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WINSTON-SALEM, NC – May 9, 2016 – Krispy Kreme Doughnuts, Inc. (NYSE: KKD) (“Krispy Kreme” or the “Company”) and JAB Beech Inc., an indirect controlled subsidiary of JAB Holding Company (“JAB”) in which BDT Capital Partners is a minority investor alongside JAB, today announced that the companies have entered into a definitive merger agreement under which JAB Beech will acquire Krispy Kreme for $21 per share in cash, or a total equity value of approximately $1.35 billion. The agreement, which has been unanimously approved by Krispy Kreme’s Board of Directors, represents a premium of approximately 25% over the Company’s closing stock price on May 6, 2016.

At the close of the transaction, Krispy Kreme will be privately owned and will continue to be independently operated from Krispy Kreme’s current headquarters in Winston-Salem, N.C. Jim Morgan, Chairman of the Board of Directors of Krispy Kreme, commented, “For nearly 80 years, our iconic brand has been touching and enhancing lives through the joy that is Krispy Kreme. This transaction puts us in the best possible position to continue to spread that joy to a growing number of people around the world while delivering significant value to Krispy Kreme shareholders. I am confident
the JAB team is the right partner with whom to continue building upon our incredible legacy.”

Tony Thompson, CEO of Krispy Kreme, commented, “JAB’s experience and industry knowledge make them the ideal partner to help grow the iconic Krispy Kreme brand throughout the world. We remain focused on our long term strategy and continuing to offer our premium, high-quality doughnuts and
sweet treats to consumers around the world. We look forward to working with JAB to continue bringing the joy that is Krispy Kreme to a growing number of customers. Together with our talented team and our passionate franchisees, we will continue to build on the Krispy Kreme culture, values and commitment to our customers and guests.”

Peter Harf, Senior Partner at JAB, commented, “We are thrilled to have such an iconic brand as Krispy Kreme joining the JAB portfolio. This is yet another example of our commitment to investing in extraordinary brands with significant growth prospects. We feel strongly that Krispy Kreme will benefit greatly from our long-term focus and support for management’s vision in building on the legacy of this exciting brand as an independent standalone entity.”

Transaction Terms; Postponement of Annual Meeting
The transaction is not subject to a financing condition and is expected to close in the third quarter, subject to customary closing conditions, including receipt of regulatory and shareholder approvals.

In light of the announcement and pending transactions under the merger agreement, the Company’s Board of Directors has determined to postpone the Company’s 2016 Annual Meeting of Shareholders, originally scheduled for June 14, 2016. At a later date, the Company will provide information related to a rescheduled meeting, if applicable.

Advisors
Wells Fargo Securities, LLC is serving as financial advisor to Krispy Kreme in connection with this transaction and Simpson Thacher & Bartlett LLP and Womble Carlyle Sandridge & Rice, LLP are providing legal support and advice.

Barclays and BDT & Company LLC are serving as financial advisors to JAB Beech in connection with this transaction and Skadden, Arps, Slate, Meagher & Flom LLP is providing legal advice.

About Krispy Kreme
Krispy Kreme is a leading branded specialty retailer and wholesaler of premium quality sweet treats and complementary products, including its signature Original Glazed® doughnut. Headquartered in WinstonSalem, NC, the Company has offered the highest quality doughnuts and great tasting coffee since it was founded in 1937. Today, there are over 1,100 Krispy Kreme shops in more than 26 countries around the world. Connect with the Krispy Kreme brand at www.krispykreme.com.

About JAB
JAB Holding Company is a privately held group focused on long-term investments in companies with premium brands, attractive growth and strong margin dynamics in the Consumer Goods category. The group’s portfolio includes controlling stakes in Keurig Green Mountain, a leader in single-serve coffee
and beverage technologies, Jacobs Douwe Egberts (JDE), the largest pure-play FMCG coffee company in the world, Coty Inc., a global leader in beauty, and in luxury goods companies including Jimmy Choo, Bally and Belstaff. JAB also has controlling stakes in Peet’s Coffee & Tea, a premier specialty coffee and tea company, Caribou Coffee Company, a specialty retailer of high-quality premium coffee products, Einstein Noah Restaurant Group, Inc., a leading company in the quick-casual segment of the restaurant industry, and in Espresso House, the largest branded coffee shop chain in Scandinavia. JAB also owns a minority stake in Reckitt Benckiser PLC, a global leader in health, hygiene and home products. In July 2015, Coty announced it had reached a definitive agreement to purchase some of Procter & Gamble’s beauty brands to create one of the world’s largest cosmetic companies. JAB is overseen by its three Senior Partners, Peter Harf, Bart Becht (Chairman) and Olivier Goudet (CEO). For more information,
please visit the company’s website at: http://www.jabholco.com.

Louisville, KY, – Yum! Brands (NYSE: YUM) announced today it released its online 2015 Corporate Social Responsibility (CSR) Report, highlighting its performance in relation to the Company’s overall strategy and governance, in addition to progress made across four strategic areas of focus: food, people, community and environment.

“Being a responsible company is at the heart of how we are growing our business,” said Greg Creed, CEO, Yum! Brands. “Our three iconic brands continue to demonstrate that we’re a company dedicated to feeding the world, not only for profit, but also for good. Collectively, we’re focused on making courageous decisions every day that deliver on the CSR commitments our consumers and stakeholders truly care about when it comes to our food, people, communities and environment.”

The report highlights the Company’s progress against its 2015 goals, elevated governance strategy to annually update the Yum! Board of Directors on its CSR commitments and progress, as well as a strengthened Supplier Code of Conduct and Human Rights & Labor Practices Policy. Also featured are success stories from the Company’s brands around the world presented in interactive, info-graphic-style and video formats.

Additional Yum! Brands 2015 CSR Report highlights include:

Food
Nearly all of the Company’s global markets met its 2015 goal of having 15 percent of meal options meet one-third of the Recommended Daily Allowance (RDA) in every country where it operates and are now striving toward the goal of 20 percent of meal options by 2020.
Pizza Hut successfully removed over half a million pounds of salt from its menu in 2012 and removed another 1.5 million pounds of salt from core ingredients in 2015.
Taco Bell committed to simplified ingredients, announcing the removal of artificial colors and flavors from its food and replacing them with natural alternatives, as well as removing artificial trans fat, high fructose corn syrup and unsustainable palm oil from their food by the end of 2015. They became the first QSR to offer American Vegetarian Association (AVA) certified vegetarian menu items, and have committed to serving 100 percent cage-free eggs for its breakfast menu across its U.S. restaurants by the end of 2016.
Each of the Company’s brands are committed to minimizing the use of antibiotics important to human medicine in poultry. View the Yum! Antibiotic Statement here for specific brand commitments.

People
In 2015, the Company established a diversity and inclusion council called Leading Inclusion For Tomorrow (LIFT) to continue elevating the importance of diversity and inclusion in the business.
Yum! presented the inaugural Supplier Diversity Award at its annual supply chain awards, established to recognize suppliers that demonstrate significant leadership in the area of diversity and inclusion.
Yum! Brands was named a Learning Elite organization on the 2015 Learning! 100 list for the fourth consecutive year.
Yum! continued focusing on restaurant employee development – like at KFC U.S. where rallies were held for Restaurant General Managers with nearly 95 percent participation.

Community
Since 2007, the Company and its brands donated more than $640 million in cash and food donations, equivalent to nearly 2.6 billion nutritious meals for those in need.
In the U.S., the KFC Foundation launched the KFC Family Fund to provide temporary, financial relief to restaurant employees in crisis situations.
Since 1992, the Taco Bell Foundation has awarded and committed $75 million in grants and scholarships, reaching five million young people in local communities across the U.S.
For more than 20 years, the Company has been committed to solving hunger in the U.S. through its Harvest food donation program. Since 1992, the Harvest program has contributed over 180 million pounds of food to more than 3,000 nonprofit organizations—a fair market value of $860 million.
Yum! pledged to donate 10 million pounds of surplus product in 2016 as part of the U.S. Environmental Protection Agency’s Food Recovery Challenge.
Environment

At the conclusion of 2015, global markets representing 85 percent of the Company’s new company-owned restaurant construction had integrated Blueline approaches and technologies into their development processes and specifications to deliver LEED certifiable buildings.
Yum! exceeded its 2015 energy reduction goal of 15 percent compared to its 2005 baseline, which is equal to the release of 1.6 million tons of CO2 or the annual output from 300,000 homes.
Yum! global markets are testing alternative oils and developing transition plans to remove palm oil or source only sustainable palm oil by the end of 2017.
The Company set a new aspirational waste reduction goal to annually divert at least 50 percent of its back-of-house operational waste, calculated by weight, by the end of 2020.
For more information and to view Yum! Brands 2015 CSR Report, visit www.yumcsr.com or join the experts at Yum! Brands today, April 19, 2016 at 12pm EST on Twitter at #YumCSR to discuss the 2015 CSR Report in a twitter chat hosted by @TriplePundit. Visit here to register.

Keep up with the ongoing CSR conversation at Facebook.com/yumbrands and @yumbrands on Twitter using the hashtag #YumCSR.

About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in more than 130 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2015 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

AccorHotels, a leading global hotel operator, today announces the acquisition of onefinestay, a high-end hospitality pioneer specializing in luxury serviced Home rental in key worldwide gateways, for €148M (£117M) and makes a further commitment of €64m (£50m) to help the company scale internationally.

onefinestay is the leading brand in the luxury segment of the Serviced Homes market, combining the best homes and the finest service. Leisure and business guests stay in hand-picked distinctive private homes with made-to-measure, personal service from a personal welcome on arrival to a team on call 24/7. For homeowners, onefinestay provides peace of mind, convenience and flexibility, by taking care of everything from marketing, distribution and insurance to screening each guest, to professional cleaning, management and maintenance.

