YUM! BRANDS INC. ANNOUNCES AUTHORIZATION OF UP TO $1 BILLION IN SHARE REPURCHASES AND DECLARES QUARTERLY DIVIDEND OF $0.41 PER SHARE

Nov 20, 2014

LOUISVILLE, KY, November 20, 2014 –Yum! Brands Inc. (NYSE: YUM) Board of Directors authorized the Company to repurchase up to $1 billion in additional shares of common stock and declared a dividend of $0.41 per share of common stock. The quarterly dividend will be distributed February 6, 2015 to shareholders of record at the close of business on January 16, 2015. Since initiating a dividend in 2004, Yum! has increased its dividend at a double-digit percentage rate each of the past ten years, placing Yum! in a select group of companies from the S&P 500 to do so.

The $1 billion in additional share repurchases of the Company’s outstanding common stock is authorized through May 31, 2016. Repurchases of common stock may be made from time to time in the open market or through privately negotiated transactions and will be subject to market conditions and other factors. Year-to-date, the Company has repurchased 9.4 million shares of common stock totaling $691 million.

Yum!’s first priority with the operating cash it generates is to invest in high-return global growth opportunities. In addition, Yum! is committed to returning significant cash to shareholders. The Company has returned over $6 billion of cash through the combination of share repurchases and dividends over the past five years.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 40,000 restaurants in more than 125 countries and territories. Yum! is ranked #216 on the Fortune 500 List with revenues of over $13 billion. In 2014 Yum! was named among the top 100 Corporate Citizens by Corporate Responsibility Magazine and 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.

Analysts are invited to contact:
Steve Schmitt, Vice President Investor Relations & Corporate Strategy, at 888/298-6986
Elizabeth Grenfell, Director Investor Relations, at 888/298-6986

Members of the media are invited to contact:
Virginia Ferguson, Director Public Relations, at 502/874-8200