<SEC-DOCUMENT>0001104659-18-068815.txt : 20181115
<SEC-HEADER>0001104659-18-068815.hdr.sgml : 20181115
<ACCEPTANCE-DATETIME>20181115172113
ACCESSION NUMBER:		0001104659-18-068815
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181115
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181115
DATE AS OF CHANGE:		20181115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YUM BRANDS INC
		CENTRAL INDEX KEY:			0001041061
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133951308
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13163
		FILM NUMBER:		181188068

	BUSINESS ADDRESS:	
		STREET 1:		1441 GARDINER LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213
		BUSINESS PHONE:		5028748300

	MAIL ADDRESS:	
		STREET 1:		1900 COLONEL SANDERS LANE
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRICON GLOBAL RESTAURANTS INC
		DATE OF NAME CHANGE:	19970627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREAT AMERICAN RESTAURANT CO
		DATE OF NAME CHANGE:	19970618
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a18-38293_38k.htm
<DESCRIPTION>8-K
<TEXT>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" color="black" face="Times New Roman" style="color:black;font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" color="black" face="Times New Roman" style="color:black;font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Washington, D. C. 20549</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CURRENT REPORT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date of Report (Date of earliest event reported)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">November&nbsp;15, 2018</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission file number 1-13163</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">YUM! BRANDS,&nbsp;INC.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><u><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">North Carolina</font></u></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">13-3951308</font></u></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">(State or other jurisdiction of</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">(I.R.S. Employer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">incorporation or organization)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Identification No.)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">1441 Gardiner Lane, Louisville, Kentucky</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">40213</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Times New Roman" style="color:black;font-size:2.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">(Address of principal executive offices)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">(Zip Code)</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt 3.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 3.0pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Registrant&#146;s telephone number, including area code:&nbsp;&nbsp;(502) 874-8300</font></p>
<p align="center" style="margin:0in 0in .0001pt 3.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 3.0pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Former name or former address, if changed since last report:&nbsp;&nbsp;&nbsp;N/A</font></p>
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<p style="line-height:15.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ ] Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ ] Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ ] Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ ] Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:15.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160; [ ] Emerging growth company</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:15.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act.&#160; [ ]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 3.0pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">Item 8.01</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font color="black" style="color:black;font-weight:bold;">Other Events</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="line-height:15.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;15, 2018, YUM! Brands,&nbsp;Inc., a North Carolina corporation (the &#147;Company&#148;) and certain affiliates entered into a Purchase Agreement (the &#147;Purchase Agreement&#148;) with Barclays Capital Inc. and Goldman, Sachs&nbsp;&amp; Co., in each case, for themselves and as representatives of the initial purchasers named therein, under which a special purpose subsidiary of the Company has agreed to issue and sell $825 million of the Issuer&#146;s Series&nbsp;2018-1 4.318% Fixed Rate Senior Secured Notes, Class&nbsp;A-2-I (the &#147;Class&nbsp;A-2-I Notes&#148;) and $625 million of its Series&nbsp;2018-1 4.940% Fixed Rate Senior Secured Notes, Class&nbsp;A-2-II (the &#147;Class&nbsp;A-2-II Notes&#148; and, together with the Class&nbsp;A-2-I Notes, the &#147;Notes&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:15.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On November&nbsp;15, 2018, the Company issued a press release announcing its entry into the Purchase Agreement and the pricing of the Notes. A copy of the press release is attached hereto as Exhibit&nbsp;99.1 and is incorporated herein by reference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 3.0pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">Item 9.01</font></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font color="black" style="color:black;font-weight:bold;">Financial Statements and Exhibits</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="a18-38293_3ex99d1.htm#Exhibit99_1_010628" title="Click to goto ">Press   release regarding the Company&#146;s entry into the Purchase Agreement and pricing   of the Notes issued by the Company on November&nbsp;15, 2018.</a></font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