Launched in 2010 in London by Greg Marsh (CEO and co-founder), Demetrios Zoppos, Tim Davey and Evan Frank (co-founders), the company today operates a portfolio of 2,600 properties under exclusive management with strategic locations in London, New York, Paris, Los Angeles and Rome (representing an estimated asset value of more than £4bn).

With its global presence and strong expertise in both operations and digital services, AccorHotels will support a new development phase of onefinestay, accelerating its expansion across new key urban markets, providing it with its powerful distribution capacity, strong customer base, incremental synergies and its know-how as a world-leading hotelier. As a result, onefinestay has an ambitious strategy to expand to 40 new cities around the world over the next five years growing revenues tenfold.

onefinestay will remain an independent business unit within the AccorHotels Group and will continue to be led by Greg Marsh and the key management team.

Sébastien Bazin, Chairman & CEO of AccorHotels said: “onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet. With the acquisition of this exceptional brand, unique operating model and outstanding management team, AccorHotels is developing as the worldwide leader of the Serviced Homes market. Today, together with our recent investments, we are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals and also strengthening our presence in the luxury market with a complementary offer”.

Greg Marsh, Co-Founder & CEO of onefinestay said: “AccorHotels’ investment in onefinestay is a tremendous invitation for us to write the next chapter in our story. We share their deeply held conviction about the scale of the home rental opportunity, and greatly value their expertise, their practical & financial support as we plan the launch of more than 40 new markets over the next five years. With AccorHotels’ help, onefinestay will become a globally recognized byword for exceptional experiences, extraordinary service, and handmade hospitality.”

ABOUT ACCORHOTELS
AccorHotels is a Group united by a shared passion for hospitality and driven by a shared promise to make everyone Feel Welcome.
Over 190,000 women and men in nearly 3,900 AccorHotels establishments look after thousands of guests every day in 92 countries.
AccorHotels is the world’s leading hotel operator and offers its customers, partners and employees:
– its dual expertise as a hotel operator and franchisor (HotelServices) and a hotel owner and investor (HotelInvest);
– a large portfolio of internationally renowned brands covering the full spectrum, with luxury (Sofitel, Pullman, MGallery, Grand Mercure, The Sebel), midscale (Novotel, Suite Novotel, Mercure, Adagio) and economy (ibis, ibis Styles, ibis budget, adagio access and hotelF1) establishments;
– the strength of its marketplace and its Le Club AccorHotels loyalty program;
almost half a century of commitment to corporate citizenship and solidarity with the PLANET 21 program.

– See more at: http://pressroom.accorhotels-group.com/accorhotels-becomes-a-world-leader-in-the-luxury-serviced-homes-market-by-acquiring-onefinestay/#sthash.g41vO8yn.dpuf

MIAMI – BURGER KING® restaurants are bringing the signature flame-grilling technique they’ve been perfecting for more than 60 years to hot dogs with the launch of Grilled Dogs. The new menu item will be available at participating restaurants nationwide, starting February 23rd. Grilled Dogs are made with 100% beef and flame-grilled to perfection on the same grill where the WHOPPER® sandwich is made. The WHOPPER® sandwich is known as AMERICA’S FAVORITE BURGER®.

With this launch, BURGER KING® restaurants will serve hot dogs in more restaurants than any other restaurant chain in the U.S.1 Grilled Dogs will be available in BURGER KING® restaurants and drive-thrus every day of the week throughout the year, dispelling the myth that hot dogs should be relegated to summer barbecues and baseball games.

It’s estimated that Americans eat over 20 billion hot dogs a year2 and the introduction of Grilled Dogs positions BURGER KING® restaurants to take a large bite out of that market with one of its’ biggest launches in recent history.

“The introduction of Grilled Dogs just made sense to our guests and for our brand,” said Alex Macedo, President, North America, for the BURGER KING® brand. “We’re applying over 60 years of flame-grilling expertise with the WHOPPER® sandwich to make Grilled Dogs the next great American icon.”

Grilled Dogs are available in both the Classic Grilled Dog and the Chili Cheese Grilled Dog. The Classic Grilled Dog is a flame-grilled hot dog made with 100% beef topped, with ketchup, mustard, chopped onions and relish, served on a fluffy baked bun. The Chili Cheese Grilled Dog is the same beef hot dog topped with warm chili, shredded cheddar cheese and served on a fluffy baked bun. Both are sold separately or as a combo meal.

The Classic Grilled Dog comes at the recommended price of $1.99 or as a combo meal for the recommended price of $4.49, served with a small fountain drink and fries. The Chili Cheese Dog is sold at the recommended price of $2.39 and for the recommended price of $4.89 as part of a combo meal with a small fountain drink and fries.

Grilled Dogs are a permanent menu item. Price and participation may vary.

BURGER KING, WHOPPER and AMERICA’S FAVORITE BURGER are registered trademarks of Burger King Corporation. All rights reserved.

1 Source: The NPD Group/Fall 2015 ReCount® (excludes quick service retail)
2 Source: National Hot Dog and Sausage Council (NHDSC) http://www.hot-dog.org/culture/hot-dog-fast-facts

About the BURGER KING® Brand
Founded in 1954, the BURGER KING® brand is the second largest fast food hamburger chain in the world. The original HOME OF THE WHOPPER®, the BURGER KING® system operates more than14,000 locations in approximately 100 countries and U.S. territories. Almost 100 percent of BURGER KING® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. The BURGER KING® brand is owned by Restaurant Brands International Inc. (TSX,NYSE:QSR), one of the world’s largest quick service restaurant companies with more than $23 billion in system sales and over 19,000 restaurants. To learn more about the BURGER KING® brand, please visit the BURGER KING® brand website at www.bk.com or follow us on Facebook, Twitter and Instagram.

New promise is on the horizon for higher education as Generation Z students take center stage to accept their high school diplomas. This generation of young adults is perhaps the most determined of them all. They have big plans for the future of America, and your university is the next stepping-stone on their journey to the top.

Did you know only 65 percent of Generation Z believes the benefits of a college degree outweigh the cost? This is a wake-up call and an opportunity for universities to boost enrollment and retention rates, and improve the overall health of their institution. But to capitalize, they must understand what Generation Z is looking to get out of their higher education experience.

Today’s students don’t know a world without smartphones, texting or high-speed Internet. They grew up with technology and are the most digitally fluent generation ever to climb the ranks. As a result, they want technology to be a part of their everyday life, and may choose a college that aligns with these desires.

University presidents recognize this and are just beginning to push for greater technology, especially that which increases student engagement with their school. They believe critics are focusing too much on cutting costs and not enough on technology.1 Perhaps as a direct result, 63 percent of administrators are making technology spending a priority.2 In fact, 68 percent of private and 66 percent of public four-year institutions are transforming their campuses.3

Here’s how technology can be integrated into your dining and facilities services to attract and retain students, lower operational costs and maximize resources.

Dining Technology

It’s important for universities to keep students on campus and enrolled in their school’s dining program. To do this, universities must provide value, affordability and convenience. But this is just the beginning. Students today are also looking for:
Transparency
Customization
Variation
Ethnic options
Dietary options
A unique dining experience
Here are just a few ways universities can integrate technology into their dining program to address these wants.

Self-Serve Kiosks
Self-serve kiosks allow students to interact with a touchscreen display to quickly and easily view menu options, including photos and descriptions of each item. Kiosks support hundreds of made-to-order recipes. The menu can be quickly and easily changed or customized by foodservice staff. Students can view nutritional information to ensure their selection meets their dietary needs or preferences. And completed orders can either be displayed on a digital monitor or sent via text message to the student.

Mobile Applications
Mobile applications offered by your institution can provide students with a bevy of information about the campus’ dining program, including:

Nutritional information
Dining locations
Hours of operation
Daily specials
Event notifications
And online ordering through an app gives students the ability to order and pick up food at their convenience. This option is especially helpful for students who have little time to spare between classes or meetings. They can order same-day or in advance, select a pickup time, bookmark their favorite meals and avoid waiting in line.

Most advantageous for the institution, these applications can provide students with a review feature to provide feedback about each meal.

The Power of Dining Technology
With self-serve kiosks and online ordering in place, dining venues run more efficiently with less food waste. Integrated reporting tools and student reviews via mobile applications help dining service staff better understand which menu options are performing well and which aren’t so they can more accurately stock food inventory and delight students. Wait times are dramatically reduced or eliminated and more students can be served per day with greater customization and concern for their specific wants and needs. Furthermore, mobile applications actually engage and involve students in the meal program.

Facilities Technology
Ivy-covered halls, rich greens and blossoming trees are beautiful, but students today expect far more than aesthetic appeal on campus. They want to see unique learning spaces, security, cleanliness and comfort. And they expect campuses to be running at the highest efficiencies to achieve these standards.

Universities can meet these expectations by incorporating the following:

Mass Notification and Emergency Management
Security is at the top of the priority list for students and parents. If students don’t feel safe, enrollment and retention rates will suffer.

To protect students, faculty and staff, universities are equipping their campuses with mass notification systems that broadcast warnings to mobile phones, electronic bulletin boards, email accounts and social media. They’re also outfitting all campus buildings with keycard access only. Some of the safest universities in the country also have adopted high-definition video surveillance imaging technologies, and eye, hand and finger biometrics scanners.

Smart Classrooms
Incorporating the latest technologies into higher education means equipping classrooms and lecture halls with all the tech trimmings necessary to enhance the learning experience, including:

Smartboard monitors
Multimedia capabilities
Projection display
Computer access
Wi-Fi
Plenty of electrical outlets
Makerspaces
Another way universities are using technology to create an inimitable student experience is by developing unique learning spaces, like makerspaces. Makerspaces are facilities that provide technology, manufacturing equipment and other resources for student use. Students can gather in these facilities to work on projects, share knowledge, network and, ultimately, create and invent.

Tech-savvy students are drawn to these spaces as they align with their entrepreneurial spirits. As young people create startup companies every day, makerspaces allow for a creative outlet where students can potentially begin a company that will one day change the world.

