Yum! Brands Inc. Appoints Michael J. Cavanagh to Board

  Yum! Brands Inc. Appoints Michael J. Cavanagh to Board

Business Wire

LOUISVILLE, Ky. -- November 16, 2012

Yum! Brands Inc. (NYSE: YUM) announced today the appointment of Michael J.
Cavanagh, 46, to its Board of Directors. Cavanagh is the Co-Chief Executive
Officer of JPMorgan Chase & Co.’s Corporate & Investment Bank based in New
York, New York. The appointment will be effective immediately.

“Michael Cavanagh will make an outstanding addition to the Yum! Brands Board
of Directors. Mike is a leader of one of the largest financial services
businesses in the world, with demonstrated leadership capabilities and
extensive experience in global markets, strategic investment, cash management
and retail. His expertise will be highly valuable as we invest in our future
growth, and continue our long-term strategy as a global leader in restaurant
development with returns on invested capital among the highest in our
industry,” said David C. Novak, Yum! Brands Chairman and Chief Executive

Cavanagh was appointed Co-CEO of JPMorgan Chase & Co.’s Corporate & Investment
Bank in July of this year. Prior to that, he was the Chief Executive Officer
of JPMC’s Treasury & Securities Services business, one of the world’s largest
cash management providers and a leading global custodian. He is also a member
of the firm’s Operating and Executive Committees. Prior to being named CEO of
Treasury & Securities Services in 2010, Cavanagh was Chief Financial Officer
of JPMorgan Chase & Co. for six years. Before being named CFO, Cavanagh was
Head of Middle Market Banking for JPMorgan Chase. Cavanagh joined Bank One in
May 2000 (prior to its acquisition by JPMorgan) and held a variety of roles
there including Head of Strategy and Planning, Treasurer, and other executive
positions in banking. Before joining Bank One, Cavanagh spent seven years with
Citigroup and its predecessors.

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.
Tim Jerzyk, Senior Vice President Investor Relations, 888-298-6986
Steve Schmitt, Senior Director Investor Relations, 888-298-6986
Amy Sherwood, Vice President Public Relations, 502-874-8200
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