Yum Brands : May 19, 2017 – Yum! Brands, Inc. Declares Quarterly Dividend of $0.30 Per Share

Keith Siegner

Vice President, Investor Relations, Corporate Strategy and Treasurer

LOUISVILLE, KY - May 19, 2017 - Yum! Brands, Inc. (NYSE: YUM) Board of Directors declared a dividend of $0.30 per share of common stock. The quarterly dividend will be distributed August 4, 2017 to shareholders of record at the close of business on July 14, 2017. Over the long term, Yum! targets a payout ratio of 45%-50% of annual net income, before special items.

Yum! Brands, Inc., based in Louisville, Kentucky, has over 43,500 restaurants in more than 135 countries and territories and is one of the Aon Hewitt Top Companies for Leaders in North America. In 2017, Yum! Brands was named among the top 100 Best Corporate Citizens by Corporate Responsibility Magazine.

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.

Analysts are invited to contact:

Keith Siegner, Vice President, Investor Relations, Corporate Strategy and Treasurer, 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

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