leading Brands
Build Leading Brands
in China
in China
in Every
in Every
Significant Category
Significant Category
Drive
Drive
Aggressive International
Aggressive International
Expansion and Build
Expansion and Build
Strong Brands
Strong Brands
Everywhere
Everywhere
Dramatically Improve
Dramatically Improve
U.S. Brand Positions,
U.S. Brand Positions,
Consistency and Returns
Consistency and Returns
Drive
Drive
Industry-Leading, Long-Term
Industry-Leading, Long-Term
Shareholder and Franchisee
Shareholder and Franchisee
Value
Value

9. Global Consumer 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

10. Significant Shareholder Payouts
Through
Meaningful
Meaningful
Dividend
Dividend
AND
Significant Adding
Significant Adding
Share Shareholder
Share Shareholder
Buybacks Value
Buybacks Value

11. Quarterly Dividend Growth
~4x
Today… initial
$0.25
dividend
27% increase,
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
7
7
8
6
5
5
6
'0
'0
'0
'0
'0
'0
'0
'0
1
3
3
3
1
1
1
3
Q
Q
Q
Q
Q
Q
Q
Q
Note: split-adjusted (May 2007 2-for-1 stock split) quarterly dividend

12. Driving Sustained Global Growth

13. Driving Sustained Global Growth
New
Growth
Vehicles
Improving
Competitive
Positioning
Huge Unit Growth Opportunity
Favorable Global Earnings Portfolio
Sales Layers Leveraging Our Assets

14. Growth-Oriented Earnings Portfolio
Operating
Profit
Operating
Profit
Growth
Profit Mix %
Impact
Target
’02 ’07
24 20 % + 5%
China 10
30 10 % + 3%
YRI 21
46 5% + 2%
U.S. 69
+ 10%
Shifting Towards Higher Growth Businesses
Note: Operating profit mix % excludes corporate allocation

15. Earnings Portfolio Driven by
Global Growth
% of Total Operating Profit
2017 F
2007
30%
24% 40%
U.S.
China China
China
46%
U.S. U.S. 30% 30%
YRI YRI
Note: Excludes corporate allocation

16. New Unit Growth: Global Opportunity
Restaurants
Traditional
per million people
Restaurants
60
(‘000)
U.S. 18
Mainland
2.6
China (MLC)
3
2
YRI 12
U.S. MLC YRI

17. Select Growth Markets: 2 Billion People
Population Yum! Restaurants Per
(million) Restaurants Million People
India 1,130 173 0.2
Indonesia 234 620 2.6
Brazil 190 69 0.4
Russia 141 140 1.0
Nigeria 135 0 0
Vietnam 85 46 0.5
Germany 82 123 1.5
France 63 166 2.6
2,060 1,337 0.6
Subtotal
Note: Traditional units as of Q1 2008

18. Unit Growth Acceleration: U.S.
Yum! U.S.
Total Units*
Avg Annual
+275 +626 +551 +512
Increase
20,037
14,921
9,408
3,148
403
'60 ’70 ’80 ’90 ’00
* Taco Bell, Pizza Hut and KFC

19. Unit Growth Acceleration: China
Yum! Mainland China
Total Units
Avg Annual
+232
+24
Increase
2,558
241
1
’87 ’97 ’07

20. Unit Growth Acceleration: YRI
Total Units
Avg Annual
+14 +121
Increase
(Select Growth Markets)
12,354
10,418
8,649
Select Growth
Markets
’97 ’02 ’07 ’12 F

21. Strong International Competitive Position
Total Units
(000s)
Other
Top 10
53,598
U.S.
QSR*
15,199
20,061
14,528
13,774 17,272
INTERNATIONAL
U.S.
*Subway, Wendy’s, Burger King, Sonic, Arby’s, Jack in the Box, Domino’s, Papa John’s, Hardee’s, Popeye’s
Source: Piper Jaffray restaurant benchmark book (September 2007)

22. Competitive Position:
Two Scale Players
International Marketing Spending
($ million)
$1,700
$800
Average of Other Top 10
$40
U.S. QSR Concepts
Note: Company estimates

23. Power of Competitive Positioning
Scale Advantage
Marketing Spend Higher Brand Awareness
Purchasing Power Greater Cost Efficiencies
Talent Base Stronger Leadership
A Virtuous Cycle

