<SEC-DOCUMENT>0001214659-19-002762.txt : 20190417
<SEC-HEADER>0001214659-19-002762.hdr.sgml : 20190417
<ACCEPTANCE-DATETIME>20190416190715
ACCESSION NUMBER:		0001214659-19-002762
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190417
DATE AS OF CHANGE:		20190416
EFFECTIVENESS DATE:		20190417

SUBJECT COMPANY:	

	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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13163
		FILM NUMBER:		19751939

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1611 TELEGRAPH AVE.
		STREET 2:		SUITE 1450
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		1611 TELEGRAPH AVE.
		STREET 2:		SUITE 1450
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>f415190px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">1611 Telegraph Ave, Suite 1450&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #00813D">Oakland, CA 94612</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: YUM! Brands, Inc.<BR>
Name of persons relying on exemption:&nbsp;As You Sow<BR>
Address of persons relying on exemption: 1611 Telegraph Ave., Suite 1450, Oakland, CA 94612</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1)
promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule,
but is made voluntarily in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">YUM!
Brands, Inc.<BR>
Vote Yes: Item #6 - Comprehensive Policy on Sustainable Packaging</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual
Meeting: May 16, 2019 </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Conrad MacKerron | mack@asyousow.org</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">EXECUTIVE
SUMMARY&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The company lacks a comprehensive policy on sustainable packaging. YUM Brands continues to use harmful polystyrene foam<SUP>1</SUP>
packaging in some areas, while competitor McDonald&rsquo;s stopped using foam globally last year. YUM Brands continues to use plastic
straws virtually everywhere, whereas competitor Starbucks agreed to eliminate plastic straws by 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>McDonald&rsquo;s has committed to collect all post-consumer packaging onsite through front-of-house recycling or composting
by 2025, YUM has not.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Polystyrene foam, plastic straws and related fast food packaging creates huge problems post-consumer and downstream. Plastic
packaging is a prime component of ocean gyre pollution, which threatens marine animals and potentially, human health. An estimated
8 million tons of plastics are dumped in oceans annually and <B>oceans may contain more plastic than fish by weight by 2050</B>.<SUP>2</SUP>
This has led nine countries and more than 100 U.S. cities or counties to ban foam packaging.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Non-recycled packaging like foam cups and plastic straws exacerbate existing efforts to recycle more post-consumer packaging.
The Environmental Protection Agency (EPA) says there is no significant recovery of foam food service packaging in the U.S.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Leaders of 15 major companies called for phase out of use of polystyrene for packaging purposes in January 2017.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>_____________________________</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Polystyrene foam applications for food service
containers and cups are often erroneously referred to as Styrofoam, which is a trademark of Dow Chemical Corp., used for building
applications of polystyrene foam, not food service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Jambeck et al, Plastic waste inputs from land
into the ocean, Science 13 February 2015 http://science.sciencemag.org/content/347/6223/768, and Ellen MacArthur Foundation, January
2016, The New Plastics Economy: Rethinking the Future of Plastics, http://www.ellenmacarthurfoundation.org/publications/the-new-plastics-economy-rethinking-the-future-of-plastics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><B><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></B></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2019
    Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">YUM! Brands | Comprehensive Policy on Sustainable Packaging</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B><I>The company has not shown awareness of the potential for polystyrene waste and plastic straws to create brand risk, or
shown evidence of plans to phase out polystyrene packaging globally, or to provide front-of-house recycling for customer packaging.</I></B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Shareholders and the company would benefit from the report requested by the proposal. The report would demonstrate that board
and management is aware of and has studied the environmental and brand risk posed by polystyrene foam waste, plastic straws and
other packaging waste, and has developed a strategy to deal with it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESOLUTION
SUMMARY&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The proposal asks YUM to issue a report&nbsp;detailing efforts
to achieve environmental leadership through a&nbsp;comprehensive policy on sustainable packaging. Proponents&nbsp;believe&nbsp;that
a comprehensive&nbsp;policy on sustainable packaging should address plastic straws, polystyrene beverage and food containers, and
policies for front of house packaging recycling.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">WHY THIS
IS IMPORTANT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Polystyrene (PS) foam beverage cups, plastic straws, and other
kinds of packaging are a major contributor to ocean gyre pollution, which has been found to be harmful to fish and birds. These
materials are regularly found on Ocean Conservancy&rsquo;s annual list of the top 10 items collected during its annual coastal
cleanup. Styrene has occupational safety concerns in its production and has been listed as a possible human carcinogen. Foam is
rarely recycled, and safer alternatives are readily available. Plastic straws are not recyclable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of YUM&rsquo;s business segments continue to use PS foam-based
packaging for food containers 20+ years after McDonald&rsquo;s phased out use of PS-based clamshell food containers, and after