Internet of Things (IoT)
The ability to connect most anything to the Internet is one of the fastest growing areas of technology, and the facilities industry is embracing this smart technology. Facilities personnel can now virtually monitor the physical condition of an entire campus. Buildings can relay information on their performance, condition and environment real-time to managers and technicians. Environmental sensors, energy meters and building automation systems are just some of the tools that allow a facilities organization to efficiently and effectively manage campus buildings, mechanical systems, and even custodial equipment. The technology helps facility management quickly process service requests, monitor and optimize utility consumption, and schedule assets to improve the quality of each learning space.

Virtual Maintenance Diagnostics
Imagine your facilities staff being able to quickly diagnose a mechanical problem by reviewing a three-dimensional, virtual model of the space behind your walls. Building Information Modeling (BIM), long used in the design and construction industry, is now being embraced by facilities operations. It improves the facilities data collection process, creates reliable as-built drawings for maintenance, and improves planning and budgetary accuracy. Virtual models can be accessed by maintenance staff on wireless handheld technology without having to disrupt classes or guess where a problem lies. Ultimately, BIM for facilities management reduces an institution’s risk by removing the assumptions too often relied on during the planning and operations process and reduces the time for work order cycles.

Geographic Information Systems and Space Management More aggressive marketing strategies and leveraging outdoor spaces for education purposes can be achieved using smart technologies. Thoughtful landscaping can become a powerful marketing tool by enhancing first impressions and engaging the campus community with outdoor educational and gathering spaces. By leveraging innovative Geographic Information System (GIS) technology, you now can capture, manage, analyze and display all areas of the campus, geographically referenced. Cutting-edge digital imaging software lets you visualize, question and interpret data to create a full inventory of the landscape and hardscape of the campus. Create incredibly detailed images, with 3-D editing for photo-realistic renderings. This brings new marketing opportunities, while imagining the future of the campus.

The Power of Facilities Technology
Buildings between 25 and 50 years old average work orders of about $2.35 per square foot and typically have a maintenance backlog of about $110 per gross square foot.4 Facilities management software and BIM can help reduce this cost by providing greater insight and resolution capabilities. Students benefit from buildings that are better managed, as they are more comfortable, reliable and conducive to learning. Furthermore, facilities managers can maximize space and resources, lower the cost of operation and create an environmentally sustainable campus. Greater security and state-of-the-art technology rounds out the learning experience for students and creates an unparalleled environment for students to innovate and socialize.

Using technology to improve the campus experience is a powerful way to improve the vitals of your institution. But more than 50 percent of administrators and financial officers are still concerned that technology is a cost driver.5 To help ensure they receive the greatest ROI from their technological integrations, many institutions are choosing to work with food and facilities service providers that specialize in custom-fitting institutions with technologies that specifically address pain points. There’s no arguing that technology impacts all areas of higher education. Those who embrace it and work toward

Bethesda, Md., – Marriott International, Inc. (NASDAQ: MAR) announced today that it has filed a joint proxy and registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC) in connection with the company’s proposed acquisition of Starwood Hotels & Resorts Worldwide in a merger transaction. Once complete, the transaction would result in the world’s largest hotel company, with more than 5,500 hotels and 1.1 million rooms across 31 brands in over 100 countries. The combined company would be named Marriott International, Inc. and would be headquartered in Bethesda, Md.

While this registration statement has not yet become effective and the information contained therein is subject to change, it provides important information about Marriott’s proposed acquisition of Starwood. Once declared effective by the SEC, the final proxy statement/prospectus included in the Form S-4 will be mailed to both Marriott and Starwood shareholders prior to stockholder votes on the proposed acquisition. Marriott expects the transaction will close by mid-2016.

During the preparation of the pending registration statement, Marriott has been prohibited from engaging in share repurchases. With the filing of the draft Form S-4, Marriott will resume share repurchases immediately (subject to certain regulatory mandated volume limitations in effect until the shareholder meetings to vote on the proposed merger transaction). For 2015, Marriott expects nearly $2.2 billion will be returned to shareholders through share repurchases and dividends.

No Offer of Solicitation

The information in this communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

St. Louis, – Panera Bread (NASDAQ: PNRA) is proud to share its progress in reducing confinement and antibiotics across its U.S. Panera Bread® and St. Louis Bread Co.® bakery-cafe menus.

Highlights include:
 Laying Hens (Eggs): 100% cage-free by 2020
 Pigs (Pregnant sows): 100% gestation-crate free in 2015
 Poultry: 100% of chicken and 100% of roasted turkey in sandwiches and salads raised without
antibiotics in 2015
 Beef Cattle: 89% grass fed, free range in 2015

CEO comment:
“For more than a decade, we’ve been working to reduce antibiotic use and confinement across our supply chain,” said founder and CEO Ron Shaich. Shaich continued, “We are honored to have been recognized as one of the two best performing national restaurant companies in an independent report
on antibiotics usage and transparency in September. While there is more work to be done, we are within reach of a menu without antibiotics and unnecessary confinement. We are committed to transparency – which means sharing where we are and where we plan to go. We encourage other
companies to join us by transparently sharing their progress.”

Laying Hens (Eggs): 100% cage-free by 2020
 Panera intends to move to 100 percent cage-free eggs in U.S. Panera Bread® and St. Louis Bread Co.® bakery-cafe food menus by 2020. This will include shell eggs, hardboiled and liquid egg whites in addition to those used in sweet goods, soufflés and dressings – a total of more than 120 million eggs system wide annually.
 The company is presently 21 percent cage-free relative to the approximately 70 million shell eggs, hard boiled and liquid egg whites prepared in cafe in 2015.
 All hens that supply shell eggs and hard boiled eggs for Panera also meet the standard for no antibiotics ever and are fed a vegetarian-only diet.
Note: Panera defines cage-free hens as those raised in indoor barns that allow full range of movement.

Pigs (Pregnant sows): 100% gestation-crate free in 2015
 In 2015, Panera’s entire pork supply – approximately seven million pounds – is gestation-crate free, raised without antibiotics and fed a vegetarian-only diet. Poultry: 100% of chicken and 100% of roasted turkey raised without antibiotics in 2015
 In 2015, 100 percent of the chicken and 100 percent of the roasted turkey served on Panera’s sandwiches and salads, more than 33 million pounds, is raised without antibiotics and fed a vegetarian-only diet. Beef Cattle: 89% of beef is grass fed, free range in 2015
 In 2015, Panera will serve more than four million pounds of beef and 89 percent is grass-fed, free range.
Note: Grass-fed beef, for Panera, means that it was sourced from cattle able to roam freely and graze in
pastures for the entire life cycle.

Stakeholder Perspectives:
“We’re thankful for Panera Bread’s leadership on animal welfare. Whether it’s switching to 100% cagefree eggs by 2020, or the company’s commitment to offer more delicious plant-based meals, Panera is demonstrating that social responsibility goes hand-in-hand with being a successful national restaurant brand.” – Josh Balk, Senior Food Policy Director, The Humane Society of the United States.

“We commend Panera for putting animal welfare at the heart of their business. They have recognized the sea change in the market. No business with integrity, or a future, is going to let cages or crates stay in their supply chain. This announcement shows their willingness to disclose exactly where they are at and where they are going in terms of animal welfare.” – Leah Garces, US Director, Compassion in World Farming

“Consumers want responsibly sourced food and Panera is listening. Businesses have the power to drive tremendous improvements for the way farm animals are treated and Panera is a leader in the tidal wave of change that is happening in the industry,” says Silia Smith, North American Regional Director for World Animal Protection. “We applaud Panera for committing to source 100% cage free eggs by 2020 and to transparency on reporting on their progress.”

Concluding comment:
“We know that guests are increasingly seeking plant-based proteins for personal health reasons and/or to reduce their environmental impact. To that end, we have been adding plant-based proteins like edamame and organic quinoa to our pantry of ingredients, so all guests can eat well the way they want,” said Sara Burnett, Director of Wellness and Food Policy.

To learn more about Panera Bread’s Food Policy and animal welfare commitments, please visit www.panerabread.com/foodpolicy.

About Panera Bread
Thirty years ago, at a time when quick service meant low quality, Panera set out to challenge this expectation. We believed that food that was good and that you could feel good about, served in a warm and welcoming environment by people who cared, could bring out the best in all of us. To us, that is food as it should be and that is why we exist. So we began with a simple commitment: to bake fresh bread from fresh dough in every bakery-cafe, every day. No artificial preservatives or short cuts, just bakers with simple ingredients and hot ovens. Each night, any unsold bread and baked goods were shared with neighbors in need. These traditions carry on today, as we have continued to find ways to be an ally to our guests.

That means crafting a menu of soups, salads and sandwiches that we are proud to feed our families. Like poultry and pork raised without antibiotics on our salads and sandwiches. A commitment to transparency and options that empower our guests to eat the way they want. Seasonal flavors and whole grains. And a commitment to removing artificial additives (flavors, colors, sweeteners and preservatives) from the food in our bakery-cafes. Why? Because we think that simpler is better and we believe in serving food as it should be. Because when you don’t have to compromise to eat well, all
that is left is the joy of eating. We’re also focused on improving quality and convenience. With investments in technology and operations, we now offer new ways to enjoy your Panera favorites – like mobile ordering and Rapid Pick-Up for to-go orders – all designed to make things easier for our guests.

As of September 29, 2015, there were 1,946 bakery-cafes in 46 states and in Ontario, Canada operating under the Panera Bread® , Saint Louis Bread Co.® or Paradise Bakery & Cafe® names. For more information, visit panerabread.com or find us on Twitter (@panerabread), Facebook (facebook.com/
panerabread) or Instagram (@panerabread).

BETHESDA, Md. and STAMFORD, Conn., Nov. 16, 2015 – Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world’s largest hotel company. The transaction combines Starwood’s leading lifestyle brands and international footprint with Marriott’s strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The combined company’s pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.

