Quarterly Reports

1.) "Restricted Group" refers collectively to the Companies and their subsidiaries, other than (a) the Taco Bell Securitization Entities which will not be subject to the covenants under the Indenture governing the Subsidiary Senior Unsecured Notes and the Credit Agreement and (b) the YUM China Entities, most of which will be not be subject to the covenants under the Indenture governing the Subsidiary Senior Unsecured Notes and the Credit Agreement and none of which will be owned by YUM following the China spin-off, and also excludes the Parent and ABR Insurance Company which will not be subject to such covenants as well.