YUM! BRANDS 401(K) PLAN SUMMARY PLAN DESCRIPTION

YUM! BRANDS 401(K) PLANSUMMARY PLAN DESCRIPTIONJanuary 1, 2016US1900 9354926 4

Table of ContentsPageGENERAL INFORMATION . 1THE YUM! BRANDS 401(K) PLAN . 1PLAN DOCUMENT AND INQUIRIES . 1SUMMARY OF THE YUM! BRANDS 401(K) PLAN . 2OVERVIEW . 4ELIGIBILITY AND PARTICIPATION . 4GENERAL REQUIREMENTS FOR ELIGIBILITY . 4SPECIFIC EXCLUSIONS . 5PARTICIPATION . 6MILITARY LEAVE. 7DESIGNATED BENEFICIARIES AND SPOUSES . 8CONTRIBUTIONS . 9YOUR CONTRIBUTIONS . 9ROLLOVER CONTRIBUTIONS INTO THE PLAN. 10YUM! BRANDS MATCHING CONTRIBUTION . 11VESTING . 12INVESTMENT CHOICES . 12EFFECT OF YOUR DEFERRALS ON SOCIAL SECURITY . 13PARTICIPANT ACCOUNTS . 13RISK ASSOCIATED WITH INVESTING . 14INVESTMENT OPTIONS . 15LIQUIDITY . 33YUM! SAVINGS CENTER . 35TRANSFERRING ASSETS AMONG FUNDS. 35LOANS FROM THE PLAN . 36AMOUNT THAT CAN BE BORROWED . 36REPAYMENT PERIOD. 37INTEREST CHARGES AND FEES. 38FUNDING OF THE LOAN . 38TERMINATING EMPLOYMENT. 38LOANS IN DEFAULT . 39HOW TO TAKE OUT A LOAN . 40WITHDRAWALS PRIOR TO TERMINATION OF EMPLOYMENT . 40iUS1900 9354926 4

Table of ContentsPageHARDSHIP WITHDRAWALS. 40AGE 59½ . 42PROCEDURES . 42DISTRIBUTIONS UPON DEATH, DISABILITY, RETIREMENT OR TERMINATION. 42IN THE EVENT OF DEATH . 43PARTICIPANTS ON ACTIVE MILITARY DUTY. 43FORM OF DISTRIBUTION. 44ACCOUNTS 5,000 OR LESS . 44MINIMUM REQUIRED DISTRIBUTIONS AFTER AGE 70½ . 45UNABLE TO LOCATE . 45ROLLOVER FROM THE PLAN . 45ELIGIBLE ROLLOVER DISTRIBUTION . 46WITHHOLDING ON ELIGIBLE ROLLOVER DISTRIBUTIONS . 46DIRECT ROLLOVER . 46ROLLOVERS THAT ARE NOT DIRECT ROLLOVERS . 47RECOVERY OF OVERPAYMENTS . 47REPORTS . 48FEDERAL INCOME TAX EFFECTS . 48EXCLUSION FROM TAXABLE INCOME . 48MAXIMUM ANNUAL LIMIT. 48TAXATION OF DISTRIBUTIONS AND WITHDRAWALS . 49WITHHOLDING ON DISTRIBUTIONS AND WITHDRAWALS . 49SPECIAL AVERAGING RULES . 49ROLLING OVER A DISTRIBUTION . 50SPECIAL TAXES . 50EXPENSES . 51ASSIGNMENT OF INTEREST . 51LIENS . 51AMENDMENT AND TERMINATION . 51ADMINISTRATIVE INFORMATION. 52EXECUTIVE OFFICES . 52PLAN SPONSOR . 52PLAN SPONSOR’S EMPLOYER IDENTIFICATION NUMBER . 52PLAN NUMBER . 52PLAN ADMINISTRATOR . 52THE TRUSTEE . 53iiUS1900 9354926 4