Transaction Highlights and Strategic Benefits
Summary of Transaction: Under the terms of the agreement, at closing, Starwood shareholders will receive 0.92 shares of Marriott International, Inc. Class A common stock and $2.00 in cash for each share of Starwood common stock. On a pro forma basis, Starwood shareholders would own approximately 37 percent of the combined company’s common stock after completion of the merger using fully diluted share counts as of September 30, 2015. Total consideration to be paid by Marriott totals $12.2 billion consisting of $11.9 billion of Marriott International stock, based on the 20-day VWAP (volume weighted average price) of Marriott stock ending on November 13, 2015, and $340 million of cash, based on approximately 170 million fully diluted Starwood shares outstanding at September 30, 2015. Based on Marriott’s 20-day VWAP ending November 13, 2015, the merger transaction has a current value of $72.08 per Starwood share, including the $2 cash per share consideration. Starwood shareholders will separately receive consideration from the spin-off of the Starwood timeshare business and subsequent merger with Interval Leisure Group, which has an estimated value of approximately $1.3 billion to Starwood shareholders or approximately $7.80 per Starwood share, based on the 20-day VWAP of Interval Leisure Group stock ending November 13, 2015. The timeshare transaction should close prior to the Marriott-Starwood merger closing.

Total Estimated Value to Starwood Shareholders
Share Price of Marriott International, Inc. $70.08*
Cash Consideration Per Share $2.00
Value of Vistana Disposition $7.80**
Total Value $79.88

*Marriott 20-day VWAP ending November 13, 2015, calculated at 0.92 of $76.17
**Based on ILG 20-day VWAP ending November 13, 2015. Excludes $132M of cash consideration and reimbursement from ILG to Starwood

After adjusting for the value of consideration to be separately received by Starwood shareholders in the Vistana transaction, the merger consideration represents a premium of approximately 6 percent over the Starwood stock price using the 20-day VWAP ending November 13, 2015 and a premium of approximately 19 percent using the 20-day VWAP ending October 26, 2015 (prior to recent acquisition rumors).

Leveraging Operating Efficiencies: Marriott expects to deliver at least $200 million in annual cost savings in the second full year after closing. This will be accomplished by leveraging operating and G&A efficiencies.

Accretive to Earnings: Marriott expects the transaction to be earnings accretive by the second year after the merger, not including the impact of transaction and transition costs. Earnings will benefit from post-transaction asset sales, increased efficiencies and accelerated unit growth.
Significant Capital Recycling Program: Marriott expects Starwood to continue its capital recycling program, generating an estimated $1.5 to $2.0 billion of after-tax proceeds from the sale of owned hotels over the next two years. The hotels are expected to be sold subject to long-term operating agreements.

Continued Strong Returns to Shareholders: On a pro forma combined basis, Marriott and Starwood generated $2.7 billion in fee revenue in the 12 months ending September 2015. In 2015, Marriott expects to return at least $2.25 billion in dividends and share repurchases to shareholders. Marriott believes it can return at least as much in the first year following the merger.

Accelerated Global Growth: Marriott International expects to accelerate the growth of Starwood’s brands, leveraging Marriott’s worldwide development organization and owner and franchisee relationships. The combined company will have a broader global footprint, strengthening Marriott’s ability to serve guests wherever they travel.

Lifestyle Leader: Starwood’s first-mover advantage in the lifestyle category, along with Marriott’s broad range of brands in this segment, positions the combined company as a leader in the lifestyle space. With Marriott’s strong owner and franchisee relationships, the combined company expects growth of its lifestyle brands to accelerate.

World-Class Associates: This combination brings together two of the most talented teams in the industry. Together, they will combine their innovative ideas and service commitment to deliver unforgettable guest experiences.

Leading Loyalty Programs: Today, Marriott Rewards, with 54 million members, and Starwood Preferred Guest, with 21 million members, are among the industry’s most-awarded loyalty programs, driving significant repeat business. They should be even stronger when the companies merge.

Owner and Franchisee Preference: The combined company will be able to realize increased efficiency by leveraging economies of scale in areas such as reservations, procurement and shared services. Combined sales expertise and increased account coverage should drive additional customer loyalty, increasing revenue. We expect that these enhanced efficiencies and revenue opportunities should drive improved property-level profitability as well as greater owner and franchisee preference for the combined company’s brands.
Commitment to Management and Franchising: Marriott remains committed to its management and franchise strategy, minimizing capital investment in the business to generate attractive shareholder returns.
Arne Sorenson, President and Chief Executive Officer of Marriott International, said: “The driving force behind this transaction is growth. This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace. This greater scale should offer a wider choice of brands to consumers, improve economics to owners and franchisees, increase unit growth and enhance long-term value to shareholders. Today is the start of an incredible journey for our two companies. We expect to benefit from the best talent from both companies as we position ourselves for the future. I know we’ll do great things together as The World’s Favorite Travel Company.”

J.W. Marriott, Jr., Executive Chairman and Chairman of the Board of Marriott International, said: “We have competed with Starwood for decades and we have also admired them. I’m excited we will add great new hotels to our system and for the incredible opportunities for Starwood and Marriott associates. I’m delighted to welcome Starwood to the Marriott family.”

Bruce Duncan, Chairman of the Board of Directors of Starwood Hotels & Resorts Worldwide, said: “During our comprehensive review of strategic and financial alternatives, it was clear that our talented people, world-class brands, global leadership and spirit of innovation were much admired and key drivers of our value. Our board concluded that a combination with Marriott provides the greatest long-term value for our shareholders and the strongest and most certain path forward for our company. Starwood shareholders will benefit from ownership in one of the world’s most respected companies, with vast growth potential further enhanced by cost synergies. Starwood’s shareholders will also receive the value of the previously announced sale of our vacation ownership business to Interval Leisure Group, which is not part of this transaction.”

Adam Aron, Starwood Hotels & Resorts Worldwide Chief Executive Officer on an interim basis, said: “We are excited to play a vital role in the creation of the biggest and best hotel company in the world with tremendous upside potential. The combination of our two companies brings together the best in innovation, culture and execution. Our guests and customers will benefit from so many more options across 30 hotel brands, while our hotel owners and franchisees will derive value from our combined global platform and efficiencies. We are also delighted that our associates will have expanded opportunities as part of a larger organization that is consistently recognized as one of the best companies to work for in the world.”

One-time transaction costs for the merger are expected to total approximately $100 to $150 million. Transition costs are expected to be incurred over the next two years. They cannot be estimated at this time, but are expected to be meaningful.

Marriott will assume Starwood’s recourse debt at the closing of the transaction. Marriott remains committed to maintaining an investment grade credit rating and to continue managing the balance sheet prudently after the merger. Marriott expects to maintain our 3.0x to 3.25x adjusted debt to adjusted EBITDAR target.

Arne Sorenson will remain President and Chief Executive Officer of Marriott International following the merger and Marriott’s headquarters will remain in Bethesda, Maryland. Marriott’s Board of Directors following the closing will increase from 11 to 14 members with the expected addition of three members of the Starwood Board of Directors.

The transaction is subject to Marriott International and Starwood Hotels & Resorts Worldwide shareholder approvals, completion of Starwood’s planned disposition of its timeshare business, regulatory approvals and the satisfaction of other customary closing conditions. Assuming receipt of the necessary approvals, the parties expect the transaction to close in mid-2016.

Conference Call at 9:00 am ET on Monday, November 16, 2015

Marriott International and Starwood Hotels & Resorts Worldwide will jointly conduct a conference call for the investment community on Monday, November 16, 2015 at 9:00 a.m. ET. The call will be webcast simultaneously at Marriott’s investor relations website www.marriott.com/investor and at Starwood’s investor relations website http://www.starwoodhotels.com/corporate/about/investor/index.html.

Additional Information and Where to Find It
The proposed transaction will be submitted to Marriott’s and Starwood’s stockholders for their consideration. In connection with the proposed transaction, Marriott will file with the SEC a registration statement on Form S-4 that will include a joint proxy statement of Marriott and Starwood that will also constitute a prospectus of Marriott. Investors and security holders are urged to read the joint proxy statement and registration statements/prospectuses and any other relevant documents filed with the SEC when they become available, because they will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents (when available) that Marriott and Starwood file with the SEC at the SEC’s website at www.sec.gov. In addition, these documents may be obtained from Marriott free of charge by directing a request to investorrelations@marriott.com, or from Starwood free of charge by directing a request to ir@starwoodhotels.com.

Participants in Solicitation
Marriott, Starwood, and certain of their respective directors and executive officers may be deemed to be participants in the proposed transaction under the rules of the SEC. Investors and security holders may obtain information regarding the names, affiliations and interests of Marriott’s directors and executive officers in Marriott’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 19, 2015, and its proxy statement for its 2015 Annual Meeting, which was filed with the SEC on April 7, 2015. Information regarding the names, affiliations and interests of Starwood’s directors and executive officers may be found in Starwood’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 25, 2015, and its definitive proxy statement for its 2015 Annual Meeting, which was filed with the SEC on April 17, 2015. These documents can be obtained free of charge from the sources listed above. Additional information regarding the interests of these individuals will also be included in the joint proxy statement/prospectus regarding the proposed transaction when it becomes available.

About Marriott International, Inc.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,300 properties in 85 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, Bvlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 54 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.

About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 1,270 properties in some 100 countries and over 180,000 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences under the renowned brands: St. Regis®, The Luxury Collection®, W®, Design Hotels, Westin®, Le Meridien®, Sheraton®, Four Points® by Sheraton, Aloft®, Element®, and the recently introduced Tribute Portfolio™. The company also boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG®). Visit www.starwoodhotels.com for more information and stay connected @starwoodbuzz on Twitter and Instagram and facebook.com/Starwood.

