Unlocking opportunity for

Unlocking opportunity for

YUM! BRANDS 2020 ANNUAL REPORT

UNLOCKING OPPORTUNITY FOR GROWTH & GOOD!

Dear fellow stakeholders:

At Yum!, we have a clear vision for building the world's most loved, trusted and fastest growing restaurant brands. It begins with our franchisees and restaurant team members who bring our vision to life, one meal at a time. Our unified global system serves millions of customers each day, provides opportunities for our team members and supports the communities in which we operate. As the world's largest restaurant company with more than 50,000 restaurants, our unmatched scale enhances our ability to create competitive advantages to fuel our Recipe for Growth and Good.

We enter 2021 a stronger company that is primed to grow, made better and more resilient by the challenges of 2020. I am incredibly proud of our people and the way we came together to navigate these challenges. We galvanized our global system's commitment to our Growth and Good strategy, underpinned by an unmatched culture of cross-brand collaboration, people and franchisees that has put us on solid footing to move forward.

Across Yum!, we intensified our focus on leveraging our scale and created sustainable competitive advantages to fuel growth for our franchisees. This includes the continual acceleration of digital and technology initiatives to enhance the customer experience, off-premise capabilities and unit economics across the globe.

2020 Highlights: More than 35,000 of our restaurants are offering delivery, representing a 16% increase year-over-year, driven in part by expanded aggregator partnerships. We ended 2020 on a digital sales high note of a record $17 billion, about a 45% increase over the prior year. On average, we opened seven gross restaurants per day, and we ended the year with more than 50,000 global restaurants in approximately 290 brand-country combinations, with system sales exceeding $50 billion.

n KFC is "Always Original." Across the globe, KFC continued to invest in innovation by rebundling, repackaging and reconceptualizing our core menu items. From our world famous Original Recipe to new signature flavors and formats, KFC is all about making the most craveable, Colonel-inspired chicken in the world, the right way, with our 11 secret herbs and spices.

n Pizza Hut continued its commitment to ensuring every customer has a Hot, Fast and Reliable experience, supporting the shift to off-premise and abundant value offerings. As the first to provide America with Pan Pizza and Stuffed Crust Pizza, Pizza Hut is a true innovator in the pizza category.

David Gibbs, Chief Executive Officer Yum! Brands, Inc.

n Taco Bell is truly a Category of One for Everyone. We believe everyone deserves the right to Live M?s and spent 2020 with a focus on progressing digital capabilities with our new Taco Bell Rewards loyalty program and delivery, as well as promoting opportunities to enjoy Cravings Boxes and Party Packs.

n The Habit Burger Grill is the spirit of Santa Barbara, and our commitment to quality is at the heart of everything we do. In 2020, we built customer awareness through new access options and digital engagement and shifted our marketing to focus on Family Meal Bundles.

Our Recipe for Growth's four pillars are the foundation upon which we're building sustainable, long-term results. 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 decisions.

1. Unrivaled Culture & Talent We are leveraging culture and people capability to fuel brand performance and franchisee success.

2. Bold Restaurant Development We are driving market and franchise unit expansion with strong economics.

3. Unmatched Operating Capability We are recruiting and equipping the best restaurant operators in the world to deliver great customer experiences.

4. Relevant, Easy & Distinctive Brands We are innovating and elevating iconic restaurant brands people trust and champion.

Our Recipe for Good is focused on leading with socially responsible and sustainable stewardship of our people, food and planet.

1. People: We Unlock Opportunity We are stepping up our investment in Yum!'s new social purpose to unlock opportunity in our people and communities, with a special focus on championing equity, inclusion and belonging across all aspects of our brands and franchise business.

2. Food: We Serve Food People Trust We have an unwavering commitment to serve food that people trust. That means going above and beyond when it comes to food safety, listening and responding to customers' evolving preferences and improving the nutritional value of our menu items.

3. Planet: We Grow Sustainably We are balancing business growth with environmental sustainability. With the Yum! franchise system opening new restaurants every day, it's important that we use our scale for good to minimize the environmental impact of our restaurants and supply chain.

As I enter my second year leading Yum!, I'm more confident than ever that our consumerfocused, digitally enabled brands will grow same-store sales, unit economics will support profitable development, and Yum! is well positioned to maximize value creation for years to come. Thank you to our shareholders, customers and Yum! family for your continued support.

David Gibbs, CEO

Proxy Statement

YUM! Brands, Inc. 1441 Gardiner Lane Louisville, Kentucky 40213

April 1, 2021

Dear Fellow Shareholders:

On behalf of your Board of Directors, we are pleased to invite you to attend the 2021 Annual Meeting of Shareholders of YUM! Brands, Inc. The Annual Meeting will be held Tuesday, May 11, 2021, at 9:00 a.m., central time, in the YUM! Brands Center of Restaurant Excellence at 7100 Corporate Drive in Plano, Texas or via live webcast at YUM2021.

Due to public health and safety concerns posed by the COVID-19 pandemic, shareholders are encouraged to attend via the webcast. We intend to hold our annual meeting in person and via webcast. However, we continue to monitor the situation regarding COVID-19 closely, taking into account guidance from the Centers for Disease Control and Prevention and the World Health Organization. The health and well-being of our various stakeholders is our top priority. Accordingly, we are planning for the possibility that the annual meeting may be required to be postponed or held solely by webcast, if then permitted under applicable law, in the event we or governmental officials determine that it is not advisable to hold an in-person meeting. In the event the annual meeting is postponed or held solely by webcast, we will announce that fact as promptly as practicable, and details on how to participate will be issued by press release, posted on the Investor Relations section of our website and filed with the U.S. Securities and Exchange Commission as additional proxy material. This proxy statement contains information about the matters to be voted on at the Annual Meeting and the voting process, as well as information about our directors and most highly paid executive officers.

Once again, we encourage you to take advantage of the Securities and Exchange Commission rule allowing companies to furnish proxy materials to their shareholders over the Internet. We believe that this e-proxy process expedites shareholders' receipt of proxy materials, lowers the costs of delivery and helps reduce the Company's environmental impact.

Your vote is important. We encourage you to vote promptly whether or not you plan to attend the meeting. You may vote your shares via a toll-free telephone number or over the Internet. If you received a paper copy of the proxy card by mail, you may sign, date and mail the proxy card in the envelope provided. Instructions regarding the three methods of voting prior to the meeting are contained on the notice or proxy card.

If you plan to attend the meeting in person, please bring your notice, admission ticket from your proxy card or proof of your ownership of YUM common stock as of March 15, 2021 as well as valid picture identification. Whether or not you attend the meeting in person or via live webcast, we encourage you to consider the matters presented in the proxy statement and vote as soon as possible.

Sincerely,

David Gibbs Chief Executive Officer

Important Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting to Be Held on May 11, 2021--this notice and the proxy statement are available at governance-documents. The Annual Report on Form 10-K is available at financial-information/annual-reports/.

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