Yum! Brands Inc. Announces Authorization Of Up To $1 Billion In Share Repurchases And Declares Quarterly Dividend Of $0.335 Per Share

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.

2012 INVESTOR & ANALYST CONFERENCE

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 presenters:

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

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.

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