Table of Contents
Dave Deno
PPT Slide
2002 Ongoing Operating EPS of $1.89 to $1.91
YGR Acquisition Update
We Have Established a Track Record
PPT Slide
Fifth Year of Continued EPS Growth
Cash Flow Remains Strong, Continues to Expand
Capital Spending Clearly Funded by Cash Flow
2002 F Cash Generation
Top-Tier Returns in the Restaurant Industry
Franchise Fees Key Driver to Profits, Cash Flow & Returns
Highly Competitive Restaurant Margin
Interest Expense Well Covered by Cash Flow
Significant Progress in Reducing Tax Rate
Yum! Capturing Our Unique Opportunities
Yum! Expanding the Track Record
PPT Slide
Yum! Capturing Our Unique Opportunities
3-Year Earnings Growth Model
Yum! 20032005 EPS Expected to Grow 10%
Cash-Flow Growth Expected to Continue
Capital Spending Focused on Key Strategies
Continued Growth Global New Restaurant Openings*
Yum! Capital Structure Is Sound
Balanced Debt-Maturity Profile
Yum! Sound Balance Sheet
Yum! Balance Sheet Expect Continued Strengthening
Yum! Next Five Years
Yum! Will Report Against All In EPS in 2003
Q1 2003 Forecast
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