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<p style="line-height:15.0pt;margin:0in 0in .0001pt;text-align:justify;text-indent:15.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">YUM! BRANDS,&nbsp;INC.</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">(Registrant)</font></p>    </td>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Date:&nbsp;&nbsp;&nbsp;&nbsp;November&nbsp;15,   2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;/s/   Keith Siegner</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;Vice   President,&nbsp;Investor Relations,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;Corporate   Strategy and Treasurer</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">Exhibit 99.1<a name="Exhibit99_1_010628"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-weight:bold;"><img width="576" height="123" src="g382933mmi001.gif"></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">YUM! BRANDS,&nbsp;INC. PRICES $1.45 BILLION SECURITIZED NOTES</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Arial" style="font-size:11.0pt;font-weight:bold;">LOUISVILLE, KY &#151; November&nbsp;15, 2018</font></b><font size="2" face="Arial" style="font-size:11.0pt;"> &#150; Yum! Brands,&nbsp;Inc. (NYSE: YUM), the parent company of KFC, Pizza Hut and Taco Bell, today announced that it and certain affiliates have entered into a purchase agreement (the &#147;Purchase Agreement&#148;) under which a special purpose subsidiary of Taco Bell Corp. named Taco Bell Funding, LLC (the &#147;Issuer&#148;) has agreed to issue and sell $825 million of the Issuer&#146;s Series&nbsp;2018-1 4.318% Fixed Rate Senior Secured Notes, Class&nbsp;A-2-I (the &#147;Series&nbsp;2018-1 Class&nbsp;A-2-I Notes&#148;) and $625 million of its Series&nbsp;2018-1 4.940% Fixed Rate Senior Secured Notes, Class&nbsp;A-2-II (the &#147;Series&nbsp;2018-1 Class&nbsp;A-2-II Notes&#148; and, together with the Class&nbsp;A-2-I Notes, the &#147;Notes&#148;).&#160; Interest will be payable on the Notes quarterly.&#160; The legal final maturity date of the Notes will be in November&nbsp;2048, but the anticipated repayment dates of the Series&nbsp;2018-1 Class&nbsp;A-2-I Notes and the Series&nbsp;2018-1 Class&nbsp;A-2-II Notes will be in November&nbsp;2023 and November&nbsp;2028, respectively. The aggregate principal amount of Notes to be issued in the offering was increased to $1.45 billion from the previously announced $1.2 billion.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">The Notes will be issued by the Issuer in a privately placed securitized transaction pursuant to the Purchase Agreement.&#160; The Issuer owns substantially all of the U.S. franchising assets of Taco Bell and will use cash flows generated from these assets to make interest and principal payments on the Notes.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">The Notes are the second series of notes issued by the Issuer.&#160; The Issuer previously issued the Series&nbsp;2016-1 Fixed Rate Senior Secured Notes, Class&nbsp;A-2-I (the &#147;Series&nbsp;2016-1 Class&nbsp;A-2-I Notes&#148;), the Series&nbsp;2016-1 Fixed Rate Senior Secured Notes, Class&nbsp;A-2-II (the &#147;Series&nbsp;2016-1 Class&nbsp;A-2-II Notes&#148;) and the Series&nbsp;2016-1 Fixed Rate Senior Secured Notes, Class&nbsp;A-2-III (the &#147;Series&nbsp;2016-1 Class&nbsp;A-2-III Notes&#148;), and it entered into a purchase agreement under which it issued certain Series&nbsp;2016-1 Class&nbsp;A-1 Notes which allowed the Issuer to borrow amounts from time to time on a revolving basis and which has since been terminated.&#160; The Series&nbsp;2016-1 Class&nbsp;A-2-I Notes will be repaid in full on November&nbsp;28, 2018, and the Series&nbsp;2016-1 Class&nbsp;A-2-II Notes and Series&nbsp;2016-1 Class&nbsp;A-2-III Notes will remain outstanding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">The Issuer expects to use the proceeds of the Notes for repayment of the Series&nbsp;2016-1 Class&nbsp;A-2-I Notes and certain outstanding indebtedness of Taco Bell&#146;s affiliates. Any additional net proceeds will be used to pay certain transaction costs associated with the refinancing and general corporate purposes, and may also be used to return capital to shareholders of Yum! Brands,&nbsp;Inc.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Yum! Brands,&nbsp;Inc.&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; 1900 Colonel Sanders Lane&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; Louisville, KY 40213</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">P: 502.874.8300&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; www.yum.com/investors</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">The closing of the sale of the Notes is expected on November&nbsp;28, 2018, subject to the satisfaction of various closing conditions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security.