Yum's Concept and Geographic Diversification Position It Well With Viable Growth Narrative at Scale

The restaurant industry has changed a lot over the past three years. We remain encouraged by the ability of the largest operators, including Yum Brands, to accelerate critical investments in e-commerce platforms, delivery integration, and technological solutions that meet the demands of the modern restaurant consumer. Recent acquisitions demonstrate the emphasis the firm has placed on digital enhancements, with more than 50% of global systemwide sales now coming through digital channels, which we expect to remain integral to Yum's strategic playbook.