Yum! Brands Prices Cash Tender Offer

LOUISVILLE, Ky.--(Business Wire)--
Yum! Brands, Inc. (NYSE: YUM) today announced that it has priced its cash tender
offer to purchase up to $150 million of its 7.700% Senior Notes due July 1, 2012
(CUSIP No. 988498AA9/ISIN No. US988498AA94) (the "Notes"). The tender offer is
being made pursuant to an Offer to Purchase, dated as of April 30, 2009, and the
related Letter of Transmittal.

Yum! Brands will pay $1,068.10 for each $1,000 principal amount of the Notes
purchased in the tender offer (which includes the early tender payment of $40
per $1,000 principal amount of the Notes), plus accrued and unpaid interest from
the last interest payment date to, but not including, the settlement date. The
purchase price was determined as described in the Offer to Purchase based on the
present value of future payments on the Notes discounted to the settlement date
at a rate equal to the sum of the yield to maturity for the reference security,
calculated by the dealer managers based on the bid-side price at 2:00 p.m., New
York City time, on May 26, 2009, plus the fixed spread, minus accrued and unpaid
interest from the last interest payment date to, but not including, the
settlement date. The applicable reference security was the 1.750% U.S. Treasury
Note due March 31, 2014, and the fixed spread was 305 basis points.

The tender offer is scheduled to expire at 11:59 p.m., New York City time, on
May 28, 2009, unless extended (the "Expiration Time"). The purchase price for
the Notes tendered and accepted for purchase pursuant to the tender offer is
payable only to holders who validly tender and do not validly withdraw their
Notes at or prior to the Expiration Time. Subject to the terms and conditions of
the tender offer, Yum! Brands expects to pay for Notes that have been validly
tendered and not validly withdrawn on the business day after the Expiration
Time. Payment for the Notes on such date would include $31.66 per $1,000
principal amount of the Notes for accrued and unpaid interest.

Except in limited circumstances set forth in the Offer to Purchase, withdrawal
rights for the tender offer expired as of 5:00 p.m., New York City time, on May
13, 2009. The tender offer is subject to certain customary conditions, but is
not conditioned upon any minimum principal amount of Notes being tendered.

Yum! Brands has retained Goldman, Sachs & Co. and J.P. Morgan Securities Inc. to
serve as the dealer managers for the tender offer, Continental Stock Transfer &
Trust Company to serve as the depositary for the tender offer and Okapi Partners
LLC to serve as the information agent for the tender offer. Requests for copies
of the Offer to Purchase and related Letter of Transmittal, which contain the
full terms and conditions of the tender offer, may be directed to Okapi Partners
LLC by telephone at (877) 796-5274 (toll-free) or (212) 297-0720 (collect), or
in writing at 780 Third Avenue, 30th Floor, New York, New York 10017. Questions
regarding the tender offer may be directed to Goldman, Sachs & Co. at (800)
828-3182 (toll-free) or (212) 902-5183 (collect) or J.P. Morgan Securities Inc.
at (866) 834-4666 (toll-free) or (212) 834-3424 (collect).

This announcement is neither an offer to purchase nor a solicitation of an offer
to sell the Notes or any other securities. The tender offer is made only by and
pursuant to the terms of the Offer to Purchase and the related Letter of
Transmittal. The tender offer is not being made to holders in any jurisdiction
in which the making or acceptance thereof would be unlawful. None of Yum!
Brands, the dealer managers, the depositary or the information agent makes any
recommendation as to whether holders should tender their Notes in response to
the tender offer. Holders must make their own decisions as to whether to tender
Notes and, if so, the principal amount of Notes to tender.

Yum! Brands, Inc., based in Louisville, Kentucky, is the world`s largest
restaurant company in terms of system restaurants, with more than 36,000
restaurants in more than 110 countries and territories. The company is ranked
#239 on the Fortune 500 List, with revenues in excess of $11 billion in 2008.
Four of the company`s restaurant brands - KFC, Pizza Hut, Taco Bell and Long
John Silver`s - are the global leaders of the chicken, pizza, Mexican-style food
and quick-service seafood categories, respectively. Outside the United States,
the Yum! Brands system opened more than four new restaurants each day of the
year, making it the largest retail developer in the world. The company has
consistently been recognized for its reward and recognition culture, diversity
leadership, community giving and consistent shareholder returns. Yum! Brands has
been named one of the "100 Best Corporate Citizens" by Corporate Responsibility
Officer magazine for its ongoing commitment to corporate responsibility and
ranked among the best investor relations web sites in North America in the 2009
IR Global Rankings. For the second year, the company launched the world`s
largest private sector hunger relief effort in partnership with the United
Nations World Food Programme and other hunger relief agencies. To date, this
effort is helping to save approximately 4 million people in remote corners of
the world, where hunger is most prevalent.

Yum! Brands, Inc.
Analysts are invited to contact:
Tim Jerzyk, 888-298-6986
Senior Vice President and Treasurer
or
Connie Hayes Badon, 502-874-8320
Vice President and Assistant Treasurer
or
Members of the media are invited to contact:
Amy Sherwood, 502-874-8200
Vice President Public Relations

Copyright Business Wire 2009