&#160; The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Yum! Brands,&nbsp;Inc., based in Louisville, Kentucky, has nearly 46,000 restaurants in more than 140 countries and territories and is one of the Aon Hewitt Top Companies for Leaders in North America.&#160; In 2018, Yum! Brands was recognized as part of the inaugural Bloomberg Gender-Equality Index and ranked among the top 100 Best Corporate Citizens by <i>Corporate Responsibility Magazine</i>.&#160; In 2017, Yum! Brands was named to the Dow Jones North America Index. The Company&#146;s restaurant brands - KFC, Pizza Hut and Taco Bell - are the global leaders of the chicken, pizza and Mexican-style food categories.&#160; Worldwide, the Yum! Brands system opens over seven new restaurants per day on average, making it a leader in global retail development.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">This announcement may contain &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act of 1933 and Section&nbsp;21E of the Securities Exchange Act of 1934.&#160; We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.&#160; 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 &#147;expect,&#148; &#147;expectation,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;may,&#148; &#147;could,&#148; &#147;intend,&#148; &#147;belief,&#148; &#147;plan,&#148; &#147;estimate,&#148; &#147;target,&#148; &#147;predict,&#148; &#147;likely,&#148; &#147;will,&#148; &#147;should,&#148; &#147;forecast,&#148; &#147;outlook&#148; or similar terminology.&#160; 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.&#160; Forward-looking statements are neither predictions nor guarantees of 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.&#160; We give no assurance that any of our expectations, estimates or projections will be achieved.&#160; The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances.&#160; Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, and without limitation: food safety and food borne-illness issues; health concerns arising from outbreaks of viruses or other diseases; the success of our franchisees and licensees, and</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Yum! Brands,&nbsp;Inc.&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; 1900 Colonel Sanders Lane&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; Louisville, KY 40213</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">P: 502.874.8300&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; www.yum.com/investors</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">the success of our transformation initiatives, including our refranchising strategy; our significant exposure to the Chinese market; changes in economic and political conditions in countries and territories outside of the U.S. where we operate; our ability to protect the integrity and security of individually identifiable data of our customers and employees; our increasing dependence on digital commerce platforms and information technology systems; the impact of social media; our ability to secure and maintain distribution and adequate supply to our restaurants; the success of our development strategy in emerging markets; changes in commodity, labor and other operating costs; pending or future litigation and legal claims or proceedings; changes in or noncompliance with government regulations, including labor standards and anti-bribery or anti-corruption laws; tax legislation and other tax matters, including disagreements with taxing authorities; consumer preferences and perceptions of our brands; changes in consumer discretionary spending and general economic conditions; competition within the retail food industry; and risks relating to our significant amount of indebtedness.&#160; 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.&#160; All forward-looking statements should be evaluated with the understanding of their inherent uncertainty.&#160; You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions &#147;Risk Factors&#148; and &#147;Forward-Looking Statements&#148; in our Annual Report or Form&nbsp;10-K) for additional detail about factors that could affect our financial and other results.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Analysts are invited to contact: Keith Siegner, Vice President,&nbsp;Investor Relations, Corporate Strategy and Treasurer, at 888/298-6986 or Kelly Knybel, Director,&nbsp;Investor Relations, at 888/298-6986.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">Members of the media are invited to contact: Virginia Ferguson, Director, Public Relations, at 502/874-8200.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">Yum! Brands,&nbsp;Inc.&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; 1900 Colonel Sanders Lane&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; Louisville, KY 40213</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:7.5pt;">P: 502.874.8300&#160; </font><font size="1" face="Symbol" style="font-size:7.5pt;">&#183;</font><font size="1" face="Arial" style="font-size:7.5pt;">&#160; www.yum.com/investors</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