LOUISVILLE, Ky.—Nov. 6, 2015— (NYSE:GE)—Ask a hotel front desk employee or read an online review to learn quickly that temperature and noise are two of the biggest complaint opportunities for guests, and both can result from a faulty air conditioner. Hospitality industry data proves that when guests are not pleased with the temperature or noise of their room, two-thirds are unlikely to return to the hotel, and one-third are unlikely to recommend a hotel.2

GE’s new Zoneline® packaged terminal air conditioners (PTACs) are now engineered to be more reliable and quiet, perfect for hotel/motel customers, as well as provide energy efficiency and easier installation and maintenance, all features that are critical to hotel/motel owners.

“The number one priority for hotel owners when it comes to PTACs is having a reliable, dependable unit. If the unit isn’t working, the room cannot be sold, which means a loss of revenue for hotel/motel owners,” said Liz VerSchure, product general manager for consumer comfort. “GE has millions of installed Zoneline units with an excellent service record, and its latest design will build and improve on that legacy.”

With this new design, GE has taken the most important aspects of heating and cooling the traveler’s room into account, so both the guests and our customers can rest easy at night.

Features include:
•Reliability: With millions of units installed across the United States, GE Zoneline PTACs offer consistent performance and unrivaled comfort for guests. Its redesigned structure and easy-access front controls simplify service.
•Quiet: GE Zoneline is the quietest PTAC compared to leading competitors, has the best noise insulation and lowest dBA, as verified by an independent, nationally accredited certified acoustics lab.1 An extra seal surrounding the edge keeps dirt and excess noise outside, along with a heavy-duty mastic seal for extra sound deadening and two fan motors for quiet operation.
•Efficiency: GE’s Zoneline units are on average 8 percent more energy efficient than the leading competitor’s units. Specially designed sentinels protect property by preventing overheating and freezing, all while enhancing efficiency in extreme elements. Zoneline PTACs come standard with highly featured microprocessors for efficient operation. For a 100-room property, efficient heat pump models can save a hotel owner an average of $36,170 annually on their utility bill.3
•Appearance: New design and appearance improvements keep a fresh, streamlined look: A backlit, coverless control panel with white, dimmable LED lighting makes the functions easier to read. Zoneline also boasts the industry’s slimmest room front, leaving more room for guests. Matching color sleeves blend perfectly with interiors.

1 Independent third-party testing at nationally accredited certified acoustical lab, conducted March 2015 and October 2015 in accordance with ASTM and AHRI standards.
2 Clarabridge ratings and reviews for hospitality data collected July 2013-June 2014.
3 Savings of GE heat pump compared to GE electric resistance, National Average (Kansas City) on a 12K heat pump model.

GE Appliances
GE Appliances is at the forefront of building innovative, energy-efficient appliances that improve people’s lives. GE Appliances’ products include refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners, water filtration systems and water heaters. General Electric (NYSE: GE) works on things that matter to build a world that works better. For more information on GE Appliances, visit www.ge.com/appliances.

LOUISVILLE, KY, – Yum! Brands, Inc. (NYSE: YUM) today announced that it intends to separate into two independent, publicly-traded companies, each with compelling and distinct strategies and investment characteristics. The transaction will create two powerful, best-in-class companies, each with a separate strategic focus:

 Yum! China, a market leader with decades of accumulated consumer loyalty and world-class operations in China, will become a franchisee of Yum! Brands in Mainland China. It will have exclusive rights to three category-leading brands: KFC, China’s leading quick-service restaurant concept, and a favorite of Chinese consumers; Pizza Hut, by far the leading casual dining brand; and Taco Bell, which is expanding globally but is not yet in China, providing significant upside potential.

Yum! China will have an attractive investment profile and significant opportunity for growth. The Company is expected to have no significant debt, with substantial financial capacity to invest in its business. A favorite of China’s growing middle class, Yum! China has the potential to grow to 20,000 restaurants or more in the future from approximately 6,900 restaurants today. The business also has significant sales and profit growth potential in its existing restaurants, which the Company plans to capture over time by growing its core offerings and expanding further into new initiatives such as home delivery.

 Yum! Brands, one of the world’s largest restaurant companies with three iconic brands, will focus on expanding the presence and performance of KFC, Pizza Hut and Taco Bell around the world. These are three of the top ten U.S. and global QSR concepts. The Company will have an extremely attractive business model, with stable earnings, high profit margins, low capital intensity, and strong cash flow conversion. Yum! Brands will become more of a “pure play” franchisor over time, and is targeting having at least 95% of its restaurants owned and operated by franchisees by the end of 2017. It currently has a global base of over 41,000 restaurants, with approximately 2,000 new units being opened each year.

Yum! Brands is committed to returning substantial capital to shareholders in conjunction with the separation. This will occur as the Company transitions to a non-investment grade credit rating with a balance sheet more consistent with highly leveraged peer restaurant franchise companies. Moreover, this will allow for an ongoing return of capital framework that will seek to optimize the Company’s long-term growth rate on a per-share basis. Further details will be discussed at the Company’s Analyst/Investor Day on December 10, 2015.

The Company does not expect to have incremental ongoing operating costs associated with operating as two separate, publicly-traded companies.
The Board’s unanimous decision to create two independent companies follows a rigorous review of strategic options conducted over the past year by Yum! Brands’ Board of Directors and management team, with the assistance of independent financial and legal advisors. The transaction is expected to be completed by the end of 2016 and is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes, with the legal structure and form to be announced at a later date.

Actions Follow Management & Board’s Rigorous Review of Strategic Options to Drive Value Creation
“Over the past year, our management and Board have thoroughly evaluated a range of value-creating opportunities that capitalize on our considerable strengths,” said Greg Creed, Chief Executive Officer. “Following the separation, each standalone company will be able to intensify focus on its distinct commercial priorities, allocate its own resources to meet the needs of its business, and pursue distinct capital structures and capital allocation strategies. This will provide a clear investment thesis and visibility to attract a long-term investor base suited to each business.”

Mr. Creed continued, “Yum! Brands will have a more stable earnings stream typical of a franchise company powered by industry-leading brands, while also benefiting from the development of the China business as a unique growth engine. In turn, our China business is self-sufficient and scalable with strong leadership in place, and is well-positioned to realize its full potential as a standalone business to capture the compelling opportunities in China.”

David Novak, Executive Chairman, said, “Over the years, we built our Company’s global structure outside of China based on a franchise model that generates stable earnings, high profit margins, low capital investment and strong cash flow conversion. At the same time, our China business, which has been predominantly equity-owned, generates substantial operating cash flow annually, with tremendous ability to invest in its own growth. After a thorough analysis and due diligence, I’m pleased the Board concluded that a separation transaction provides the right corporate structure for our business going forward and unlocks significant value for our shareholders.

“This transaction will create two best-in-class independent companies. Our commitment to a future capital structure that provides strong financial support for our business strategies and meaningful cash returns to shareholders underscores our ongoing focus on value creation and our confidence in our long-term growth prospects,” Novak added.

Upon completion of the separation, Yum! Brands will be led by Mr. Creed, and Yum! China will be led by Micky Pant, who was named its CEO in August. Further details of the plans and strategies for both companies will be discussed at the Company’s Analyst/Investor Day on December 10, 2015, and in subsequent communications.

Highlights of Yum! Brands after Separation
As a more “pure play” franchisor, Yum! Brands will continue to expand the presence and performance of the KFC, Pizza Hut and Taco Bell brands around the world, with a particular focus on consumer insightdriven branding and innovation.
Yum! China will be Yum! Brands’ largest franchisee and will operate under a Franchise Agreement. Yum! Brands will therefore continue to benefit from China’s growth.

Effective January 2016, the Company’s India business will integrate its three major restaurant brands into the global KFC, Pizza Hut and Taco Bell divisions of Yum! Brands, as the Company moves to organizational alignment by brand, rather than by geographic location.
At least 95% of Yum! Brands’ 41,000 restaurants in more than 125 countries and territories are expected to be franchised locations following the completion of the separation and previously announced refranchising plans. This stable and growing cash flow stream will allow the Company to operate within a capital structure and capital return framework that is optimized to maximize total shareholder returns. Outside of China, Yum! Brands delivered annual revenue of $6.3 billion in 2014.

Highlights of China Business after Separation
As an independent company, Yum! China will have a strong, predominantly Chinese leadership team and compelling growth profile in one of the world’s fastest-growing restaurant markets. The China business delivered annual revenue of $6.9 billion in 2014, and has a substantial free cash flow, with no significant debt, allowing it to focus and capitalize on the unparalleled growth opportunities ahead of it.
Headquartered in Shanghai, Yum! China is already the leading restaurant developer in China, with approximately 6,900 restaurants in over 1,000 cities. China’s consuming class is expected to double from 300 million in 2012 to more than 600 million people by 2020, providing a strong tailwind to the growth of Yum! China. The business remains on pace to open about 700 new locations in 2015 and is targeting expansion to over 20,000 restaurants in China in the future.

The China business is driven by strong brands that are integrated into the lives of Chinese customers:
 KFC, the first quick-service restaurant chain to enter China, is today the number one foreign brand with approximately 4,900 restaurants in over 1,000 cities. The brand enjoys a footprint more than twice as large as its nearest competitor and is growing in Tier 1 to Tier 6 cities.

 Pizza Hut Casual Dining, the first restaurant chain to introduce pizza and Western-style casual dining to China, is the number one Western casual dining brand locally with more than 1,400 restaurants in nearly 400 cities. The brand has been elevated with major menu revamps twice annually, and is supported by inventive marketing and digital technology, asset upgrades, and the introduction of breakfast, tea time snacking and late night.

 Pizza Hut Home Service introduced pizza delivery to China in 2001 and now owns nearly 300 Pizza Hut Home Service units in 40 cities. While at an early stage, this business is a leader in the fast-expanding home meal replacement category and is positioned to accelerate development, while leveraging digital technology and third-party platforms.

Mr. Pant and his team will be focused on driving growth in the China business, and developing new strategies to address the Company’s business issues and opportunities. The team will build on significant competitive strengths, including an experienced local management team, a highly educated workforce, a dedicated real estate and development team, industry-leading media budgets, a country-wide distribution system, best-in-class operations, and dedication to innovation and product quality.

