Going for Greatness by
Serving the World

Dear Stakeholders,

At Yum! Brands, we take very seriously our responsibility to our associates, our customers and the communities in which we do business. We aspire to be the best in the world at building great brands and running great restaurants. And we're committed to making a positive difference by Serving the World.

I'm proud to share with you Yum! Brands' first Corporate Responsibility Report.

Since our founding in 1997, we've had a real passion to create greatness - to build a company that could truly earn the right to be called great. The road map we established was the Yum! Dynasty Growth Model, because like all dynasties, we wanted to be admired for our results year after year. And we have made a tremendous amount of progress. Our vision for Yum! Brands is to be The Defining Global Company That Feeds The World.

Our view is that the dynamic nature of societal and environmental changes - some predictable, some not - requires us to anticipate, understand and respond meaningfully. And that makes us stronger and better as a company, and as a responsible citizen of the world community.

We are passionate about and focused on providing:

• Customers with delicious, relevant and safe food choices;
• Associates with meaningful and productive careers, training, and development opportunities;
• Franchisees with the opportunity to own and operate their own successful businesses; and
• Support to the global society with our time, talent and resources through community outreach programs and our global movement to end world hunger - World Hunger Relief.

I feel we are uniquely positioned and well prepared to take on the responsibility that comes with leadership. We have the influence, know-how, resources, and global presence needed to serve the world. And we continue to build and strengthen relationships with individuals and organizations worldwide that have knowledge, respect and networks to help us lead the effort.

This report is our first attempt to share publicly with our stakeholders - our associates, franchisees, customers, investors and those otherwise interested in the future of our business - our commitment to Serving the World. It's the start of an ongoing, exciting journey we look forward to sharing with you.

Yum! to you,

David C. Novak

Chairman and Chief Executive Officer