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<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><b>LOUISVILLE, Ky., September 1, 2026</b> — Yum! Brands, Inc. (NYSE: YUM) (“Yum!” or the “Company”) today announced the completion of the sale of Pizza Hut, excluding Mainland China (“Pizza Hut Ex-China”), to LongRange Capital (“LongRange”) for approximately $1.5 billion, subject to certain adjustments, with the opportunity for Yum! to receive an additional earn-out of $75 million by 2030 based on future performance.</span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Together with the previously announced sale of Pizza Hut in Mainland China (“Pizza Hut China”) to Yum China Holdings, Inc. (“Yum China”), which closed on August 7, 2026, the LongRange transaction completes Yum!’s sale of Pizza Hut through two separate transactions for $2.7 billion in the aggregate, subject to certain purchase price adjustments.</span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">“With this transaction complete, Yum! Brands now moves forward as a more focused company with significant opportunities for growth around the world,” said Chris Turner, Chief Executive Officer, Yum! Brands. “Our unmatched digital capabilities and scale and our relentless focus on the future consumer, strengthening restaurant economics and leveraging Byte by Yum! will allow us to accelerate growth and deliver sustainable long-term value for our shareholders.” </span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Goldman Sachs and Barclays served as financial advisers to Yum!. Weil, Gotshal & Manges LLP served as transaction counsel, Baker McKenzie served as international corporate and IP counsel, and Dinsmore and Shohl LLP advised on contract separation for Yum! in the sale of Pizza Hut Ex-China. Mayer Brown LLP served as transaction counsel to Yum! in the sale of Pizza Hut China.</span></span></p>
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<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><b>About Yum! Brands</b></span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Yum! Brands, Inc., and its subsidiaries franchise or operate more than 44,000 restaurants in 151 countries and territories under its iconic brands — KFC, Taco Bell and Habit Burger & Grill. KFC and Taco Bell are global leaders in the chicken and Mexican-inspired food categories, respectively. Habit is a fast-casual concept known for fresh, cooked-to-order food. Fueled by Yum!’s Recipe for Good Growth and its Raising the B.A.R priorities, Yum! combines the strength of its global brands, franchise system, scale and leading digital and technology capabilities to drive growth, create long-term value, and build the world’s most loved, trusted and connected restaurant brands. </span></span></p>
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<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif"><b>Forward-Looking Statements</b></span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">This announcement contains certain “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. These statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. 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. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved.</span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: food safety and food- or beverage-borne illness concerns, including the impact of the July 2026 cyclospora outbreak; the impact of such outbreak on sales and pace of recovery; adverse impacts of public health conditions or other catastrophic or unforeseen events; the success and financial stability of our concepts’ franchisees; the success of our development strategy; anticipated benefits from past or potential future acquisitions, investments, other strategic transactions or initiatives, or our portfolio business model; the possibility that we may not be able to realize the anticipated benefits of the sale of the Pizza Hut business; our significant exposure to the Chinese market; our global operations and related exposure to geopolitical instability, including the expansion or threatened expansion of restrictive trade policies and increasing anti-American sentiment; foreign currency risks and foreign exchange controls; our ability to protect the integrity or availability of IT systems or the security of confidential information and other cybersecurity risks; compliance with data privacy, data protection and emerging technology legal requirements; our ability to successfully and securely implement technology initiatives, including utilization of artificial intelligence; our increasing dependence on digital commerce and delivery platforms; the impact of social media; our ability to protect our trademarks or other intellectual property; shortages or interruptions in the availability and the delivery of food, equipment and other supplies; the loss of key personnel or failure to successfully transition senior management, labor shortages and increased labor costs, including as a result of state and local legislation related to wages and working conditions; changes in food prices and other operating costs; our corporate reputation, the value and perception of our brands and changes in consumer preferences such as wellness trends; evolving expectations and requirements with respect to social and environmental sustainability matters; adverse effects of severe weather and climate change; pending or future litigation and legal claims or proceedings; changes in, or non-compliance with, legal requirements; tax matters, including changes in tax rates or laws, impositions of new taxes, tax implications of our restructurings, or disagreements with taxing authorities; changes in consumer discretionary spending and macroeconomic conditions, including inflationary pressures and interest rate conditions; competition within the retail food industry; and risks relating to our level of indebtedness. 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. 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.</span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">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 most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.</span></span></p>
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<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Analysts are invited to contact:</span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Matt Morris, Head of Investor Relations, at 888/298-6986</span></span></p>
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<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Members of the media are invited to contact:</span></span></p>
<p dir="ltr"><span style="font-size:10pt"><span style="font-family:Arial,sans-serif">Lori Eberenz, Director of Public Relations, at 502/874-8200</span></span></p>
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