Transaction Next Steps
Completion of the transaction will be subject to certain conditions, including, among others, receiving final approval from the Yum! Brands’ Board of Directors, receipt of various regulatory approvals, receipt of an opinion of counsel with respect to certain tax matters, the effectiveness of filings related to public listing and applicable securities laws, and other terms and conditions as may be determined by the Board.

There can be no assurance regarding the ultimate timing of the proposed transaction or that the transaction will be completed.
Goldman, Sachs & Co. is serving as financial advisor and Wachtell, Lipton, Rosen & Katz and Mayer Brown are serving as legal advisors to Yum! Brands. PJT Partners is serving as an independent financial advisor to Yum! Brands’ Board of Directors.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 41,000 restaurants in more than 125 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2014 and is one of the Aon Hewitt Top Companies for Leaders in North America. The Company’s restaurant brands – KFC, Pizza Hut and Taco Bell – are the global leaders of the chicken, pizza and Mexican-style food categories. Outside the United States, the Yum! Brands system opens over five new restaurants per day on average, making it a leader in international retail development.

DENVER– As college students make their way back to school for another year, Chipotle Mexican Grill (NYSE: CMG) is making it easier for students to find the food they love, allowing more time for study and less to search for burritos. Through a new partnership with Tapingo, a leading mobile commerce app that saves college students time by providing food pickup and delivery, Chipotle will be available for delivery through Tapingo at 40 college campuses nationwide this fall, and at more than 100 campuses by spring 2016.

The partnership with Tapingo expands Chipotle’s existing delivery program. The company also has nationwide delivery partnerships with Postmates, a delivery service that operates in several key Chipotle markets, and with OrderUp, which provides delivery service in several smaller Chipotle markets.

“Chipotle has been popular with students going back to our very first restaurant near the University of Denver, and we are always looking for ways to better engage with them,” said Mark Crumpacker, chief creative and development officer at Chipotle. “Tapingo, which has been well received by students where its services are available, knows how to connect with these younger customers. That shared acceptance among younger customers made them a great choice for us to expand delivery aimed specifically at students.”

Tapingo has a rapidly growing user base, the large majority of whom are Millennials and Gen Zs. Chipotle resonates well with a similar audience. A recent survey by investment firm William Blair called Chipotle the “most favored restaurant” by younger consumers. Morgan Stanley notes that Millennials are more likely to dine out on a weekly basis than older consumers and states that “taste, value, and quality” drive their restaurant decision-making. “On those metrics, Chipotle wins,” the firm says.

“Tapingo has become the buy button for students and we are excited to expand into surrounding areas,” said Daniel Almog, chief executive officer at Tapingo. “Our network of students is hungry for Chipotle, and we’re excited to deliver it quickly and at a very reasonable delivery cost.”

Since its founding in 2012, Tapingo has leveraged mobile technology to create a more convenient and enjoyable experience for students to purchase a variety of products or services. With the average student transacting daily, using Tapingo has become habitual for college students. Users can order with a tap and then have their order delivered in a timely and efficient manner. Using the Club Tapingo feature, the average user pays $2.99, with no additional service fee. Tapingo also provides timely delivery, with an average of only 25 minutes between order placement and receipt.

Chipotle delivery is currently available through Tapingo at the following campuses:

Arizona State University
California State University Chico
Louisiana State University
University of Arizona
University of Southern California
Northern Arizona University
Delivery will expand to include the following campuses later this fall.

California State University – Fullerton
California State University Northridge
Carnegie Melon University
Case Western Reserve University
Cleveland State University
College of the Holy Cross
Columbia University
Eastern Michigan University
Emory University
Georgia Institute of Technology
Georgia State University
Johns Hopkins University
Loyola Marymount University
Loyola University Maryland
Michigan State University
New York University
North Carolina State University
Ohio State University
Pennsylvania State University
Rutgers University
San Jose State University
Santa Clara University
Towson University
Trinity College
University of Arkansas
University of California Los Angeles
University of Georgia
University of Louisville
University of Maryland
University of Miami
University of Michigan
University of Oklahoma
University of Oregon Eugene
University of Pittsburgh
University of the Pacific
University of Utah
Plans for additional rollouts or availability can be found on Tapingo.com/Chipotle.

ABOUT CHIPOTLE
Steve Ells, founder, chairman and co-CEO, started Chipotle with the idea that food served fast did not have to be a typical fast-food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food With Integrity, Chipotle is seeking better food from using ingredients that are not only fresh, but that — where possible — are sustainably grown and raised responsibly with respect for the animals, the land and the farmers who produce the food. In order to achieve this vision, we focus on building a special people culture that is centered on creating teams of top performers empowered to achieve high standards. This people culture not only leads to a better dining experience for our customers, it also allows us to develop future leaders from within. Chipotle opened with a single restaurant in 1993 and operates more than 1,850 restaurants, including 17 Chipotle restaurants outside the U.S. and 11 ShopHouse Southeast Asian Kitchen restaurants, and is an investor in an entity that owns and operates three Pizzeria Locale restaurants. For more information, visit Chipotle.com.

ABOUT TAPINGO
Since its founding in 2012, Tapingo has leveraged mobile technology to solve a key problem for students: lack of time. Whether confronted with long lines while racing between classes, needing a midnight boost during late-night study sessions, or faced with a lack of options when living off campus, students are increasingly in need of a new solution to meet their needs. With just a few taps, users can browse menus, order and pay, then schedule pickup or have their order delivered. Tapingo provides a streamlined buying process that benefits both the students and the campuses, while driving habitual purchase and eliminating operational inefficiencies. Today, Tapingo processes tens of thousands of transactions per day, and the average user utilizes the service more than five times per week. Serving 46 markets from Alaska to Miami, Tapingo is the ideal commerce solution for the on-the-go on-demand generation. Stop waiting at www.Tapingo.com.

DENVER – Chipotle Mexican Grill (NYSE: CMG) today announced its first-ever National Career Day, taking place on Wednesday, September 9, with the goal of hiring 4,000 new employees. Management teams at each U.S. restaurant location will hold open interviews for up to 60 applicants between 8-11 a.m. Interested candidates are invited to register for an interview at the Chipotle location of their choice by visiting NationalCareerDay.com.

Chipotle currently employs more than 60,000 people, and entry-level crew positions can put employees on the path to developing rewarding careers. Over the last year, the company has promoted more than 10,000 people into management roles who started as hourly crew. Through National Career Day, interested applicants will have the opportunity to interview onsite with a manager and jumpstart their career with one of the nation’s fastest growing restaurant companies.

“We believe that our success is the direct result of our incredibly strong people culture, which is rooted in having teams of all top performers, and developing them to be the leaders we will need to accommodate our growth,” said Monty Moran, co-chief executive officer at Chipotle. “We are constantly looking for great people to join our team. Regardless of your background or experience, you can succeed at Chipotle if you have a passion for making the people around you better. Working here isn’t just a job, but a career where employees learn how to make others better, run a successful business, master culinary skills, and most importantly, lead teams of top performers. For people who embrace that culture, the opportunities are tremendous, and we hope job-seekers looking to further their career and join a dynamic team will come join us on National Career Day.”

With a company culture that values attitude over experience (no experience is required to apply or be hired), Chipotle bases its hiring on a specific set of 13 Characteristics that indicate an applicant’s potential for success within the company. These traits include being conscientious, respectful, hospitable, high energy, infectiously enthusiastic, happy, presentable, smart, polite, motivated, ambitious, curious and honest.

Unlike most companies in the traditional fast food and fast casual industries, Chipotle offers all employees significant career advancement opportunities, as well as compensation and benefits above industry standard. By developing career skills internally, more than 95 percent of the company’s restaurant managers are promoted from within. The highest performing managers have the additional opportunity to be promoted to Restaurateur, which offers benefits such as a company car and a six-figure salary. Chipotle also offers a highly competitive benefits package to all employees, including paid sick leave and vacation time for full and part time employees, along with tuition reimbursement and merit-based increases. A full look at the career path can be found on Chipotle’s Career site: http://careers.chipotle.com/career-path.

What’s more, employees at Chipotle feel a tremendous sense of pride and satisfaction in their work. A recent employee survey indicated that Chipotle employees feel supported by the company and express satisfaction and pride in their roles. According to the survey, employees consider company culture, food and other benefits, like paid time off and tuition reimbursement, to be among the biggest pros of their jobs. Furthermore, a resounding 90% said they were proud to work at the company, while a near-unanimous 97% said they believe they work in and enjoy an empowered culture where top performers are rewarded and provided with advancement opportunities.

For more information and to register for an interview, please visit www.NationalCareerDay.com.

ABOUT CHIPOTLE
Steve Ells, founder, chairman and co-CEO, started Chipotle with the idea that food served fast did not have to be a typical fast-food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads made from fresh, high-quality, raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food With Integrity, Chipotle is seeking better food from using ingredients that are not only fresh, but that — where possible — are sustainably grown and raised responsibly with respect for the animals, the land and the farmers who produce the food. In order to achieve this vision, we focus on building a special people culture that is centered on creating teams of top performers empowered to achieve high standards. This people culture not only leads to a better dining experience for our customers, it also allows us to develop future leaders from within. Chipotle opened with a single restaurant in 1993 and operates more than 1,850 restaurants, including 17 Chipotle restaurants outside the U.S. and 11 ShopHouse Southeast Asian Kitchen restaurants, and is an investor in an entity that owns and operates three Pizzeria Locale restaurants. For more information, visit Chipotle.com.

Louisville, KY – Yum! Brands, Inc. (NYSE: YUM) today reported results for the second quarter ended June 13, 2015, including EPS of $0.69, excluding Special Items. Reported EPS was $0.53.

