Yum! Brands Inc. Announces 14% Increase In Quarterly Dividend, Seventh Consecutive Double-Digit Increase

September 14, 2011

LOUISVILLE, KY, September 14, 2011 – Yum! Brands Inc. (NYSE: YUM) announced that its Board of Directors approved a 14% increase in the company’s quarterly dividend. The quarterly cash dividend will increase from $0.25 to $0.285 per share and will be effective with the dividend payment to be distributed on November 4, 2011 to shareholders of record at the close of business on October 14, 2011. This increase raises the annual dividend rate to $1.14 a share.

David C. Novak, Chairman and Chief Executive Officer, said, “I am pleased to inform our shareholders we have increased our dividend 14%, the seventh consecutive double-digit increase.”

“Our first priority with the operating cash we generate is to invest in high-return global growth opportunities, including China and other emerging markets. Yum!’s consistent performance and substantial free cash flow generation also allows us to return significant cash to our shareholders through a meaningful quarterly dividend and share buybacks, while continuing to invest heavily behind growth.”

Yum! has increased its dividend each year since initiating a divided in 2004. Each annual increase has been at a double-digit percentage rate. This track record of dividend growth places Yum! among top companies in the S&P 500. The Yum! dividend policy continues to target a payout ratio of 35 to 40% of annual net income.

Yum! Brands, Inc., based in Louisville, Ky., is the world’s largest restaurant company in terms of system restaurants with nearly 38,000 restaurants in more than 110 countries and territories. The company is ranked #214 on the Fortune 500 List, with revenues of more than $11 billion in 2010. Four of the company’s restaurant brands – KFC, Pizza Hut, Taco Bell and Long John Silver’s – are the global leaders of the chicken, pizza, Mexican-style food and quick-service seafood categories. A&W Restaurants is the longest running quick-service franchise chain in America. 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