24. Yum! Position Strengthening
vs. McDonald’s Outside U.S.
Total Units
Outside the U.S.
2002 2007 CAGR
11,798 15,400 +5%
17,617 17,515 Flat
Difference (5,819) (2,075)
Note: Excludes corporate allocation

25. Expanding Lead in South Africa
2002 2007
341 479
McDonald’s 89 110
Advantage: KFC +252 +369

26. Taking the Lead in Middle East
2002 2007
293 462
McDonald’s 338 450
Advantage: KFC (45) +12

27. Expanding Lead in Indonesia
2002 2007
181 300
McDonald’s 105 105
Advantage: KFC +76 +195

28. New Growth Vehicles
East Dawning Pizza Hut Home Service
Taco Bell International Pizza Hut Delivery

29. Summary: Sustaining Global Growth
Strong and Even Better Earnings Growth Model
Long Runway for Global Unit Growth
Improving Competitive Position
Incremental Growth Potential from New Concepts

30. Achieving Explosive Growth
Around the World

31. Key Messages
• Strong and diverse business with consistent track record
• Category leading brands with huge upside
• Exciting potential in key growth markets
• High returns for shareholders

32. Another strong year in 2007…
Profit ($MM)
$480
12%
$407
12%
$372
9%
$337
2004 2005 2006 2007
Notes: 2004 profit and growth do not include impact from expensing stock options
Growth rates exclude Fx and the impact of the extra week in 2005

33. … built on record openings and healthy growth in unit
volumes
Same Store Sales Growth
New Openings
852
6%
785
780
4%
2%
2005 2006 2007
2005 2006 2007

34. Several key elements in consistent results
• Strength of local management
– 15 Business Management Units
– Local teams
– $375MM of G&A in 2007
• Tradition of in-market innovation
• Local relevance
• Culture of discipline and urgency
• Balanced portfolio

35. Well balanced portfolio
Developed Developing
Markets Markets Total
Units 57% 43% 12,173
’07 Growth (23) 486 463
System Sales 63% 37% $13B
’07 Growth /1 5% 18% 10%
Population /2 750M 4.3B 5.1B
GDP per Capita /2 $30K+ <$3K $8K
/1 Ex Fx
/2 Data excludes US and China

36. Significant franchise base driving majority of growth
New Unit Openings
Units
12,173 852
11,710 785 6%
13% 6%
15%
Equity
85% 87% 94% 94%
Franchise
2006 2007 2006 2007

37. KFC is already a global powerhouse…
YE 2007 Units 2007 Net Builds
Africa 500 38
Americas 1,539 17
Asia 2,459 111
Australia/New Zealand 654 9
Europe 1,272 111
Middle East 462 50
Total 6,886 336

38. …and is bigger than McDonald's in many parts of the
world
YE 2007 Units
South Africa 479 110
Malaysia 402 176
Indonesia 300 105
Caribbean 246 154
Ecuador 76 15
UAE 67 51
Other 5,316 16,028
Total 6,886 16,639

39. KFC is positioned around Taste all around the world
• Global cohesion is significant development
• Respect for local culture
– Menu
– Marketing
• Credible, resonant and relevant point of
difference
• Filter for new products and consumer
communication

40. Committed to making KFC a modern brand everywhere
Contemporary Assets Menu Innovation
Youthful Communication Big Brand Marketing Initiatives

41. Actively pursuing major sales layers
Beverages

42. Actively pursuing major sales layers
Breakfast

43. Actively pursuing major sales layers
Non-Fried

44. Actively pursuing major sales layers
Seafood

45. PH competes in two growing channels
Dine-in Delivery/Takeaway
International International
Market Size ($B) Market Size ($B)
48
GR
CA
%
1
29
+1
22
R
AG
C
14 %
10
+
2002 2007
2002 2007
Note: Data from Euromonitor, excludes the US and China

46. Pizza Hut is the world’s leading casual dining chain
International Units
1,966
~200 164 150 116
PH Dine-In TGI Friday's Chili's Outback Applebee's
Countries 100+ 38 24 20 17
Note: PH Dine-In excludes China. International units for other brands are an
estimate based on publicly available information and may include China.