SECOND-QUARTER HIGHLIGHTS
● Worldwide system sales grew 3%. Worldwide restaurant margin was even at 15.5%, and worldwide operating profit decreased 1%.
● Total international development was 291 new restaurants; 75% of this development occurred in emerging markets.
● China Division system sales declined 4%, as 7% unit growth was offset by a 10% same-store sales decline. Restaurant margin decreased 2.2 percentage points to 14.6%. Operating profit decreased 25%.
● KFC Division system sales increased 6%, driven by 2% unit growth and 3% same-store sales growth. Operating margin increased 1.3 percentage points to 21.9%. Operating profit increased 10%.
● Pizza Hut Division system sales increased 1%, driven by 2% unit growth. Same-store sales were even. Operating margin decreased 0.9 percentage points to 22.6%. Operating profit decreased 1%.
● Taco Bell Division system sales increased 9%, driven by 3% unit growth and 6% same-store sales growth. Operating margin increased 4.7 percentage points to 29.5%. Operating profit increased 29%.
● India Division system sales were even, as 16% unit growth was offset by an 11% same-store sales decline.
● Worldwide effective tax rate increased to 25.6% from 24.9%.
● Foreign currency translation negatively impacted operating profit by $22 million.

Greg Creed, CEO, said “EPS exceeded our original expectations in the second quarter and I’m pleased with the progress we are making in China, as well as the performance from our Taco Bell and KFC Divisions. I’m confident we will deliver full-year EPS growth of at least 10%, driven by a strong second half in China and solid
brand-building initiatives underway at each of our divisions.

China Division restaurant margin in the second quarter was an encouraging 14.6%, even though same-store sales declined 10%, reinforcing our belief in significant profit leverage as sales recover. We expect substantial same-store sales and profit growth in the second half given overall trends in sales and brand perceptions. Furthermore, the China Division remains on track to open at least 700 new restaurants this year, laying the groundwork for future growth.

Outside of China, Taco Bell is firing on all cylinders driven by industry-leading innovation and a solid breakfast platform. KFC continues to produce consistently positive results in both emerging and developed markets, including our U.S. business. At Pizza Hut, results continue to be soft, but we are taking clear steps to get the business back on track.

Internationally, we’re on pace to set a new record this year by opening 2,100 new restaurants, extending our lead in emerging markets. All of this should help us to achieve double-digit earnings growth this year, despite ongoing headwinds from foreign currency translation.

Our goal remains building three iconic, global brands people trust and champion, while delivering shareholder value through our three key drivers: same-store sales growth, new-unit development and high returns on invested capital. As we continue to strengthen our business around the world, I’m confident that this formula will produce consistent double-digit EPS growth over the long term.”

EMBARGO: Johannesburg, South Africa, 09:00 SAST 14th July 2015 – Starbucks Coffee Company and Taste Holdings today announced a licensed partnership that will see Starbucks stores open across South Africa. For the first time in Southern Africa, Starbucks will open full-format stores bringing the entire range of its food and
beverages, including its ethically-sourced Arabica coffee, to South African consumers.

“We are proud to be bringing Starbucks to South Africa next year,” says Kris Engskov, president, Starbucks Europe, the Middle East and Africa (EMEA). “Working with Taste, our partner, we’re going to deliver a great Starbucks experience. The coffee market here is vibrant and growing fast – we want to be part of that growth, bringing the passion and energy of this remarkable country into the design of our first store and our first barista team. We can’t wait to get started.”

The license agreement sees Taste owning the exclusive rights to develop Starbucks retail outlets in South Africa. As Taste is the licensee, it will own and operate the stores directly.

“We are very excited to be Starbucks partner in Southern Africa. As we’ve visited numerous Starbucks markets and partners around the world we’ve come to realise that we share similar core values, including a commitment to localisation and uplifting both direct and indirect partners,” explains Carlo Gonzaga, CEO of Taste. “Starbucks supports the development of local suppliers and is fully committed to our Changing Lanes program wherein we have provided employment to previously unemployed people and expose them to global training initiatives and skills. Overall we’re a good partnership match.”

The partnership will see direct job creation opportunities as each Starbucks store opens, in addition to opportunities at the Taste support office in Johannesburg. Taste expects that the indirect impact of skills transfer into South Africa, and the localisation opportunities in the supply chain will be material. In addition, Starbucks and Taste have committed to continuing Taste’s Changing Lanes program, employing predominantly from currently unemployed youth directly from the communities in which they trade.

“Young people are the key to our success,” says Engskov. “The majority of our workforce is aged between 17 and 25 so talented youth has always been a priority and we will equip our new partners with the skills necessary to succeed in today’s economy. We look forward to using our partnership to leverage Taste’s strong track record of creating jobs and developing great people.”

“Starbucks sources a considerable amount of its global, high-quality coffee from farms in sub-Saharan Africa, in partnership with our network of farmer support and agronomy centers in Ethiopia, Rwanda and Tanzania. We are proud to be able to offer some of the best African coffees in the world to more customers in the region.”
“We’re looking forward to bringing the entire Starbucks experience to South Africa for the first time. That includes 100% ethically sourced Arabica coffee, Starbucks full menu offering and of course beautiful coffee houses,” Gonzaga concludes.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality Arabica coffee. Today, with more than 22,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. Read more at www.starbucks.com

About Taste Holdings
Taste Holdings is a South African-based management group and a leading licensor of global brands in the Southern African region. It owns and licenses a portfolio of franchised and owned, category specialists, Quick Service Restaurants (QSR) and retail brands currently represented in five countries in Southern Africa. Its food division has a 30-year master license agreement for Domino’s Pizza in Southern Africa. It also owns, operates and franchises Zebro’s Chicken, The Fish & Chip Co, Maxi’s Restaurants, Scooters Pizza and St Elmo’s Woodfired Pizza. The food division is vertically integrated; it owns retail outlets; it manufactures sauces, spices, premixes, added value meat products as well as fresh dough. It then distributes these and most other products from its own distribution centers using its own fleet of multi-temperature vehicles. Its luxury goods division is underpinned by three owned retail brands – NWJ, Arthur Kaplan and World’s Finest Watches. It too is vertically integrated, owning more than 60% of the retail outlets as well as a design studio and jewellery manufacturing and distribution facility that manufactures approximately 40% of NWJ Jewellery. NWJ is the third largest national jewellery chain by store numbers in the region. Arthur Kaplan and World’s Finest Watches are, together, the leading retailers of luxury Swiss watch brands in the region. This includes watch brands such as Rolex, Breitling, Omega, Tag Heuer, Longines and Rado. Arthur Kaplan also retails luxury fine jewellery in collections under the Arthur Kaplan brand. Taste is listed on the Johannesburg Stock Exchange (JSE) under the symbol “TAS”. www.tasteholdings.co.za

Diageo plc today announces it has sold Gleneagles Hotel Limited to a private investment group led by Ennismore for an undisclosed amount. Ennismore is a real estate hospitality firm which owns The Hoxton brand, and develops and operates a series of unique hotels in Europe and the United States. The group has its origins in Shoreditch, East London.

Gleneagles Hotel was opened in 1924 and has been wholly owned by Diageo since 1984. In the year ended 30 June 2014 the business generated revenues of £43.5 million and an operating profit of £2.6 million with a return on invested capital of 4% based on book value for the year ended 30 June 2014.

Ivan Menezes, Chief Executive, commented: “Diageo is proud to have been the owner of Gleneagles but the hotel is not a core business for us and therefore following the success of the Ryder Cup we feel this is an appropriate time to realise value through this transaction. I am pleased that Diageo’s brands, especially our scotch brands, will continue to be an important feature at this iconic Scottish hotel. We wish Ennismore and all the staff at the hotel a successful future.”

About Diageo
Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits, beer and wine categories. These brands include Johnnie Walker, Crown Royal, JεB, Buchanan’s, Windsor and Bushmills whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.
Diageo is a global company, and our products are sold in more than 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo’s global responsible drinking resource, www.DRINKiQ.com, for information, initiatives, and ways to share best practice.
Celebrating life, every day, everywhere

Dear Members,

You may already have heard rumours that The Groucho Club may be about to change ownership.

I am pleased to be able to confirm that we have today completed a management buyout of the Club, backed by a new group of shareholders which includes the current owners, Graphite Capital.

We now also welcome two small institutional investors: Alcuin Capital and Isfield, along with several private individual investors. Happily, I am confident that they all share our passion for the Club and the unique nature of the Groucho and its members.

I am delighted to tell you that we have also begun to look for a property in lower Manhattan so that we can have a long overdue home for members in New York, with more news on this to follow.

Crucially, there are no plans to alter the club’s ethos or operation in any way that would change the nature of what we do and how we do it. We will continue to upgrade the old and worn out parts of the Club and also continue to celebrate our 30th birthday this year.

I hope you will join me in taking the Club into our next exciting chapter with as much enthusiasm and support as you have done over the last 3 decades.

I would like to thank John Lewis for the last 8 years in his role of Chairman of the Club. His support, leadership and experience has been appreciated by me and I’m sure felt by members during his time here.

Nick Hurrell will join the management team as Chairman having been instrumental in bringing this plan together. Nick has been a hugely supportive and active member of the Club for 15 years.

Please let me know if I can answer any questions or concerns you might have, or indeed if you would like to hear personally about our exciting future plans.

I hope to see you in the Club very soon.

With best wishes,

Matt

Food is a key element of Starbucks growth strategy to create new occasions to visit stores, and the company has seen tremendous response to these efforts since the acquisition of La Boulange. In the most recent quarter, (Q2 FY15) food delivered growth of 16 percent year-over-year and contributed two points to the comp growth with every daypart, platform and region contributing to the increase. Sales of Starbucks new breakfast sandwiches have contributed a noteworthy 35 percent year-over-year growth in the breakfast platform. And, the company’s lunch platform delivered double-digit year-over-year gains. Starbucks has successfully delivered an up-leveled food experience with the roll-out of La Boulange products in its U.S. and Canada stores, which have been well received by customers.

