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YUM!Brands,Inc.
1441 Gardiner Lane
Louisville, Kentucky 40213
Notice of Annual Meeting
ofShareholders
Wednesday, May15,2013
9:00a.m.
YUM! Conference Center, 1900 Colonel Sanders Lane, Louisville, Kentucky 40213
ITEMS OF BUSINESS:
(1) To elect twelve (12)directors to serve until the 2014 Annual Meeting of Shareholders and until their respective
successors are duly elected and qualifi ed.
(2) To ratify the selection of KPMGLLP as our independent auditors for the fi scal year ending December28,2013.
(3) To consider and hold an a dvisory v ote on e xecutive c ompensation.
(4) To consider and vote on re-approval of the performance measures available under the YUM! Brands,Inc.
Long Term Incentive Plan for 162(m) purposes.
(5) To consider and vote on one (1)shareholder proposal, if properly presented at the meeting.
(6) To transact such other business as may properly come before the meeting.
WHO CAN VOTE:
You can vote if you were a shareholder of record as of the close of business on March18,2013.
ANNUAL REPORT:
A copy of our 2012 Annual Report on Form10-K is included with this proxy statement.
WEBSITE:
You may also read the Company’s Annual Report and this Notice and proxy statement on our website at
www.yum.com/annualreport and www.yum.com/investors/investor_materials.asp.
DATE OF MAILING:
This Notice, the proxy statement and the form of proxy are fi rst being mailed to shareholders on or about
April5,2013.
By Order of the Board of Directors
Christian L. Campbell
Secretary
YOUR VOTE IS IMPORTANT
Under securities exchange rules, brokers cannot vote on your behalf for the election of directors or on executive
compensation related matters without your instructions. Whether or not you plan to attend the Annual Meeting, please
provide your proxy by following the instructions on your Notice or proxy card. On April5,2013, we mailed to our shareholders
a Notice containing instructions on how to access the proxy statement and our Annual Report and vote online. If you received
a Notice by mail, you will not receive a printed copy of the proxy materials in the mail, unless you request a copy. Instead, you
should follow the instructions included in the Notice on how to access and review all of the important information contained
in the proxy statement and Annual Report. The Notice also instructs you on how you may submit your vote by proxy over
the Internet. If you received the proxy statement and Annual Report in the mail, please submit your proxy by marking, dating
and signing the proxy card included and returning it promptly in the envelope enclosed. If you are able to attend the Annual
Meeting and wish to vote your shares personally, you may do so at any time before the proxy is exercised.