Yum! Brands Inc. Declares Quarterly Dividend of $0.285 per Share

LOUISVILLE, KY, March 23, 2012 – Yum! Brands Inc. (NYSE: YUM) Board of Directors today declared a dividend of $0.285 per share of common stock. The quarterly dividend will be distributed May 4, 2012, to shareholders of record at the close of business on April 13, 2012.

In September 2011, Yum! increased its quarterly dividend 14% to $0.285 per share. Yum! has increased its dividend each year at a double-digit percentage rate since initiating a dividend in 2004. This track record of dividend growth places Yum! among top companies in the S&P 500.

Yum! is committed to returning significant cash to shareholders through both share repurchases and dividends. The Yum! dividend policy continues to target a payout ratio of 35 to 40% of annual net income.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world's largest restaurant company in terms of system restaurants with over 37,000 restaurants in more than 120 countries and territories. Yum! is ranked #214 on the Fortune 500 List and generated revenues of more than $12 billion in 2011. 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 opened approximately four new restaurants each day of the year, making it a leader in international retail development. The Company has consistently been recognized for its reward and recognition culture, diversity leadership, community giving, and consistent shareholder returns.

Analysts are invited to contact:
Tim Jerzyk, Senior Vice President Investor Relations, at 888⁄298–6986
Steve Schmitt, Director Investor Relations, at 888⁄298–6986

Members of the media are invited to contact:
Amy Sherwood, Vice President Public Relations, at 502⁄874–8200