As Starbucks stays steadfast in its commitment to achieve long-term growth targets enterprise-wide, it is with careful consideration the company shares the difficult decision to close all 23 La Boulange retail (bakery cafés) locations, as well as the two manufacturing facilities that serve those locations, by the end of September 2015. As a standard course of business, Starbucks continually evaluates all components of its business to confirm they are aligned with key priorities and strategies for growth, which includes the continued analysis of the store portfolio. Based on our ongoing evaluations, Starbucks has determined La Boulange stores are not sustainable for the company’s long-term growth. The La Boulange brand will continue to play a significant role in the future of Starbucks food in stores, and the company looks forward to serving delicious La Boulange food at its Starbucks retail locations in San Francisco and across the U.S. and Canada. The Evolution Fresh retail location in San Francisco will also close.

All partners (employees) who work in these locations are being treated with the utmost care – receiving personalized transition materials and having in-person conversations with their managers to explain this decision. Where possible, Starbucks will help partners find new positions at Starbucks stores in the area. In addition, retail partners from La Boulange and Evolution Fresh will be offered incentives to continue employment with the company through their store closure.

Partnering with Pascal Rigo, founder and creative force behind La Boulange, to bring his passion for developing authentic, homemade specialties made with simple, high quality ingredients to customers on a broad scale through Starbucks has resulted in a reinvented and elevated food portfolio, delivering the best possible customer experience at Starbucks. Now that the roll-out of La Boulange products within Starbucks stores in the U.S. and Canada is complete, Pascal will move on from Starbucks to continue his passion for food in San Francisco while dedicating more time and resources toward his nonprofit ventures in an effort to supply quality food to schools with underprivileged children and bring innovative after-school clinics to help children with learning disabilities.

Starbucks goals to grow its food business and deliver an incremental $2 billion in the next five years in the U.S. are unchanged. Starbucks will continue to deepen its commitment to customers’ food experience in stores, ensuring it surpasses their expectations, just as the company has done with coffee and beverages.

About Starbucks
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 21,000 stores around the globe, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit our stores or online at news.starbucks.com and Starbucks.com.

Yum!’s 2014 Corporate Social Responsibility (CSR) Report, which highlights our performance and progress across focus areas of food, people, environment and community, has been released online.

“CSR is at the heart of how we are growing our three iconic brands,” said Greg Creed, CEO, Yum! Brands, Inc. “I’m proud of the progress we’re making on our journey and we are going to get better and more courageous every day at delivering on the high quality, high integrity commitments our consumers and stakeholders care about most in our food, people, communities and environment.”

Highlights include:

Food
By the end of 2015, we will reach our goal of having 15 percent of our meals at one third of the recommended daily allowance (RDA) in each country where we operate.
Each of our brands have introduced products that are lower in calories and fat, such as KFC’s Kentucky Grilled Chicken, Pizza Hut’s Skinny Pies and Gluten-Free Pizzas and Taco Bell’s Fresco Menu featuring six items that are each under 350 calories and 10 grams of fat.
We are actively reducing sodium across our menus globally.
People

We were recognized as one of the 2014 Aon Hewitt Top Companies for Leaders® in North America for our comprehensive leadership development programs and practices.
Our Chief People Officer Anne Byerlein was named one of Forbes’ Top 10 Chief Human Resources Officers.
Through Yum! University, our worldwide learning and development platform, associates have completed over 35 million online courses since 2012. We had a record in May 2014 with nearly 1.4 million course completions.
Our Andy Pearson Scholarship Program has awarded 2,500 scholarships and nearly $6 million in grants to associates since 2003 in the U.S. In 2014, we awarded 230 scholarships for $537,500.

Community
Since 2007, our World Hunger Relief program, the world’s largest private sector hunger relief effort in partnership with the U.N. World Food Programme and other hunger relief agencies, has raised and donated more than $600 million in cash and food donations providing 2.4 billion meals.
Each year, our restaurants donate more than 10 million pounds of food through our food donation program, Harvest, to partner agencies in the U.S. In total, we have contributed 173 million pounds of food to over 3,000 nonprofit organizations.
Environment

By the end of 2015, all of our new company-owned stores will be LEED certifiable.
We are on target to reduce energy consumption in our company-owned restaurants 15 percent by the end of 2015. We have eliminated the release of almost 1.2 million metric tons of CO2 since 2009, the equivalent to removing 225,000 cars off the road.
We have committed to source 100 percent of our palm oil for cooking oil from responsible and sustainable sources by the end of 2017.

Geneva, Switzerland, – Spain leads the World Economic Forum’s 2015 Travel and Tourism Competitiveness Index. It is the first time the country has ranked top of the biennial report – published today under the theme Growing through Shocks – and is a positive sign for the country’s nascent recovery.

The Travel and Tourism Competitiveness Report ranks 141 countries across 14 separate dimensions, revealing how well countries could deliver sustainable economic and societal benefits through their travel and tourism sector. Spain’s leadership position is helped by a world class ranking in cultural resources (1st globally), its ability to support online searches for entertainment (4th) – a measure of how well the country has adapted to consumption habits brought on by the digital revolution – as well as excellent infrastructure (4th).

Traditional strong travel and tourism destinations such as France, Germany, the United States, the United Kingdom, Switzerland, Australia, Italy, Japan and Canada complete the top 10. Of the large emerging markets, China (17th) and Brazil (28th) made it into the top 30, whereas Russia, South Africa and India ranked 45th, 48th and 52nd, respectively. While this made Brazil and South Africa the best placed in their region, Singapore (11th) came up top in South-East Asia, and the United Arab Emirates (24th) was the highest placed nation in the Middle East and North Africa.

“The diversity in the top 30 shows that a country does not have to be wealthy to have a flourishing tourism sector,” said Roberto Crotti, Economist at the World Economic Forum. “But many countries should still do more to tackle travel and tourism challenges, including visa policies, better promotion of cultural heritage, environmental protection and ICT readiness. This in turn would drive economic growth and the creation of jobs.”

The report also identifies areas where tourism-oriented economies could do better in adapting to changing global trends as well as growing market segments. These include a growing number of middle class travellers from emerging and developing countries, senior consumers and millennials. It also finds a need for travel-reliant economies to adapt faster to online services and marketing, as mobile internet continues to define the way travellers select, plan and review their trips.

The global travel and tourism sector, which already accounts for almost one-tenth of global GDP, grew at an average of 3.4% per year over the past four. This compares favourably with the global economy, which grew at only 2.3% per year, indicating the sector’s resilience to economic shocks. In the coming five years, growth in the sector could accelerate to 5.2% per year, according to the World Travel & Tourism Council.

The report contains detailed country profiles for the 141 economies featured in the study, including a comprehensive summary of their overall positions in the index and a guide to the most prominent travel and tourism competitive advantages and disadvantages of each. Also included is an extensive section of data tables that cover each indicator used in the index’s computation.

The World Economic Forum produced the report in collaboration with Strategy& and data partners Bloom consulting, Deloitte, the International Air Transport Association (IATA), the International Union for Conservation of Nature (IUCN), the UNWTO and the World Travel & Tourism Council (WTTC).

OAK BROOK, IL- McDonald’s today announced a global commitment on deforestation across the company’s expansive global supply chain. The commitment builds upon McDonald’s Global Sustainability Framework and longstanding leadership in the area of sustainable sourcing. The pledge encompasses all of the company’s products and focuses on beef, fiber-based packaging, coffee, palm oil, and poultry — for which the company will begin developing specific time-bound sourcing targets in 2015.

McDonald’s will continue working collaboratively with a broad range of stakeholders, including suppliers, governments and NGO partners, to develop long-term solutions designed to combat deforestation around the world.

“This commitment to end deforestation demonstrates another major step for McDonald’s as we work to increasingly embed sustainability throughout our global business,” said Francesca DeBiase, senior vice president of McDonald’s Worldwide Supply Chain and Sustainability. “Making this pledge is the right thing to do for our company, the planet and the communities in which our supply chain operates. We’re excited to continue collaborating with our supplier partners to achieve our goals.”

McDonald’s commitment also aligns with the company’s endorsement of the New York Declaration on Forests, a call for global companies and organizations to “do their part” in an effort to end natural forest loss by 2030.

According to World Wildlife Fund (WWF), deforestation creates far-reaching challenges and implications for future generations due to loss of biodiversity and contributions to climate change, and accounts for 15-20% of global greenhouse gas emissions — underscoring the urgent need to address the issue. WWF helped advise McDonald’s on the deforestation commitment.

“We commend McDonald’s plans to combat deforestation across their full range of commodities. This will lead to real conservation impacts on the ground, and we hope that this commitment will inspire other companies to take action,” said David McLaughlin, WWF’s vice president of sustainable food. “This commitment is bolstered by McDonald’s ongoing sustainability work with the beef industry and the company’s participation in WWF’s Global Forest & Trade Network. Expanding monitoring and compliance efforts by McDonald’s and their suppliers will be critical to ensuring the success of this important initiative.”

Applying throughout the entire supply chain, the core principles and practices of McDonald’s Commitment on Deforestation include:

No deforestation of primary forests or areas of High Conservation Value
No development of High Carbon Stock forest areas
No development on peatlands, regardless of depth, and the utilization of best management practices for existing commodity production on peatlands
Respect human rights
Respect the right of all affected communities to give or withhold their free, prior and informed consent for plantation developments on land they own legally, communally or by custom
Resolve land rights disputes through a balanced and transparent dispute resolution process
Verify origin of raw material production
Support smallholders, farmers, plantation owners and suppliers to comply with this commitment

To view McDonald’s full commitment and supporting information, please visit: http://www.aboutmcdonalds.com/mcd/sustainability/sourcing/commitment-on-deforestation.html

McDonald’s focus on addressing deforestation began in 1989 when it ceased sourcing beef from the Amazon Biome, and the company’s Global Sustainability Framework has since expanded to include efforts surrounding food, sourcing, planet, people, and community. More information on McDonald’s sustainability efforts is available online at: http://www.aboutmcdonalds.com/mcd/sustainability.html