2019 Annual Report

1 UNLOCKING POTENTIALYUM! BRANDS 2019 Annual HIGHLIGHTS (In millions, except for per share amounts)Year-end 2019 2018 % B/(W) change Company sales $1,546$ 2,000 (23)Franchise and property revenues 2,660 2,482 7 Franchise contributions for advertising and other services 1,391 1,206 15 Total revenues $ 5,597$ 5,688 (2)Operating Profit $ 1,930$ 2,296 (16)Net Income $ 1,294 $ 1,542 (16)Reported Diluted Earnings Per Common Share $ $ (12)Special Items Diluted Earnings Per Common Share (a) . NMDiluted Earnings Per Common Share before Special Items (a) $ $ 12 Net Cash Provided by Operating Activities from $ 1,315 $ 1,176 12(a) See our 2019 Form 10-K for further discussion of Special Gibbs, Chief Executive Officer Yum! Brands 019 was a truly historic year for Yum!

2 We successfully completed our three-year transformation and delivered on all of our bold commitments. Plus, we surpassed two milestones that are a testament to Yum! s incredible scale as we eclipsed $50 billion in system sales and marked the opening of our 50,000th restaurant. None of this would have been possible without our unrivaled culture and talent and over 2,000 franchisees who run 98% of our restaurants globally and employ more than million restaurant team members. Because of our journey to become more focused, franchised and efficient, we are well-positioned to accelerate growth and improve franchise unit economics over the long term. Our new Recipe for Growth and Good will Unlock our Potential and reflects the importance of collaboration as we continue to build the world s most loved, trusted and fastest-growing brands.

3 Our Recipe for Growth, using our four key growth drivers, is the foundation upon which our sustainable, long-term results are being built. These growth capabilities, outlined below, are the key drivers of same-store sales and net-new unit growth and serve as our guiding principles in all business Unrivaled Culture and Talent. We will leverage culture and people capability to fuel brand performance and franchisee Unmatched Franchise Operating Capability. We will recruit and equip the best restaurant operators in the world to deliver great customer Relevant, Easy and Distinctive Brands. We will innovate and elevate iconic restaurant brands people trust and Bold Restaurant Development. We will drive market and franchise unit expansion with strong economics and Recipe for Good is focused on leading with socially responsible and sustainable stewardship of our food, planet and Food: Serve delicious food people trust.

4 2. Planet: Grow People: Unlock potential in people and JOURNEY COMPLETEUNLOCKING POTENTIAL FOR YUM! Dear Fellow Stakeholders:I firmly believe our culture is a competitive advantage for Yum! With culture as the driving force behind our results, I m pleased to share the following highlights from 2019: nOur worldwide system sales grew 9%, led by 10% growth at KFC, 9% at Taco Bell and 8% at Pizza Hut. nOur same-store sales grew 3%, led by 5% growth at Taco Bell and followed by 4% at KFC with Pizza Hut even for the year. nWe achieved net-new unit growth of 4%, including 2,040 net-new units, which represents a 70% increase versus 2016 when we began our transformation. We opened, on average, 9 gross restaurants per day in 2019. nWe ended the year with over 50,000 global restaurants in approximately 287 brand-country combinations.

5 NWe are 98% franchised, with 913 company units as of the end of 2019. nOur core operating profit grew 12%. nWe returned $ billion of capital to shareholders through share repurchases and dividends. nKFC is Always Original . KFC continued to bolster its brand positioning and beloved core menu items with innovative new products. We remain dedicated to making the brand relevant, easy and distinctive by investing in innovation, technology and enhanced asset formats. KFC now delivers from 15,000-plus restaurants across more than 90 countries. nPizza Hut continued its commitment to ensure that every customer has a Hot, Fast and Reliable experience around the world by making improvements in food quality, speed of service and loyalty programs as well as upgrading its technology for online ordering and delivery.