47. Our strategy is to strengthen our casual dining offer
Pizza Pasta
Appetizers Desserts

48. Our strategy is to strengthen our casual dining offer
Tea Time Day Part Value Layers
Assets Branded Service

49. Hot is the cornerstone of our delivery positioning

50. We are also testing a new delivery brand – PHD
Focused on delivery fundamentals
• Right locations
• Speed and value
• Simple menu and operations

51. Taco Bell is an exciting opportunity for YRI
Current Status
• 15 markets today
• Meaningful scale in Central America
• Open in Monterrey, Mexico
• Launching in 3 other markets in ‘08

52. YRI targeting big growth markets like India
Current Status
• 33 KFC’s
• 137 Pizza Huts
• 3 PHD’s
• Taco Bell to be launched

53. Building a great business in Russia
Current Status
• 118 Rostik/KFC’s
• Partner is great concept leader with
proven record
• Senior operations leader is a YUM
employee
• Aggressive unit growth plans

54. Europe still has huge growth potential, especially for KFC
• France still breaking records
• Germany much stronger
• Spain doing well
• Poland growing fast
• Big plans in CIS countries

55. Opportunities abound in many other parts of the world
Southeast Asia Middle East
Latin America Africa

56. YRI generates high cash flow…
Capital Expenditure
EBITDA
US$ MM’s
US$ MM’s
654
537
189
118
2006 2007
2006 2007

57. …and world class returns for shareholders
ROIC
18%
18%
2006 2007

58. Summary
• Strong base
• Category leading brands
• Huge growth potential
• Great returns

59. The Bold Choice
in QSR

60. Clear Brand Position
The Bold Choice in QSR!
Our Credibility Value Proposition
We invented Mexican Fast Food The Last Affordable Fast
Food Restaurant

61. Our Opportunity
Turn Mexican QSR segment leadership…
Mexican QSR Sales = $10.6B
Balance
Baja Fresh
Taco Bell
Del Taco
Chipotle
Source: NPD Crest

62. Our Opportunity
…of a smaller segment of the QSR category…
Total QSR Sales = $220B+
Pizza Mexican QSR Sales = $10.6B
Burgers Balance
Sandwich
Baja Fresh
Chicken Taco Bell
Del Taco
Chipotle
Mexican
Balance
Source: NPD Crest

63. Our Opportunity
…into clear #2 QSR share brand!
QSR Market Share Rankings – YE 2007
#1
#2
#3
#4
#5
Source: NPD Crest

64. Our Opportunity
…into clear #2 QSR share brand!
QSR Market Share Rankings – YE 2007
Future
#1
#2

65. Areas of Strategic Focus
Build Sales Layers Accelerate the
Create a New
& Utilize Multiple System to Bold
Service Paradigm
Messages Choice Assets

66. Consumer Perceptions Improving
QSR Attitudes About Taco Bell
QSR Attitudes About Taco Bell
Penn & Schoen Research
Penn & Schoen Research
83
77 73
70
59 55
Early Dec ‘06 Late Mar ‘07 Mid Nov ‘07
Overall Northeast

67. Building Sales Layers
Expanded Dayparts
More Balanced Options
New Product Layers
Everyday Value
Base Business Driven by Menu Pipeline News
2008

68. 3 V’s of Value Our Fundamental
Organizing Principle

69. Why Pay More! Menu

70. Validated Vs. Internal and
External Benchmarks
Cheesy Double Beef vs.
Why Pay More! Wins vs. BBVM
McD’s Double Cheeseburger
• Price
Top Two Box
84%
• Overall taste
=
• Quality of food for the
Better Value
money
• Amount of food for the
money
• Portability
Repeat Purchase of > 4 (over 3 ½ weeks)!!
Source: Test Market Buyer Reaction Studies Performed by Restaurant Research Associates

71. Why Pay More!
In
Restaurants
Beginning
May 15th

72. A New Beverage Platform
Just in Time
For Summer
—Coming May 15th

73. Key Insights
• 9 Menu items reduced to 9
grams of fat or less
• Popular products -
approximately 15% of base
menu mix
• Fresco Menu Average reduction
in fat grams – almost 40%
• Fresco Menu Average reduction
in calories – almost 20%

74. Our Biggest “Loser”:
Ranchero Chicken Soft Taco
Fat(g) Calories
Base Fresco Base Fresco
14 4 270 170
71% 37%

75. Approach To Dieting Differs By Gender
Taste First, Fat First, Taste
Fat Second! Second!
“If it doesn’t “Looking good is
taste good, hard work”
I won’t eat it”