Table of ContentsPageAGENT FOR SERVICE OF LEGAL PROCESS . 54PLAN FIDUCIARIES . 54PLAN YEAR . 54TYPE OF PLAN . 54TYPE OF ADMINISTRATION . 55404(C) COMPLIANCE. 55NO RIGHTS TO CONTINUED EMPLOYMENT . 56QUALIFIED DOMESTIC RELATIONS ORDERS . 56FILING A CLAIM UNDER THE PLAN . 56DENIAL OF CLAIM . 57REVIEW OF THE DENIAL. 57EXHAUSTION OF ADMINISTRATIVE REMEDIES . 58LIMITATION ON ACTIONS . 59AUTHORITY TO INTERPRET THE PLAN . 60STATEMENT OF ERISA RIGHTS . 60iiiUS1900 9354926 4

General InformationThe YUM! Brands 401(k) PlanThis document (called the “Summary Plan Description”) describes the YUM! Brands401(k) Plan (the “Plan”) as in effect on January 1, 2016. The Plan is subject to theEmployee Retirement Income Security Act of 1974, as amended (ERISA).Plan Document and InquiriesThis Summary Plan Description and the http://yum.voyaplans.com web site are intendedto provide a summary of the major provisions of the Plan. Your benefits are described asclearly as possible, with minimal use of the technical words and phrases appearing in theofficial legal documents. However, if the benefits described in this Summary PlanDescription or on the web site are greater than the benefits provided under the Plandocument, the Plan document will govern. To request a copy of the Plan document andfor additional information about the Plan, please contact:YUM! Brands, Inc.Attn: YUM! Brands 401(k) Plan Administrator1441 Gardiner LaneLouisville, KY 40213(888) 372-5313US1900 9354926 4

SUMMARY OF THE YUM! BRANDS 401(k) PLAN ELIGIBILITY FOR PARTICIPATION: You are eligible to make pre-tax contributionsif you are employed in an eligible classification by YUM! Brands or one of itssubsidiaries or divisions that participates in the Plan. You may begin to make pre-taxcontributions after fulfilling the service requirement of attaining age 18 and completing60 days of continuous service as an eligible employee. INCOME TAX CONSEQUENCES: Pre-tax contributions will not be subject to federal(and in most cases, state and local) income tax until distributed. However, contributionsare subject to Social Security and Medicare taxes at the time they are made. ALLOWABLE CONTRIBUTIONS TO THE PLAN: You can make pre-taxcontributions of up to 75% of your eligible pay. Pre-tax contributions are also subject toa dollar limit of 18,000 in the 2016 calendar year. Eligible employees who reach age 50by December 31, 2016 may contribute an additional 6,000 for the 2016 calendar year. HOW TO CONTRIBUTE: You generally may make or change contribution elections atany time. Elections and changes to your elections take effect as soon as administrativelypracticable. MATCHING CONTRIBUTIONS: You will receive a matching contribution on yourdeferrals of 100% on the first 6% of eligible pay you defer. You are immediately 100%vested in the matching contribution. The matching contribution will be credited to theInvestment Options that you have selected for the investment of your salary deferralcontributions. WITHDRAWALS: Contributions to the Plan can be withdrawn after you reach age 591/2, or earlier for certain financial hardships or death. After employment termination(including retirement), your account will automatically be distributed to you if it equalsor is less than 1,000, and will automatically be distributed to an individual retirementaccount designated by the Plan if it is greater than 1,000 but does not exceed 5,000(unless directed otherwise by you within 90 days of termination). Distribution of largeraccounts generally must begin when you reach age 70-1/2. INVESTMENT OPTIONS: You have a range of alternatives to choose among forinvestment of your contributions, and you generally can change your investments eachtrading day.2US1900 9354926 4