6 NTaco Bell truly is a Category of One for Everyone. 2019 was the brand s eighth consecutive year of positive same-store sales growth, a testament to the strength of the leadership team and its partnerships with franchisees. In addition to a relentless commitment to value and innovation for which Taco Bell is known, I am particularly excited that 2019 marked the completion of the nationwide kiosk rollout to nearly 6,500 restaurants and that Taco Bell delivery is available in over 5,100 restaurants across the through our strategic partnership with Grubhub. In closing, 2019 marked the successful conclusion of our massive transformation, and we began 2020 with the exciting news that we are adding The Habit Burger Grill to the Yum! family. This deal should enable us to offer an exciting new investment opportunity to our existing franchisees and expand an award-winning, trend-forward brand through the power of Yum!

7 S unmatched scale. That said, the COVID-19 (coronavirus) pandemic continues to rapidly evolve, and our No. 1 priority is the health and safety of our employees, franchisees and customers. We are closely monitoring the situation and the ever-changing intelligence from public health, travel and national security authorities in countries where we operate to ensure we protect our people, customers and brands. With our franchisees, we have industry-leading action plans, standards and policies in the restaurants to prevent and limit the spread of COVID-19. As the world s largest restaurant company, our customers span ages, backgrounds and borders, and we remain committed to serving them in a way that protects their health and safety. Times like these are a reminder that we are all globally connected and each have a role to play in helping others.

8 At Yum!, we are committed to doing just Gibbs, CEOA pril3, 2020 DearFellow Shareholders:On behalfof yourBoardofDirectors,we are pleasedto inviteyoutoattendthe 2020 Annual Meetingof Shareholders ofYUM!Brands, AnnualMeeting will be held Thursday,May 14, 2020, at 9 , localtime,in theYUM!Conference Centerat1900 ColonelSandersLanein Louisville,Kentuckyorvia livewebcast ,weencourageyou to take advantageof the Securitiesand ExchangeCommissionrule allowingcompanies tofurnishproxymaterialstotheir shareholders overthe this e- proxy process expedites shareholders receipt of proxy materials,lowers the costs of deliveryand helps reducethe Company is important. We encourageyou to vote promptlywhether or not youplantoattendthe meeting . Youmay voteyoursharesvia atoll-freetelephonenumberorover the receivedapaper copy of theproxy cardby mail,you may sign,dateand mail the proxycardin the threemethodsofvotingprior to themeeting are containedon the noticeor you plan to attendthe meeting , pleasebringyour notice, admissionticket fromyour proxy card or proofofyourownershipof YUMcommonstockas of March16,2020 as well as avalid picture identification.

9 Whetherornot youattendthe meeting ,we encourageyou to considerthe matterspresentedin the proxystatementand vote as soon as ,DavidGibbsChiefExecutiveOfficerImportan t Notice Regardingthe AvailabilityofProxyMaterialsfor the ShareholdersMeeting to Be Held on May14,2020 th is notice andthe proxystatement are The Annual ReportonForm10-Kisavailable !Brands, ,Kentucky40213 YUM!Brands, Gardiner LaneLouisville, Kentucky40213 Notice of Annual Meetingof ShareholdersThursday,May 14, 20209 !ConferenceCenter,1900 ColonelSandersLane,Louisville, Kentucky40213orvia live BUSINESS:(1)To elect twelve(12)directors to serve until the 2021 Annual Meetingof Shareholdersanduntil their respectivesuccessorsare duly elected and qualified.(2)To ratify theselectionofKPMGLLP as our independent auditorsfor the fiscalyear endingDecember 31, 2020.

10 (3)To considerand hold an advisoryvote on executivecompensation.(4)To considerand vote on one(1) shareholder proposal,if properly presentedat the meeting .(5)To transact suchother business as may properly comebeforethe VOTE?:You can vote if you wereashareholderofrecord as of the close of businesson March 16, Report :Acopy of our2019 AnnualReporton Form10-Kis includedwith this :Youmay also read the Company sAnnualReportandthisNoticeandproxy statementon OF MAILING:This Notice,theproxy statementand the formof proxyare first beingmailedto shareholderson or aboutApril3, Orderof the Boardof DirectorsScottA. CatlettGeneral Counsel andCorporateSecretaryYOUR VOTE IS IMPORTANTU ndersecuritiesexchange rules, brokers cannot vote on your behalf forthe electionof directors or on executivecompensation related matterswithout your or notyou plan to attend theAnnualMeeting,pleaseprovideyour proxyby following theinstructionsonyourNoticeor proxy card.