September 20, 2012

LOUISVILLE, KY, September 20, 2012 – Yum! Brands Inc. (NYSE: YUM) announced that its Board of Directors approved an 18% increase in the Company’s quarterly dividend. The quarterly cash dividend will increase from $0.285 to $0.335 per share and will be effective with the dividend payment to be distributed on November 2, 2012 to shareholders of record at the close of business on October 12, 2012. This increase raises the annual dividend rate to $1.34 a share.

David C. Novak, Chairman and Chief Executive Officer, said, “I am pleased to inform our shareholders we increased our dividend by 18%, marking the eighth consecutive year we have raised our dividend at a double-digit percentage rate. Our quarterly dividend has more than doubled over the last five years.

Our first priority with the operating cash we generate is to invest in high-return global growth opportunities. In addition to investing in future growth, Yum!’s consistent performance and substantial free cash flow generation allows us to return significant cash to our shareholders through a meaningful quarterly dividend and share buybacks.”

Yum! initiated its dividend in 2004 and is in a select group of companies from the S&P 500 to increase its dividend at a double-digit percentage rate each of the past eight years. Yum! continues to target a payout ratio of 35 to 40% of annual net income before special items.

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 120 countries and territories. The Company is ranked #213 on the Fortune 500 List, with 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, Senior 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