LOANS FROM THE PLAN: You can borrow up to 50% of your account balancefrom the Plan, subject to certain restrictions. Loans are for 1 to 4 years. Contact theYUM! Savings Center for information on current fees and interest rates. ADMINISTRATION: The Plan is administered by the Plan Administrator. You willbe sent account statements quarterly. AMENDMENT: YUM! Brands reserves the right at any time to amend andterminate the Plan, including after your employment circumstances have changed.No amendment will reduce your account, although changes in investment gains andlosses will be possible. YUM! SAVINGS CENTER: Current Plan information, including enrollment,investment, loan and distribution information is available from the YUM! SavingsCenter by calling 888-875-4015 or visiting the Plan websitehttp://yum.voyaplans.com.You should carefully review this entire Summary Plan Description and call theYUM! Savings Center if you have questions. If the benefits described in thisSummary Plan Description or the YUM! Savings Center website are greater thanthe benefits provided under the Plan document, the Plan document will govern.3US1900 9354926 4

OverviewThe purpose of the Plan is to allow eligible employees to regularly save a percentage oftheir earnings on a pre-tax basis and to help them accumulate an additional source offinancial security primarily for retirement.Eligible employees are allowed to make pre-tax contributions to the Plan. By makingpre-tax contributions to the Plan, you can reduce your current income taxes and enjoytax-deferred investment returns on the amount you contribute. In addition, YUM!Brands’ matching contributions further enhance the value of saving in the Plan. Toprovide these tax advantages, the Plan is subject to a variety of IRS restrictions on itsoperation, including restrictions on access to your savings.The Plan is an individual account plan under which a participant’s benefit is based on theamounts contributed by the participant (and deposited on his or her behalf to the Plan bythe participant’s employer), YUM! Brands’ matching contributions, as well as expenses,gains and losses which may be allocated to the participant’s account.Before you elect to make any contributions to the Plan, you should carefully read thisSummary Plan Description and discuss your personal situation with your tax and/orfinancial advisor.Eligibility and ParticipationTo be eligible to participate in the Plan, you must meet the General Requirements forEligibility, and you must not be excluded from eligibility by the Specific Exclusions.(See below.)In addition, you must be employed by a member of the YUM! Brands corporate groupthat is currently designated by YUM! Brands as a participating employer (“Employer”).Not all members of the YUM! Brands corporate group participate in this Plan. Youshould contact the Plan Administrator if you have any questions about whether youremployer is a participating Employer.General Requirements for EligibilityIn general, to be eligible, you must have attained at least age 18 and have completed 60days of continuous service with an Employer (or another member of the YUM! Brandsorganization).4US1900 9354926 4

Employees who meet this service requirement, terminate from employment and are laterrehired do not have to satisfy this service requirement again. Employees who do notmeet this service requirement, terminate from employment and are later rehired before a“break in service” occurs are also not required to satisfy this service requirement uponrehire. However, employees who do not meet this service requirement, terminate fromemployment and are later rehired after a “break in service” has occurred will have tosatisfy this service requirement upon rehire. In this situation, upon rehire, employeeswill not be eligible to participate in the Plan until they have completed 60 days ofcontinuous service with an Employer (or another member of the YUM! Brandsorganization).You will have a “break in service” if your employment terminates and you do not work atall for any Employer for a period greater than 365 days after your employmenttermination.Specific ExclusionsThe following categories of employees are NOT eligible to participate. You will beexcluded from eligibility if you are determined to be in one or more of these categories. Non-resident aliens. Resident aliens working in the U.S. as a “designate” or in assignment thatis temporary or for training. Employees working outside the U.S. (except U.S. citizens/residents whoare considered Foreign Service Employees). Employees paid from a non-United States payroll. Individuals considered independent contractors. Individuals who are leased employees, unless you are employed by aparticipating employer who authorizes your participation in the Plan. Employees who are classified as interns. Employees whose conditions of employment are determined by collectivebargaining with a union and where inclusion in the Plan has not beenspecifically provided for in the collective bargaining agreement. Employees of an employer who is not a participating Employer.5US1900 9354926 4

Any individual classified as employed by YEB Holdings, LLC or U.S. TacoHolding Co., LLC (together with each of their respective subsidiaries).If any in

continuous service with an Employer (or another member of the YUM! Brands organization). You will have a “break in service” if your employment terminates and you do not work at all for any Employer for a period