McDonald&rsquo;s phased out all PS use globally at the end of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Polystyrene foam used for coffee cups, takeout containers and
packing materials, is rarely recycled. In 2012, EPA&rsquo;s annual solid waste report estimated that just 3.8% of PS foam food
containers were recycled in the U.S. By 2013, EPA said &ldquo;no significant recovery&rdquo; was identified. Due to its extreme
light weight, it can become easily airborne and is often swept into waterways and is one of the top items found in ocean beach
cleanups. Foam packaging materials break down into small indigestible pellets which marine animals mistake for food. Ingestion
can result in&nbsp;<FONT STYLE="color: #1A1A1A">malnutrition, intestinal blockage, buildup of toxics, and </FONT>death as demonstrated
in birds, turtles, and whales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PS foam has also been shown to transfer hazardous chemicals
to wildlife. Plastics absorb toxics like dioxins, pesticides, and metals from water, transferring them to the marine food web and
potentially to human diets, increasing risk of adverse effects to wildlife and humans. PS foam <FONT STYLE="background-color: white">may
pose a higher risk to marine animals than other plastics due to its hazardous constituent chemicals and research showing it can
accumulate high concentrations of water borne toxins in a short time frame.<SUP>3</SUP>&nbsp; </FONT>Polystyrene has caused decreased
reproduction in laboratory populations of <FONT STYLE="font-size: 10pt">oysters and fish.<SUP>4</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4140420/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> http://www.pnas.org/content/113/9/2430.abstract</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2019
    Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">YUM! Brands | Comprehensive Policy on Sustainable Packaging</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">MAJOR COMPANIES
CALL FOR PHASE OUT OF POLYSTYRENE&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The leaders of 15 major companies recommended phasing out polystyrene
for packaging purposes in a report released in January 2017. <I>&ldquo;The New Plastics Economy &ndash; Catalyzing Action,&rdquo;</I>
released at the World Economic Forum in Davos, recommended replacing polystyrene, expanded polystyrene (EPS), and polyvinyl chloride
as packaging materials globally. The report singled out these three materials as &ldquo;uncommon&rdquo; plastic packaging materials
whose replacement would make a &ldquo;huge impact.&rdquo; Replacing these materials would enhance the economics of recycling and
reduce the potential negative impact of these materials as &ldquo;substances of concern.&rdquo; The report noted that PS is often
used for takeout food packaging and contaminated with waste food, making it harder to recycle. The report was endorsed by leading
brands including Coca-Cola Co., Danone, L&rsquo;Oreal, Marks &amp; Spencer, Mars, PepsiCo, Procter &amp; Gamble, and Unilever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">NINE COUNTRIES
AND 100 U.S. JURISDICTIONS HAVE BANNED FOAM&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Antigua and Barbuda, Bangladesh, Barbados, France, Guyana, Haiti,
Rwanda, Taiwan, and states in India and Malaysia have enacted bans on foam packaging. More than 100 U.S. cities or counties have
banned or restricted foam packaging. The problem can be exacerbated in developing countries with less sophisticated solid waste
management systems. Recent scientific research estimates that one half of ocean plastic deposition comes from several rapidly developing
Asian countries, several of which have limited collection systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">POLYSTYRENE
AND OTHER PLASTICS POLLUTE THE MARINE ENVIRONMENT&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management has not explicitly acknowledged growing evidence
that PS foam and plastic straws contributes significantly to pollution of the world&rsquo;s oceans which clogs waterways, damages
marine ecosystems, and impairs the marine food web. Management needs to recognize that its packaging creates significant global
pollution problems downstream and that its cups found on beaches creates brand risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Huge gyres of swirling plastic particles have been identified
in five ocean areas (North and South Pacific, North and South Atlantic, Indian). Researchers estimate that 150 million tons of
plastics circulate in the gyres, spread across about 16 million square kilometers of ocean surface&mdash;about the size of the
U.S. and Australia combined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The U.S. Environmental Protection Agency says degraded plastics
in these ocean gyres pose threats to marine animals,<SUP>5</SUP> and potentially to human health.<SUP>6</SUP> <B>Food and beverage
packaging and containers are among the top 5 items found on beaches and coastlines<SUP>7</SUP></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A recent study published in <I>Science</I> concluded the oceans
are loading with plastics far faster than previously thought, with 8 million tons&mdash;equivalent to one garbage truck every minute&mdash;being
added annually. At that rate, without significant mitigation, by 2050 plastic could exceed fish by weight. A recent Ocean Conservancy
report concludes that poorly designed waste management systems, not just beach litter, sewage, or blowing plastic, contribute substantially
to ocean plastic, particularly in developing markets.<SUP>8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________<FONT STYLE="font-size: 10pt">________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> http://water.epa.gov/type/oceb/marinedebris/md_impacts.cfm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> http://www.epa.gov/region9/marine-debris/faq.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> http://www.oceanconservancy.org/our-work/marine-debris/check-out-our-latest-trash.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Ocean Conservancy, 2015, Stemming the Tide: Land
based strategies for a plastic-free ocean, http://www.oceanconservancy.org/our-work/marine-debris/mckinsey-report-files/full-report-stemming-the.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2019
    Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">YUM! Brands | Comprehensive Policy on Sustainable Packaging</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An assessment of marine debris by a panel of the Global Environment
