|Exchange:||New York Stock Exchange|
|Stock:||Yum Brands Inc|
|YUM! Brands, Inc. was incorporated under the laws of the state of North Carolina in 1997. YUM is a restaurant company in terms of system restaurants with approximately 39,000 restaurants in more than 125 countries and territories operating under the KFC, Pizza Hut or Taco Bell brands. The Company owns non-controlling interests in Chinese entities who operate in a manner similar to KFC franchisees.On February 1, 2012, it acquired a controlling interest in Little Sheep Group Limited. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders in the chicken, pizza and Mexican-style food categories, respectively. Its business consists of six operating segments: YUM Restaurants China, YUM Restaurants International, KFC U.S., Pizza Hut U.S., Taco Bell U.S., and YUM Restaurants India. The China Division, based in Shanghai, China, comprises approximately 5,700 system restaurants, primarily Company-owned KFCs and Pizza Huts. The International Division, based in Dallas, Texas, comprises approximately 14,500 system restaurants, primarily franchised KFCs and Pizza Huts, operating in over 120 countries outside the U.S. The Company and its franchisees also operate multibrand units, primarily in the U.S., where two or more of the Concepts are operated in a single unit. Through its Concepts, it develops, operates, franchises and licenses a worldwide system of both traditional and non-traditional QSR restaurants. Traditional units feature dine-in, carryout and, in some instances, drive-thru or delivery services. The Company’s Concepts, including Concept units operated by its franchisees, are substantial purchasers of a number of food and paper products, equipment and other restaurant supplies. The principal items purchased include chicken, cheese, beef and pork products, paper and packaging materials. The Company and its Concepts own numerous registered trademarks and service marks. The Company believes that many of these marks, including its Kentucky Fried Chicken®, KFC®, Pizza Hut® and Taco Bell® marks, have significant value and are materially important to its business. The retail food industry, in which the Company competes, is made up of supermarkets, supercenters, warehouse stores, convenience stores, coffee shops, snack bars, delicatessens and restaurants, and is competitive with respect to food quality, price, service, convenience, location and concept. Each of the Concepts compete with international, national and regional restaurant chains as well as locally-owned restaurants, not only for customers, but also for management and hourly personnel, suitable real estate sites and qualified franchisees.|
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