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Hi Fuskie,
Thanks for your post! Here is a copy of the offer:

Confirm Global Corporate Action Notice
Nov 07, 2018 5:14:50 PM EST 29534224
Voluntary Odd Lot Tender Offer: Action Required
Security Name: Issue Country: ML Security ID: Cusip:
ISIN: Sedol: Ticker:
INSTRUCTION DEADLINE DATES Final Date for Instructions:
TERMS
Record Date: Expiration Date: Offeror Name:
OPTIONS Option 1:
Principal Cash
YUM BRANDS INC UNITED STATES 84AB3
988498101 US9884981013 2098876
YUM
Nov 28, 2018 15:00 EST
Oct 17, 2018
Nov 30, 2018
YUM BRANDS, INC
Holders of 1-24 shares may sell their shares and receive cash at a rate to be determined and will be subject to a processing fee of USD 2.50 per share.
Option 2: Principal Cash
Holders of 25-99 shares may sell their shares and receive cash at a rate to be determined and will be subject to a processing fee of USD 60.00 per account.
Option 3:
Security
New Security Description: CUSIP:
ISIN:
SEDOL:
YUM BRANDS INC 988498101 US9884981013 2098876
Holders who wish to purchase 1-24 shares to round up to an even 100 shares, are subject to a processing fee of USD 2.50 per share. A deposit of USD 97.00 per share is required for the purchase of shares.
Option 4:
Security
New Security Description: YUM BRANDS INC CUSIP: 988498101
ISIN: US9884981013 SEDOL: 2098876
1
Holders who wish to purchase 25-99 shares to round up to an even 100 shares, are subject to a processing fee of USD 60.00 per account. A deposit of USD 97.00 per share is required for the purchase of shares.
Option Default:
Default Option: Y TAKE NO ACTION
EVENT DETAILS
UPDATE: Option 3 payout has been updated.
* ** ** *
YUM| Brands, Inc. has announced a voluntary program through which shareholders owning fewer than 100 shares of YUM common stock ( record date 10/17/18) may either 1) sell their shares, or 2) purchase enough additional shares to increase their holdings to 100 shares.
On a weekly basis, ending on a Friday, shares submitted for sale will be matched to shares requested for purchase by other participating shareholders. The balance of shares not matched will be traded in the open market throughout the respective week and a few days afterward. A weighted average price will be determined by these market trades for the respective week and that is the actual price shareholders will be paid or will pay. Weighted averaging means the per share price is obtained by dividing the aggregate dollar amount of all market sales ( or purchases) on behalf of such participants during the respective week bythe total number of shares sold ( or purchased) on behalf of such participants during the respective week. To defray the cost of the program, a processing fee of $ 2.50 per share sold or purchased ( up to a maximum of $ 60 per account) will be deducted from your proceeds or purchase deposit. The actual price cannot be guaranteed in advance.
The offeror reserves the right to extend this offer. Current market prices should be checked.
This offer is subject to various conditions being satisfied and may be amended or terminated under certain conditions.
If you are short you can be held liable for any resultant proceeds. If you intend to cover your short position please notify your respective client representative prior to your deadline.
To assess the tax consequences of this corporate action, clients should seek professional tax advice.
Any instructions received from you will be deemed to constitute a representation and warranty from you that you are eligible to participate in this issue. If requested, you agree to promptly provide proof of eligibility.
Instruction Details
Entries covering the above transaction will be posted to your account.
A USD 30.00 per instruction service charge (SVCH) will be assessed by Merrill Lynch to each U.S. dollar denominated account, for which valid orders have been executed, in addition to any fees referenced in the above notification.
2

Unless a final date to withdraw instructions is shown above, all instructions must be regarded as being irrevocable.
IMPORTANT: Funds required for the "round-up" option must be available the day the order is entered; however, the additional shares may be received and credited to accounts after expiration of the program. At that time, accounts will be
adjusted (credited or debited) as necessary, to reflect the difference between the initial charge and the actual price.
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