Facility of the UN Environment Program concluded that an underlying cause of debris entering oceans is unsustainable production
and consumption patterns including &quot;design and marketing of products internationally without appropriate regard to their environmental
fate or ability to be recycled in the locations where sold...&rdquo;<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Va<I>luing Plastics: The Business Case for Measuring, Managing
and Disclosing Plastic Use in the Consumer Goods Industry,</I> a 2014 UN Environment Program report estimated the natural capital
cost of plastic use in the consumer goods sector each year at $75 billion, about $13 billion of which is due to damage to marine
ecosystems.<SUP>10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">COMPANY ACTIONS&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company recently informed As You Sow that a January 2019
commitment by its KFC segment to make all plastic-based, consumer-facing packaging recoverable or reusable by 2025 includes phasing
out use of foam, however we cannot find this explicitly stated in printed company documents. The company also suggested the KFC
commitment includes developing front-of-house recycling options, but this too was based on a conversation and is not explicitly
stated as a commitment in company documents. Even if this is the case, the company has made no similar commitments for its Taco
Bell or Pizza Hut brands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, YUM does not appear to know in which markets its various
brands&mdash;KFC, Taco Bell, Pizza Hut&mdash;still use foam, which suggests management inattention to an important environmental
issue, posing a brand risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company has taken even fewer apparent actions with regard
to phasing out plastic straws. We were unable to find any brand-wide specific commitments to ban or replace plastic straws; the
only announced commitment we found was 84 KFC restaurants in Singapore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE
TO COMPANY STATEMENT IN OPPOSITION&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company statement in opposition recommends a vote against
the proposal because it alleges it would divert resources better used to support its sustainability efforts. This is a standard
response by companies but ignores the fact that ESG shareholders need this information to be able to compare performance among
their holdings. The report is necessary because the company has not specifically developed a policy on phase out of PS foam beverage
and food packaging across its key brands, whereas competitor McDo<FONT STYLE="font-size: 10pt">nald&rsquo;s has already actively
removed foam globally from its operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Scientific and Technical Advisory Panel, <I>Marine
Debris as a Global Environmental Problem: Introducing a solutions based framework focused on plastic</I>, November 2011, p.3. http://www.thegef.org/gef/sites/thegef.org/files/publication/STAP%20MarineDebris%20-%20website.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> UNEP, 2014, Valuing Plastics: The Business Case
for Measuring, Managing and Disclosing Plastic Use in the Consumer Goods Industry http://www.unep.org/pdf/ValuingPlastic</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%; font-size: 11pt"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; font-size: 11pt"><FONT STYLE="font-size: 9pt; color: #00813D"><B>2019
    Proxy Memo</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt; white-space: nowrap"><FONT STYLE="font-size: 10pt; color: #00813D">YUM! Brands | Comprehensive Policy on Sustainable Packaging</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not only has YUM not set a date for such phase out, it has not
been able to demonstrate it has kept current information on areas where foam is still used by each of its brands, suggesting management
inattention and low priority to this important issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It suggests it already provides &ldquo;comprehensive voluntary
disclosure&rdquo; on environmental sustainability issues. This is not the case. In addition to a lack of current information about
where it uses foam packaging, it has made no progress report or broad commitment to phase out of plastic straws, which competitor
Starbucks agreed to do by next year. Nor has it discussed or set goals in regard to whether or when it might provide front-of-house
recycling at it locations, which McDonald&rsquo;s has committed to do by 2025. The requested report would provide valuable information
to shareholders on its policy position and plans to address these key plastic pollution environmental challenges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Alarming new data indicates that plastic swept into oceans from consumer products like YUM Brands&rsquo; packaging could exceed
the level of fish by weight by 2050.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Continued use of PS foam cups means branded containers found floating in rivers or on beaches have the potential to create
brand risk, as well as contributing to environmental risks.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Leaders of 15 major companies called for phase out of use of PS for packaging purposes in January 2017.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Management has not indicated that it has analyzed these risks, or developed plans to phase out PS packaging globally, or to
replace plastic straws or to provide front-of-house recycling, while key competitors noted above have taken such actions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Shareholders and the company would benefit from the report requested by the proposal. The report would demonstrate that board
and management is aware of and has studied the environmental and brand risk posed by PS foam waste, plastic straws and other packaging
waste, and has developed a strategy to deal with it.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">--<BR>
THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL
MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF
DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR MORE OF THE CO-FILERS. PROXY CARDS WILL
NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS
ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
