Yum Brands : May 18, 2016 – Yum! Brands, Inc. to Offer $4.6 Billion in New Debt

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Larry Gathof

Yum! Treasurer

YUM! BRANDS, INC. TO OFFER $4.6 BILLION IN NEW DEBT Funds to Support Return of Capital to Shareholders

LOUISVILLE, KY - May 18, 2016 - Yum! Brands, Inc. (NYSE: YUM) (the "Company") today announced that it is offering $4.6 billion of new debt to optimize its capital structure in advance of the planned separation of its China business.

The financing is yet another milestone in the Company's previously communicated plan of targeting total companywide leverage of approximately 5.0X EBITDA and returning approximately $6.2 billion of capital to shareholders prior to the separation of its China business, which is on track to be completed by the end of 2016.

The new debt is intended to fund the return of capital to shareholders, repay borrowings under the Company's existing revolving credit facility, pay associated transaction fees and expenses, and support general corporate purposes. This debt will be issued by certain subsidiaries that operate the Company's KFC, Pizza Hut and Taco Bell businesses.

The new debt will be comprised of a new Senior Secured Credit Facility (including an $800 million Term Loan A and a $1.5 billion Term Loan B) and $2.3 billion of Senior Unsecured Notes. Additionally, a $1 billion revolving credit facility will replace the Company's existing revolving credit facility (collectively, the "Financing"). Yum! Brands' legacy publicly-traded notes will remain in place as unsecured obligations of the Company.

A bank meeting for the Senior Secured Credit Facility is scheduled to take place in New York on Monday, May 23, 2016.

The Financing is subject to market and other conditions and is anticipated to close in the second quarter of 2016. However, there can be no assurance that the Company will be able to successfully complete the Financing, on the terms described above, or at all.

This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Senior Unsecured Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The Senior Unsecured Notes will be offered and sold to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act. The Senior Unsecured Notes will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements.

Yum! Brands, Inc. • 1900 Colonel Sanders Lane • Louisville, KY 40213 P: 502.874.8300 • www.yum.com/investors

Yum! Brands, Inc., based in Louisville, Kentucky, has nearly 43,000 restaurants in more than 130 countries and territories. Yum! is ranked #228 on the Fortune 500 List with revenues of over $13 billion in 2015 and is 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. Worldwide, the Yum! Brands system opens over six new restaurants per day on average, making it a leader in global retail development.

This announcement may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "likely," "will," "should," "forecast," "outlook" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements reflect our current expectations, estimates or projections concerning future results or events, including, without limitation, statements regarding the intended capital return to shareholders as well as the related borrowing required to fund such capital return, the planned separation of the Yum!

Brands and Yum! China businesses, the timing of any such separation, the future earnings and performance as well as capital structure of Yum! Brands, Inc. or any of its businesses, including the Yum! Brands and Yum! China businesses on a standalone basis if the separation is completed. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved.

The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances. Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to return capital to shareholders at the times and in the amounts currently anticipated, if at all, as well as the corresponding costs of borrowing to fund such capital return as well as other costs; whether the separation of the Yum! Brands and Yum! China businesses is completed, as expected or at all, and the timing of any such separation; whether the operational and strategic benefits of the separation can be achieved; whether the costs and expenses of the separation can be controlled within expectations, including potential tax costs; as well as other risks. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be

evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Forward-Looking Statements" in our Annual Report or Form 10-K) for additional detail about factors that could affect our financial and other results.

Analysts are invited to contact:

Donny Lau, Senior Director, 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