Yum! Brands Inc. Announces Authorization of up to $1 Billion in Share Repurchases and Declares Quarterly Dividend of $0.335 Per

  Yum! Brands Inc. Announces Authorization of up to $1 Billion in Share
  Repurchases and Declares Quarterly Dividend of $0.335 Per Share

Business Wire

LOUISVILLE, Ky. -- November 16, 2012

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 $0.335 per share of common stock. The quarterly dividend will be
distributed February 1, 2013, to shareholders of record at the close of
business on January 11, 2013.

The $1 billion in additional share repurchases of the Company’s outstanding
common stock is authorized through May 31, 2014. 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 $815 million of shares of
common stock at an average price of $66.

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. Over the past five years, the
Company has returned $5.7 billion of cash through the combination of share
repurchases and dividends.


Yum! will host its 2012 Investor and Analyst Conference on December 6th in New
York. Presentations will begin at 8:45 a.m. and will include the following

 David C. Novak, Yum! Chairman     Weiwei Chen, Yum! China CFO
  and CEO
  Rick Carucci, Yum! President          Micky Pant, Yum! Restaurants
                                        International CEO
  Pat Grismer, Yum! Chief               Niren Chaudhary, Yum! India President
  Financial Officer
  Angela Loh, Yum! China Chief          Greg Creed, Taco Bell CEO
  Concept Officer

This event will be webcast live and can be accessed through the Yum! Brands
Investor Relations website at http://www.yum.com/investors. The webcast will
be archived and available online for a 30-day period following the
presentations. A pre-meeting press release with 2012 highlights and a preview
of 2013 will be issued Thursday, November 29th.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world’s largest
restaurant company in terms of system restaurants with over 38,000 restaurants
in more than 120 countries and territories. Yum! is ranked #213 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.


Yum! Brands Inc.
Analysts are invited to contact:
Tim Jerzyk, 888-298-6986
Senior Vice President Investor Relations
Steve Schmitt, 888-298-6986
Senior Director Investor Relations
Members of the media are invited to contact:
Amy Sherwood, 502-874-8200
Vice President Public Relations
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