Yum! Brands Announces Definitive Agreements to Sell Long John Silver’s and A&W All-American Restaurants to Key Franchisee Leaders

LOUISVILLE, KY, September 22, 2011 – Yum! Brands, Inc. (NYSE: YUM) today announced it has signed definitive agreements to sell Long John Silver’s, Inc. and A&W Restaurants, Inc. to two separate buyers led by key franchisee leaders. Both sales are subject to customary closing conditions.

“We are pleased to announce that we have identified strategic buyers who are passionate about these two great restaurant brands and committed to their growth potential,” said David C. Novak, Yum! Brands, Inc. Chairman and Chief Executive Officer. “As we continue to sharpen our long-term growth focus on international expansion and improving our US brand positions in KFC, Pizza Hut and Taco Bell, Long John Silver’s and A&W no longer fit our long-term growth strategy.”

The Company does not expect the sales to have a material impact to its ongoing earnings or cash flow. Both transactions are expected to close in the fourth quarter. Goldman, Sachs & Co. acted as exclusive financial advisor to Yum! Brands on the transactions.

Long John Silver’s will be acquired by LJS Partners LLC, led by a consortium of prominent franchisee leaders and other investors.

A&W will be acquired by A Great American Brand LLC, led by a franchisee leader with substantial interests in international A&W restaurants and the National A&W Franchisees Association representing U.S. A&W restaurant operators.

Yum! Brands, Inc., based in Louisville, Ky., is the world’s largest restaurant company in terms of system restaurants with approximately 38,000 restaurants in more than 110 countries and territories. The company is ranked #214 on the Fortune 500 List, with revenues of more than $11 billion in 2010. Four of the company’s restaurant brands – KFC, Pizza Hut, Long John Silver’s and Taco Bell – are the global leaders of the chicken, quick-service seafood, pizza and Mexican-style food categories. A&W Restaurants is the longest running quick-service franchise chain in America. Outside the United States, the Yum! Brands system opened approximately four new restaurants each day of the year, making it a leader in international retail development. The company has consistently been recognized for its reward and recognition culture, diversity leadership, community giving, and consistent shareholder returns.


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