76. Trial Remains The Challenge
Trial Repeat
69%
60%
27% 54%
15%
5%
Cheesy G CBRB Fresco Cheesy G CBRB Fresco

77. Breakfast Remains a Big Opportunity

78. Strategic Marketing Tactics
• Multiple Sales Layers
• Doubling the Pipeline

79. Multiple Sales Layers Delivering Results
W1 W2 W3 W4
Primary TV
Secondary TV
Better For You

80. Committed to More Than
Doubling Product Pipeline
• 11 product tests
through April
• At least 8 more
post-summer

81. Committed to More Than
Doubling Product Pipeline
• 11 product tests
Almost as
through April as
many tests
• At least 2005 - 2007
8 more
combined
post-summer

82. You’ll Sample Some of these Great Products
Abundant Value Quality Value
Price Value

83. You’ll Sample Some of these Great Products
Abundant Value Quality Value
Price Value

84. Asset Transformation Is Necessary
Other
Holdover
Functional
Bold

85. Challenging in Context of Priorities
Equipment/
System New
Asset Refresh Technology Capital
Unit Growth
to Support Growth
Grilled to Order
3% Annually
Functional POS
to Bold Frutista Freeze
Ops Improvements
Other BOH, tbd

86. Requires Breakthrough Thinking

87. The Bold Choice Collection In Every DMA
Flex 2 Five
M 2 Bold
Ty07 Prototype
Next 2 Ten K 2 Bold

88. Delivering Brand Promise Thru
Hospitality
Optimal
Labor
Accurac Speed

89. Today No One Can Do Both
Speed Accuracy
1 Wendy’s Chick-fil-A
2 Checkers Krystal
3 Taco Bell Bojangles’
4 McDonald’s El Pollo Loco
5 Long John Silver Burger King
6 Burger King Hardee’s
7 Arby’s Del Taco
8 Bojangles’ Whataburger
9 Taco John’s Checkers
10 Chick-fil-A McDonald’s

90. Summary
• Clear Business Turnaround Underway
• Strategic Clarity to Deliver Future Performance
–Build Sales Layers and Employ Multiple
Messages
–Develop a System of Bold Choice Assets
–Create a New Service Paradigm

92. PURE HUT: A VISION THAT
GOES BEYOND PIZZA . . .
America’s Favorite Pizza

93. PURE HUT: A VISION THAT
GOES BEYOND PIZZA . . .
Restaurant Quality Pasta

94. PURE HUT: A VISION THAT
GOES BEYOND PIZZA . . .
Award Winning Chicken

95. ATTACKING BARRIERS
AND OPPORTUNITIES
Changing The Commodity Game
Knocking Down Barriers
Affordable Value
Delivering More Than Just Pizza
(i.e. Pasta)
Food The Way You Want
To Eat Today
Redefining The Category . . .
Only at Pizza Hut

96. HOW LAYERING WORKS

97. HOW LAYERING WORKS

98. AFFORDABLE
& TASTES GREAT
Value For Many

100. AFFORDABLE
& TASTES GREAT
Value For One

102. AFFORDABLE
& TASTES GREAT
Value For One
Quality At
a Value
Price Point

103. NOW DELIVERING
RESTAURANT QUALITY PASTA
Tuscani Pasta

105. AWARD WINNING
CHICKEN
Complete Chicken Solution

106. AWARD WINNING
CHICKEN
WingStreet Brand Enables Revitalize Assets
WingStreet Lite!
Cityscape WS for
Small Towns

107. THE WAY YOU WANT
TO EAT TODAY
The Natural
Premium
Ingredients
The ‘Pure’
Positioning

109. Assets: Upgrading To A New Standard!
Dine-In Delivery
Metro
Rural Small Town Suburban Urban
4,000+ Stores
Vision:
3,000+ Stores
Everywhere!

110. SERVICE: A CRITICAL
FOUNDATION

111. ALL REALIZED IN OUR
ONGOING 2 BUSINESS MODEL
Dine In Delivery
Killer Products
Window #
Window #
Multi-Tier Media Topic C Cont. Topic B Cont. Topic A Cont.
Topic C Cont. Topic B Cont. Topic A Cont.
Topic D
Topic D
Vibrant Stores
Delivery
Dine-In
Unexpected Service Fast, On Time
Focus on guest
HMR Experts
Consistent Service

114. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

115. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

117. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

118. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

119. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

120. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

135. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

165. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

178. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact

188. Brand
Positioning
Menu Vision
Winning Operations
Platform
Dynamic Asset Strategy
Built on a Foundation of HWWT2
2
and Franchise Partnership Pact